企业商业战略、融资约束与现金持有价值

Business Strategy,Financing Constraints and the Value of Cash Holdings

企业商业战略会影响组织信息环境的构建,形成迥异的信息不对称程度,从而波及投资者对于企业持有的现金定价。选取2007~2014年A股上市公司作为样本,采用多元回归分析方法检验企业商业战略对于现金持有价值的影响以及这种影响在不同的融资约束条件下是否存在差异。研究发现,相对于执行分析型战略的企业,执行进攻型战略的企业的现金持有价值有所降低,而执行防御型战略的企业的现金持有价值有所提高。进一步研究发现,融资约束程度对企业商业战略与现金持有价值之间关系具有调节作用。对于执行进攻型战略的企业而言,随着融资约束程度的加深,其对现金持有价值的负面影响逐渐减弱;而对于执行防御型战略的企业,融资约束程度的加深会加强其对现金持有价值的正向作用。

Corporate business strategy affects the construction of organization information environment, which forms different degrees of information asymmetry, and affects investors＇ evaluation of the value of cash holdings. This paper selects 2007-2014 A-share listed companies as samples, uses multiple regression analysis method, and examines the impact of business strategy on the value of cash held by companies and whether the impact is different when facing financial constraints. The study find that compared to analyzer business strategy, prospector business strategy decreases the value of cash significantly, while defender business strategy significantly increases the value of cash. Further studies show that the degree of financial constraints has a moderating effect on the relationship between business strategy and the value of cash holdings. For the company implement prospector business strategy, as the deepening of financial constraints, the negative impact on the value of cash holdings will be gradually weakened. For the company implementing defender business strategy, the greater degree of financing constraints will strengthen the positive effect of defender business strategy on cash holdings.