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中文摘要：
采用中国A股制造业上市公司1998~2011年数据,探讨制造业全行业及其细分行业下反经济周期相对价格变动现象的存在;并引入现金持有这一财务资源,比较在不同现金持有水平下企业产品市场反经济周期相对价格变动的差异。研究发现反经济周期相对价格变动现象在中国制造业中存在,而现金持有较少的企业其反经济周期相对价格变动现象更为明显。同时在不同制造业细分行业中,反经济周期相对价格变动程度有所差异,现金持有的影响也发生变化。
英文摘要：
Using the data of listed manufacturing companies in China A share markets from1998 to 2011,We first establish a regression model to explore the relationship between economic cycles and markup changes in China as special economic entity.Then we compare the markup change in different cash holding levels and further add economic conditions to make a comparison.The research finds that countercyclical markup changes exist in China business and the more cash holdings enterprises reserve,the more relative prices decline they will have.Namely,cash holdings have negative effect on corporate markup changes.In times of economic recession,this negative effect will be increased.
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