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本文以2007-2011年期间披露了R&D支出的1078家上市公司为样本,构建了面板数据多元回归模型,研究了上市公司的现金持有与R&D支出的关系。研究结果表明:R&D支出同现金持有改变量呈显著的负相关关系,说明上市公司会运用现金持有平滑其R&D投资,缓冲现金流的不稳定给R&D支出造成的冲击,满足R&D持续、稳定的投资需求;另外,R&D支出与公司总资产同现金持有改变量的乘积项显著负相关,说明公司规模越大,现金持有对R&D支出的平滑作用越明显。
In this paper, a sample of 1078 listed companies whose R & D expenditures were disclosed during 2007-2011 was used as a sample to construct a multiple regression model of the panel data and study the relationship between cash holdings and R & D expenditures of listed companies. The results show that the R & D expenditure has significant negative correlation with the amount of change in cash holdings, indicating that listed companies will use cash holdings to smooth their R & D investments to cushion the impact of the instability of cash flow on R & D expenditures and to meet the R & D sustainability and stability In addition, there is a significant negative correlation between the R & D expenditure and the product of the total assets of the company and the change of cash holdings, which shows that the larger the size of the company, the more obvious the smoothing effect of cash holdings on R & D expenditure.