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| Does Venture Capital Affect Corporate Cash Holdings? |
| Chen Sanke1,Zhao Bei2 |
| (1.China Merchants Group Postdoctoral Research Station, Shenzhen 518067,China;2.School of Management, Xiamen University, Xiamen 361005,China) |
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Abstract Based on the data of 823 China′s listed private manufacturing enterprises from 2009 to 2017, this paper discusses the impact of venture capital on the cash holding policy of high R&D investment enterprises. Results show that: the high R&D investment enterprises will hold more internal cash to meet future funding needs due to the existence of high uncertainty and information asymmetry. And venture capital can reduce the degree of information asymmetry between enterprises and their external investors through active and effective participation, thereby improve the financing environment, and reduce the enterprises′ excess cash holdings. Further, this effect is more pronounced in small-scale, low-profile, and technology-intensive enterprises. Finally, there are also some limitations and expectations should be considered in the future.
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Received: 15 February 2019
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