Smoothing Effects of Cash Holdings on Periodic R&D Investments of Enterprises under Financing Constraints From the perspective of financial statements

摘要：

　　Based on the utilization of data and panel model from listing enterprises of the manufacturing industry during 2009 to 2013,this paper divides enterprise R&D investment into two phases, namely the research phase and the development phase, to explore the relationship between R&D investment and and enterprisescash holdings.The conclusions are as follows : First , enterprise R&D activity builds upon internal funds, and enterprises engaging in R&D incline to reserve cash compared with enterprises of the other kind.Secondly, cash reserves may smooth R&D expenditures, and the smoothing effects are more notable in the development phase.

关键词： R&D research phase development phase cash holding smoothing

作者: Guo Weizheng Yuan Ronghua Cheng Liwei

作者单位: School of Management, Dalian University of Technology, Dalian, China, 116024

会议类型: 国际会议

会议名称: the 8th (2016)International Conference on Financial Risk and Corporate Finance Management(第八届(2016)金融风险与公司金融国际研讨会)

会议地点: 大连

会议语种:英文

页码: 270-276

在线出版日期: 2016-07-03（万方平台首次上网日期，不代表论文的发表时间）