产品市场竞争与现金价值：掠夺理论还是代理理论  

Product Market Competition and the Value of Cash Holdings:Predation Theory or Agency Theory

作　　者：孙进军[1] 顾乃康[2] 刘白兰[3] 

机构地区：[1]广东金融学院金融系 [2]中山大学管理学院 [3]广东金融学院保险系

出　　处：《经济与管理研究》2012年第2期49-57,共9页Research on Economics and Management

基　　金：国家自然科学基金项目“现金持有量的决定与价值研究”(70772079);中央财政专项资金“金融学省级重点学科建设项目”

摘　　要：本文利用2000～2009年沪深两市上市公司的非平衡面板数据来考察产品市场竞争与现金价值之间的关系。检验结果表明,比行业竞争对手持有更多现金的企业具有较高的价值,垄断程度较高的行业企业所持现金的价值更高。基于倾向得分理论的检验结果表明垄断性行业子样本的现金价值显著高于竞争性行业子样本。进一步的检验结果表明成长性、市场化程度和现金持有量的区间效应因素并不影响文章的研究结论。这些实证结果都支持了掠夺理论的分析。Utilizing unbalanced panel data of Chinese listed companies during the last decade 2000 - 2009, this paper investigates the relation between product market competition and the value of cash holdings. The fix effect regression results show that the value of cash holdings is higher if firm holds more cash than its rivals, and the value is more higher in con- centrated industries than competitive industries. Based on the theory of propensity score, it is found that the value of cash holdings is also higher in concentrated industries. Furthermore, the paper attains the same conclusion by studying growth opportunities, regional market development and the interval effect of the cash holdings. These empirical results are consist- ent with the hypothesis of predation theory.

关 键 词：产品市场竞争 现金价值 掠夺理论 代理理论 

分 类 号：F234.4[经济管理—会计学]