公司现金持有、掠夺风险与产品市场绩效  

Corporate Cash Holding,Predation Risk and Product Market Performance

作　　者：张超林[1] 杨竹清[2] 

机构地区：[1]湖南商学院财政金融学院,湖南长沙410205 [2]江苏科技大学经济管理学院,江苏镇江212000

出　　处：《湖南商学院学报》2016年第6期13-21,共9页Journal of Hunan Business College

基　　金：湖南省社会科学基金项目(15YBA236);湖南省教育厅科研项目(15C0765)

摘　　要：本文探讨了公司现金持有对产品市场竞争绩效的影响,以及产品市场掠夺风险对二者的关系有何影响。基于1999-2012年中国上市公司面板数据,使用IV估计方法,研究发现:1当公司持有的现金相对于行业竞争对手更高时,公司的经营绩效相对更好,产品市场份额显著增加;2相对于低掠夺风险行业,在高掠夺风险行业中,公司现金持有对公司经营绩效和产品市场份额的正向影响显著更大。研究表明,持有一定的现金有助于公司在产品市场竞争中获得竞争优势。This article discusses the impact of corporate cash holdings on product market competition performance, and whether the product market predation risk have any impact on the relationship between the two. Based on 1999-2012 panel data of Chinese listed companies, using the IV estimation method, we find that： ①while the company hold more cash relative to industry rivals, the company＇s operating performance is relatively better and the product market share increases significantly; ②relative to the low predation risk industries, in the high predation risk industries, the impact of corporate cash holdings on company＇s operating performance and product market share are both significantly larger. These conclusions indicate that holding a certain amount of cash will help the company gain a competitive advantage in the product market competition.

关 键 词：公司现金持有 掠夺风险 经营绩效 产品市场份额 

分 类 号：F27[经济管理—企业管理]