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现金持有作为企业重要的财务决策之一,关于其影响因素的研究,一直是学术界关注的热点问题,然而,已有的研究却在很大程度上忽略了公司战略特征(如战略异质性)的影响。基于预防性动机,本文以2001~2013年中国A股上市公司为样本,系统考察了战略异质性对企业现金持有的影响。研究发现,战略异质性与现金持有水平显著正相关,即与行业战略偏离的程度越大,企业现金持有水平越高。进一步研究发现,非国有企业样本中,战略异质性对现金持有水平的影响更加显著,考虑产品竞争后,这种关系在完全市场竞争样本中更显著,在进一步控制代理问题、内生性和进行一系列稳健性检验后,上述结论仍然成立。本文的研究对于企业完善公司财务决策和优化公司战略具有一定的参考价值。
As one of the most important financial decisions in the enterprise, cash holdings have always been the focus of academic research on its influencing factors. However, the existing research has largely ignored the strategic characteristics of the company (such as strategic heterogeneity Sexual) influence. Based on the prophylactic motivation, this paper examines the impact of strategic heterogeneity on corporate cash holdings from a sample of Chinese A-share listed companies from 2001 to 2013. The study found that strategic heterogeneity and cash holdings are significantly and positively correlated, that is, the greater the degree of deviation from the industry strategy, the higher the cash holding. Further study found that the impact of strategic heterogeneity on cash holdings is more significant in the sample of non-state-owned enterprises. After considering the product competition, the relationship is more significant in the sample of full market competition. In further controlling agency problems, endogenous and After a series of robustness tests, the above conclusion still holds. The research in this paper has certain reference value for enterprises to improve corporate financial decision-making and optimize corporate strategy.