中文摘要：

本文从行业竞争程度和企业竞争地位双重视角探究产品市场竞争可能导致的掠夺效应对企业现金流风险的影响。理论分析发现：在行业竞争程度较大的环境下。由于其他竞争者的制约．掠夺效应对现金流风险的影响较小．但在行业竞争程度较小的行业中．掠夺效应对企业现金流风险影响的深度和广度反而更大。而企业竞争地位对企业现金流风险的影响体现在对行业竞争带来的掠夺效应的放大作用。由行业竞争程度决定的非排斥性竞争行为的掠夺效应与由企业竞争地位决定的掠夺性定价和其他非价格垄断行为的掠夺效应会产生叠加作用，使得企业现金流的波动更加强烈。特别地，竞争地位较低的企业由于面临市场信息壁垒．其现金流风险受到行业竞争的影响尤为强烈。本文对2008--2013年沪深两市全部A股上市公司面板数据的检验结果支持了上述结论。

英文摘要：

Based on the predatory effect of enterprises in the product market, this paper attempts to analyze the impact of product market competition on corporate cash flow risk from the dual perspective of competition degree of industry and competitive position of enterprises. Theoretical analysis finds that： in the industry environment with greater degree of competition, predatory effect makes a slight influence on cash flow risk due to the restriction from other competitors in the industry. As for the industry of less degree of competition, predatory effect shows a strong impact on corporate cash flow risk in depth and breadth. The competitive position of enterprise influences corporate cash flow risk by enlarging and moderating the predatory effect from competition degree of industry. There is an addictive effect between the predatory effect from non-exclusion competitive behavior decided by the competition degree of industry and the one from predatory pricing and other non-price monopolistic behavior decided by the competitive position of enterprises, which makes the corporate cash flow risk fluctuate more intensely. Specifically, as a result of the function of market information barriers, the cash flow risk of the enterprises in lower competitive position suffers a particularly intense impact from competition degree of industry. The empirical results of panel data of Chinese listed companies during 2008--2013 support the conclusions above.