Управление остатками денежных средств в инновационных компаниях

Ключевые слова: удержание денежных средств, высокотехнологичные компании, невысокотехнологичные компании, расходы на НИОКР, патенты, темп роста ВВП

Аннотация

С 1980-х годов инновационные компании по всему миру удерживают значительные объемы денежных средств на своих счетах. Это обусловлено транзакционными, превентивными, агентскими и налоговыми мотивами, макроэкономическими факторами, а также ограниченным доступом к капиталу из-за информационной асимметрии. Настоящее исследование посвящено выявлению факторов, влияющих на уровень денежных резервов в высокотехнологичных и невысокотехнологичных компаниях.

Финансовая информация по 38 386 уникальным компаниям была получена из базы данных Compustat за период 2009–2017 гг. Итоговая выборка включала 12 083 компании, из которых 2 909 были отнесены к инновационным. В исследовании применен метод панельной регрессии с использованием подходящей модели расчета и ряда прокси-переменных.

Результаты подтвердили, что инновационные компании действительно склонны удерживать значительные денежные резервы. Добавление макроэкономического фактора (темпы роста ВВП) в модель оказалось обоснованным только для инновационных компаний. Несмотря на статистическую незначимость ВВП как фактора, его рост приводит к снижению доли денежных средств у инновационных компаний.

Также выявлено, что расходы на НИОКР не являются значимыми для объяснения уровня денежной ликвидности инновационных компаний, и использование этого показателя как прокси для оценки инновационности оказалось нецелесообразным. Кроме того, установлена положительная связь между возможностями роста, размером компании и долей денежных средств, а также отрицательная связь между выплатой дивидендов и уровнем денежных резервов.

Понимание причин накопления денежных средств способствует более взвешенному управлению ликвидностью. Работа вносит вклад в изучение корпоративных денежных резервов, уделяя особое внимание инновационным компаниям, которые ранее редко рассматривались отдельно.

Скачивания

Литература

Bates T.W., Kahle K.M., Stulz R.M. Why do US firms hold so much more cash than they used to? The Journal of Finance. 2009;64(5):1985-2021. https://doi.org/10.1111/j.1540-6261.2009.01492.x DOI: https://doi.org/10.1111/j.1540-6261.2009.01492.x

Sánchez J.M., Yurdagul E. Why are corporations holding so much cash? The Regional Economist. 2013;21(1):5-8. URL: https://www.stlouisfed.org/publications/regional-economist/january-2013/why-are-corporations-holding-so-much-cash

Daher M. The determinants of cash holdings in UK public and private firms. Doctoral dissertation. Lancaster: Lancaster University; 2010.

Manzi J., Tesher D., Wilson G., Grimando L., Wong A., Khan F. U.S. corporate cash reaches $1.9 trillion but rising debt and tax reform pose risk. S&P Global. May 25, 2017. URL: https://www.spglobal.com/en/research-insights/articles/us-corporate-cash-reaches-19-trillion-but-rising-debt-and-tax-reform-pose-risk

Obiols M. The world’s richest companies 2018: Global finance cash 25. Global Finance. Sept. 01, 2018. URL: https://www.gfmag.com/magazine/september-2018/global-finance-cash-25-2018

Pinkowitz L., Stulz R.M., Williamson R. Multinationals and the high cash holdings puzzle. NBER Working Paper. 2012;(18120). URL: https://www.nber.org/system/files/working_papers/w18120/w18120.pdf DOI: https://doi.org/10.3386/w18120

Lyandres E., Palazzo B. Cash holdings, competition, and innovation. Journal of Financial and Quantitative Analysis. 2016;51(6):1823-1861. https://doi.org/10.1017/S0022109016000697 DOI: https://doi.org/10.1017/S0022109016000697

Graham J.R., Leary M.T. The evolution of corporate cash. The Review of Financial Studies. 2018;31(11):4288-4344. https://doi.org/10.1093/rfs/hhy075 DOI: https://doi.org/10.1093/rfs/hhy075

Booth L., Zhou J. Increase in cash holdings: Pervasive or sector-specific? Frontiers in Finance and Economics. 2013;10(2):31-62.

