掠夺效应还是治理效应:产品市场竞争提升现金持有价值的机理检验  

Predatory Effect or Governance Effect:the Mechanism Test of Product Market Competition to Enhance Cash Holding Value

作　　者：雷新途[1] 黄盈莹 李晓倩 徐青原 LEI Xintu;HUANG Yingying;LI Xiaoqian;XU Qingyuan(College of Business,Zhejiang University of Technology,Hangzhou,Zhejiang 310031,China)

机构地区：[1]浙江工业大学经贸管理学院,浙江杭州310032

出　　处：《财经理论与实践》2018年第6期105-111,共7页The Theory and Practice of Finance and Economics

基　　金：浙江省自然科学基金(LY18G020019);浙江省社会科学规划项目(18NDJC203YB);浙江省哲学社会科学重点研究基地(技术创新与企业国际化研究中心)资助项目;国家社会科学重大项目(16ZDA030);国家社会科学基金(12BGL036)

摘　　要：通过实证检验产品市场竞争对中国上市公司现金持有价值产生影响的不同作用机理,结果发现:产品市场竞争确实可以促进中国上市公司现金持有价值的提升,这种作用机理更多地来自产品市场竞争的掠夺效应而不是治理效应。进一步研究发现:掠夺效应和治理效应可以通过融资约束得到更好的区分,在融资约束公司中掠夺效应表现更为显著。揭示了中国上市公司产品市场竞争对公司现金持有价值的具体促进机制,并检验了融资约束在其中的影响。This paper empirically tests the different mechanisms of the impact of product market competition on the cash holding value of Chinese listed companies.The study found that product market competition can indeed promote the increase in the value of cash holdings of Chinese listed companies.This mechanism of action is more due to the predatory effect of product market competition than the governance effect.Further research found that the predatory effect and the governance effect can be better differentiated by financing constraints,and the predatory effect is more significant in financing-constrained companies.With previous studies,this paper reveals the specific promotion mechanism of the market share competition of Chinese listed companies on the company's cash holding value,and examines the impact of financing constraints.

关 键 词：产品市场竞争 现金持有价值 掠夺效应 治理效应 

分 类 号：F275[经济管理—企业管理]