货币政策对自由现金流与企业R&D投资之间关系的调节效应研究

Regulatory Effects of Monetary Policy to the Relationship between Free Cash Flow and Enterprise R&D Investment

摘要:

以2007—2014年已披露R&D支出的沪深A股上市公司为基础，基于层次分析的思想，采用Daniel Hoechle提出的稳健的固定效应模型，实证检验货币政策对自由现金流与企业R&D投资之间关系的调节效应。研究结果发现：我国上市公司自由现金流与R&D投资之间存在正相关关系，货币政策对这种正相关关系具有负向调节作用，且这种调节作用在高成长企业中表现得更为强烈。

Abstract:

Base on the idea of hierarchical analysis, by using panel data of A-shares listed companies revealed R D expenditure in financial statements from 2007 to 2014, this paper studies the regulatory effect of monetary policy to the relationship between free cash flow and enterprise’s R D investment under different grow opportunities by using the robust fixed effects that Daniel Hoechle proposed in 2007. The result show that there is a significantly positive relationship between the free cash flow and R D investment and the monetary policy has a negative effect on the positive relationship between them. Further analysis shows that negative effect is much stronger in high growth enterprises.