融资约束、资本投资与公司现金持有竞争效应

Financial Constrains,Capital Investment and Competition Effect of Cash Holdings

以我国上市公司2003-2012年数据为样本,基于产权性质和金融发展水平,从资本投资中介效应视角检验了融资约束对现金持有竞争效应的影响。研究发现:公司现金持有通过资本投资中介效应实现的竞争效应在融资约束公司、民营公司以及金融发展水平较低地区的公司中更加显著。进一步检验表明,现金持有的竞争效应提高了现金价值,而且在金融发展水平较低地区的公司、融资约束公司和民营公司中更高。

Using the data of Chinese listed companies from 2003 to 2012 as samples, this paper examines how financial constraints affect cash holdings through the mediating effect of capital investment based on the nature of property right and regional financial development. The research finds that the competition effect of cash holdings achieved through the intermediary role of capital investment is more significant in financial constrains firms, non - state firms, and regions with lower financial development. In the further research, we find the value of cash holdings is enhanced by the competition effect of cash holdings, which is also more significant in financial constrains firms, non - state firms, and regions with lower financial development.