Cash Holdings, Competition, and Innovation
从理论和实证上说明，战略因素在塑造创新企业的现金政策中很重要。模型显示，企业现金持有与预期竞争强度有关，且受竞争对手现金持有决策的负面影响，尤其当竞争激烈时。
We demonstrate theoretically and empirically that strategic considerations are important in shaping the cash policies of innovative firms. In our model, firms compete in product markets with uncertain structure using cash as a commitment device to invest in innovation. We show that firms’ equilibrium cash holdings are related to the expected intensity of competition. The sign and magnitude of this relation depends on firms’ financial constraints. Consistent with the strategic motive for hoarding cash, we show that firms’ cash holdings are negatively affected by their rivals’ cash-holding choices, even more so when competition is expected to be intense.