论文部分内容阅读
本文立足于产业组织理论,以2000—2013年我国A股上市公司为样本,分别以行业掠夺风险、自然边界和成本价格边际三种不同的度量产品市场竞争的代理指标,基于静态和比较静态的方法,从现金持有“存量”和“流量”两个方面的内容分别展开,分析产品市场竞争对公司现金持有量和储蓄倾向即现金一现金流敏感性的影响。结论一致表明,在其他条件不变的情况下,产品市场竞争提高了公司现金持有量;面临激烈竞争的公司表现出更大的现金一现金流敏感性,即公司使经营活动产生的现金流以现金或现金等价物的形式留存于公司内部,而且,在考虑到融资约束的影响后,样本公司在产品市场竞争和融资约束的双重作用下,表现出最大的现金一现金流敏感性。
Based on the theory of industrial organization, taking the A-share listed companies of our country from 2000 to 2013 as samples, this paper respectively measures the market competition proxies of three different measures, namely, risk of plundering, natural boundary and cost-price margin. Based on static and comparative static Method from two aspects of cash holdings, stock and flow respectively to analyze the impact of product market competition on the company’s cash holdings and saving tendencies, ie cash-cash flow sensitivity. Conclusions consistently show that product market competition increases cash holdings of companies while other conditions remain constant; companies facing fierce competition show greater cash-cash flow sensitivity, ie, cash flows from operating activities In the form of cash or cash equivalents, the sample companies remain in the company. And, taking into account the impact of financing constraints, sample companies show the greatest cash-cash flow sensitivity under the dual effects of product market competition and financing constraints.