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.
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
, 0(1)
: 20
-33
.
DOI: 10.16716/j.cnki.65-1030/f.2016.01.003
[1]Opler,T.,Pinkowitz,L.,Stulz,R.,and Wiuiamson,R.The Determinants and Implications of Corporate Cash Holdings[J].Journal of Financial Economics,1999,52(1):3-46.
[2]Mikkelson,W.H and M.M.Partch.Do Persistent Large Cash Reserves Hinder Performance? [J].The Journal of Financial and Quantitative Analysis,2003,38(2): 275-294.
[3]Ozkan A,and Ozkan N.Corporate Cash Holdings:An Empirical Investigation of UK Companies[J].Journal of Banking & Finance,2004,28(9):2103-2134.
[4]Frésard,L.Financial Strength and Product Market Behavior the Real Effects of Corporate Cash Holdings[J].Journal of Finance,2010,65(3):1097-1122.
[5]陆正飞,韩非池.宏观经济政策如何影响公司现金持有的经济效应——基于产品市场和资本市场两重角度的研究[J].管理世界,2013,(6):43-60.
[6]杨兴全,曾义,吴昊旻.货币政策、信贷歧视与公司现金持有竞争效应[J].财经研究,2014,40(2):133-144.
[7]杨兴全,吴昊旻,曾义.公司治理与现金持有竞争效应——基于资本投资中介效应的实证研究[J].中国工业经济,2015,(1):121-133.
[8]张会丽,吴有红.超额现金持有水平与产品市场竞争优势——来自中国上市公司的经验证据[J].金融研究,2012,(2):183-195.
[9]樊纲,王小鲁,马光荣.中国市场化进程对经济增长的贡献[J].经济研究,2011,(9):4-16.
[10]杨兴全,张丽平,陈旭东.市场化进程与现金股利政策:治理效应抑或缓解融资约束[J].经济与管理研究,2014,(5):76-84.
[11]任颋,茹璟,尹潇霖.所有制性质、制度环境与企业跨区域市场进入战略选择[J].南开管理评论,2015,18(2):51-63.
[12]吴昊旻,杨兴全,魏卉.产品市场竞争与公司股票特质性风险——基于我国上市公司的经验证据[J].经济研究,2012,(6):101-115.
[13]Brandt L.,and Li H.Bank Discrimination in Transition Economies:Ideology,Information,or Incentives? [J].Journal of Comparative Economics,2003,31(3):387-413.
[14]方军雄.所有制、制度环境与信贷资金配置[J].经济研究,2007,(12):82-92.
[15]林毅夫,李志赟.政策性负担、道德风险与预算软约束[J].经济研究,2004,(2):17-27.
[16]陈冬华,陈信元,万华林.国有企业中的薪酬管制与在职消费[J].经济研究,2005,(2):92-101.
[17]Phillips,N.M.and MacKay,P.How Does Industry Affect Firm Financial Structure? [J].Review of Financial Studies,2005,18(4):1433-1466.
[18]Akdou E,and Mackay P.Product Markets and Corporate Investment:Theory and Evidence[J].Journal of Banking Finance,2012,36(2):439-453.
[19]Barclay M.J.and Smith C W.The Maturity Structure of Corporate Debt[J].Journal of Finance,1995,50(2):609-631.
[20]Bolton P.and Scharfstein D.S.A Theory of Predation Based on Agency Problems in Financial Contracting[J].American Economic Review,1990,80(1):93-106.
[21]Acharya V.V.,Almeida H.and Campello M.Is Cash Negative Debt?——A Hedging Perspective on Corporate Financial Policies[J].Journal of Financial Intermediation,2007,16(4):515-554.
