【摘要】 宏观经济政策与行业竞争显著影响公司现金持有的经济后果,文章利用2008-2011年中国上市公司季度数据,结合货币政策和信贷歧视考察了公司现金持有的竞争效应。研究发现:(1)公司现金持有具有竞争效应,而且随着竞争对手融资约束和行业竞争的加剧,公司现金持有的竞争效应更加显著;(2)与宽松货币政策相比,公司现金持有的竞争效应在紧缩货币政策下更加明显;(3)与政府控制的公司相比,民营公司现金持有的竞争效应更强,而且在紧缩货币政策下两者差异更加显著;(4)为研发活动提供持续稳定的资金是公司现金持有实现竞争效应的主要渠道。更多还原

【Abstract】 Macro-economic policy and industry competition significantly affect economic consequences of corporate cash holdings.Based on the quarter data of listed companies in China from 2008to 2011,this paper analyzes the competition effect of corporate cash holdings by combining monetary policy and credit discrimination.It draws the results as follows:firstly,cash holdings have competition effect which is more significant with the intensification of financing constraints of competitors and industry competition;secondly,compared to loose monetary policy,the competition effect of cash holdings is more significant under tight monetary policy;thirdly,compared with government-controlled companies,the competition effect of cash holdings is stronger in private companies,and the differences are more significant under tight monetary policy;fourthly,the provision of stable and sustainable funds for R&D activities is an important way to realize competition effect of cash holdings.更多还原