【作者】 王旭；

【导师】 孙光国；

【作者基本信息】 东北财经大学 ， 会计学， 2016， 硕士

【摘要】 近年来,我国上市公司持有现金资产越来越多,尤其是当企业面临较为恶劣的竞争环境时,更是大幅增加现金资产的比例。根据传统的财务学中的代理理论,现金是一项极易被侵占的资产,现金资产往往是公司内部败德行为的重要工具,现金持有水平越高,可能意味着公司的代理问题越严重。近年来,学者们将公司现金持有问题的研究从传统的财务学拓展到产业组织学中的产品市场竞争理论,为我们认识公司的现金持有决策提供了新的视角。产品市场竞争理论认为,公司持有现金不仅可以应对竞争对手的威胁,而且可以实施一系列旨在提高产品市场竞争力、扩大市场份额的掠夺行为,这就是现金持有的掠夺效应。另一方面,激烈的产品市场竞争可以通过信号效应、破产威胁等途径改善公司内部治理、提高现金的利用效率,这就是产品市场竞争的治理效应。由于现金持有价值是投资者对公司现金利用效率的最终评判,公司现金持有量的决策、现金在产品市场上发挥的掠夺效应及治理效应最终都体现在现金持有价值上,因此本文选择从现金持有价值的角度进行研究。结合前人的研究及相关理论,本文首先探讨公司持有现金能否给企业带来价值,现金持有越多越好吗?其次,本文了探讨公司所在行业的竞争程度对现金持有价值的影响,即在垄断性行业还是在竞争性行业现金持有价值更高?最后,由于不同产权性质的公司之间具有诸多差异,本文探讨了产品市场的竞争程度对不同国有企业与非国有企业是否具有不同的影响。采用理论与实证相结合的方法,以2003-2015年我国A股上市公司数据为样本,本文将研究内容分为以下几个部分进行:第一部分(绪论)介绍了本文的框架结构;第二部分对相关文献进行综述并剖析了相关理论;第三部分结合相关理论提出了本文的主要假设;第四部分进行了实证研究设计,阐述了模型与变量定义;第五部分通过实证结果分析验证本文的假设;第六部分说明了本文的研究结论并提出了相应的政策建议。研究结果表明:(1)公司持有的现金能够为公司带来正向的价值效应,且公司现金持有的水平越高,单位现金为公司带来的边际价值越高;(2)产品市场竞争程度能够影响公司现金持有价值的实现,总体上,我国上市公司现金持有更符合掠夺效应理论,公司所在行业集中程度越高,现金持有价值越大;(3)区别产权性质来看,对于非国有上市公司,由于其具有经营优势及较高的现金持有水平,在较为集中的行业中,更能使现金发挥掠夺效应,从而具有更高的现金持有价值;对于国有上市公司,由于代理问题严重,加之财务杠杆较高,激烈的行业竞争压力能够减轻其代理成本、提高资金的利用效率,从而具有更高的现金持有价值;(4)进一步检验发现,产品市场竞争对国有上市公司的治理效应主要体现在第二类代理问题上,即公司的第二类代理成本越高,产品市场竞争的治理效应越显著。产品市场竞争与第一类代理问题的内部治理呈互补关系,第一类代理成本越低,产品市场竞争的治理效应越显著。更多还原

【Abstract】 In recent years,China’s listed companies hold more cash assets,especially when the enterprise is facing a more severe competitive environment,there usually be a substantial increase in the proportion of cash assets.According to agency theory in traditional finance,cash is easily occupied the and cash assets is often an important tool for immoral behavior,enterprise holding more cash may means that the agency problem is more serious.In recent years,scholars expand corporate cash holding research from the traditional financial theory to product market competition theory of the industrial organization,for our understanding of company’s cash holdings decision provides a new perspective.Product market competition theory argues that corporate cash holdings can not only respond to competitor’s threat,but also implement a series of predatory behavior designed to enhance the market competitiveness,expanding market share,which is called predatory effect of cash holding.On the other hand,the fierce product market competition can improve the internal governance and the use efficiency of cash by signal effect and bankruptcy threat,which is the governance effect of product market competition.Because the value of cash holdings is final evaluation of investors to cash utilization efficiency,corporate cash holdings decision and the predatory effect and governance effect cash play in the product market are ultimately reflected in cash holdings value.Therefore,this paper choose from the value of cash holdings to study.Combined with the aforementioned theory,this paper aims to explore three issues:First of all,can the company holding cash bring value to the enterprise,is the more cash holdings the better for enterprise value?Secondly,discuss the influence of the degree of competition during industries on the value of cash holdings.that is,in the monopoly industry or in the competitive industry the value of cash holdings is higher?Finally,because there are many differences between companies with different property rights,whether the degree of competition in the production market has different effects on the state-owned enterprises and non state-owned enterprises?Using the method combining theory and empirical analysis,taking the A share listed companies of our country as the sample in 2003-2015,this paper divides the research into the following parts:Part one(Introduction)introduces the framework of this paper;the second part reviews the relevant literature and analyzes the related theory;the third part combines with related theory and puts forward the main hypothesis of this paper;the fourth part is the empirical research design,describing the model and variables defined;the fifth part through empirical analysis to verify the hypothesis;the sixth part illustrates the conclusions of this study and put forward the corresponding policy recommendations.The results show that:(1)the cash holdings of the company can bring forward the positive value effect,and the higher the company’s cash holdings,the higher the marginal value of the company’s cash for the company;(2)the degree of product market competition can affect the company’s cash holdings value realization,on the whole,our cash holdings of listed companies is more in line with the predatory effect theory,if the company is located in more concentrated industries,the value of cash holdings will be more;(3)distinguish the nature of property rights to speak,for the non-state owned listed companies,because it hasoperating advantage and a higher level of cash holdings,in more concentrated industries,it can make full use of predatory effect to have a higher value of cash holdings;for the state-owned listed companies,due to serious agency problem,coupled with higher financial leverage,fierce competition in the industries can mitigate the agency cost and improve fund use efficiency,which has a higher value of cash holdings.(4)Further examination revealed,the governance effect ofproduct market competition for state-owned listed companies is mainly reflected in the second agency problem,namely,thehigher the second type of agency cost,themore significant the governance effect of product market competition is.Product market competition and the first kind of agency problem of internal governance is complementary relationship,the lower the cost of the first kind of agency cost,the more obvious the governance effect of the product market competition.更多还原