摘要
本文基于1998—2012年生物医药制造业上市公司数据,运用系统GMM估计方法,分析现金持有对研发平滑的作用机理。研究发现:(1)相比起财务的频繁波动,企业能保持研发投入在一个相对稳定的水平,主要原因就在于企业运用现金持有来平滑研发,同时,内部现金流对融资约束企业的现金持有与研发平滑关系起到一个弱化的调节作用;(2)关系型债务融资对现金持有与研发平滑关系起到弱化的调节作用,而交易型债务融资所起的调节作用却与之相反;(3)发行股票对现金持有与研发平滑的关系存在弱化的调节效应,且调节作用最大;(4)金融危机反而导致我国企业研发投入增加,原因在于现金持有对冲了财务危机,使企业研发资金来源得以保障。
Based on the data of listed biomedicine firms from 1998 to 2012,this paper makes an analysis on the mechanisms of cash holdings affecting RD smoothing with system GMM.We find that firms＇RD investment can always be maintained at a relatively stable level,and the main reason is that firms can use cash holdings to smooth RD investment.Meanwhile,cash flow will reversely moderate the relationship between cash holdings and RD smoothing for firms with financing constraints.Relational debt financing will reverselymoderate the relationship between cash holdings and RD smoothing,while transactional debt financing will positively moderate the relationship between cash holdings and RD smoothing.Stock financing will reversely moderate the relationship between cash holdings and RD smoothing,and the coefficient is the largest one among all the coefficients of moderators.Financial crisis leads to the improvement of RD investment of Chinese firms,since cash holdings have hedged the financial crisis,which ensures RD smoothing can be sustained.
出处
《经济学（季刊）》
CSSCI
北大核心
2016年第1期745-766,共22页
China Economic Quarterly
基金
北京市博士后工作经费资助项目
国家自然科学基金项目(71172184)
教育部新世纪优秀人才支持计划项目(NCET-08-0450)的联合资助
关键词
现金持有
研发平滑
融资约束
cash holding
R＆D smoothing
financing constraint
