关税、企业现金持有量和创新

IF 6.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2026-03-01 Epub Date: 2026-02-04 DOI:10.1016/j.jcorpfin.2026.102960

Konrad Adler , JaeBin Ahn , Mai Chi Dao

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引用次数: 0

摘要

我们研究了贸易自由化如何影响七国集团主要国家大公司的金融和创新决策。我们记录了当其国家的贸易伙伴降低进口关税时，企业如何增加现金持有量，而我们发现该国自己的进口关税降低没有影响。具体来说，我们发现现金持有量的增加发生在贸易伙伴削减关税之前，并且与削减关税后更高的研发支出和专利申请有关。我们的结果与一个模型的预测是一致的，在这个模型中，提高出口市场准入带来的更高的创新预期回报会导致更高的现金缓冲。

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Tariffs, corporate cash holdings, and innovation

We study how trade liberalization affects financial and innovation decisions of large firms across major G7 countries. We document how firms increase their cash holdings when their country’s trading partners lower their import tariffs, while we find no effect of a decrease in the country’s own import tariffs. Specifically, we find that the increase in cash holdings occurs before tariff cuts by trading partners and is associated with higher R&D spending and patent filing after the cuts. Our results are consistent with the predictions of a model in which higher expected returns to innovation from enhanced export market access lead to higher cash buffers.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.