掠夺效应还是治理效应：产品市场竞争提升现金持有价值的机理检验
Predatory Effect or Governance Effect: the Mechanism Test of Product Market Competition to Enhance Cash Holding Value

通过实证检验产品市场竞争对中国上市公司现金持有价值产生影响的不同作用机理，结果发现：产品市场竞争确实可以促进中国上市公司现金持有价值的提升，这种作用机理更多地来自产品市场竞争的掠夺效应而不是治理效应。进一步研究发现：掠夺效应和治理效应可以通过融资约束得到更好的区分，在融资约束公司中掠夺效应表现更为显著。揭示了中国上市公司产品市场竞争对公司现金持有价值的具体促进机制，并检验了融资约束在其中的影响。
This paper empirically tests the different mechanisms of the impact of product market competition on the cash holding value of Chinese listed companies. The study found that product market competition can indeed promote the increase in the value of cash holdings of Chinese listed companies. This mechanism of action is more due to the predatory effect of product market competition than the governance effect. Further research found that the predatory effect and the governance effect can be better differentiated by financing constraints, and the predatory effect is more significant in financing-constrained companies. With previous studies, this paper reveals the specific promotion mechanism of the market share competition of Chinese listed companies on the company's cash holding value, and examines the impact of financing constraints.