中美贸易战背景下产业集群与成长型企业的现金持有

Industrial Clusters and Cash Holdings of Growth Enterprises Under the Background of the Sino-US Trade War

如何保持合理的现金持有水平以缓解融资约束已成为中美贸易战背景下很多成长型企业最重要的财务决策之一。鉴于此,利用上市公司的数据,本文实证检验了产业集群对成长型企业现金持有水平的影响,以及成长型企业的现金持有水平对公司价值的影响。实证结果发现,产业集群可以降低产业集群内成长型企业的现金持有水平,但这种影响主要体现在成长型民营企业中;此外,产业集群内的成长型企业通过降低企业现金的持有水平可以提高企业的产品市场竞争力并提高公司价值。

How to maintain a reasonable level of cash holdings to ease financing constraints has become one of the most important financial decisions for many growth enterprises. In view of this, the paper investigated and analyzed this problem. Based on the data of listed companies, this paper empirically examined the impact of industrial clusters on the cash holding level of growth companies, and the impact of growth companies’ cash holding levels on the value of the company. This empirical study found that industrial clusters can reduce the cash holding level of growth companies in industrial clusters, but this impact is mainly reflected in the growth private enterprises. Further research found that growth companies in industrial clusters could increase the market competitiveness of their products and the value of the company by reducing the level of cash holdings.