Управление остатками денежных средств в инновационных компаниях

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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.

Об авторах

М. Зарва

Автор, ответственный за переписку.
Email: zarvamasa@yandex.ru

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