本文基于市场化进程、行业特征及产权性质视角,以2003年—2012年沪深两市A股上市公司为样本,探究了三者对现金持有竞争效应的影响。经验证据表明,市场化进程通过缓解企业所面临的融资约束进而弱化了公司现金持有的竞争效应;现金持有竞争效应主要体现在民营企业中,而在国有企业中尚不显著。市场化进程显著弱化了现金持有竞争效应在“国民”之间的差异;随着行业成长性的提升以及行业竞争程度的加剧,公司现金持有竞争效应越发凸显,且行业的上述特征对现金持有竞争效应的影响在民营企业中更为显著;较高的市场化进程一定程度上还强化了行业特征对现金持有竞争效应的影响。上述结论一致表明,市场化进程的整体推进在降低“国民差异”、优化竞争环境的同时也利于现金持有竞争效应的发挥。
Based on marketization process, industry characteristics and nature of property rights, using Shanghai and Shenzhen A-share listed companies as samples from 2003 to 2012, this paper explored their impact on competitive effect of cash holdings. Empirical evidence showed that the marketization process weakens competitive effects of the company's cash holdings by easing financing constraints faced by enterprises; competitive effects of cash holdings mainly be existed in private enterprises, which is not significant in state-owned enterprises. The marketization process significantly weakens the difference of the competitive effects of cash holdings among citizens; with the enhancement of industrial growth and competition, the competitive effect of cash holdings is more obvious, the effect of the industrial characteristics to the competitive effects of cash holdings is more significant in private enterprises. To some extent, higher marketization process also strengthens the above impact. Therefore, it can be concluded that the overall process of marketization reduces “citizen differences”, optimizes the competitive environment, and is also beneficial for the competitive effects of cash holdings.
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