成长性、产品市场竞争与现金持有——基于中国上市公司的经验证据

›› 2016 ›› Issue (02): 51-61.

成长性、产品市场竞争与现金持有——基于中国上市公司的经验证据

吴昊旻, 韩建强, 李万利

石河子大学经济与管理学院, 新疆石河子 832000

收稿日期:2015-10-30 出版日期:2016-03-15 发布日期:2016-03-15
作者简介:吴昊旻(1977-),男,新疆奇台人,石河子大学经济与管理学院/公司治理与管理创新研究中心副教授,博士,博士生导师,研究方向为产业组织与公司财务、审计与公司治理;韩建强(1990-),男,河北景县人,石河子大学经济与管理学院在读硕士生,研究方向为制度环境与财务政策;李万利(1989-),男,河南商丘人,石河子大学经济与管理学院在读硕士生,研究方向为公司财务与方法。
基金资助:
国家自然科学基金项目"公司治理(环境)、产品市场竞争与股票特质性风险"(71262006);中国博士后科学基金面上一等资助项目"国企治理、产品市场竞争与股票特质性波动研究"(2014M560822);新疆普通高校人文社科重点研究基地项目(XJEDU020112C02和XJEDU020113C05);石河子大学高层次人才专项(RCSX201101);同时感谢全国会计领军(后备)人才项目、新疆生产建设兵团优秀博士后、石河子大学"3152"人才支持计划、石河子大学农林经济管理博士后流动站以及石河子大学211工程重点学科建设项目的资助。

Growth, Product Market Competition and Cash Holdings-Empirical Evidence from Chinese Listed Companies

WU Hao-min, HAN Jian-qiang, LI Wan-li

School of Economics and Management, Shihezi University, Shihezi, Xinjiang 832000, China

Received:2015-10-30 Online:2016-03-15 Published:2016-03-15

摘要/Abstract

摘要： 行业环境以及企业成长与竞争态势显著影响其现金持有价值,基于2003-2013年沪深A股上市公司年度数据,结合禀赋差异(融资约束和产权性质)下的行业企业成长能力与竞争态势考察其现金持有价值效应。研究发现:公司现金持有具有显著的价值效应,激烈的产品市场竞争能够促进公司现金持有价值效应的提升;高成长能够促进现金持有价值效应的提升,且这种促进作用在融资约束较高的非国有企业中更加显著;成长性是现金持有发挥价值效应的关键背景环境,企业高成长通过增强行业内竞争的激烈程度进而促进现金持有价值效应的提升。

关键词: 现金持有, 成长性, 产品市场竞争, 禀赋差异

Abstract: Industry environment and the corporate growth capability and competition can significantly affect the value effect of cash holdings, this paper investigates the value of cash holdings effect by using Shanghai and Shenzhen A shares in 2003-2013 annual data of listed companies, combined with the corporate and industrial growth capability and competition under the endowment difference (financing constraints and the nature of property rights). The study shows that:corporate cash holdings has significant value effect, competition can promote the value effect of cash holdings by weakening the information asymmetry and inhibiting agency problem; high-growth (corporate growth and industrial growth) can promote the value effect of cash holdings, and the promoting effect is more significant in non-state-owned companies of higher financing constraints than others; Product market competition is the critical path which high-growth promotes value effect of cash holdings, high-growth (corporate growth and industrial growth) promotes the value effect of cash holdings by enhancing the degree of competition (corporate competition and industrial competition).

Key words: cash holdings, growth, product market competition, endowment difference

中图分类号:

F275.1

吴昊旻, 韩建强, 李万利. 成长性、产品市场竞争与现金持有——基于中国上市公司的经验证据[J]. , 2016(02): 51-61.

WU Hao-min, HAN Jian-qiang, LI Wan-li. Growth, Product Market Competition and Cash Holdings-Empirical Evidence from Chinese Listed Companies[J]. , 2016(02): 51-61.

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