现金持有、高管任期与研发投入平滑关系研究

Research on the relationship between cash holding, executive tenure and R&D investment

党的十九大报告制定了截至2035年我国要位居前列创新型国家的目标,企业作为我国创新创造活动的主体,研发投入是保证创新发展的一个重要因素,因此如何保证企业持续稳定的R&D投入是一个重要问题。本文以2010~2016年我国高科技行业上市公司数据为样本,统计分析了现金持有、高管任期以及研发投入平滑之间的关系。结果发现:高科技行业上市公司普遍存在利用现金持有平滑研发投入的情况;高管的不同任期对企业的现金持有政策产生不同的影响,从而影响到企业的研发投入决策。具体来说,高管的既有任期正向调节了现金持有的研发平滑效应;高管的预期任期同样正向调节了现金持有的研发平滑效应,但调节效果低于既有任期。进一步区分研发投入强度后发现:研发投入越高的企业现金持有的平滑效应越显著。

Taking the data of listed companies in China’s high-tech industry from 2010 to 2016 as a sample,the relationship between cash holdings,executives’tenure and smooth R&D investment was statistically analyzed.The results show that listed companies in the high-tech industry generally use cash to hold smooth R&D investment;the different term of executives has different effects on the company’s cash holding policy,which affects the company’s R&D investment decisions.Specifically,the executive’s existing term positively regulates the R&D smoothing effect of cash holdings;the executive’s expected tenure also positively adjusts the R&D smoothing effect of cash holdings,but the adjustment effect is lower than the existing term.After further distinguishing the R&D investment intensity,it is found that the higher the R&D investment,the more significant the smoothing effect of the enterprise’s cash holding.