现金流不确定性、研发投入与企业价值
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摘要
本文运用2010-2016年全部A股上市公司样本,系统考察了现金流不确定性对于企业研发投入和企业价值的影响及对于研发投入与企业价值相关关系的调节作用。随后,依据企业生命周期理论和融资约束理论将样本分组,进一步的验证企业生命周期和融资约束程度差异对于现金流不确定性调节作用的效果差异。研究发现,在当前"赢家效应"较强的背景下,现金流的不确定性能够促进企业研发投入,显著提升企业价值,且能够对研发投入与企业价值的关系起到正向调节作用。进一步的,本文发现现金流不确定性发挥的正向调节作用在成长期企业和融资约束程度高的企业作用显著,而在成熟期和融资约束程度低的企业不显著。本文的研究结论不仅丰富了有关现金流和研发创新领域的相关文献,而且可以为我国资本市场的完善和企业的研发创新行为提供参考。
In this paper, we use the micro data system of all A-share listed companies in 2010-2016 to examine the effect of cash flow uncertainty on R&D and firm value. We also examine the regulating effect that cash flow uncertainty conducts on the relationship between R&D and firm value. Then, according to the theory of enterprise life cycle and financing constraints, the samples are grouped to further verify the difference cash flow uncertainty behaves in different enterprise life cycle period and the degree of financing constraints. It is found that the uncertainty of cash flow can promote the R&D investment of the enterprise and improve the enterprise value in the context of the current "winner effect",and can play a positive role in the relationship between R&D investment and enterprise value. Further, this paper finds that the positive adjustment of cash flow uncertainty plays a significant role in the growth of firms and firms with high degree of financial constraints, while firms with low maturity and low degree of financing constraints are not significant. The conclusion of this paper not only enriches the relevant literature on cash flow and R&D innovation, but also provide reference for the improvement of capital market and the R&D innovation of enterprises.
In this paper, we use the micro data system of all A-share listed companies in 2010-2016 to examine the effect of cash flow uncertainty on R&D and firm value. We also examine the regulating effect that cash flow uncertainty conducts on the relationship between R&D and firm value. Then, according to the theory of enterprise life cycle and financing constraints, the samples are grouped to further verify the difference cash flow uncertainty behaves in different enterprise life cycle period and the degree of financing constraints. It is found that the uncertainty of cash flow can promote the R&D investment of the enterprise and improve the enterprise value in the context of the current "winner effect",and can play a positive role in the relationship between R&D investment and enterprise value. Further, this paper finds that the positive adjustment of cash flow uncertainty plays a significant role in the growth of firms and firms with high degree of financial constraints, while firms with low maturity and low degree of financing constraints are not significant. The conclusion of this paper not only enriches the relevant literature on cash flow and R&D innovation, but also provide reference for the improvement of capital market and the R&D innovation of enterprises.
引文
[1] Griliches Z. Market value, R&D and patents[J]. EconomicLetters, 1981, 7(2):183-187.
[2] Marcus A A. Policy uncertainty and technological innovation[J]. Academy Management Review,1981, 6(3):443-448.
[3]王义中,宋敏.宏观经济不确定性、资金需求与公司投资[J].经济研究,2014,(2):4-17.
[4]屈文洲,谢雅璐,叶玉妹.信息不对称、融资约束与投资-现金流敏感性一基于市场微观结构理论的实证研究[J].经济研究,2011,(6):105-117.
[5] Holmstrom B. Agency costs and innovation[J]. Journal of Economic Behavior and Organization,1989, 12(3):305-327.
[6]刘波,李志生,王泓力,杨金强.现金流不确定性与企业创新[J].经济研究,2017,(3):166-180.
[7] Bates T W, Kahle K M, Stulz R M. Why do us firms hold so much more cash than they used to?[J]. Journal of Finance, 2009, 64(5):1985-2021.
[8] Malherbe F. Self-fulfilling liquidity dry-ups[J]. Journal of Finance, 2014, 69(2):947-970.
[9] Lyandres E, Palazzo B. Strategic cash holdings and R&D competition:Theory and evidence[R].Working paper of Boston University, 2012.
