摘要
结合企业所处产品市场竞争环境,实证检验了现金持有对创新投资的平滑效应。研究发现:现金持有具有平滑创新投资的作用,且在产品市场竞争越激烈的情况下越凸显;激烈的产品市场竞争环境下,现金持有创新平滑效应在融资约束企业中更加显著;现金持有创新平滑效应在国企与民企之间存在显著差异,产品市场竞争作为一种有效的外部治理机制,可以有效改善国企的创新激励和现金利用效率,从而缩小"国民"之间的上述差异。
Combined with product market competition, this paper tests the innovation smooth effect of cash holding. Results show that, cash holding can smooth innovation investment, and it is more significant in the context of fierce competition; the effect is more significant in the enterprise financing constraints. The government enterprises is significant different from pri- vate enterprise ; product market competition as an effective corporate governance mechanisms can narrow the difference.
出处
《软科学》
CSSCI
北大核心
2016年第5期82-86,共5页
Soft Science
基金
国家自然科学基金项目(71362004)
教育部人文社会科学基金项目(13YJC630216)
关键词
产品市场竞争
现金持有创新平滑效应
融资约束
产权性质
product market competition
innovation smooth effect of cash holding
financing constrains
property rights
