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论文编号：	10132
作者编号：	2120162706
上传时间：	2018/6/9 13:19:11
中文题目：	行业成长性与企业现金持有竞争效应——基于资本投资中介作用的实证研究
英文题目：	Industry Growth and Competition Effect of Cash Holdings——An Empirical Study Based on the Mediating Effect of Capital Investment
指导老师：	刘志远
中文关键字：	现金持有；竞争效应；行业成长性；资本投资
英文关键字：	Cash Holdings; Competitve Effect; Industry Growth; Capital Investment
中文摘要：	在当前复杂多变的市场环境下，为了把握机遇，提高企业竞争力，现金持有已经成为很多企业面对机遇应对危机的有效策略，对企业实现最大化价值也起着较为重要的作用。而行业成长性变化的周期会直接或间接地影响着公司战略行为，现金持有作为企业一项重要的财务战略决策之一，其现金持有水平以及产生的竞争效应与企业所处行业的成长性的关系紧密相关。国内外对于现金持有的研究近些年来已经比较丰富。早期的研究主要是对超额现金持有的现象进行描述；而后又对现金持有的原因进行探究，主要分析了影响现金持有水平的各种因素；然后又将现金持有与公司价值相联系，出现了现金持有价值高低的争论；再到目前主要从市场竞争的角度探究公司现金持有的战略效应。然而，现有文献主要考察了现金持有与产品市场竞争的关系，没有从行业特征的其他方面来探究与现金持有的关系，尤其对于行业成长性与现金持有的竞争效应的研究比较少。因而本文在现金持有相关理论的基础上，从竞争效应实现的路径角度来进一步探究行业成长性对现金持有竞争效应的影响。本文采用理论和实证研究相结合的方法，以我国A股16个行业的上市公司2012-2016年数据为样本，验证了行业成长性对现金持有的影响并分析了资本投资在不同成长性行业下中介效应的不同，结果发现：（1）行业成长性与现金持有水平呈显著正相关关系，行业成长性越高的公司，其现金持有比例越高。（2）现金持有具有竞争效应，并且随着行业成长性的提高，公司现金持有的竞争效应更为明显。（3）现金持有能够通过促进企业资本投资的实施进而发挥竞争效应，在高成长性行业中资本投资起到了部分中介作用，而在低成长性行业中资本投资并不存在中介作用，即高成长性行业强化了现金持有通过资本投资的中介效应而实现的竞争效应。
英文摘要：	In the current complex and ever-changing market environment, in order to grasp the opportunities and improve the competitiveness of enterprises, cash holding has become an effective strategy for many companies to face the opportunity to cope with the crisis. It also plays an important role in maximizing the value of the company. The cycle of industrial growth change will directly or indirectly affect the company's strategic behavior. As one of the important financial strategic decisions of a company. Cash holding level and the resulting competitive effect are related to the growth of the industry in which the company is located. So the sexual relationship is closely related. Research on cash holdings at home and abroad has been rich in recent years. The early research mainly described the phenomenon of excess cash holding; then it explored the reasons for cash holding, mainly analyzing the various factors affecting the cash holding level; and then associating the cash holding with the company's value. There has been a debate about the value of cash holdings. At present, the strategic effect of the company's cash holdings is mainly explored from the perspective of market competition. However, the existing literature mainly examines the relationship between cash holding and product market competition, and does not explore the relationship with cash holding from other aspects of the industry characteristics, especially for the research on the competition effect between industry growth and cash holding. . Therefore, based on the relevant theories of cash holding, this paper further explores the impact of industry growth on the competitive effect of cash holdings from the perspective of the realization of competition effects. This article adopts a combination of normative research and empirical research. Based on the data of China's A-share listed companies for 2012-2016, this study verifies the influence of industry growth on cash holdings and analyzes the mediating effects of capital investment in different growth industries. The difference is that: (1) The growth of the industry has a significant positive impact on the level of cash holdings. The higher the industry growth, the higher the cash holding ratio. (2) Cash holdings have a competitive effect, and as the growth of the industry increases, the competitive effect of the company's cash holdings is even more pronounced. (3) Cash holdings can play a competitive role by promoting the implementation of corporate capital investment. Capital investment plays a partial intermediary role in high-growth industries. In low-growth industries, capital investment does not have an intermediary role, that is, high. The growth industry reinforces the competitive effect of cash holdings through the mediating effects of capital investment.
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