The Nature of Property Rights, Industry Characteristics and Competitive Effects of Cash Holdings——Based on the Adjustment Effect of the Marketization Process

doi:10.16716/j.cnki.65-1030/f.2016.01.003

Abstract

Abstract: 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.

Key words: Marketization Process, Nature of Property Rights, Industry Characteristics, Cash Holdings, Competitive Effect

CLC Number:

F272.3

Yang Xingquan, Yin Xingqiang. The Nature of Property Rights, Industry Characteristics and Competitive Effects of Cash Holdings——Based on the Adjustment Effect of the Marketization Process[J]. Finance & Economics of Xinjiang, 2016, (1): 20-33.

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