现金持有与研发投入的相关性研究——基于我国A股上市公司数据

采用2007—2013年沪深两市A股上市公司作为样本,对现金持有与研发投入的关系进行分析,结果显示:研发投入越多的企业的现金持有水平越高;期初现金持有越多的企业研发投入越多,研发-现金敏感性越显著,而且随着现金持有量的增加该敏感性会逐渐下降;相比于成熟期公司,成长期公司现金持有与研发投入之间的正相关性更强,而且成长期公司的研发-现金敏感性不会随着现金持有水平的增加而下降。

A Correlation Research on Cash Holdings and Research & Development Investment:Based on the Empirical Data of A-Shared Listed Corporations in China

With A-shared listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2013 as a sample, this paper studies the relationships between cash holdings and R&D investment. The empirical results show that companies with more business R&D investment will increase cash holdings level; the companies with more initial cash holdings will have more R&D investment, which reflect the significant sensitivity of R & D cash flow. With the cash holdings increased, the sensitivity will decrease. Compared to the companies in mature stage, the cash holdings in companies in growth stage are positively correlated with R& D investment, the sensitiving of its R & D cash flow will not decrease with the increase of cash holdings.