Working Capital Management and the Persistence of Corporate R&amp;D Innovation: A Review from the Perspective of Fictitious-toward Economy

ZHANG Jia-wang; LEI Hong-zhen; LI Bo-yang

Volume 36 Issue 6

Nov. 2021

Turn off MathJax

Article Contents

Article Navigation > Journal of Guangdong University of Finance & Economics > 2021 > 36(6): 51-67

ZHANG Jia-wang, LEI Hong-zhen, LI Bo-yang. Working Capital Management and the Persistence of Corporate R&D Innovation: A Review from the Perspective of Fictitious-toward Economy[J]. Journal of Guangdong University of Finance & Economics, 2021, 36(6): 51-67.

Citation:

ZHANG Jia-wang, LEI Hong-zhen, LI Bo-yang. Working Capital Management and the Persistence of Corporate R&D Innovation: A Review from the Perspective of Fictitious-toward Economy[J]. Journal of Guangdong University of Finance & Economics, 2021, 36(6): 51-67.

Citation:

ZHANG Jia-wang, LEI Hong-zhen, LI Bo-yang. Working Capital Management and the Persistence of Corporate R&D Innovation: A Review from the Perspective of Fictitious-toward Economy[J]. Journal of Guangdong University of Finance & Economics, 2021, 36(6): 51-67.

PDF( 1333 KB)

Working Capital Management and the Persistence of Corporate R&D Innovation: A Review from the Perspective of Fictitious-toward Economy

1.
International Business School, Shaanxi Normal University, Xi'an 710119
2.
School of Economics and Management, Chang'an University, Xi'an 710064, China

Received Date: 2021-07-07
Available Online: 2021-12-16
Publish Date: 2021-11-28

Abstract

Abstract

Starting from the internal smoothing mechanism, this pater takes China's A-share non-financial listed companies from 2010 to 2019 as the research sample, empirically examines the relationship between working capital management and the sustainability of corporate R&D innovation, and carefully investigates the impact of corporate financialized asset portfolio allocation on the smoothness of working capital management. The results show that when the cash flow fluctuates violently, working capital management can smooth their R&D innovation, but the smoothing effect on fixed asset investment is not significant; at the same time, the allocation of financial assets by companies mainly exerts short-term wealth effects, which weakens the smoothing effect of working capital management on corporate R&D innovation. Group tests found that the smoothing effect of working capital management on R&D innovation is more prominent in small-scale companies and non-state-owned companies. Furthermore, through the study on the internal asset management strategy of companies, it is also found that companies using active working capital management instead of allocating financial assets when cash flow fluctuates violently have a higher average level of R&D innovation; the lower the company's leverage and the level of equity financing, the more likely it is to implement active working capital management strategies. The conclusions emphasize the indispensable role of working capital management in maintaining the sustainability of R&D innovation under the fictitious-toward economy.
- working capital,
- working capital management,
- smoothing mechanism,
- corporate R&D,
- R&D innovation,
- allocation of financial assets,
- fictitious-toward economy,
- sustainability

FullText(HTML)

References(42)

