Research On The Smoothing Path Of R&D Investment And The Influencing Factors Of R&D Smoothing In High-tech Enterprises

Different from general investment,R&D investment has the characteristics of long-term and continuous nature.Once R&D funds are interrupted,enterprises will face major risks such as loss of R&D talents,leakage of R&D information,and loss of competitive position.Therefore,it is of great practical significance to maintain the stability of R&D funds through appropriate financial resource reserves,and R&D smoothness is derived from this.Specifically,R&D smoothing refers to a behavior in which enterprises maintain the continuity of R&D funds through preventive financial resource reserves when liquidity is insufficient.In view of the lack of comparative research on different R&D smoothing paths,this paper discusses what kind of financial resources enterprises will use to smooth R&D investment,and what impact external factors will have on the process of financial resources smoothing R&D investment.This paper makes a comparative analysis of the two smoothing paths of cash holdings and working capital,and further explores the smoothing mechanism of different financial resources.This paper takes China’s A-share high-tech enterprises in the five years from 2015 to 2019 as a research sample,judges R&D smoothing through the idea of hedging demand,builds a R&D smoothing model based on Euler equation,and uses the System Generalized Method of Moments for regression analysis.This paper empirically tests the smoothing effect of cash holdings and working capital on R&D investment,as well as the effects of three factors,namely,the level of economic prosperity,the level of industry competition,and the background of stateowned capital on the smoothing process of enterprise R&D.The study found that in terms of smoothing paths,both cash holdings and working capital can have a smoothing effect on R&D investment;in terms of influencing factors,the level of macroeconomic prosperity,the background of state-owned capital,and the degree of industry competition can all have a regulating effect on cash holdings R&D smoothing.Among them,the first two are weakened regulation,and the third is enhanced regulation.However,only the degree of industry competition can have an enhanced regulatory effect on working capital R&D smoothing,and the moderating effects of the other two factors are not significant for working capital R&D smoothing.In this paper,the robustness test is carried out by replacing the moderating variable,testing the coefficient of the dependent variable with a lag of one period,etc.Research suggestions are put forward from the aspects of attaching importance to R&D smoothing,reasonably selecting different smoothing paths,and formulating differentiated R&D smoothing strategies.