产品市场竞争程度、融资约束与企业现金流风险

Product Market Competition, Financial Constraints, and Cash Flow Risk

本文以2008~2013年沪深两市主板A股上市公司为例,研究了产品市场竞争程度对企业现金流风险的影响。实证检验发现:从总体上看,产品市场竞争程度越小,企业现金流风险越大;对于市场业绩较差的企业而言,这一联动作用更加明显。加入对融资约束的考虑后发现,融资约束在产品市场竞争影响企业现金流风险的过程中发挥着调节效应,融资约束较高企业的现金流风险更加容易受到产品市场竞争的影响;同时处于低市场业绩和高融资约束竞争位势的企业,其现金流风险受到产品市场竞争程度的影响尤为强烈。本文为企业在参与市场竞争的实践中进行自身定位、识别现金流风险、采取应对措施提供了理论参考。

Based on a sample of A-share listed companies during 2008-2013, this paper analyses the impact of product market competition on corporate cash flow risk. The empirical results show that: in general, the weaker product market competition is, the higher their cash flow risk is; for firms with poor market performance, this relationship is more obvious. Considering financial constraints, it is found that financial constraints exert a moderating effect in the process of product market competition influencing corporate cash flow risk and cash flow risk is more susceptible to product market competition if firms face financial constraints. Furthermore, the cash flow risk of enterprises with poor market performance and high financial constraints is extraordinarily vulnerable to the degree of product market competition. This research provides a theoretical reference for firms to position themselves precisely, to identify cash flow risk, and to adopt countermeasures when they face product market competition.