审计与经济研究
審計與經濟研究
심계여경제연구
Economy ＆ Audit Study
2015年
3期
30~38
,共null页
现金持有 资本投资 竞争效应 融资约束 产权性质 金融发展
現金持有 資本投資 競爭效應 融資約束 產權性質 金融髮展
현금지유 자본투자 경쟁효응 융자약속 산권성질 금융발전
cash holdings ; capital investment; competition effect; financial constrains ; nature of property rights ; financial development
以我国上市公司2003-2012年数据为样本,基于产权性质和金融发展水平,从资本投资中介效应视角检验了融资约束对现金持有竞争效应的影响。研究发现：公司现金持有通过资本投资中介效应实现的竞争效应在融资约束公司、民营公司以及金融发展水平较低地区的公司中更加显著。进一步检验表明,现金持有的竞争效应提高了现金价值,而且在金融发展水平较低地区的公司、融资约束公司和民营公司中更高。
以我國上市公司2003-2012年數據為樣本,基于產權性質和金融髮展水平,從資本投資中介效應視角檢驗瞭融資約束對現金持有競爭效應的影響。研究髮現：公司現金持有通過資本投資中介效應實現的競爭效應在融資約束公司、民營公司以及金融髮展水平較低地區的公司中更加顯著。進一步檢驗錶明,現金持有的競爭效應提高瞭現金價值,而且在金融髮展水平較低地區的公司、融資約束公司和民營公司中更高。
이아국상시공사2003-2012년수거위양본,기우산권성질화금융발전수평,종자본투자중개효응시각검험료융자약속대현금지유경쟁효응적영향。연구발현：공사현금지유통과자본투자중개효응실현적경쟁효응재융자약속공사、민영공사이급금융발전수평교저지구적공사중경가현저。진일보검험표명,현금지유적경쟁효응제고료현금개치,이차재금융발전수평교저지구적공사、융자약속공사화민영공사중경고。
Using the data of Chinese listed companies from 2003 to 2012 as samples, this paper examines how financial constraints affect cash holdings through the mediating effect of capital investment based on the nature of property right and regional financial development. The research finds that the competition effect of cash holdings achieved through the intermediary role of capital investment is more significant in financial constrains firms, non - state firms, and regions with lower financial development. In the further research, we find the value of cash holdings is enhanced by the competition effect of cash holdings, which is also more significant in financial constrains firms, non - state firms, and regions with lower financial development.
