金字塔层级、内部资本市场与现金持有竞争效应  

Pyramidal Layer, Internal Market, and Competition Effects of Cash Holdings

作　　者：刘慧龙[1] 齐云飞 许晓芳 Liu Huilong

机构地区：[1]对外经济贸易大学国际商学院,100029 [2]北京大学光华管理学院,100871

出　　处：《会计研究》2019年第1期79-85,共7页Accounting Research

基　　金：国家自然科学基金面上项目(71772039;71790604);对外经济贸易大学中央高校基本科研业务费专项资金-"惠园杰出青年学者"培育项目;对外经济贸易大学研究生科研创新基金项目(201823)的阶段性研究成果

摘　　要：本文研究了金字塔结构企业集团成员公司距离最终控制人的层级数(后文简称金字塔层级)对其现金持有竞争效应的影响及其机制。结果发现:增加现金持有能够提高企业市场竞争优势,金字塔层级增加弱化了现金持有竞争效应,金字塔层级对现金持有竞争效应的影响在公司外部融资依赖程度较高、所处经营环境竞争较激烈,以及不确定性程度较高时更加明显;中介机制检验表明,金字塔层级增加通过扩大公司在集团内部资本市场的交易规模,弱化了现金持有竞争效应。此外,我们还排除了基于代理理论的替代性解释。本文丰富了现金持有竞争效应方面的研究和金字塔集团经济后果方面的研究。This paper provides the first empirical analysis on the discrepancies in competition effect of cash-holdings among firms located at different layers of pyramidal business groups and identifying the cause of these discrepancies. The result shows that cash holdings benefit firms’ competitive power, the competition effect of cash holdings is weakened by increase in pyramid layers, which is more pronounced, when firms’ external finance dependence is higher, the market competition is more intense, and the environments uncertainty is higher; meanwhile, expanding business group’s internal markets is an important mediating mechanism for the influence of pyramid layer on competition effect of cash holdings; moreover, we exclude alternative explanation based on agency theory by further tests. This paper not only enriches the research on the competition effect of cash holdings, but also enriches research on the economic consequences of the pyramidal group structure.

关 键 词：金字塔结构 企业集团 内部资本市场 现金持有 现金持有价值 

分 类 号：F275[经济管理—企业管理]