约束(计算机辅助设计)
业务
竞赛(生物学)
现金
股票市场
货币经济学
现金流
财务
经济
机械工程
生态学
工程类
生物
古生物学
马
标识
DOI:10.1016/j.irfa.2022.102163
摘要
This study investigates the impact of market competition on corporate cash holdings. Specifically, we focus on the corporate innovation and financial constraint channels. Based on a sample of the Chinese stock market from 1998 to 2019, our empirical results show that cash holdings are negatively impacted by market competition, corporate innovation partially mediates this effect, and financial constraint exhibits full mediation. Moreover, the mediating effect of corporate innovation is moderated by financial constraints. Furthermore, the impact of market competition reveals an increasing trend as cash holdings increase with quantile regression. In addition, this impact is mitigated for state-owned enterprises, and firms with larger total assets are impacted to a lesser degree.
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