Myers S.C., Majluf N.S. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics. 1984;13(2):187-221. https://doi.org/10.1016/0304-405X(84)90023-0 DOI: https://doi.org/10.1016/0304-405X(84)90023-0

Barefoot K., Curtis D., Jolliff W., Nicholson J.R., Omohundro R. Defining and measuring the digital economy. Bureau of Economic Analysis Working Paper. 2018;(15). URL: https://www.bea.gov/sites/default/files/papers/defining-and-measuring-the-digital-economy.pdf

Oslo manual: Guidelines for collecting and interpreting innovation data. Paris: OECD/European Communities; 2005. 164 p. (Russ. ed.: Rukovodstvo Oslo. Rekomendatsii po sboru i analizu dannykh po innovatsiyam. Moscow: Centre for Science Research and Statistics; 2010. 107 p.).

Brown J.R., Petersen B.C. Cash holdings and R&D smoothing. Journal of Corporate Finance. 2011;17(3):694-709. https://doi.org/10.1016/j.jcorpfin.2010.01.003 DOI: https://doi.org/10.1016/j.jcorpfin.2010.01.003

Parthasarthy R., Hammond J. Product innovation input and outcome: Moderating effects of the innovation process. Journal of Engineering and Technology Management. 2002;19(1):75-91. https://doi.org/10.1016/S0923-4748(01)00047-9 DOI: https://doi.org/10.1016/S0923-4748(01)00047-9

He Z., Wintoki M.B. The cost of innovation: R&D and high cash holdings in U.S. firms. Journal of Corporate Finance. 2016;41:280-303. https://doi.org/10.1016/j.jcorpfin.2016.10.006 DOI: https://doi.org/10.1016/j.jcorpfin.2016.10.006

Kivimäki M., Lansisalmi H., Elovainio M., Heikkila A., Lindstrom K., Harisalo R., Sipila K., Puolimatka L. Communication as a determinant of organizational innovation. R&D Management. 2000;30(1):33-42. https://doi.org/10.1111/1467-9310.00155 DOI: https://doi.org/10.1111/1467-9310.00155

Begenau J., Palazzo B. Firm selection and corporate cash holdings. Journal of Financial Economics. 2021;139(3):697-718. https://doi.org/10.1016/j.jfineco.2020.09.001 DOI: https://doi.org/10.1016/j.jfineco.2020.09.001

Jaruzelski B., Chwalik R., Goehle B. What the top innovators get right. PwC. 2018. URL: https://www.strategy-business.com/feature/What-the-Top-Innovators-Get-Right?gko=e7cf9

Ringel M., Zablit H. The most innovative companies 2018. BCG. Jan. 17, 2018. URL: https://www.bcg.com/ru-ru/publications/2018/most-innovative-companies-2018-innovation.aspx

Ercis A., Unalan M. Analysis of the world’s most innovative companies on the basic of industry: 2005-2014. Procedia – Social and Behavioral Sciences. 2015;195:1081-1086. https://doi.org/10.1016/j.sbspro.2015.06.152 DOI: https://doi.org/10.1016/j.sbspro.2015.06.152

The 2018 global innovation 1000 study. PwC. 2019. URL: https://www.strategyand.pwc.com/innovation1000

The world’s most innovative companies. Forbes. 2018. URL: https://www.forbes.com/innovative-companies/list/#tab:rank

Aghion P., Tirole J. The management of innovation. The Quarterly Journal of Economics. 1994;109(4):1185-1209. https://doi.org/10.2307/2118360 DOI: https://doi.org/10.2307/2118360

Scherer F.M. Inter-industry technology flows and productivity growth. The Review of Economics and Statistics. 1982;64(4):627-634. https://doi.org/10.2307/1923947 DOI: https://doi.org/10.2307/1923947

Schmookler J. Invention and economic growth. Cambridge, MA: Harvard University Press; 1966. 332 p. DOI: https://doi.org/10.4159/harvard.9780674432833

Trajtenberg M. A penny for your quotes: Patent citations and the value of innovations. The Rand Journal of Economics. 1990;21(1):172-187. https://doi.org/10.2307/2555502 DOI: https://doi.org/10.2307/2555502

