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Financial Asset Allocations and R&D Activities: Evidence from China's Listed Companies
Liu, Guanchun1; Zhang, Jun2,3; Wu, Huihang1; Peng, Yuchao4
刊名EMERGING MARKETS FINANCE AND TRADE
2019-02-19
卷号55期号:3页码:531-544
关键词China financial asset allocations R&D activities reservoir substitution
ISSN号1540-496X
DOI10.1080/1540496X.2018.1451990
英文摘要Using the semi-annual nonfinancial listed companies from 2007 to 2015, this article investigates the impacts of financial asset allocations on R&D activities in China. Specifically, the ratio of financial asset holding (Fah) and that of financial profit (Fpr) are employed to measure firms' behaviors of financial asset allocations, respectively. The results with dynamic investment-Q framework show that financial asset allocations significantly reduce current firms' innovations, but Fah promotes R&D activities in the next few periods, while Fpr plays an adverse role. Furthermore, the relationships exist in different subsamples, and especially the positive impact of Fah in private firms is stronger than that in state-owned firms. Our findings indicate that, the allocation motivation of Fah as a reservoir and that of Fpr as a substitution are significantly different, which reveal that financial asset allocations perform liking a two-edged sword. Therefore, to avoid deindustrialization and industry hollowing, it is remarkable to supervise the upward trend of financial profit share by firms.
WOS研究方向Business & Economics ; International Relations
语种英语
出版者ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
WOS记录号WOS:000450848300005
内容类型期刊论文
源URL[http://10.2.47.112/handle/2XS4QKH4/340]  
专题上海财经大学
通讯作者Liu, Guanchun
作者单位1.Shanghai Univ Finance & Econ, Sch Publ Econ & Adm, Shanghai, Peoples R China;
2.Fudan Univ, Sch Econ, Shanghai, Peoples R China;
3.Fudan Univ, Res Inst Chinese Econ, Shanghai, Peoples R China;
4.Cent Univ Finance & Econ, Sch Finance, Beijing, Peoples R China
推荐引用方式
GB/T 7714
Liu, Guanchun,Zhang, Jun,Wu, Huihang,et al. Financial Asset Allocations and R&D Activities: Evidence from China's Listed Companies[J]. EMERGING MARKETS FINANCE AND TRADE,2019,55(3):531-544.
APA Liu, Guanchun,Zhang, Jun,Wu, Huihang,&Peng, Yuchao.(2019).Financial Asset Allocations and R&D Activities: Evidence from China's Listed Companies.EMERGING MARKETS FINANCE AND TRADE,55(3),531-544.
MLA Liu, Guanchun,et al."Financial Asset Allocations and R&D Activities: Evidence from China's Listed Companies".EMERGING MARKETS FINANCE AND TRADE 55.3(2019):531-544.
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