摘要
调整成本高昂是研发投资的重要特征之一,研发资金的平稳性和持续性对企业经营有重要影响。围绕研发投入的平稳性问题,以2014—2018年中国A股高新技术企业的平衡面板数据为研究样本,采用系统广义矩估计法(System Generalized Method of Moments,SGMM)检验企业生命周期、行业竞争水平与研发平滑行为的关系。研究发现:(1)样本公司现金持有变动量与研发投入规模显著负相关,中国高新技术企业存在通过持有内部现金流来平滑研发支出的现象;(2)处于不同生命周期的企业研发平滑行为有所差异,成熟期企业的研发平滑现象显著,成长期和衰退期企业则不明显;(3)行业竞争水平能够显著调节企业的研发平滑行为,现金持有对研发投资的平滑效应随着行业竞争水平的提高而更加显著。
One of the important characteristics of R&D investment is the high adjustment cost.The stability and continuity of R&D funds have an important impact on business operations.Focusing on the stability of R&D investment,the balanced panel data of Chinese A-share high-tech enterprises from 2014 to 2018 was used as the research sample,and the system generalized method of moments(SGMM)was used to test the relationship between corporate life cycle,industry competition level and R&D smoothing behavior.The study found that:(1)The amount of change in the cash holdings of the sample companies is significantly negatively correlated with the R&D investment scale.China’s high-tech enterprises have the situation of smoothing R&D expenditure by holding internal cash flow;(2)The R&D smoothing behavior varies among enterprises in different life cycles.It is significant in mature enterprises,but not in growing and declining enterprises;(3)The level of industry competition can significantly adjust the R&D smoothing behavior of enterprises.The smooth effect of cash holdings on R&D investment becomes more pronounced as the level of industry competition increases.
作者
沈剑飞
陈艺丹
SHEN Jianfei;CHEN Yidan(School of Economics and Management,North China Electric Power University,Beijing 102206,China)
出处
《北京理工大学学报（社会科学版）》
CSSCI
北大核心
2021年第4期124-134,共11页
Journal of Beijing Institute of Technology：Social Sciences Edition
基金
国家社会科学基金一般项目(19BGL011)。
关键词
企业生命周期
行业竞争
研发平滑
现金持有
corporate life cycle
industry competition
R&D smoothing
cash holdings