Hall B.H., Jaffe A., Trajtenberg M. Market value and patent citations. The RAND Journal of Economics. 2005;36(1):16-38. URL: https://eml.berkeley.edu//~bhhall/papers/HallJaffeTrajtenberg_RJEjan04.pdf

Argyres N.S., Silverman B.S. R&D, organization structure, and the development of corporate technological knowledge. Strategic Management Journal. 2004;25(8-9):929-958. https://doi.org/10.1002/smj.387 DOI: https://doi.org/10.1002/smj.387

Lee Y.-G., Lee J.-D., Song Y.-I., Lee S.-J. An in-depth empirical analysis of patent citation counts using zero-inflated count data model: The case of KIST. Scientometrics. 2007;70(1):27-39. https://doi.org/10.1007/s11192-007-0102-z DOI: https://doi.org/10.1007/s11192-007-0102-z

Hirschey M., Richardson V.J. Are scientific indicators of patent quality useful to investors? Journal of Empirical Finance. 2004;11(1):91-107. https://doi.org/10.1016/j.jempfin.2003.01.001 DOI: https://doi.org/10.1016/j.jempfin.2003.01.001

Schroth E., Szalay D. Innovation races and the strategic role of cash holdings: Evidence from pharmaceutical patents. University of Warwick Working Paper. 2007. URL: https://www.econ1.uni-bonn.de/pdf-files/innovation-races

Iskandar-Datta M.E., Jia Y. Cross-country analysis of secular cash trends. Journal of Banking & Finance. 2012;36(3):898-912. https://doi.org/10.1016/j.jbankfin.2011.10.003 DOI: https://doi.org/10.1016/j.jbankfin.2011.10.003

Qiu J., Wan C. Technology spillovers and corporate cash holdings. Journal of Financial Economics. 2015;115(3):558-573. https://doi.org/10.1016/j.jfineco.2014.10.005 DOI: https://doi.org/10.1016/j.jfineco.2014.10.005

Zhou J. Increase in cash holdings: Pervasive or sector-specific? University of Toronto Working Paper. 2009. URL: https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.716.8339&rep=rep1&type=pdf

Castro P., Tascón M.T., Amor-Tapia B. Dynamic analysis of capital structure in technological firms based on their life cycle stages. Spanish Journal of Finance and Accounting/Revista Española de Financiación y Contabilidad. 2015;44(4):458-486. https://doi.org/10.1080/02102412.2015.1088202 DOI: https://doi.org/10.1080/02102412.2015.1088202

Loughran T., Ritter J. Why has IPO underpricing changed over time? Financial Management. 2004;33(3):5-37. URL: https://site.warrington.ufl.edu/ritter/files/2015/06/Why-Has-IPO-Underpricing-Changed-Over-Time-2004.pdf

Trejo-Pech C.O., Gunderson M.A., Baker T.G., Gray A.W., Boehlje M.D. Assessing cash holdings in agribusiness. International Food and Agribusiness Management Review. 2015;18(4):85-104. https://doi.org/10.22004/ag.econ.211655

Ariff A.M. Governance and voluntary disclosure of intangibles. Corporate Ownership & Control. 2013;11(1-6):600-610. DOI: https://doi.org/10.22495/cocv11i1c6art6

Kokoreva M., Stepanova A., Povkh K. Could high-tech companies learn from others while choosing capital structure? SSRN Electronic Journal. 2017. http://dx.doi.org/10.2139/ssrn.3060316 DOI: https://doi.org/10.2139/ssrn.3060316

Kile C.O., Phillips M.E. Using industry classification codes to sample high-technology firms: Analysis and recommendations. Journal of Accounting, Auditing & Finance. 2009;2 (1):35-58. https://doi.org/10.1177/0148558X0902400104 DOI: https://doi.org/10.1177/0148558X0902400104

Baldwin J.R., Gellatly G. Are there high-tech industries or only high-tech firms? Evidence from new technology-based firms. SSRN Electronic Journal. 1999. https://doi.org/10.2139/ssrn.143867 DOI: https://doi.org/10.2139/ssrn.143867

Foley C.F., Hartzell J.C., Titman S., Twite G. Why do firms hold so much cash? A tax-based explanation. Journal of Financial Economics. 2007;86(3):579-607. https://doi.org/10.1016/j.jfineco.2006.11.006 DOI: https://doi.org/10.1016/j.jfineco.2006.11.006

