【摘要】 保障制造业企业在R&D活动中资金投入的稳定性和持续性是实施制造强国战略的关键一环。运用中国A股制造业企业2005—2020年非平衡面板数据，对“微笑曲线”两端攀升过程中的R&D平滑效应进行研究，结果表明：制造业企业存在现金持有的R&D平滑效应，且在向“微笑曲线”两端攀升过程中会进一步提升该效应；在向“微笑曲线”两端攀升的过程中，不同技术类型与不同所有权性质的制造业企业现金持有的R&D平滑效应有所区别，其中高端制造业企业、非国有企业现金持有的R&D平滑效应显著。文章围绕制造业企业向“微笑曲线”两端攀升的基本目标，提出促进R&D平滑效应的分类引导政策。更多还原

【Abstract】 Ensuring the stability and continuity of capital investment in R&D activities of manufacturing enterprises is a key aspect of implementing the strategy for a strong manufacturing nation. This paper uses unbalanced panel data from China’s A-share manufacturing enterprises from 2005 to 2020 to study the R&D smoothing effect during the climb to the two ends of the “smile curve”. The results show that manufacturing enterprises exhibit a R&D smoothing effect through cash holdings, which is further enhanced during the climb to the two ends of the “smile curve”. Additionally, the R&D smoothing effect of cash holdings varies across different industries and types of ownership in manufacturing enterprises. Specifically, high-end manufacturing enterprises and non-state-owned enterprises demonstrate a significant R&D smoothing effect from cash holdings. Based on these findings, this paper proposes categorization and guidance policies to promote the R&D smoothing effect, focusing on the goal of helping manufacturing enterprises to climb up to the two ends of the “smile curve”.更多还原