Research On The Relationship Between Cash Flow Uncertainty,Managers' Risk Preference And Corporate Innovation

With the continuous development of the economy,enterprises are facing the macro environment fluctuation degree deepened gradually,at the same time,the risks inherent in the enterprises strategic and operational increase,macro and micro uncertainty caused by corporate cash flow volatility,and the enterprise investment project funds investment affects enterprise innovation as an important investment projects with high risk return lag other notable features,therefore more dependent on internal cash flow,capital demand is high,affected by the uncertainty of the cash flow is larger.Therefore,how to through the rational use of cash flow to determine the dynamic changes in the external environment of the enterprises should realize the core competitiveness,has become a research A hot spot.Firstly,based on the financing priority theory,liquidity preference theory and Schumpeter innovation theory,this paper analyzes and deduces the influence of cash flow uncertainty on enterprise innovation from the theoretical level,and selects the data of China A-share listed companies from 2009-2015.The relationship between the uncertainty of cash flow and enterprise innovation is verified.Then according to the theory of high-level echelon,the regulatory variable of risk preference of managers is added to the original model.To explore whether the risk preference of managers will influence the mechanism between the uncertainty of cash flow and the innovation of enterprises,and to use the above sample data to influence the uncertainty of cash flow,the risk preference of managers and the enterprises.The relationship between industry innovation and industry innovation is analyzed by regression analysis to test whether managers'risk preference plays a moderating role.Taking China's A-share listed companies as a sample from 2009-2015,this paper uses stata13 to carry out multivariate linear regression analysis of the established model.Finally,it is concluded that the uncertainty of cash flow will restrain the innovation of enterprises,while the risk preference of managers can alleviate the adverse effects of uncertainty of cash flow on the innovation of enterprises.The conclusion of the study expands the relevant literature on the economic consequences of the uncertainty of cash flow,enriches the relevant theoretical research results of the influencing factors of enterprise innovation,and probes into the relevant theoretical research results at the same time.The regulatory role of managerial characteristics in the decision-making of enterprise innovation management is investigated.Finally,according to the research of the article,the paper puts forward the relevant policy recommendations,suggests that enterprises should strengthen cash flow risk control,reduce the uncertainty of cash flow,pay attention to the hidden characteristics of managers'psychological level,and improve the corporate governance system.Improve the overall risk-bearing level and promote the innovation ability and core competitiveness of enterprises.