以2011-2015年沪深A股制造业上市公司为研究样本，本文对货币政策调控对于企业创新投资的影响以及劳动力成本黏性的调节作用进行考察。研究发现；货币政策紧缩对企业创新投资具有显著地抑制效应；劳动力成本黏性负向调节货币政策调控对于企业创新投资的影响效应，即保持劳动力成本黏性的企业在创新投资方面受到货币政策紧缩的负向冲击相对较弱；此外，劳动力成本黏性对于货币政策调控效应的负向调节作用在低融资约束企业中表现更为明显。

Using A-share industrial listed firms of China from 2011 to 2015 as the sample, this paper investigated the impact of monetary policy regulation on the innovation investment of enterprises and the adjustment effect of labor cost stickiness. The results show that monetary policy tightening has a significant negative effect on firms’ innovation investment, labor cost stickiness could resist the negative effect of monetary policy regulation on corporate innovation investment. Further, we find that the adjustment of labor cost stickiness is greater in firms with low financing constraint.

国家社科基金青年项目（编号：LQ16CJY029）；浙江省自然科学基金青年项目（编号： LQ18G020039）；浙江省自然科学基金青年项目（编号：LQ16G030007）。