Cash Holdings, R&D Investment and Financial Performance

被引：0

作者：

Wei, Yaqiong ^{[1
]}

Ding, Yufang ^{[1
]}

Xu, Hulling ^{[1
]}

机构：

[1] Northwest Minzu Univ, Lanzhou, Gansu, Peoples R China

来源：

2017 7TH ESE INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE, EDUCATION SCIENCE AND HUMAN DEVELOPMENT (ESE-MEH 2017) | 2017年 / 72卷

关键词：

Cash holdings; R&D investment; Financial performance; High and new technology enterprise;

D O I：

10.26602/lnms.2017.72.184

中图分类号：

C [社会科学总论];

学科分类号：

03 ; 0303 ;

摘要：

Using a panel of 84 firms from a share listed Companies in Shanghai and Shenzheng stock market over the period of 2012 to 2015. We attempt to see the effect of cash holdings between R&D investment and financial performance when financial constraints. Considering firm size and ownership property as financial constraints index, the whole sample was divided into two classes: high fmancial constraints and low financial constraints. Controlling for investment opportunities, debt leverage and cash flow, our results reveal that the higher the financing bounds, the smaller the influence of the R&D investment on financial performance; the higher the fmancing bounds, the stronger the moderating effect of cash holdings to the relationship of R&D investment on financial performance.

引用

页码：184 / 188

页数：5

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