风险投资是否影响企业现金持有水平——企业研发创新行为视角

Does Venture Capital Affect Corporate Cash Holdings?——an Analysis based on the Perspective of Enterprises’ R&D Investment

利用我国A股市场2009-2017年823家民营制造企业相关数据,探讨风险投资对于高研发投入企业现金持有政策的影响。结果发现:高不确定性以及信息不对称的存在,使得高研发投入企业将持有更多的内部现金以应对未来资金需求。风险投资能够通过积极有效的参与,降低企业与外部投资者之间的信息不对称,改善融资环境,从而降低高研发投入企业超额现金持有水平。进一步,该作用在小规模、低关注度以及技术密集型企业中更为显著。

Based on the data of 823 China′s listed private manufacturing enterprises from 2009 to 2017, this paper discusses the impact of venture capital on the cash holding policy of high R&D investment enterprises.Results show that: the high R&D investment enterprises will hold more internal cash to meet future funding needs due to the existence of high uncertainty and information asymmetry.And venture capital can reduce the degree of information asymmetry between enterprises and their external investors through active and effective participation, thereby improve the financing environment, and reduce the enterprises′ excess cash holdings.Further, this effect is more pronounced in small-scale, low-profile, and technology-intensive enterprises.Finally, there are also some limitations and expectations should be considered in the future.