Tác động của mức nắm giữ tiền mặt đến chi phí nghiên cứu và phát triển: Bằng chứng thực nghiệm từ các doanh nghiệp toàn cầu
Từ khóa:
Chi phí nghiên cứu và phát triển, Doanh nghiệp phi tài chính, Dữ liệu Compustat, Mức tiền mặt nắm giữTóm tắt
Bài báo nghiên cứu ảnh hưởng của mức nắm giữ tiền mặt đến chi phí nghiên cứu và phát triển. Dữ liệu nghiên cứu gồm 20.512 doanh nghiệp phi tài chính niêm yết trong Compustat giai đoạn 2009-2023, với 146.696 quan sát theo năm. Tác giả thực hiện các phương pháp hồi quy như bình phương nhỏ nhất, tác động cố định và tác động cố định với sai số chuẩn điều chỉnh để kiểm tra tính ổn định của kết quả. Chi phí nghiên cứu và phát triển là biến phụ thuộc, trong khi dòng tiền và sự thay đổi mức tiền mặt là biến độc lập. Nghiên cứu cho thấy dòng tiền hiện tại và trước đó làm giảm đầu tư vào nghiên cứu và phát triển, trong khi sự thay đổi mức nắm giữ tiền mặt tác động tích cực đến chi phí nghiên cứu và phát triển, cho thấy doanh nghiệp có thể sử dụng tiền mặt tích lũy để tăng cường đầu tư vào nghiên cứu và phát triển. Những phát hiện này giúp đánh giá khả năng duy trì chi phí nghiên cứu và phát triển dựa trên mức nắm giữ tiền mặt.
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