现金持有能够平滑企业的研发投入吗?—基于融资约束与金融发展视角的实证研究

科研管理 ›› 2014, Vol. 35 ›› Issue (7): 107-115.

现金持有能够平滑企业的研发投入吗?—基于融资约束与金融发展视角的实证研究

杨兴全, 曾义

石河子大学经济与管理学院/公司治理与管理创新研究中心, 新疆石河子 832000

收稿日期:2013-11-13 修回日期:2014-04-11 出版日期:2014-07-25 发布日期:2014-07-15
作者简介:杨兴全（1969-），男，甘肃古浪人，石河子大学经济与管理学院/公司治理与管理创新研究中心，教授，博士生导师，研究方向为公司治理与公司财务。
曾义（1984-），男，湖北恩施人，石河子大学经济与管理学院博士研究生，研究方向为公司财务。
基金资助:
国家自然科学基金项目（批准号：71362004；起止日期：2014.1-2017.12）；教育部人文社科基金项目（批准号：13YJC630216；起止日期：2013.6-2016.6）。

Has cash holding been able to smoothed corporate R&D?—An empirical research based on perspective of financing constraints and financial development

Yang Xingquan, Zeng Yi

School of Economics and Management , Center of Corporate Governance and Management, Shihezi University, Shihezi 832000, Xinjiang, China

Received:2013-11-13 Revised:2014-04-11 Online:2014-07-25 Published:2014-07-15

摘要/Abstract

摘要： 本文基于研发平滑的视角，结合融资约束与金融发展实证研究了现金持有的经济后果，检验结果表明，公司持有现金具有平滑研发投入的作用，融资约束越严重的公司，现金持有的研发平滑效果更明显；与政府控制企业相比，现金平滑研发的效果在民营企业更显著。随着金融发展水平的提高，现金持有平滑研发投入效应弱化的同时，其在国有与非国有企业中的差异也降低。本文的研究从研发平滑作用的视角为现金持有战略效应实现的形成机理提供了经验证据，也为金融发展与经济增长的关系提供了新的微观层面的证据。

关键词: 金融发展, 现金持有, 研发平滑, 融资约束

Abstract: Based on the perspective of R&D smoothing, this paper examined the economic consequences of cash holdings combined with financial development and the nature of government control. The results show that the corporate cash holdings have smoothed R&D expenditure, and this smooth effect is more obvious in firms which face more serious financing constraints. Besides, compared with the government controlled firms, the smooth effect is more significant in private firms. With the improvement of the financial development, the smooth effect of cash holdings will decrease, at the same time, the difference between the state-owned and non-state-owned firms is also reduced. From the perspective of R&D smoothing effect, this paper provides empirical evidence for the specific channels that realizing the strategic effect of cash holdings, and provides new evidence for the relationship between financial development and economic growth at the micro aspect, and it also enriches the related research on the economic consequences of Chinese credit allocation pattern.

Key words: financial development, cash holdings, R&D smoothing, financing constraints

中图分类号:

F275.1

杨兴全, 曾义. 现金持有能够平滑企业的研发投入吗?—基于融资约束与金融发展视角的实证研究[J]. 科研管理, 2014, 35(7): 107-115.

Yang Xingquan, Zeng Yi. Has cash holding been able to smoothed corporate R&D?—An empirical research based on perspective of financing constraints and financial development[J]. Science Research Management, 2014, 35(7): 107-115.

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