Author(s)

Jiayu Chi¹, Ling Sun²

¹School of Business, Sun Yat-sen University, Guangzhou, China.
²Lingnan College, Sun Yat-sen University, Guangzhou, China.

This study analyzes the relationship among technology spillovers, R&D investment and firms’ cash holdings. We find that technology spillovers and R&D investment have a significant positive impact on the firms’ cash holdings; and R&D investment plays an intermediary role in technology spillovers’ influence on firms’ cash holdings.

Technology Spillovers, R&D Investment, Cash Holdings

Chi, J. and Sun, L. (2017) A Study on the Relationship among Technology Spillovers, R&D Investment and Firms’ Cash Holdings. Modern Economy, 8, 1609-1616. doi: 10.4236/me.2017.812107.