现金持有对R&D投资的平滑作用:产品市场竞争的视角  

The smoothing role of cash holdings in R&D investments:A perspective on product market competition

作　　者：胡俊 李强[1] 曾勇[1] HU Jun;LI Qiang;ZENG Yong(School of Management and Economics,University of Electronic Science and Technology of China,Chengdu 611731,China)

机构地区：[1]电子科技大学经济与管理学院,四川成都611731

出　　处：《管理工程学报》2021年第6期150-162,共13页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助项目(71972027、71472025);2014年文化名家暨“四个一批”人才资助项目(中宣办发[2015]49号)。

摘　　要：现金持有可以有效平滑企业的R&D投资,行业层面的产品市场竞争则会进一步影响现金持有平滑作用的大小。本文以2007~2016年间沪深两市1911家非金融类A股上市公司为样本,运用GMM动态面板估计方法,从现金流波动和外部治理两个角度,实证考察了产品市场竞争对现金持有平滑作用的影响及可能的机制。结果表明:产品市场竞争的加剧将显著增强现金持有对R&D投资的平滑作用,且对于现金流波动大、市场势力弱、多元化程度低,以及公司治理水平差的企业,这种增强效果更为明显。研究结论不仅为现金持有对R&D投资的平滑作用提供了一种新解释,还有助于从R&D投资的角度理解产品市场竞争提升现金持有价值的作用。As R&D investments have long investment cycle and high adjustment costs,if they are interrupted and restarted,it will cost a lot.Therefore,how to ensure continuous and stable R&D investments is quite critical.Cash holdings are the best current assets which have lower adjustment costs,able to smooth R&D investments.Meanwhile,at the industry level,competition in the product can influence the smoothing effect through strengthening cash flow fluctuation and realizing external governance function.Using 1,911 non-financial A-share firms listed on Shanghai and Shenzhen Exchanges from 2007 to 2016 as the sample,this paper empirically examines the impact of the product market competition on the smoothing effect of cash holdings by using the GMM dynamic panel estimation method from the two perspectives of cash flow fluctuation and external governance.The results not only provide an insightful explanation for the smoothing effect of cash holdings on R&D investments from the perspective of product market competition in industry level,but also help us understand the role of product market competition in increasing the value of cash holdings from the perspective of R&D investments.Firstly,this paper examines the impact of product market competition on the smoothing effect of cash holdings based on the existence of the smoothing effect of cash holdings by using the Herfindahl index of sales among firms in same industry to measure the competition in the product market and adding the interaction terms between it and the increase in cash holdings into the regression model.The empirical results show that after controlling for financing and investment opportunities and other related factors,cash holdings have a significant smoothing effect on R&D investments,and the product market competition will further enhance the smoothing effect of cash holdings.The empirical results are robust to alternative measures of key variables,using Difference-inDifference regression based on two exogenous shocks arising from the enactment of two polici

关 键 词：产品市场竞争 现金持有 R&D投资 平滑作用 动态面板 

分 类 号：F830.591[经济管理—金融学]