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《经济管理学刊（中英文版）》是一本关注经济管理领域最新进展的开源国际学术期刊。本刊采用开放获取模式，报道经济管理领域的最新科研成果，旨在反映学术前沿进展及水平，促进学术交流，为国内外该领域的学者、科研人员提供一个良好的交流平台，以推进经济管理理论与实务的发展。本刊可接收中、英文稿件。但中文稿件要有详细的英文标题、作者、单位、摘要和关键词。初次投稿请按照稿件模板排版后在线投稿。录用稿件首先刊发在期刊网站上，然后由Ivy Publisher出版公司出版，面相全球公开发行。因此，要求来稿均不涉密，文责自负。
ISSN Print: 2169-6020 ISSN Online: 2169-6039
投稿邮箱: emj@ivypub.org 出版频次: 季刊（3/6/9/12月）
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现金持有对企业研发投入影响的实证研究
作者：施君驰
摘要：
作为国家经济发展的战略驱动，社会创新离不开企业研发投入的支持，本文分析了企业现金持有及其超额部分对其研发投入的影响，以探究企业如何更稳定地进行研发创新。本文样本数据选取2010-2019年沪深两市上市公司，基于欧拉方程和GMM回归结果发现企业现金持有能对研发投入产生显著的平滑作用，且对于那些规模较小、所有权为非国有制的企业，平滑作用更显著。最后，本文发现超额现金持有往往会对研发投入产生抑制作用，但对于公司治理较好，例如能正常支付股利的企业，超额现金仍能发挥其预防性作用，对研发投入产生积极影响。
关键词：现金持有；研发投入；超额现金；企业规模；企业所有制
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