TITLE:
Uncertainty of Cash Flow and Corporate Innovation
AUTHORS:
Jinchi Qu
KEYWORDS:
Enterprise Innovation, Uncertainty of Cash Flow, Government Subsidies, Cor-porate Governance Structure
JOURNAL NAME:
Modern Economy,
Vol.11 No.4,
April
21,
2020
ABSTRACT: Facing the uncertainty of internal and external
environment, how to reasonably manage the cash flow and improve the
competitiveness has become a hot research topic. Based on the theory of
financing priority, liquidity preference and financing constraint, this paper
analyzes the relationship between cash flow uncertainty and enterprise
innovation, and verifies the effect of cash flow uncertainty on enterprise
innovation. In addition, government subsidies and senior management
shareholding are added into the original model as moderating variables to
explore whether external factors of enterprises such as government subsidies
and internal factors of enterprises such as governance structure will have an
impact on the relationship between cash flow uncertainty and enterprise
innovation.