Abstract：This paper empirically analyses the relation between liquidity management and innovation sustainability of listed firms of strategic 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
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