[10] Brown J R, Petersen B C. Cash holdings and R&D smoothing[J]. Journal of Corporate Finance,2011, 17(3):694-709.
[11] Ma L, Mello A S, Wu Y. Industry competition, winner's advantage and cash holding[R]. Working paper of University of Wisconsin-Madison, 2013.
[12] Griliches Z. Market value, R&D and patents[J]. Economic Letters, 1981,(7):183-187.
[13] Chan L, Lakonishok J. The stock market valuation of research and development expenditures[J].Journal of Finance, 2001,(56):2431-2456.
[14] Hall B H, Maffioli A. Evaluating the impact of technology development funds in emerging economics[J]. Evidence from Latin America, 2008,(3):13—15.
[15]罗婷,朱青,李丹.解析R&D投入和公司价值之间的关系[J].金融研究,2009,(6):100-110.
[16]陈修德,彭玉莲,卢春源.中国上市公司技术创新和企业价值关系的实证研究[J].科学学研究,2011,(1):138-146.
[17]陈守明,冉毅,陶兴慧. R&D强度与企业价值一股权性质和两职合一的调节作用[J].科学学研究,2012,(3):441-448.
[18] Fluck, Zsuzsanna. Capital structure decisions in small an large firms:A life-cycle theory of financing[R]. Working paper of Michigan State University, 2000.
[19] Black Sr, Ervin L. Life-cycle stage effects on the incremental information content of earning and cash flows[R]. Working Paper of Brigham Young University, 2000.
[20]佟岩,陈莎莎.生命周期视角下的股权制衡与企业价值[J].南开管理评论,2010,(1):108-115.
[21] Brown J R, Fazzari S M, Petersen B C. Financing innovation and growth:Cash flow, external equity,and the 1990s R&D boom[J]. Journal of Finance, 2009, 64(1):151-185.
[22] Hall B H, Lerner J. The Financing of R&D and Innovation[M]. Handbook of the Economics of Innovation, Elsevier, 2010(1):609-639.
[23] Li D. Financial constraints, R&D investment and stock returns[J]. Review of Financial Studies,2011, 24(9):2974-3007.
[24] Hirth S, Viswanatha M. Financing constraints, cash-flow risks and corporate investment[J]. Journal of Corporate Finance, 2011, 17(5):1496-1509.
[25]熊彼特.资本主义、社会主义和民主主义[M].北京:商务印书馆,1979.
[26] Hall B H. The financing of research and development[J]. Oxford Review of Economic Policy, 2002,18(1):35-51.
[27] Himmelberg C, Petersen B. R&D and internal finance:A panel study of small firms in high-tech industries[J]. Review of Economics and Statistics, 1994,(76):38-51.
[28] Bond S, Meghir C. Dynamic investment models and the firm's financial policy[J]. Review of Economic Studies, 1994,(61):197-222.
[29] Hsieh P H, Mishra C S, Gobeli D H. The return on R&D versus capital expenditures in pharmaceutical and chemical industries[J]. IEEE Transactions on Engineering Management, 2003, 50(2):141-149.
[30] Chaya J B, Suh J. Payout policy and cash-flow uncertainty[J]. Journal of Financial Economics, 2009,93(1):88-107.
[31]鞠晓生,卢荻,虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究,2013,(1):4-16.
[32] Joseph A, Falk H, Yehuda N. Corporate life cycle and the value relevance of cash flow versus accrual financial information[R]. SSRN Working paper, 2004.
[33] DeAngelo H, DeAngelo L. The irrelevance of the MM dividend irrelevance theorem[J]. Journal of Financial Economics, 2006, 79(2):293-315.
[2] Marcus A A. Policy uncertainty and technological innovation[J]. Academy Management Review,1981, 6(3):443-448.
[3]王义中,宋敏.宏观经济不确定性、资金需求与公司投资[J].经济研究,2014,(2):4-17.
[4]屈文洲,谢雅璐,叶玉妹.信息不对称、融资约束与投资-现金流敏感性一基于市场微观结构理论的实证研究[J].经济研究,2011,(6):105-117.
[5] Holmstrom B. Agency costs and innovation[J]. Journal of Economic Behavior and Organization,1989, 12(3):305-327.
