现金持有量决策具有战略效应吗?——基于现金持有量的平均效应与区间效应的研究  

Cash Holdings Have the Strategic Effect?——Based on the Average Effect and Interval Effect of Cash Holdings

作　　者：孙进军[1] 顾乃康[2] 

机构地区：[1]广东金融学院金融系,广东广州510521 [2]中山大学管理学院,广东广州510275

出　　处：《商业经济与管理》2012年第3期85-96,共12页Journal of Business Economics

基　　金：国家自然科学基金项目(70772079);中央财政专项资金<金融学省级重点学科建设项目>

摘　　要：文章根据掠夺理论来考察现金持有量是否具有增加产品市场业绩的战略效应。研究结果表明,就平均效应而言,现金持有量能够增加企业的产品市场业绩;就区间效应而言,现金持有量的战略效应呈现出随着现金持有水平的提高而逐渐增加的趋势。进一步地检验结果表明大量持有现金引起的投资是造成现金持有量的区间效应呈增加趋势的主要原因,且最终也增加了企业价值。文章还发现行业的竞争强度以及整体财务状态也会影响现金持有量的战略效应。The paper investigates the relation between cash holdings and product market performance based on the predation theory. The paper proposes that for the average effect, firms holding more cash than their industry rivals expand their future performance in the product market, while for interval effect, the regression coefficients between product market performance and cash holdings show a gradually increasing trend with the increasing level of cash holdings. Furthermore, the empirical results show investment due to large cash reserves is the prime reason for the tendency of interval effect, and it also promotes corporate value ultimately. This paper also finds that the strategic effect of cash holdings is effected by industry competition intensity and industry financial status.

关 键 词：掠夺理论 现金持有量 产品市场业绩 平均效应 区间效应 

分 类 号：F234.4[经济管理—会计学]