房地产挤占、现金持有与企业创新绩效

Real Estate Crowding-out,Cash Holding and Enterprise Innovation Performance

文章基于凯恩斯货币需求理论,研究管理者不同现金决策动机对企业技术创新绩效的影响,以及房地产挤占效应的调节作用。选取2011—2017年上市公司的面板数据,采用固定效应泊松回归进行统计检验,研究发现:企业现金持有水平与技术创新绩效呈负相关关系,在房地产泡沫程度更高的一线城市,挤占效应更为显著。

Based on Keynesian theory of demand for money,this paper studies the influence of different cash decision-making motivation of managers on the performance of enterprise technological innovation,and the regulating function of real estate crowding-out effect.The paper selects the panel data of listed companies from 2011 to 2017 and uses fixed effect Poisson regression for statistical test.The research finds that the level of cash holdings is negatively correlated with technological innovation performance,and that in the first-tier cities with higher real estate bubbles,the crowding-out effect is more significant.