Financial Flexibility, Operational Cash Flow and R&D Investment

DOI

10.2991/icmess-17.2017.139How to use a DOI?

Keywords

financial flexibility; operational cash flow volatility; R&D investment

Abstract

Financial flexibility makes the enterprise deal with adversity and grasp the advantage of investment opportunities through the reasonable arrangement of the distribution of cash flow quantity and the distribution of time, so as to improve the adaptability and operating performance of enterprises. Therefore, the paper studies the effect of operating cash flow fluctuation on R&D investment from the perspective of financial flexibility by the least squares estimation method. The empirical results show that the fluctuation of operating cash flow negatively affects R&D investment. Then financial flexibility has a positive adjustment to the correlation of them. By increasing the financial flexibility to weaken the impact of operating cash flow fluctuations on R&D investment.

Copyright

© 2017, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Yaqiong Wei
AU  - Yufang Ding
AU  - Huiling Xu
PY  - 2017/06
DA  - 2017/06
TI  - Financial Flexibility, Operational Cash Flow and R&D Investment
BT  - Proceedings of the 2017 International Conference on Management, Education and Social Science (ICMESS 2017)
PB  - Atlantis Press
SP  - 590
EP  - 593
SN  - 2352-5398
UR  - https://doi.org/10.2991/icmess-17.2017.139
DO  - 10.2991/icmess-17.2017.139
ID  - Wei2017/06
ER  -