中文摘要：

以产业组织、公司财务和公司治理理论为基础,利用不同数据窗口下中国制造业上市公司的平衡面板数据,采用固定效应模型和广义最小二乘法分析产品市场竞争和高管变更与现金持有之间的长期关系。研究结果表明,相对于产品市场竞争的治理效应,产品市场上的掠夺风险对现金持有的影响占主导地位,使公司的现金持有随产品市场竞争程度的增加而呈现上升的趋势,但是当公司发生高管变更时,产品市场竞争对现金持有的影响更多地凸显为代理成本动机下的现金减持行为;高管变更在一定程度上对变更后续年度产品市场竞争与现金持有之间的关系具有显著的调节作用,使产品市场上掠夺风险对现金的正向影响减弱,公司的现金持有相应呈现降低的趋势。实践表明,有序的市场竞争、完善的经理人市场以及公司内部有效的治理机制对公司制定科学的财务决策具有重要的意义。

英文摘要：

Based on industrial organization,corporate finance and corporate governance theory,this paper discusses the long-term relationship between product market competition,management turnover and cash holdings using the balanced panel data of Chinese listed companies in the manufacturing industry.The results show that intense market competition leads to the increasing cash holdings with the precaution motive.However,when management turnover occurs,behaviors of cash holdings are decreased in the firms because of high level of competition in industry with the agency cost motive.Moreover,management turnover has the significant moderating effect on the relationship between product market competition and cash holdings,which can weaken the positive effect of predation risk on cash holdings after management turnover.These evidences suggest that orderly competition,developed manager market,and effective internal governance mechanisms have great significance in making the scientific financial decisions.