中国制造业企业现金持有的研发平滑效应研究——基于“微笑曲线”两端攀升的视角  

Research on the R&D Smoothing Effect of Cash Holding in Chinese Manufacturing Enterprises--Aperspective based on the ascending at both ends of the“smile curve”

作　　者：吴建军[1] 夏露 WU Jian-jun;XIA Lu(School of Business,Hunan University of Science and Technology,Xiangtan,Hunan 412002,China)

机构地区：[1]湖南科技大学商学院,湖南湘潭412002

出　　处：《湘潭大学学报（哲学社会科学版）》2024年第6期81-86,共6页Journal of Xiangtan University:Philosophy And Social Sciences

基　　金：湖南省社科基金重大项目“‘平台+企业+服务’协同推动创新链产业链人才链深度融合研究”(23WTA15);湖南省教育厅科学研究重点项目“数字贸易网络促进区域绿色创新的机理与政策研究”(23A0217)。

摘　　要：保障制造业企业在R&D活动中资金投入的稳定性和持续性是实施制造强国战略的关键一环。运用中国A股制造业企业2005—2020年非平衡面板数据,对“微笑曲线”两端攀升过程中的R&D平滑效应进行研究,结果表明:制造业企业存在现金持有的R&D平滑效应,且在向“微笑曲线”两端攀升过程中会进一步提升该效应;在向“微笑曲线”两端攀升的过程中,不同技术类型与不同所有权性质的制造业企业现金持有的R&D平滑效应有所区别,其中高端制造业企业、非国有企业现金持有的R&D平滑效应显著。文章围绕制造业企业向“微笑曲线”两端攀升的基本目标,提出促进R&D平滑效应的分类引导政策。Ensuring the stability and continuity of capital investment in R&D activities of manufacturing enterprises is a key aspect of implementing the strategy for a strong manufacturing nation.This paper uses unbalanced panel data from China’s A-share manufacturing enterprises from 2005 to 2020 to study the R&D smoothing effect during the climb to the two ends of the“smile curve”.The results show that manufacturing enterprises exhibit a R&D smoothing effect through cash holdings,which is further enhanced during the climb to the two ends of the“smile curve”.Additionally,the R&D smoothing effect of cash holdings varies across different industries and types of ownership in manufacturing enterprises.Specifically,high-end manufacturing enterprises and non-state-owned enterprises demonstrate a significant R&D smoothing effect from cash holdings.Based on these findings,this paper proposes categorization and guidance policies to promote the R&D smoothing effect,focusing on the goal of helping manufacturing enterprises to climb up to the two ends of the“smile curve”.

关 键 词：微笑曲线 现金持有 R&D平滑 制造业企业 

分 类 号：F275.1[经济管理—企业管理]