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论文类型：会议论文

发表时间：2018-01-01

收录刊物：CPCI-SSH

页面范围：404-409

关键字：cash holding; R&D investment structure; PSM method

摘要：This paper divides R&D investment into research stage and experimental development stage. Based on the data of China's manufacturing listed companies from 2010 to 2013 and taking propensity score matching (PSM) method, this paper analyzes the impact of corporate cash holding on the two-stage R&D investments. First, manufacturing listed companies with sufficient cash do not increase investment in basic and applied research and development. However, state-owned enterprises are less financing constrained so their characteristics of investment in basic and applied research and development are relatively positive compared with that of non-state-owned enterprises, which are more financing constrained and generally do not invest in basic and applied research and development even with sufficient cash. Second, no matter whether their cash is sufficient or not, they'll prepare cash in advance for the smoothing liquidity risk impact in development phase, and that motivation is more obvious for non-state-owned enterprises since they face more financing constraints.