CAJ | 학술논문

有关企业持现动机及其经济后果的已有研究较少关注现金持有的战略效应。本文借鉴公司战略经济学理论，探索性地研究了企业超额持现对产品市场竞争优势的影响，为企业财务决策与产品市场竞争之间的紧密联系提供了新的经验证据。我们研究发现，企业超额持现具有战略效应，且超额持现水平与产品市场竞争优势呈倒U型关系。进一步的研究显示，与民营企业相比，国有企业在相对较低的超额持现水平上出现对产品市场竞争优势影响的负向净效应。
유관기업지현동궤급기경제후과적이유연구교소관주현금지유적전략효응。본문차감공사전략경제학이론，탐색성지연구료기업초액지현대산품시장경쟁우세적영향，위기업재무결책여산품시장경쟁지간적긴밀련계제공료신적경험증거。아문연구발현，기업초액지현구유전략효응，차초액지현수평여산품시장경쟁우세정도U형관계。진일보적연구현시，여민영기업상비，국유기업재상대교저적초액지현수평상출현대산품시장경쟁우세영향적부향정효응。
The existing researches on the motivation and economic consequences of cash holdings have paid little attention to the strategic effect of cash holdings. Based on the corporate strategies economics theory, this paper examines the effect of firm＇s excess cash holdings on product - market competitive advantage. Our study provides new empirical evidence about the association between financial decisions and product - market competition strategies. We find that excess cash holdings have strategic effect and a significant reverse U - shaped relation exists between excess cash holding and product - market competitive advantage. Moreover, our conclusions show that, compared with private enterprises, lower excess cash holdings of state - owned enterprises result in negative net effect on product -market competitive advantage.