| Technological innovation has become the focus of international competition.After the financial crisis,innovation has become an important driving force for economic development.Under the background of economic new normal,strategic emerging industries with innovation-driven,knowledge-technology-intensive and green and low-carbon growth mode will become the main force in this competition.In October 2010,China issued "the decision of the state council on accelerating the cultivation and development of strategic emerging industries",which explicitly proposed that "to develop strategic emerging industries into leading and pillar industries".By 2020,the added value of strategic emerging industries is expected to account for 15%of GDP,making them a new pillar of national economic development.For the listed companies in strategic emerging industries,the core to achieve rapid development and high-quality development lies in enterprise innovation,which cannot be separated from the support of research and development activities.In recent years,the leading role of strategic emerging industries in the field of technological innovation has been increasingly prominent,their research and development activities have been widely concerned by the government and all sectors of society.Meanwhile,it also provides an opportunity to explore the impact of research and development investment on corporate financial behavior and financial benefits.Both R&D investment and cash dividends belong to the category of enterprise capital distribution,and they have the same capital source.Therefore,there is "cash flow competition" between enterprise R&D investment and cash dividend distribution.On the one hand,for the purpose of maintaining financial flexibility,R&D enterprises may reduce or stop cash dividend distribution.On the other hand,in order to satisfy their own pursuit of compensation and reputation and control the company's free cash flow,managers may give priority to R&D investment rather than dividend distribution.As a result,R&D investment decisions tend to be prioritised over cash dividends.Then,will the R&D investment of listed companies in strategic emerging industries have an impact on their cash dividend distribution?According to enterprise life cycle theory,enterprises in different development stages have different financial,operational and governance characteristics,and their internal cash flow characteristics and external financing constraints are also different Most existing researches discuss the relationship between R&D input and cash dividends from a static perspective,while few scholars analyze it from the dynamic perspective of enterprise development.Therefore,this paper focuses on the relationship among enterprise R&D investment,life cycle and cash dividends,which has certain theoretical significance and practical value.This paper adopts the research method of combined normative and empirical,employs strategic emerging industries of A-share listed companies as research samples,and discusses the relationship between enterprise R&D investment and cash dividends.Furthermore,this paper introduces the perspective of enterprise life cycle,divides the whole sample companies into three groups:growth stage,maturity stage and recession stage,and explores the influence of enterprise R&D investment on cash dividends at different life cycle stages.According to the research content,this paper is divided into the following six parts:The first part is introduction.This part mainly introduces the background and research value of the topic,puts forward the research content and method,designs the technology roadmap,and finally expounds the possible innovation and shortcomings.The second part is literature review.This part sorts out the literatures related to R&D investment,cash dividends and enterprise life cycle.In addition,it reviews the existing literature and puts forward the logical thinking of this paper.The third part is concept definition,theoretical basis and hypothesis.Firstly,this part defines the main concepts involved in this paper,including strategic emerging industries,R&D investment,enterprise life cycle and cash dividends.Secondly,through residual dividend theory,principal-agent theory,free cash flow theory and financial elasticity theory,this paper analyzes the relationship between enterprise R&D investment and cash dividends under different life cycles,and puts forward the research hypothesis of this paper.The fourth part is empirical research design.This paper employs 2011-2017 strategic emerging industries of A-share listed companies as research samples,explains the definition and measurement method of related variables and establishes a regression model based on the research hypothesis.The research data of this paper mainly come from annual reports of listed companies,CSMAR database and Wind database.The fifth part,empirical results and analysis.Firstly,descriptive statistical analysis of the relevant variables and correlation test are carried out.Secondly,it empirically tests the functional relationship between R&D input and cash dividends.On this basis,it divides the samples according to the enterprise life cycle,and analyzes the impact of R&D input on cash dividends in different life cycle stages of the enterprise.Then,the robustness test of the empirical results is carried out to ensure the reliability of the conclusion.Finally,the total samples are divided into group with high financing constraints and group with low financing constraints to explore whether there are differences in the relationship between enterprise R&D investment and cash dividends with different financing constraints.The sixth part,research conclusions and policy recommendations.Based on the empirical results of the fifth part,this paper draws the main research conclusions and puts forward relevant policy recommendations.The research results show that:(1)for strategic emerging industries,enterprise R&D investment has a significant inhibiting impact on cash dividends;(2)compared with enterprises on maturity and recession stages,R&D investment of enterprises on growth stage has a more significant inhibiting impact on cash dividends;(3)compared with enterprises with low financing constraints,R&D investment of enterprises with high financing constraints has a more significant inhibiting impact on cash dividends.Based on the research conclusions,this paper puts forward the following countermeasures and suggestions:(1)to promote the development of China's capital market and create a good financing environment;(2)to improve support policies for strategic emerging industries and expand their financing channels and means;(3)to formulate reasonable regulatory policies on dividend sharing by fully considering the needs of industrial development and the actual situation of enterprises. |
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