Research on the R&D Smoothing Effect of Cash Holding in Chinese Manufacturing Enterprises——Aperspective based on the ascending at both ends of the"smile curve"
Ensuring the stability and continuity of capital investment in R&D activities of manufacturing enterprises is a key aspect of implementing the strategy for a strong manufacturing nation.This paper uses unbalanced panel data from China's A-share manufactur-ing enterprises from 2005 to 2020 to study the R&D smoothing effect during the climb to the two ends of the"smile curve".The results show that manufacturing enterprises exhibit a R&D smoothing effect through cash holdings,which is further enhanced during the climb to the two ends of the"smile curve".Additionally,the R&D smoothing effect of cash holdings varies across different industries and types of ownership in manufacturing enterprises.Specifically,high-end manufacturing enterprises and non-state-owned enterprises demonstrate a significant R&D smoothing effect from cash holdings.Based on these findings,this paper proposes categorization and guidance policies to promote the R&D smoothing effect,focusing on the goal of helping manufacturing enterprises to climb up to the two ends of the"smile curve".
万方数据
