中文摘要：

以我国上市公司2003—2007年的数据为样本,检验了产品市场竞争、治理环境与现金持有之间的关系。研究发现当公司面临产品市场竞争带来的掠夺性风险时,会由于预防性动机增持现金;和治理环境差地区的上市公司相比,治理环境好地区的上市公司持有更多现金。进一步研究结果还显示产品市场竞争与现金持有的正相关关系在治理环境好地区的上市公司中更为明显。我们的研究结果表明产品市场竞争和治理环境对公司财务政策决策有着重要影响。

英文摘要：

Based on the data of Chinese listed companies from 2003 to 2007,the paper analyses the relationship among product market competition,governance environments and cash holdings.Our study shows when companies face predation risk caused by product market competition,they will increase cash holdings due to precautionary motive;comparing with the listed companies from poorer governance environments,the listed companies from better governance environments will hold more cash.Further research also demonstrates that the positive correlation between product market competition and cash holdings is obviously higher in the listed companies from better corporate governance environments.Our conclusion indicates that product market competition and governance environments have important impact on the company＇s financial policy decisions.