经济周期波动视角下现金持有在企业产品市场定价中的竞争效应研究

现金储备支撑企业价格策略,产品价格相对成本的变化是价格决策的重要方面,影响企业产品市场竞争表现,因此本文利用制造业上市公司数据,重点研究现金持有对相对价格竞争行为及相对价格变动在产品市场竞争中发挥的作用,以及这种作用程度在经济不同时期是否有所差别,最后依据相对价格变动的中介效应研究现金持有影响产品市场竞争绩效的作用路径。研究结果表明,企业现金持有越充足,其在产品市场上价格相对成本而言下降的可能性和幅度也更大,进而为企业在产品市场上带来的竞争优势就越明显,但在经济周期不同阶段,作用程度不同。同时企业的价格竞争行为是现金持有支持企业获取竞争绩效的一种路径。本文的研究丰富了现有文献,为我国上市公司增强竞争力提供了一定的理论和实证依据。

Gaussian Affine Term Structure Model of Interest Rate Based on MCS Approach

Cash holdings support enterprises' rate war. Changing product markup is an important aspect in pricing decision and affects enterprises' competitive performance. This paper focuses on the roles of cash holdings on markup changes and the role of markup changes on product market competition using the manufacturing listed companies. Meanwhile, how much the effect differs between economic contractions and expansions is tested. Finally Causal-Steps is applied to further verify the path that cash holdings may affect markup changes first, and then markup changes act on product market competition. It is found that firms with rich cash holdings are more likely to lower their product markup and then achieve better performance. But the effect is not constant across the business cycle. Moreover, markup changes play an intermediary effect in the process of cash's affecting firm performance. That is, cash holdings can support enterprises' competitive performance by price competition. This paper enriches the existing literature and puts forward valuable theoretical and empirical reference to improve the competitiveness of Chinese enterprises.