本文以2008~2013年沪深两市主板A股上市公司为例,研究了产品市场竞争程度对企业现金流风险的影响。实证检验发现:从总体上看,产品市场竞争程度越小,企业现金流风险越大;对于市场业绩较差的企业而言,这一联动作用更加明显。加入对融资约束的考虑后发现,融资约束在产品市场竞争影响企业现金流风险的过程中发挥着调节效应,融资约束较高企业的现金流风险更加容易受到产品市场竞争的影响;同时处于低市场业绩和高融资约束竞争位势的企业,其现金流风险受到产品市场竞争程度的影响尤为强烈。本文为企业在参与市场竞争的实践中进行自身定位、识别现金流风险、采取应对措施提供了理论参考。 Taking the listed A-share listed companies in Shanghai and Shenzhen stock markets for example from 2008 to 2013 as an example, this paper studies the impact of product market competition on the cash flow risk of enterprises. The empirical test shows that, overall, the smaller the degree of product market competition, the greater the risk of cash flow; the more obvious the linkage effect is for the enterprises with poor market performance. By considering the financing constraint, it is found that the financing constraint plays a regulatory role in the process of product market competition affecting the cash flow risk of enterprises, and the cash flow risk of enterprises with higher financing constraints is more likely to be affected by the product market competition. In the meantime, Performance and high financing constrained the competitive position of the company, its cash flow risk is particularly affected by the degree of competition in the market. This article provides a theoretical reference for enterprises to position themselves in the practice of participating in market competition, identify cash flow risks and take countermeasures.