战略差异如何影响公司现金持有

以2007—2015年全部A股上市公司为样本，结合企业竞争地位，考察企业战略差异对企业现金持有的影响。研究发现：企业战略差异度与现金持有水平正相关，企业竞争地位能够削弱两者正相关关系。进一步检验发现：企业战略差异增加了融资约束、企业风险及创新投资，进而导致企业现金持有水平提高；企业战略差异提高了现金持有竞争效应，但竞争地位高的企业不显著。研究表明，企业战略差异是现金持有的重要影响因素之一，研究结论能够为企业管理层制定现金持有策略、进行企业战略选择以获取竞争优势提供参考。

How does Strategic Deviance Affect Corporate Cash Holdings

Using data of A-share listed firms in China from 2007 to 2015 as samples,combined with the firms' competition position,this paper examines the impact of firms' strategic deviance on firms' cash holdings. The research shows that:strategic deviance is positively related to firms' cash holdings level. Firms' competitive position can weaken the positively relationship. The further test shows that:the higher strategic deviance can enhance firms' financing constraints,increase firms' risk and innovation investment,thus promote firms' cash holdings level. Strategic deviance can enhance corporate cash holdings' competitive effect,but such effect will be not significantly in higher competitive position firms. This study shows that the degree of strategic deviance is one of the important influence factors of corporate cash holdings,and the research can provide reference for firms' management to make cash holding strategy and choice corporate strategy to gain competitive advantage.