中文摘要：

本文实证分析了战略性新兴产业上市公司流动性管理与创新可持续性的关系。研究发现：作为流动性管理的核心环节，合理的现金政策对创新支出具有显著的平滑作用，进而确保创新活动的可持续性；现金持有对创新支出的平滑作用在宏观经济下行时更明显；进一步考虑其他影响流动性管理的资金来源渠道后发现，股权融资及营运资本管理对现金持有的创新平滑效应具有显著的反向调节作用，而经营活动现金流及债务融资却不具有上述作用。

英文摘要：

This paper empirically analyses the relation between liquidity management and innovation sustainability of listed firms of stra- tegic emerging industry. We find that, as the core part of corporate liquidity management, sensible cash policy may smooth innovation cost significantly, which ensures the sustainability of innovation activities; when macro-economy gets worse, the smooth effect of cash on innovation cost becomes more obvious ; after further considering other source of funds influencing liquidity management, we find that equity issue and working capital management negatively moderate the relation between cash and innovation smooth, whereas cash flow and debt do not have such moderating effect.