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。
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.
关键词
金融发展 /
现金持有 /
研发平滑 /
融资约束
Key words
financial development /
cash holdings /
R&D smoothing /
financing constraints
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基金
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）。
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