摘要
研发投入资金来源的平稳性是企业研发创新活动得以进行的保障。以255家高科技上市公司为样本,检验企业现金持有对创新研发的平滑作用,并考察外部资金对现金持有研发平滑的调节差异。实证表明,企业现金持有对研发支出具有平滑作用。发现与前人研究不同的是,债务融资有弱化现金持有研发平滑的作用,而股权融资和政府补助的弱化调节作用不显著。通过研究为企业创新研发活动资金筹集决策提供依据,对科技创新政策的制定和实施具有现实指导意义。
The stability of funding sources on R＆D is the guarantee of innovation activities. This paper uses 255 High-tech listed firms as a sample to examine the mechanism of cash holding smoothing R＆D and the mechanism of external funding regulating it. The empirical study demonstrates that enterprise cash holdings can smooth R＆D, and unlike the former, debt financing reversely weakens it, while the regulating effects of stock financing and government subsidies have nonsignificant impacts. This paper provides the basis for the fund-raising decision of enterprise R＆D activities, and has practical guiding significance to the formulation and implementation of science and technology innovation policy.
出处
《证券市场导报》
CSSCI
北大核心
2017年第6期36-42,共7页
Securities Market Herald
关键词
研发平滑
现金持有
外源融资
政府补助
R＆D smoothing, cash holding, extemal financing, government subsidies
