制度背景、行业特征与公司现金持有竞争效应

The cash holdings is an important corporate financial decision. In the face of the debate of higher and lower view of cash holdings value which respectively based on the information asymmetry and agency problem, the scholars began to discuss the economic consequences of corporate cash holdings from the perspective of competition effect according to the industrial organization theory, but the related research is still very lack, many important issues are still to be further studied. Based on the latest achievements from both domestic and overseas, using the methods of normative analysis, empirical analysis and typical case study, this project will systematically examine the competition effect of corporate cash holdings combined with industry competition degree and industry characteristic of difference in growth, and further study how institution background, such as the nature of property right, credit discrimination and marketization, influence the competition effect of corporate cash holdings and the relationship between industry characteristic and the competition effect of corporate cash holdings, and then investigate the realizing path of the competition effect of corporate cash holdings from the perspective of the R&D expenditure, so as to make a comprehensive and systematical study on the formation mechanism, influencing factors and realizing channels of the competition effect of corporate cash holdings. This project not only enriches and complements the existing literature about the relationship between market competition and the corporate financial policy based on the specific system background of China, but also promotes the research on the value of corporate cash holdings. So this project has an important theoretical value, and at the same time, has a great significance for China's capital market development and corporate cash holding policy formulation.

现金持有是公司财务决策的一项重要内容，面对分别基于信息不对称与代理问题形成的现金持有价值较高观与较低观的争论，学者们开始依据产业组织理论从竞争效应的视角探讨公司现金持有的经济后果，但相关研究还很缺乏，很多重要问题尚待深入研究。借鉴国内外最新成果，运用规范分析、实证分析与典型案例研究等方法，项目结合行业竞争程度及成长性差异的行业特征系统检验公司现金持有的竞争效应，深入研究所有权性质、信贷歧视与市场化进程等制度背景对公司现金持有竞争效应及行业特征与现金持有竞争效应关系的影响，进而从研发投入的视角考察公司现金持有竞争效应的实现路径，以期对我国公司现金持有竞争效应的生成机理、影响因素和实现渠道进行全面系统地研究。项目既是基于我国特定制度背景对市场竞争与公司财务政策关系研究的丰富与补充，又是对公司现金持有价值研究的拓展，具有重要理论价值，同时对我国资本市场的发展与公司现金持有政策的制定具有重要意义。

现金持有是公司财务决策的一项重要内容，面对分别基于信息不对称与代理问题形成的现金持有价值较高观与较低观的争论，学者们开始依据产业组织理论从竞争效应的视角探讨公司现金持有的经济后果，但相关研究还很缺乏，很多重要问题尚待深入研究。项目在梳理国内外文献，结合行业竞争程度与行业成长性实证研究公司现金持有的竞争效应的基础上，考察公司的所有权性质、市场化进程对公司现金持有竞争效应及行业特征与公司现金持有竞争效应关系的影响，进而结合制度背景与行业特征纵深检验公司现金持有竞争效应实现的具体路径。项目以沪深A股上市公司为样本，数据主要来源于CSMAR（国泰安）、Wind（万德）、CCER（色诺芬）等数据库，主要得出以下重要结果/结论：公司现金持有具有竞争效应，随着竞争对手融资约束和行业竞争的加剧，公司现金持有的竞争效应更加显著；与政府控制的公司相比，民营公司现金持有的竞争效应更强，而且在紧缩货币政策下两者差异更加显著；行业成长性与公司现金持有水平正相关，成长性行业的公司通过高额持有现金以满足占优投资的资金需求，最终实现了竞争效应；市场化进程弱化公司现金持有的竞争效应的同时，也显著弱化了现金持有竞争效应在“国民”之间的差异；研发投入与资本投资是现金持有实现竞争效应的主要渠道，公司治理强化了现金持有通过资本投资实现的竞争效应，融资约束越严重的公司，现金持有的研发平滑效果更明显。项目既是基于我国特定制度背景对行业特征与公司财务政策关系研究的丰富与补充，又是对公司现金持有价值研究的拓展，具有重要理论价值，同时对促进公司结合行业特征合理确定其现金持有政策，改善资本市场对公司财务决策的传导机制，保证资源配置遵循效率优先原则等具有理论指导价值。