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论文编号：	7451
作者编号：	2120132383
上传时间：	2015/6/9 23:55:09
中文题目：	现金持有、竞争战略与企业价值——来自深沪A板上市公司的实证研究
英文题目：	The Effects of Cash Holdings and Competitive Strategy on Corporate Value: Empirical Evidence of China’s Shanghai and Shenzhen A-share Continued Listed Companies
指导老师：	程新生
中文关键字：	现金持有比率；企业价值；差异化战略；低成本战略
英文关键字：	cash holdings；corporate value；differentiation strategy；overall cost leadership
中文摘要：	公司现金持有量反映公司财务政策和经营战略，现金持有关乎筹资、投资、经营等各方面的财务政策，现金管理为公司运营过程中提供一定的灵活性，保障公司及时应对所面临的内部和外部变化，在公司流动性资产管理中尤为重要。近些年来，中国上市公司现金持有比率持续增加，现金持有比率均值自2007年至2013年基本维持在15%至20%，高比率的现金持有与以往“现金持有是资源浪费”的理论相悖。据此，学者开始关注现金持有比率持续增长产生的原因，采用案例、实证等方式探究持续增长的现金持有比例对企业价值的影响。自1936年凯恩斯的货币需求理论的提出，现金持有的研究得到学者的持续关注，从经济学角度来看，现金持有相关理论包括权衡理论、预防动机理论、规模经济假说、融资优序理论、代理理论、自由现金流量理论等；从组织行为学等其他角度来看，现金持有相关理论包括战略价值假说、制度环境假说等。可以看出整个研究过程中，学者从原先的财务特征扩展至公司治理层面、市场竞争层面等内部、外部层面，现金持有的研究范围得到扩展。目前，现金持有的研究包括影响现金持有的因素和现金持有价值两个方面。从公司角度出发，提高现金持有价值是现金持有决策的最终目的，只有了解现金持有量对企业价值的影响，才可以通过影响现金持有量的因素来调节现金持有，以使得现金持有量达到最优，实现企业价值最大化。但从目前研究现状来看，针对不同的角度进行研究，所得出的现金持有价值结论不尽相同。企业在制定竞争战略时，分别对公司内部资源和外部环境进行分析，以制定符合企业发展阶段的竞争战略，从而获得持续的竞争优势，增加企业价值。企业的竞争战略影响其在产品市场的竞争地位，学者研究表明产品市场竞争将有效地降低代理成本，提高企业运营效率，现金持有具有增强市场地位、提高市场份额的战略价值效应，即随着现金持有量的增加，企业的市场业绩也将呈现增加的趋势，并最终增加企业价值。但基本竞争战略如何影响现金持有价值的研究较少，本文将从差异化战略和低成本战略两个基本战略去探讨企业竞争战略对现金持有价值的影响。因此本文以2007年至2013年沪、深A股主板的上市公司的面板数据为研究样本，回顾现金持有、竞争战略和企业价值的相关文献，以经济学理论、行为学理论、公司竞争战略等多个角度综合探究现金持有对企业价值的影响，并在此基础上添加基本竞争战略这一外部因素，利用主成分分析构建反映公司差异化和低成本竞争战略的主成分，考察基本竞争战略的实施对现金持有价值的影响。本文通过实证结果表明，第一，现金持有量的增加对公司价值有正向影响。现金持有的增加有利于企业价值的增加。第二，当公司执行差异化竞争战略时，现金持有与企业价值的正相关关系得到加强，即随着差异化竞争优势的程度加深，现金持有的增加将更有利于企业价值的增加。第三，当公司为低成本竞争战略时，现金持有与企业价值的正相关关系得到加强，即随着低成本竞争优势的程度加深，现金持有的增加将更有利于企业价值的增加。第四，差异化战略对现金持有价值的强化作用比低成本战略对现金持有价值的强化作用更显著。本文结论完善现金持有价值领域的理论认识和作用机制，丰富现金持有价值领域的相关文献，并为企业进行战略和现金管理决策提供一定的借鉴。
英文摘要：	In recent, the firms have emphasized the advantage of maintaining high ratio of cash holdings which provide flexibility to the operation of the company, so that they can immediately deal with the internal or external changes without the risk. Cash holdings which are closely related to financing, investment and management reflect the company's financial policies and business strategies. In recent, the cash ratios of the China's listed companies increase, and the mean ratios of cash holdings from 2007 to 2013 maintain at 15% to 20%. This situation is inconsistent with the theory that the better financial policy is the company holds less cash. Since the Keynes's theory of money demand put forward, economists began to focus on cash holdings research. From the perspectives of economics, the theories include trade-off theory, scale economy theory, pecking order theory, agency theory, and free cash flow theory. From other angles, the theories include strategic value hypothesis, hypothesis of system environment and so on. At present, the research of cash holdings includes the influencing factors of cash holdings and the value of cash holdings. The ultimate goal of cash holding decision is to increase the value of cash holdings. Only understanding the impact of cash holdings to the enterprise value, the company can adjust the influencing factors to achieve the optimal cash holdings and maximize enterprise value. But from the existing literature, different views to study turn out to different conclusions. When the company formulates competitive strategy, it will analyze the internal and external resources. As we know, competitive strategy affects its competitive position in product market and the competition reduces the agent cost effectively. Cash holdings can strengthen market position and present the strategic value. In this case, this thesis will analyze the effects of the differentiation strategy and low cost strategy to the value of cash holdings. In order to study the relationships between cash holdings, competitive strategy and corporate value, this thesis selects the 2007-2013 China's Shanghai and Shenzhen A-share continued listed companies as the samples through theoretical analysis and empirical research to figure out the relationship. Firstly, we analyze cash holdings have positive influence on the firm value. Secondly, the interaction of cash holdings with the differentiation strategy and overall cost leadership strengths the positive influence of the cash value. At last, the strengthening effects of company engaging in differentiation are more significant than the effects of company engaging in overall cost leadership. This paper gives a comprehensive understanding of the impact of cashing holding on corporate value. Further, the conclusions emphasized on strengthening the importance of competitive strategy on the cash holding policy.
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