现金持有具有战略效应吗——来自中国上市公司的经验证据  

Does Cash Holding Have Strategic Effect?——Evidences from Chinese Listed Companies

作　　者：常亮[1] 

机构地区：[1]中山大学岭南学院,广东广州510275

出　　处：《山西财经大学学报》2012年第10期106-115,共10页Journal of Shanxi University of Finance and Economics

摘　　要：利用中国上市公司1999~2008年的数据,研究了现金持有对上市公司市场份额的影响,发现现金持有能够缓解企业的融资约束,增强企业利用投资机会的能力,并向市场发出一种激进的战略承诺。因此,高额现金持有可以实现企业市场份额的增加,即具有战略效应。进一步的分析表明,战略效应的作用多产生于行业集中度较高的垄断竞争行业,而在行业集中度较低的完全竞争行业战略效应并不显著。This paper studies the impact of cash holdings on market share for listed companies in China.Cash holdings would ease the financial constraint,enhance the ability to seize the investment opportunities,and issue a strategic commitment to the market,so the high cash holding enterprises comparing with industry competitors can increase market share.The author uses the data of Chinese listed companies from 1999 to 2008 to verify the theoretical expectations.Further investigation shows that the role of the strategic effect is significant in highly concentrated industry,but not significant in perfect competition industry businesses.

关 键 词：现金持有 战略效应 行业竞争 

分 类 号：F832[经济管理—金融学]