融资约束下现金持有与技术创新投入的门槛效应

Threshold Effect of Cash Holdings and Technological Innovation Investment Under Financial Constraint

基于579家沪深A股上市公司2009—2015年的面板数据,利用面板门槛模型实证研究融资约束对现金持有与企业技术创新投入之间关系的影响.结果表明:不同融资约束程度下现金持有与企业技术创新投入之间存在门槛效应.当融资约束水平较低时,现金持有与企业技术创新投入负相关,且不显著;当融资约束水平较强时,现金持有与企业技术创新投入显著正相关,但当融资约束水平超过0.331时,这一正相关程度有所降低.基于研究成果,提出合理调整现金储备、加强监管、健全资本市场等政策建议.

Based on the panel data of 579 A-share listed companies in Shanghai and Shenzhen from 2009 to 2015,this paper uses panel threshold model to determine the effect of financial constraint on the relationship between cash holdings and technological innovation investment. The results show that significant threshold effects between cashholdings and technological innovation investment relying on financial constraint. In low financial constraint companies(less than 0.247),cash holdings and technological innovation investment are negatively correlated,and are the effects not significant,while in high financial constraint companies(between 0.247 and 0.331),cash holdings and technological innovation investment are positively correlated. However,when the level of financial constraint reach more than 0.331,the positive correlation is reduced. Based on the above research results,we put forward some recommendations on reasonable adjustment of cash reserves,supervision enhancement and capital market improvement.