Himmelberg C.P., Petersen B.C. R&D and internal finance: A panel study of small firms in high-tech industries. The Review of Economics and Statistics. 1994;76(1):38-51. https://doi.org/10.2307/2109824 DOI: https://doi.org/10.2307/2109824

Guiso L. High-tech firms and credit rationing. Journal of Economic Behavior & Organization. 1998;35(1):39-59. https://doi.org/10.1016/S0167-2681(97)00101-7 DOI: https://doi.org/10.1016/S0167-2681(97)00101-7

Carpenter R.E., Petersen B.C. Capital market imperfections, high‐tech investment, and new equity financing. The Economic Journal. 2002;112(477):F54-F72. https://doi.org/10.1111/1468-0297.00683 DOI: https://doi.org/10.1111/1468-0297.00683

Myers S.C. The capital structure puzzle. The Journal of Finance. 1984;39(3):574-592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x DOI: https://doi.org/10.1111/j.1540-6261.1984.tb03646.x

Rampini A.A., Viswanathan S. Collateral, risk management, and the distribution of debt capacity. The Journal of Finance. 2010 65(6):2293-2322. https://doi.org/10.1111/j.1540-6261.2010.01616.x DOI: https://doi.org/10.1111/j.1540-6261.2010.01616.x

Chen H.-L., Hsu W.-T., Huang Y.-S. Top management team characteristics, R&D investment and capital structure in the IT industry. Small Business Economics. 2010;35(3):319-333. https://doi.org/10.1007/s11187-008-9166-2 DOI: https://doi.org/10.1007/s11187-008-9166-2

Keynes J.M. The general theory of employment interest and money. London: Macmillan; 1936. 403 p.

Baumol W.J. The transactions demand for cash: An inventory theoretic approach. The Quarterly Journal of Economics. 1952;66(4):545-556. https://doi.org/10.2307/1882104 DOI: https://doi.org/10.2307/1882104

Miller M.H., Orr D. A model of the demand for money by firms. The Quarterly Journal of Economics. 1966;80(3):413-435. https://doi.org/10.2307/1880728 DOI: https://doi.org/10.2307/1880728

Drobetz W., Grüninger M.C. Corporate cash holdings: Evidence from Switzerland. Financial Markets and Portfolio Management. 2007;21(3):293-324. https://doi.org/10.1007/s11408-007-0052-8 DOI: https://doi.org/10.1007/s11408-007-0052-8

Mulligan C.B. Scale economies, the value of time and the demand for money: Longitudinal evidence from firms. Journal of Political Economy. 1997;105(5):1061-1079. https://doi.org/10.1086/262105 DOI: https://doi.org/10.1086/262105

Ozkan A., Ozkan N. Corporate cash holdings: An empirical investigation of U.K. companies. Journal of Banking & Finance. 2004;28(9):2103-2134. https://doi.org/10.1016/j.jbankfin.2003.08.003 DOI: https://doi.org/10.1016/j.jbankfin.2003.08.003

Shulman J.M., Cox R.A.K. An integrative approach to working capital management. Journal of Cash Management. 1985;5(6):64-67. URL: https://www.researchgate.net/publication/235955087_An_Integrative_Approach_to_Working_Capital_Management

Opler T., Pinkowitz L., Stulz R., Williamson R. The determinants and implications of corporate cash holdings. Journal of Financial Economics. 1999;52(1):3-46. https://doi.org/10.1016/S0304-405X(99)00003-3 DOI: https://doi.org/10.1016/S0304-405X(99)00003-3

Ferreira M.A., Vilela A.S. Why do firms hold cash? Evidence from EMU countries. European Financial Management. 2004;10(2):295-319. https://doi.org/10.1111/j.1354-7798.2004.00251.x DOI: https://doi.org/10.1111/j.1354-7798.2004.00251.x

Harford J., Mansi S.A., Maxwell W.F. Corporate governance and firm cash holdings in the US. Journal of Financial Economics. 2008;87(3):535-555. https://doi.org/10.1016/j.jfineco.2007.04.002 DOI: https://doi.org/10.1016/j.jfineco.2007.04.002

