摘要
本文以2007—2019年A股上市公司为研究对象,实证检验了自由现金流对企业研发投入的影响以及管理决断权对两者关系的调节作用。研究结果表明:自由现金流与企业研发投入呈倒U形关系,适度的自由现金流减少了企业面临的研发风险进而对其研发投资产生正向影响,而过度的自由现金流则会加重代理冲突,抑制企业研发投入。管理决断权会强化两者的倒U形关系。进一步异质性分析表明,自由现金流对企业研发投入的影响因技术密集程度、产权性质和地区知识产权保护程度的不同而存在显著差异。本文研究成果对于企业如何管理好现金流以更好地提高企业自主创新能力和完善公司治理机制具有较强的理论和现实意义。
Taking A-share listed companies from 2007 to 2019 as the research objects,this paper empirically examines the impact of free cash flow on R&D investment and the moderating effect of management decision power and equity balance on the relationship between the two.The results show that there is an inverted U-shaped relationship between free cash flow and R&D investment of the firms.Moderate free cash flow reduces a firm's exposure to R&D risk and thus positively influences its R&D investment,while excessive free cash flow increases agency conflicts and discourages firms from investing in R&D.Management discretion can reinforce the inverted U-shaped relationship between the two.Further heterogeneity analysis shows that the effect of free cash flow on firms'R&D investment varies significantly depending on the degree of technology intensity,the nature of property rights,and the degree of regional IP protection.The research results of this paper have strong theoretical and practical significance for how enterprises can manage cash flow well to better improve their independent innovation capability and improve corporate governance mechanisms.
作者
干胜道
何玲
李小华
Gan shengdao;He Ling;Li Xiaohua(Business School of Sichuan University,Chengdu 610065,Sichuan,China)
出处
《金融发展研究》
北大核心
2022年第8期38-47,共10页
Journal Of Financial Development Research
基金
国家社科基金项目“绿色发展理念下流域水污染复合治理的审计协同机制研究”(21BJY121)
“新发展理念下中国上市公司ESG信息披露整合优化及其经济后果研究”(21BGL097)。
