摘要
本文将总现金流分解为经营现金流和财务现金流,建立动态调整面板模型,使用系统GMM估计方法,研究我国制造业上市公司不同类型现金流对研发投资的影响以及对现金持有的平滑作用的影响。结果表明:(1)企业的研发投资-经营现金流敏感性大于研发投资-财务现金流敏感性;(2)企业通过现金持有来平滑研发投资,即当企业遭遇财务困境时,使用现金储备来维持研发投资的顺利进行;(3)企业稳定的经营现金流会削弱现金持有对研发投资的平滑作用,而财务现金流对现金持有的平滑作用影响不明显。
This paper uses a panel model of the dynamic adjustment and system GMM estimation method based on the data from China’s manufacturing listed companies.By means of decomposition of cash flow,we study empirically the influence of different types of cash flow on R&D investment and the influence of cash holdings on the smoothing effect.The results show that:(1)The sensitivity of R&D investment and operating cash flow is greater than that of R&D investment and financial cash flow.(2)Companies use cash holdings to smooth R&D investment,using cash reserves to maintain the smooth progress of R&D investment when companiesare in financial distress.(3)The stable operating cash flow can abate cash holdings smoothing effect of R&D investment,and it’s not obvious that the influence of financial cash flow on cash holdings of smoothing effect.
作者
张戡
朱云轩
陈玲子
Zhang Kan;Zhu Yunxuan;Chen Lingzi
出处
《财经科学》
CSSCI
北大核心
2019年第9期1-13,共13页
Finance & Economics
基金
中南财经政法大学金融学院“并购重组监管研究团队项目”(201709),中南财经政法大学金融学院课程教学改革团队项目(201705)的阶段性成果
