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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 the process of marketization, the characteristics of industries and the nature of property rights, this article takes the 2003-2012 A-share listed companies in Shanghai and Shenzhen stock markets as samples to explore the impact of the three on the competition effect of cash holdings. Empirical evidence shows that the process of marketization weakens the competition effect of cash holdings by alleviating the financing constraints that enterprises face. The competition effect of cash holding is mainly reflected in private enterprises, but not significant in state-owned enterprises. The process of marketization has significantly weakened the discrepancy between the “cash” and the “national” competition in cash holdings. With the growth of the industry and the intensification of the competition in the industry, the competition effect of the cash holdings of the Company has become more prominent, and the above characteristics of the industry The effect of holding the competition effect on cash is more prominent in private enterprises; the higher marketization process also strengthens the influence of industry characteristics on the competition effect of cash holdings to a certain extent. The above conclusions consistently show that the overall progress of the marketization process is beneficial to the competition of cash holdings while reducing the “national differences” and optimizing the competitive environment.