货币政策、现金持有与企业研发投入关系研究——基于2008—2013年沪深A股上市公司的经验证据

A Study on the Relationship between Monetary Policy,Cash Holding and Enterprise R&D Investment

本文以2008—2013年沪深A股披露研发数据的上市公司为样本,构建非平衡面板数据的多元动态回归模型,研究货币政策、现金持有水平变化与企业研发投入之间的关系。研究结果发现:企业研发投入与货币政策宽松紧缩程度呈现显著负相关,说明紧缩的货币政策会抑制企业的研发投入;企业研发投入与现金持有水平变化量呈现显著负相关,说明上市公司现金持对研发起到平滑作用;企业研发投入与货币政策和现金持有水平变化的交互项显著负相关,且其系数变化较现金持有变化量的系数绝对值变化较大,说明紧缩的货币政策能够加重现金持有对研发的平滑作用。

This paper in 2008-2013 in Shanghai and Shenzhen A-share disclosure data for research and development of the listed companies as a sample,to build the unbalanced panel data of multiple dynamic regression model,the relationship between the level change and corporate R & D Investment Research on monetary policy,cash holdings.The results showed that:Enterprise R & D investment and monetary policy loose tight degree showed a significant negative correlation,indicating that tight monetary policy will inhibit investment in research and development of enterprise;enterprise R & D investment and cash holding level variation showed a significant negative correlation,indicating that the listed companies cash to smooth the development;enterprise R & D investment and monetary policy and cash holding changes in the level of interaction terms significantly negative correlation and the coefficients of variation than cash hold variation coefficient absolute value changes greatly,which shows that the tightening of monetary policy to increase cash holdings smoothing effect on research and development.