References

[1]	刘贯春, 刘媛媛, 张军. 经济政策不确定性与中国上市公司的资产组合配置——兼论实体企业的"金融化"趋势[J]. 经济学(季刊), 2020(5): 65-86. https://www.cnki.com.cn/Article/CJFDTOTAL-JJXU202005005.htm
[2]	张成思, 张步昙. 中国实业投资率下降之谜: 经济金融化视角[J]. 经济研究, 2016(12): 32-46. https://www.cnki.com.cn/Article/CJFDTOTAL-JJYJ201612004.htm
[3]	HALL B H. The financing of research and development[J]. Oxford Review of Economic Policy, 2002, 18(1): 35-51. doi: 10.1093/oxrep/18.1.35
[4]	林毅夫, 李永军. 中小金融机构发展与中小企业融资[J]. 经济研究, 2001(1): 10-18, 53-93. https://www.cnki.com.cn/Article/CJFDTOTAL-JJYJ200101001.htm
[5]	刘畅, 刘冲, 马光荣. 中小金融机构与中小企业贷款[J]. 经济研究, 2017(8): 65-77. https://www.cnki.com.cn/Article/CJFDTOTAL-JJYJ201708006.htm
[6]	朱武祥, 张平, 李鹏飞, 等. 疫情冲击下中小微企业困境与政策效率提升——基于两次全国问卷调查的分析[J]. 管理世界, 2020(4): 13-26. doi: 10.3969/j.issn.1002-5502.2020.04.004
[7]	BROWN J R, PETERSEN B C. Cash holdings and R&D smoothing[J]. Journal of Corporate Finance, 2011, 17(3): 694-709. doi: 10.1016/j.jcorpfin.2010.01.003
[8]	吴淑娥, 仲伟周, 卫剑波, 等. 融资来源、现金持有与研发平滑——来自我国生物医药制造业的经验证据[J]. 经济学(季刊), 2016(1): 745-766. https://www.cnki.com.cn/Article/CJFDTOTAL-JJXU201602014.htm
[9]	刘贯春, 刘媛媛, 张军. 金融资产配置与中国上市公司的投资波动[J]. 经济学(季刊), 2019(2): 573-596. https://wenku.baidu.com/view/046568957c21af45b307e87101f69e314232fa71
[10]	彭俞超, 黄志刚. 经济"脱实向虚"的成因与治理: 理解十九大金融体制改革[J]. 世界经济, 2018(9): 3-25. https://www.cnki.com.cn/Article/CJFDTOTAL-SJJJ201809002.htm
[11]	李博阳, 沈悦, 张嘉望. 金融资产配置、企业经营风险与企业杠杆率[J]. 当代经济科学, 2019(5): 116-128. https://www.cnki.com.cn/Article/CJFDTOTAL-DJKX201905012.htm
[12]	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. https://www.cnki.com.cn/Article/CJFDTOTAL-JJYJ201301003.htm
[13]	DING S, GUARIGLIA A, KNIGHT J. Investment and financing constraints in China: does working capital management make a difference?[J]. Journal of Banking & Finance, 2013, 37(5): 1490-1507. https://www.sciencedirect.com/science/article/abs/pii/S0378426612000878
[14]	HIMMELBERG C P, PETERSEN B C. R & D and internal finance: a panel study of small firms in high-tech industries[J]. The Review of Economics and Statistics, 1994, 76(1): 38-51. doi: 10.2307/2109824
[15]	AKCIGIT U, LIU Q. The role of information in innovation and competition[J]. Journal of the European Economic Association, 2015, 14(4): 828-870. http://www.ufukakcigit.com/s/AKCIGIT_LIU.PDF
[16]	ALMEIDA H, CAMPELLO M, WEISBACH M S. The cash flow sensitivity of cash[J]. The Journal of Finance, 2004, 59(4): 1777-1804. doi: 10.1111/j.1540-6261.2004.00679.x
[17]	BROWN J R, MARTINSSON G, PETERSEN B C. Do financing constraints matter for R&D?[J]. European Economic Review, 2012, 56(8): 1512-1529. http://www.sciencedirect.com/science/article/pii/S0014292112001080
[18]	KLIMAN A, WILLIAMS S D. Why 'financialisation' hasn't depressed US productive investment[J]. Cambridge Journal of Economics, 2015, 39(1): 67-92. https://academic.oup.com/cje/article-abstract/39/1/67/2875615?redirectedFrom=fulltext
[19]	刘贯春. 金融资产配置与企业研发创新: "挤出"还是"挤入"[J]. 统计研究, 2017(7): 51-63. https://www.cnki.com.cn/Article/CJFDTOTAL-TJYJ201707005.htm
[20]	段军山, 庄旭东. 金融投资行为与企业技术创新——动机分析与经验证据[J]. 中国工业经济, 2021(1): 155-173. https://www.cnki.com.cn/Article/CJFDTOTAL-GGYY202101010.htm
[21]	BONFIGLIOLI A. Financial integration, productivity and capital accumulation[J]. Journal of International Economics, 2008, 76(2): 337-355. http://www.iadb.org/intal/intalcdi/PE/2012/11126a04.pdf
