产品市场竞争与现金—现金流敏感性研究

发布时间：2018-01-01 09:27

本文关键词：产品市场竞争与现金—现金流敏感性研究　出处：《经济管理》2015年10期 　论文类型：期刊论文

【摘要】：本文立足于产业组织理论,以2000—2013年我国A股上市公司为样本,分别以行业掠夺风险、自然边界和成本价格边际三种不同的度量产品市场竞争的代理指标,基于静态和比较静态的方法,从现金持有"存量"和"流量"两个方面的内容分别展开,分析产品市场竞争对公司现金持有量和储蓄倾向即现金一现金流敏感性的影响。结论一致表明,在其他条件不变的情况下,产品市场竞争提高了公司现金持有量;面临激烈竞争的公司表现出更大的现金一现金流敏感性,即公司使经营活动产生的现金流以现金或现金等价物的形式留存于公司内部,而且,在考虑到融资约束的影响后,样本公司在产品市场竞争和融资约束的双重作用下,表现出最大的现金一现金流敏感性。
[Abstract]:This paper is based on the theory of industrial organization, from 2000 to 2013 in China A shares of listed companies as samples, respectively, to plunder the industry risk, natural boundary and marginal cost price three different measure of product market competition agency index, static and comparative static method based on the two aspects of "holding stock" and "flow" the content from the cash respectiveiy, analysis of product market competition on corporate cash holdings and the propensity to save is the cash cash flow sensitivity. The conclusion is consistent with the hypothesis that, ceteris paribus, product market competition to improve the company's cash holdings; the company faces fierce competition to show greater cash cash flow sensitivity that is, the company operating cash flow to cash or cash equivalents form retained in the company, and, in considering the effect of financing constraints, the Sample Firms in the product In the dual role of market competition and financing constraints, the maximum cash flow sensitivity is shown.

【作者单位】：厦门大学管理学院;
【基金】：国家自然科学基金项目“财务灵活性与公司财务政策选择”(71472160)
【分类号】：F275;F832.51
【正文快照】： 另一方面,企业并非独立的个体,必然与外部环境一、引言发生相互作用、相互影响的关系。任何企业的经营2008年全球金融危机使许多国家和地区企业活动,都是在特定的环境中进行的,环境是企业运的发展踯躅不前、经营难以为继,甚至濒临破产倒作的基础和条件。正如著名管理学家Po

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