基于融资风险的现金持有与企业技术创新投入的关系研究

信息不对称条件下,现金能否作为保障技术创新投入的资金来源颇受理论界和实务界的关注。本文以2007-2013年沪深两市的非金融上市公司为样本,利用OLS和固定效应模型,对上市公司现金持有、超额现金持有与技术创新投入关系进行多元回归分析,研究结果表明上市公司的技术创新投入和现金持有以及超额现金持有呈正比,说明我国上市公司会提高自身的现金持有以应对技术创新的需要。进一步区分公司所面临的融资风险后,发现我国的民营上市公司、融资约束上市公司以及债务期限结构较短的公司技术创新投入和现金持有、超额现金持有之间的正相关关系更加显著。

Financing Risk,Cash Holdings and Technological Innovation Investment

Based on the data of listed companies of Shanghai and Shenzhen Stock Exchange from 2007-2013,it was found that the relationship between and cash holdings are significantly positive.For private listed companies financial constrained companies, this relationship indicates that China's listed companies will increase their cash holdings in response to the continuous investment in technological innovation.With the level of financing risk improving, the increasing extent of cash holdings is more sensitive to the the technological innovation investment.This study not only enriches the cash holdings of related research and technological innovation from the perspective of improving the research into the relationship between investment and cash holdings policies and the corresponding policy recommendations from the perspective of financing risks.