Market Position and Quality of Cash Acquisition in the Core Earnings of Enterprises:Aggressive or Defensive——Based on the Analysis Perspective of Firm Strategy Type Choice
The cash acquisition quality of core profit reflects the gold content of the enterprise's own operating activities and is an important dimen-sion to evaluate the enterprise's profit quality.In order to grasp the quality of cash acquisition to core profit of Chinese listed companies as a whole and ex-plore its key influencing factors,this paper selected the sample data of China's A-share listed companies from 2000 to 2021,and studied the quality of core profit cash acquisition based on the strategic type selection under the specific market competitive position of enterprises.It is found that for enterprises with high competitive position in the market,the use of defensive strategy can further improve the quality of core profit cash acquisition,while for enterpri-ses with relatively low market competitive position,the use of offensive strategy can help break through the dilemma of low quality of core profit cash acqui-sition.Further analysis shows that trade credit financing and operation cycle are the two mechanisms for defensive strategy to strengthen the relationship be-tween market position and cash acquisition quality of core profit.This study provides theoretical and empirical support for enterprises under market position difference to adjust their strategic type to improve the cash acquisition quality of core profit,and helps to fully play the key role of cash flow from operating activities in clarifying strategic positioning,participating in market competition and improving the overall financial quality of enterprises.
Core ProfitCash Acquisition QualityStrategy TypeMarket Position
万方数据
