超额现金持有水平与产品市场竞争优势--来自中国上市公司的经验证据  

Excess Cash Holdings and Product-Market Competitive Advantage:Evidence from the Chinese Listed Companies

作　　者：张会丽[1] 吴有红[2] 

机构地区：[1]北京师范大学经济与工商管理学院,北京100875 [2]国家发展和改革委员会投资研究所,北京100038

出　　处：《金融研究》2012年第2期183-195,共13页Journal of Financial Research

基　　金：国家自然科学基金重点项目(项目批准号71132004)对本文的资助

摘　　要：有关企业持现动机及其经济后果的已有研究较少关注现金持有的战略效应。本文借鉴公司战略经济学理论,探索性地研究了企业超额持现对产品市场竞争优势的影响,为企业财务决策与产品市场竞争之间的紧密联系提供了新的经验证据。我们研究发现,企业超额持现具有战略效应,且超额持现水平与产品市场竞争优势呈倒U型关系。进一步的研究显示,与民营企业相比,国有企业在相对较低的超额持现水平上出现对产品市场竞争优势影响的负向净效应。The existing researches on the motivation and economic consequences of cash holdings have paid little attention to the strategic effect of cash holdings. Based on the corporate strategies economics theory, this paper examines the effect of firm＇s excess cash holdings on product - market competitive advantage. Our study provides new empirical evidence about the association between financial decisions and product - market competition strategies. We find that excess cash holdings have strategic effect and a significant reverse U - shaped relation exists between excess cash holding and product - market competitive advantage. Moreover, our conclusions show that, compared with private enterprises, lower excess cash holdings of state - owned enterprises result in negative net effect on product -market competitive advantage.

关 键 词：超额现金持有 产品市场竞争优势 战略效应 代理成本 

分 类 号：F276.6[经济管理—企业管理] F224[经济管理—国民经济]