[6]刘波,李志生,王泓力,杨金强.现金流不确定性与企业创新[J].经济研究,2017,(3):166-180.
[7] Bates T W, Kahle K M, Stulz R M. Why do us firms hold so much more cash than they used to?[J]. Journal of Finance, 2009, 64(5):1985-2021.
[8] Malherbe F. Self-fulfilling liquidity dry-ups[J]. Journal of Finance, 2014, 69(2):947-970.
[9] Lyandres E, Palazzo B. Strategic cash holdings and R&D competition:Theory and evidence[R].Working paper of Boston University, 2012.
[10] Brown J R, Petersen B C. Cash holdings and R&D smoothing[J]. Journal of Corporate Finance,2011, 17(3):694-709.
[11] Ma L, Mello A S, Wu Y. Industry competition, winner's advantage and cash holding[R]. Working paper of University of Wisconsin-Madison, 2013.
[12] Griliches Z. Market value, R&D and patents[J]. Economic Letters, 1981,(7):183-187.
[13] Chan L, Lakonishok J. The stock market valuation of research and development expenditures[J].Journal of Finance, 2001,(56):2431-2456.
[14] Hall B H, Maffioli A. Evaluating the impact of technology development funds in emerging economics[J]. Evidence from Latin America, 2008,(3):13—15.
[15]罗婷,朱青,李丹.解析R&D投入和公司价值之间的关系[J].金融研究,2009,(6):100-110.
[16]陈修德,彭玉莲,卢春源.中国上市公司技术创新和企业价值关系的实证研究[J].科学学研究,2011,(1):138-146.
[17]陈守明,冉毅,陶兴慧. R&D强度与企业价值一股权性质和两职合一的调节作用[J].科学学研究,2012,(3):441-448.
[18] Fluck, Zsuzsanna. Capital structure decisions in small an large firms:A life-cycle theory of financing[R]. Working paper of Michigan State University, 2000.
[19] Black Sr, Ervin L. Life-cycle stage effects on the incremental information content of earning and cash flows[R]. Working Paper of Brigham Young University, 2000.
[20]佟岩,陈莎莎.生命周期视角下的股权制衡与企业价值[J].南开管理评论,2010,(1):108-115.
[21] Brown J R, Fazzari S M, Petersen B C. Financing innovation and growth:Cash flow, external equity,and the 1990s R&D boom[J]. Journal of Finance, 2009, 64(1):151-185.
[22] Hall B H, Lerner J. The Financing of R&D and Innovation[M]. Handbook of the Economics of Innovation, Elsevier, 2010(1):609-639.
[23] Li D. Financial constraints, R&D investment and stock returns[J]. Review of Financial Studies,2011, 24(9):2974-3007.
[24] Hirth S, Viswanatha M. Financing constraints, cash-flow risks and corporate investment[J]. Journal of Corporate Finance, 2011, 17(5):1496-1509.
[25]熊彼特.资本主义、社会主义和民主主义[M].北京:商务印书馆,1979.
[26] Hall B H. The financing of research and development[J]. Oxford Review of Economic Policy, 2002,18(1):35-51.
[27] Himmelberg C, Petersen B. R&D and internal finance:A panel study of small firms in high-tech industries[J]. Review of Economics and Statistics, 1994,(76):38-51.
[28] Bond S, Meghir C. Dynamic investment models and the firm's financial policy[J]. Review of Economic Studies, 1994,(61):197-222.
[29] Hsieh P H, Mishra C S, Gobeli D H. The return on R&D versus capital expenditures in pharmaceutical and chemical industries[J]. IEEE Transactions on Engineering Management, 2003, 50(2):141-149.
[30] Chaya J B, Suh J. Payout policy and cash-flow uncertainty[J]. Journal of Financial Economics, 2009,93(1):88-107.
[31]鞠晓生,卢荻,虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究,2013,(1):4-16.
[32] Joseph A, Falk H, Yehuda N. Corporate life cycle and the value relevance of cash flow versus accrual financial information[R]. SSRN Working paper, 2004.
[33] DeAngelo H, DeAngelo L. The irrelevance of the MM dividend irrelevance theorem[J]. Journal of Financial Economics, 2006, 79(2):293-315.