基于融资受限和对冲需求的企业现金持有政策在产品市场竞争中的作用

Effects of Firms' Cash Holdings in Product Market Competition Based on Financial Constraints and Hedging Needs

资本市场存在融资摩擦,这种摩擦在未来现金流不确定的环境中会影响企业现金持有政策在产品市场竞争中的作用。本文在对融资受限程度和对冲需求量化的基础上,分析了这两个要素在现金持有对产品市场竞争绩效作用过程中的影响,发现在融资受限的情况下,持有较多现金对其在产品市场上的竞争具有更明显的积极作用。而当企业现金流和投资机会的相关关系很低时,企业对冲需求很高,更偏好存钱,高对冲需求企业的现金持有决策对其产品市场竞争绩效具有更明显的积极作用。此外,行业竞争特征和企业竞争地位也影响了竞争结果的产生,在垄断程度较高的行业中,企业的融资受限和对冲需求对现金持有决策的作用影响更大,而行业竞争领先者的融资受限和对冲需求在现金持有对企业产品市场竞争绩效的影响中作用小于行业竞争落后者。

Financial frictions in capital market affect the role that firms＇ cash holdings play in product market competition. Based on the measure of financial constraints and hedging needs,we analyze the impacts of these two factors affecting firms＇ cash holdings.It shows that financially constrained firms will get more market share if they hold more cash reserves.And when the correlation between a firm＇s cash flow and its investment opportunities is low,its hedging needs is high and it prefers reserving cash,so more cash holdings of firms with high hedging needs have more significantly positive effects on firms＇ competitive performance.Moreover,both industrially competitive characteristics and firms＇ competitive status influence the competitive results.Financial constrainta and hedging needs have greater effects on firms＇ cash holdings in more monopolistic industries.Financial constraints and hedging needs of industrial leaders have fewer effects on firms＇ cash holdings.