García-Teruel P.J., Martínez-Solano P. On the determinants of SME cash holdings: Evidence from Spain. Journal of Business Finance & Accounting. 2008;35(1-2):127-149. https://doi.org/10.1111/j.1468-5957.2007.02022.x DOI: https://doi.org/10.1111/j.1468-5957.2007.02022.x

Kim C.-S., Mauer D.C., Sherman A.E. The determinants of corporate liquidity: Theory and evidence. Journal of Financial and Quantitative Analysis. 1998;33(3):335-359. https://doi.org/10.2307/2331099 DOI: https://doi.org/10.2307/2331099

Almeida H., Campello M., Weisbach M.S. The cash flow sensitivity of cash. The Journal of Finance. 2004;59(4):1777-1804. https://doi.org/10.1111/j.1540-6261.2004.00679.x DOI: https://doi.org/10.1111/j.1540-6261.2004.00679.x

Han S., Qiu J. Corporate precautionary cash holdings. Journal of Corporate Finance. 2007;13(1):43-57. https://doi.org/10.1016/j.jcorpfin.2006.05.002 DOI: https://doi.org/10.1016/j.jcorpfin.2006.05.002

Fever rising There are reasons to hope that the latest biotech boom will not be followed by another bust. The Economist. Feb. 15, 2014. URL: http://www.economist.com/news/business/21596557-there-are-reasons-hope-latest-biotech-boom-will-not-be-followed-another

Schroth E., Szalay D. Cash breeds success: The role of financing constraints in patent races. Review of Finance. 2010;14(1):73-118. https://doi.org/10.1093/rof/rfp020 DOI: https://doi.org/10.1093/rof/rfp020

Sinarti, Sembiring T.M. Bankruptcy prediction analysis of manufacturing companies listed in Indonesia Stock Exchange. International Journal of Economics and Financial Issues. 2015;5(1S):354-359. URL: https://www.econjournals.com/index.php/ijefi/article/view/1475/pdf

Boritz J.E., Kennedy D.B., Sun J.Y. Predicting business failure in Canada. Accounting Perspectives. 2007;6(2):141-165. https://doi.org/10.1506/G8T2-K05V-1850-52U4 DOI: https://doi.org/10.1506/G8T2-K05V-1850-52U4

Jensen M.C. Agency costs of free cash flow, corporate finance and takeovers. The American Economic Review. 1986;76(2):323-329.

Dittmar A., Mahrt-Smith J., Servaes H. International corporate governance and corporate cash holdings. Journal of Financial and Quantitative Analysis. 2003;38(1):111-133. https://doi.org/10.2307/4126766 DOI: https://doi.org/10.2307/4126766

Pinkowitz L., Stulz R., Williamson R. Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross-country analysis. The Journal of Finance. 2006;61(6):2725-2751. https://doi.org/10.1111/j.1540-6261.2006.01003.x DOI: https://doi.org/10.1111/j.1540-6261.2006.01003.x

Faulkender M., Petersen M. Investment and capital constraints: Repatriations under the American jobs creation act. The Review of Financial Studies. 2012;25(11):3351-3388. https://doi.org/10.1093/rfs/hhs092 DOI: https://doi.org/10.1093/rfs/hhs092

Azar J.A., Kagy J.-F., Schmalz M.C. Can changes in the cost of carry explain the dynamics of corporate “cash” holdings? The Review of Financial Studies. 2016;29(8):2194-2240. https://doi.org/10.1093/rfs/hhw021 DOI: https://doi.org/10.1093/rfs/hhw021

Barasa C., Achoki G., Njuguna A. Determinants of corporate cash holding of non-financial firms listed on the Nairobi Securities Exchange. International Journal of Business and Management. 2018;13(9):222. https://doi.org/10.5539/ijbm.v13n9p222 DOI: https://doi.org/10.5539/ijbm.v13n9p222

Опубликован
2022-03-01
Как цитировать
ЗарваМ. (2022) «Управление остатками денежных средств в инновационных компаниях», Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438, 16(1), сс. 113-135. doi: 10.17323/j.jcfr.2073-0438.16.1.2022.113-135.
Раздел
Новые исследования