[22]	杨松令, 牛登云, 刘亭立, 等. 实体企业金融化、分析师关注与内部创新驱动力[J]. 管理科学, 2019(2): 3-18. https://www.cnki.com.cn/Article/CJFDTOTAL-JCJJ201902002.htm
[23]	SHLEIFER A, VISHNY R W. Liquidation values and debt capacity: a market equilibrium approach[J]. Journal of Finance, 1992, 47(4): 1343-1366. http://www.onacademic.com/detail/journal_1000039098808410_1969.html
[24]	张嘉望, 李博阳. 资产可逆性、抵押品渠道与企业投资效率——基于融资约束异质性视角[J]. 经济管理, 2021(5): 159-176. https://www.cnki.com.cn/Article/CJFDTOTAL-JJGU202105010.htm
[25]	BERNSTEIN J I, NADIRI M I. Advances in econometrics and modelling[M]. Dordrecht: Springer, 1989.
[26]	CHIRINKO R S, FAZZARI S M. Economic fluctuations, market power, and returns to scale: evidence from firm-level data[J]. Journal of Applied Econometrics, 1994, 9(1): 47-69. http://ideas.repec.org/a/jae/japmet/v9y1994i1p47-69.html
[27]	HAMERMESH D S, PFANN G A. Adjustment costs in factor demand[J]. Journal of Economic Literature, 1996, 34(3): 1264-1292. http://ideas.repec.org/r/aea/jeclit/v34y1996i3p1264-1292.html
[28]	FAZZARI S M, PETERSEN B C. Working capital and fixed investment: new evidence on financing constraints[J]. The Rand Journal of Economics, 1993, 24(3): 328-342.
[29]	徐晨阳. 资产专用性对营运资本平滑作用的影响研究——基于供应商集中度的视角[J]. 中国软科学, 2018(1): 183-192. https://www.cnki.com.cn/Article/CJFDTOTAL-ZGRK201801017.htm
[30]	吴娜, 于博, 王博梓. 市场化进程、创新投资与营运资本的动态调整[J]. 会计研究, 2017(6): 82-88. https://www.cnki.com.cn/Article/CJFDTOTAL-KJYJ201706013.htm
[31]	刘贯春, 张军, 刘媛媛. 金融资产配置、宏观经济环境与企业杠杆率[J]. 世界经济, 2018(1): 148-173. https://www.cnki.com.cn/Article/CJFDTOTAL-SJJJ201801008.htm
[32]	GULEN H, ION M. Policy uncertainty and corporate investment[J]. The Review of Financial Studies, 2016, 29(3): 523-564. http://rfs.oxfordjournals.org/content/29/3.toc.pdf
[33]	彭俞超, 倪骁然, 沈吉. 企业"脱实向虚"与金融市场稳定——基于股价崩盘风险的视角[J]. 经济研究, 2018(10): 50-66. https://www.cnki.com.cn/Article/CJFDTOTAL-JJYJ201810005.htm
[34]	SEN S, DASGUPTA Z. Financialisation and corporate investments: the Indian case[J]. Review of Keynesian Economics, 2018, 6(1): 96-113. http://www.econstor.eu/bitstream/10419/110007/1/815587686.pdf
[35]	EBERLY J, REBELO S, VINCENT N. What explains the lagged-investment effect?[J]. Journal of Monetary Economics, 2012, 59(4): 370-380. https://www.sciencedirect.com/science/article/abs/pii/S0304393212000529
[36]	刘贯春, 刘媛媛, 张军. 金融资产配置与中国上市公司的投资波动[J]. 经济学(季刊), 2019(2): 573-596. https://www.cnki.com.cn/Article/CJFDTOTAL-JJXU201902008.htm
[37]	孔东民, 徐茗丽, 孔高文. 企业内部薪酬差距与创新[J]. 经济研究, 2017(10): 144-157. https://www.cnki.com.cn/Article/CJFDTOTAL-JJYJ201710011.htm
[38]	谢家智, 王文涛, 江源. 制造业金融化、政府控制与技术创新[J]. 经济学动态, 2014(11): 78-88. https://www.cnki.com.cn/Article/CJFDTOTAL-JJXD201411011.htm
[39]	张明. 中国影子银行: 界定、成因、风险与对策[J]. 国际经济评论, 2013(3): 82-92, 6. https://www.cnki.com.cn/Article/CJFDTOTAL-GJPP201303006.htm
[40]	连玉君, 常亮, 苏治. 供需不确定性、市场竞争与现金持有——来自中国上市公司的经验证据[J]. 南方经济, 2009(1): 11-22. https://www.cnki.com.cn/Article/CJFDTOTAL-NFJJ200901005.htm
[41]	彭俞超, 韩珣, 李建军. 经济政策不确定性与企业金融化[J]. 中国工业经济, 2018(1): 137-155. https://www.cnki.com.cn/Article/CJFDTOTAL-GGYY201801009.htm
[42]	FAZZARI S M, HUBBARD R G, PETERSEN B C, et al. Financing constraints and corporate investment[J]. Brookings Papers on Economic Activity, 1988(1): 141-206. http://www.nuffield.ox.ac.uk/media/2189/financing-constraints.pdf