As an important external governance mechanism, product market competition\nhas considerable impact on the marginal value of a company�s cash holdings\nin various aspects. This paper examines the impact of predatory risk on\nthe marginal value of cash holdings in product market by sampling Chinese\nA-share listed companies from 2000 to 2013. It shows that the predation risk\nin the product market increases the marginal value of cash holdings by 0.2\nYuan.
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