CAJ | 학술논문

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。
본문이2008~2013년호심량시주판A고상시공사위례，연구료산품시장경쟁정도대기업현금류풍험적영향。실증검험발현：종총체상간，산품시장경쟁정도월소，기업현금류풍험월대；대우시장업적교차적기업이언，저일련동작용경가명현。가입대융자약속적고필후발현，융자약속재산품시장경쟁영향기업현금류풍험적과정중발휘착조절효응，융자약속교고기업적현금류풍험경가용역수도산품시장경쟁적영향；동시처우저시장업적화고융자약속경쟁위세적기업，기현금류풍험수도산품시장경쟁정도적영향우위강렬。본문위기업재삼여시장경쟁적실천중진행자신정위、식별현금류풍험、채취응대조시제공료이론삼고。
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.