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Too much liquidity? Seemingly excess cash for innovative firms
Financial Review Pub Date : 2019-10-07 , DOI: 10.1111/fire.12210
Zhaozhao He 1 , Stephen Ciccone 1
Affiliation  

We show that more cash allows innovative firms facing financing constraints to undertake more research and development projects and that this phenomenon has been more pronounced since 1980. In contrast to the secular increase in the level of cash holdings, average excess cash has not increased appreciably. We analyze excess cash disposition and document a strong relation between excess cash and research and development spending. Finally, our results suggest that increased difficulty in valuing research and development might be a source of financing frictions. These findings imply that “seemingly excess cash” has played an increasingly important role in mitigating underinvestment in innovation.

中文翻译:

流动资金过多?创新企业的现金看似过多

我们发现,更多的现金可以使面临融资限制的创新型公司从事更多的研发项目,并且这种现象自1980年以来就更加明显。与现金持有量的长期增长相比,平均超额现金没有明显增加。我们分析了多余现金的处置情况,并记录了多余现金与研发支出之间的密切关系。最后,我们的结果表明,加大对研发的估价难度可能是融资摩擦的根源。这些发现表明,“看似多余的现金”在减轻创新方面的投资不足方面起着越来越重要的作用。
更新日期:2019-10-07
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