The stable output of cash flow is an important indicator to measure the business conditions of enterprises, and it is also an important guarantee for promoting the growth of enterprises and improving market competitiveness. This paper takes China's A stock as a sample, introduces the degree of product market competition as the adjustment variable, and focuses on the social capital's influence on the company's cash flow risk. The empirical test found that the greater the corporate finance,

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... cal and social capital, the smaller the cash flow risk; the degree of product market competition plays a negative regulatory effect in the process of corporate social capital affecting cash flow risk.