新质生产力中介下现金持有对制造业企业财务绩效的影响研究

Research on the Impact of Cash Holding on the Financial Performance of Manufacturing Enterprises under the Mediation of New Quality Productivity

利用2015-2022年上证A股制造业上市公司面板数据,实证分析现金持有与财务绩效的关系,以及新质生产力创新投入在其中发挥的中介作用。结果表明:现金持有能显著提高财务绩效;现金持有能显著促进创新投入,为新质生产力的发展提供保障;创新投入在现金持有与财务绩效提升之间起部分中介作用;创新投入对财务绩效的积极影响存在滞后性。根据研究结果,建议制造业上市公司应该保持一定的现金持有,在维持健康的生产经营的同时,保障创新投入的稳定性;应该坚持创新驱动发展,提高研发投入强度;在创新投入与发展中要正视和利用好政府补助这一优势资源;保持创新的持续性,通过制造业与新质生产力的深度融合,助力实现我国从制造大国向制造强国转变的战略部署。

This paper empirically analyzes the relationship between cash holdings and financial perform-ance,as well as the mediating role of innovative investment in new-quality productivity,using panel data from listed manufacturing companies in Shanghai Stock Exchange A-share market from 2015 to 2022.The results show that cash holdings can significantly improve financial performance;cash holdings can significantly promote innovative investment,providing a guarantee for the development of new-quality productivity;innovative investment partially mediates the relationship between cash holdings and the en-hancement of financial performance;and there is a lag in the positive impact of innovative investment on financial performance.Based on the research findings,it is suggested that listed manufacturing companies should maintain a certain level of cash holdings,ensuring stable innovative investment while maintaining healthy production and operation.They should adhere to innovation-driven development,increase the in-tensity of R&D investment;pay attention to and leverage government subsidies as an advantageous re-source in innovative investment and development;maintain the continuity of innovation,and through the deep integration of manufacturing and new-quality productivity,contribute to the strategic deployment of transforming China from a manufacturing giant into a manufacturing powerhouse.