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论文编号：	9355
作者编号：	2120152471
上传时间：	2017/6/20 17:19:21
中文题目：	中国上市公司现金持有竞争效应研究
英文题目：	The Study on the Competitive Effects of Cash Holdings in Chinese Listed Companies
指导老师：	张晓农
中文关键字：	现金持有竞争效应；行业周期；五年规划
英文关键字：	cash holdings’ competitive effect; industry growth;The Five-Year Plan
中文摘要：	Keynes在《就业、利息和货币通论》一书中首次提出了公司持现行为的三大动机：交易性动机，预防性动机和投机性动机。在Keynes之后，学者们从不同角度对持现行为做了进一步的理论拓展。当前，对于公司持现行为的研究已经结合产业经济学等相关交叉学科的理论，多视角地考察现金持有及其经济后果。本文采用2006到2015年全部上市A股的年度数据为样本，通过实证分析发现，公司持有的现金水平会对其市场竞争地位的产生影响，并且公司投资在此影响路径中发挥部分中介效应。本文引入行业周期变量，仍以投资角度考察在行业不同周期，公司的持现行为带来的市场竞争效应的不同，并将融资约束作为控制变量考虑。实证研究发现在高成长期行业的公司，其现金持有竞争效应能得到更大的展现。考虑到中国宏观产业政策的影响，本文结合“五年规划”中重点支持的政策内容，进一步对行业发展对公司持现行为竞争效应的作用进行分析。通过实证研究发现，公司所处的行业在受到产业政策支持时，会增强其持现比例带来的竞争效应。但是这种促进作用会随着行业自身发展潜力的提升而降低，产业政策在其中发挥了调节作用。基于以上研究结论，本文得出以下两点启示和建议：一方面，对于公司而言，在制定战略时，应该结合其所在行业的发展阶段，合理调整拥有的现金规模和比例。同时，公司的掌舵人不仅需着眼于内部环境，也要密切关注宏观政策走向，结合宏观政策和行业特征识别市场竞争中瞬息万变的投机机遇，并通过合理配备流动性资产来抓住机会，从而巩固或提升其在产品市场上的竞争地位。另一方面，由于政策制定要承担着保就业和促增长的双重责任，同时由于信 息不对称和不合理政策的存在，可能会出现产业政策的支持和行业周期的“错配”。对于实际上已经处于衰退期的产业进行扶持会拖累整个经济的可持续发展。所以政策制定者应该充分调研和分析各行业自身发展的实际情况以及行业发展的内在规律，保证有效的推动中国的产业结构优化调整和转型升级。
英文摘要：	Keynes summarized the motivation of cash holdings in The General Theory of Employment, Interest and Money, which included transaction motive, precautionary motive and speculative motive. Based on his theory, many scholars have studied further. The research of cash holdings has combined the theory of industrial economics and other related theory and from various angles. Using the data of Chinese A-share listed companies from 2006 to 2015 as samples, this paper found that cash holdings has significantly positive influence on corporate cash holdings’ competitive effect and capital investment shows an intermediate effect in the realization process. In order to explain further, this paper put industry growth into consideration. Considering the industry's future investment opportunities, this paper found that industry growth can cause directly positive influence on corporate cash holdings’ competitive effect. After the front analysis, the paper study the correlation among industry policy, industry growth and corporate cash holdings’ competitive effect. As an application of political level, this paper found that the support from industry policy causes the change of companies' development opportunity and enhances the motivation of corporate cash holdings and its competitive effect. With the increase of industry growth, the effect of industry policy is diminished. Industry policy plays the adjustment effect in the correlation between industry growth and corporate cash holdings’ competitive effect. Based on the above results, this paper can conclude the following revelations. On the one hand, company should take its industry characteristics and macro policy into consideration when it makes strategy. Company should keep a reasonable level of cash holdings to seize the opportunities and continually enhance and strengthen its product competitive advantage. On the other hand, Chinese industry policy constantly takes the responsibilities of economy development and employment. So corruption and the lack of information may cause the mismatch between industry policy and industry growth .It may drag the industry down. Hence, when government set policy, industry's developing capacity and inner law should be underlined to make sure an effective and continual modification and upgrade of China's industry structure.
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