现金持有能激励产品竞争优势吗?——基于内部控制的中介效应分析
摘要
现有关于现金持有经济后果的文献较少涉及产品竞争优势与实现产品竞争优势的具体路径等企业战略问题。文章以2009—2016年我国A股市场上市公司作为研究样本,采用标准的Sobel中介效应检验方法,实证检验了现金持有对产品竞争优势的激励效应以及具体实现路径。研究发现,现金持有决策能够产生积极的战略效应,即现金持有决策有助于企业获得产品竞争优势,同时,采取现金持有决策的企业会通过改善自身的内部控制以实现在激烈的产品竞争中获取竞争优势,这表明内部控制于其中发挥了重要的中介作用。进一步研究发现,中介效应的显现存在一定的地域分布规律,且占领R&D项目份额是企业制定现金持有决策的重要动机。本研究为财务决策、内部控制与企业战略间的关联性提供了理论依据与经验证据。
引文
[1]连玉君,常亮,苏治.供需不确定性、市场竞争与现金持有:来自中国上市公司的经验证据[J].南方经济,2009(1):11-13.
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[3]DROBETZ W,GR U咬NINGER M C,HIRSCHVOGLS.Information asymmetry and the value of cash[J].Journal of Banking and Finance,2010(34):2168-2184.
[4]杨兴全,吴昊旻,曾义.公司治理与现金持有竞争效应:基于资本投资中介效应的实证研究[J].中国工业经济,2015(1):121-133.
[5]PINKOWITZ L,STULZ R,WILLIAMSON R.Does the contribution of corporate cash holdings and dividends to firm value depend on governance?Across-country analysis[J].Journal of Finance,2006(61):2725-2751.
[6]HAUSHALTER D S KLASA,MAXWELL W F.The influence of product market dynamics on a firm's cash holdings and hedging behavior[J].Journal of Financial Economics,2007,84(3):729-825.
[7]FRESARD L.Financial strength and product market behavior:the real effects of corporate cash holdings[J].Journal of Finance,2010,65(3):1097-1122.
[8]王福胜,宋海旭.终极控制人、多元化战略与现金持有水平[J].管理世界,2012(7):124-136.
[9]MASULIS R W,WANG C,XIE F.Agency problems at dual-class companies[J].Journal of Finance,2009,64(4):1697-1727.
[10]BARON R M,KENNY D A.The moderator-mediator variable distinction in social psychological research;conceptual,strategic,and statistical considerations[J].Journal of Personality and Social Psychology,1986(51):1173-1182.
[2]KALCHEVA I,LINS KV.International evidence on cash holdings and expected managerial agency problems[J].Review of Financial Studies,2007(20):1087-1112.
[3]DROBETZ W,GR U咬NINGER M C,HIRSCHVOGLS.Information asymmetry and the value of cash[J].Journal of Banking and Finance,2010(34):2168-2184.
[4]杨兴全,吴昊旻,曾义.公司治理与现金持有竞争效应:基于资本投资中介效应的实证研究[J].中国工业经济,2015(1):121-133.
[5]PINKOWITZ L,STULZ R,WILLIAMSON R.Does the contribution of corporate cash holdings and dividends to firm value depend on governance?Across-country analysis[J].Journal of Finance,2006(61):2725-2751.
[6]HAUSHALTER D S KLASA,MAXWELL W F.The influence of product market dynamics on a firm's cash holdings and hedging behavior[J].Journal of Financial Economics,2007,84(3):729-825.
[7]FRESARD L.Financial strength and product market behavior:the real effects of corporate cash holdings[J].Journal of Finance,2010,65(3):1097-1122.
[8]王福胜,宋海旭.终极控制人、多元化战略与现金持有水平[J].管理世界,2012(7):124-136.
[9]MASULIS R W,WANG C,XIE F.Agency problems at dual-class companies[J].Journal of Finance,2009,64(4):1697-1727.
[10]BARON R M,KENNY D A.The moderator-mediator variable distinction in social psychological research;conceptual,strategic,and statistical considerations[J].Journal of Personality and Social Psychology,1986(51):1173-1182.