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首页> 外文期刊>Asian Journal of Technology Innovation >R&D intensity, free cash flow, and technological innovation: evidence from high-tech manufacturing firms in China
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R&D intensity, free cash flow, and technological innovation: evidence from high-tech manufacturing firms in China

机译：研发强度，自由现金流和技术创新：来自中国高科技制造公司的证据

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摘要

Technological innovation, which can be classified into major and minor innovation, enables firms to gain competitive and sustainable advantage in the changing environment. R&D investment and financial resources are recognized as two critical factors for fostering technological innovation. Based on a panel dataset of 257 listed Chinese high-tech manufacturing firms over the period of 2008-2015, we explored the effect of R&D intensity on technological innovation and the moderating role of free cash flow using negative binormal regression models. Our results reveal that the relationship between R&D intensity and technological innovation (both major and minor innovation) follows an inverted U pattern in which technological innovation increases with R&D intensity at decreasing rates and falls gradually after R&D intensity exceeds a threshold. Our results also indicate that free cash flow plays a moderating role in the relationship between R&D intensity and major innovation but not in the relationship between R&D intensity and minor innovation. Our study draws attention to the improvement of R&D investment efficiency in high-tech manufacturing firms and sheds light on the importance of holding cash in major innovation-oriented firms.
机译：技术创新可以分为主要创新和次要创新，使企业能够在不断变化的环境中获得竞争性和可持续性优势。研发投资和财政资源被认为是促进技术创新的两个关键因素。基于2008-2015年间257家中国上市的高科技制造企业的面板数据集，我们使用负双正态回归模型探讨了研发强度对技术创新的影响以及自由现金流的调节作用。我们的结果表明，R＆D强度与技术创新（主要和次要创新）之间的关系呈倒U型，即技术创新随着R＆D强度的降低而增加，并在R＆D强度超过阈值后逐渐下降。我们的结果还表明，自由现金流在研发强度与重大创新之间的关系中起适度的作用，而在研发强度与次要创新之间的关系中不起作用。我们的研究引起了对高科技制造企业研发投资效率提高的关注，并阐明了在以创新为主导的大型企业中持有现金的重要性。

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