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基于企业行业竞争对手的视角,实证证实了现金持有威慑效应的存在性,以及部分通过抑制企业投资支出的中介渠道进而影响企业产品市场业绩。多元化经营调节效应的拓展分析显示,在更为纯净的专业化经营企业样本中,竞争对手现金持有威慑效应更为显著;多元化经营弱化了竞争对手现金持有的威慑效应,使得其对企业投资的抑制作用下降,进而降低了其对企业产品市场业绩的负向影响。该研究深化了现金持有“竞争效应”的相关实证研究,同时为理解企业多元化经营动机及其经济后果提供了一个全新的视角。
Based on the perspectives of competitors in the industry, the empirical evidence confirms the existence of the deterrent effect of cash holdings and partly affects the performance of the enterprise’s product markets through intermediary channels that inhibit the investment spending of enterprises. The expansion analysis of diversification regulation shows that in a purer sample of specialized operation enterprises, the deterrent effect of cash holdings by competitors is more significant; diversification weakens the deterrent effect of rival cash holdings, Inhibition of the decline in corporate investment, thereby reducing its negative impact on the performance of enterprise products market. This research deepens the relevant empirical research on cash holding “competition effect ”, and provides a brand new perspective for understanding the motivation of diversification and its economic consequences.