%0 Journal Article
%T The Impact of Predation Risk on the Marginal Value of Cash Holdings: An Empirical Perspective
%A Xinbao Yang
%A Jiguang Zheng
%J Journal of Financial Risk Management
%P 150-162
%@ 2167-9541
%D 2017
%I Scientific Research Publishing
%R 10.4236/jfrm.2017.62012
%X As an important external governance mechanism, product market competition has considerable impact on the marginal value of a company¡¯s cash holdings in various aspects. This paper examines the impact of predatory risk on the marginal value of cash holdings in product market by sampling Chinese A-share listed companies from 2000 to 2013. It shows that the predation risk in the product market increases the marginal value of cash holdings by 0.2 Yuan.
%K Predation Risk
%K Stock Excess Returns
%K Marginal Value
%K Cash Holdings
%U http://www.scirp.org/journal/PaperInformation.aspx?PaperID=76958