产品市场竞争策略和公司负债融资决策

本文研究中国各行业上市公司产品市场竞争策略效应以及它与公司负债的关系。经验研究结果发现上市公司在大部分行业偏向采取策略性替代的竞争策略，公司的产品市场竞争策略与负债存在相互决定关系。从总体和高负债水平样本来看，两者存在显著为正的关系，产品市场竞争策略程度会显著增加公司资产负债和长期负债水平；所增加的负债水平会强化产品市场竞争策略程度，负债具有掠夺效应功能。而对于较低资产负债率水平样本来说，两者存在显著为负的关系，负债具备有限责任效应；较低长期负债率水平样本不存在两者互动关系和负债战略功能。研究结果为企业负债融资和经营决策提供有利的借鉴。

The Relationship between the Competitive Strategy in Product Market and Financing Decision

This article analyses the effects of the competition strategy in the product-market of the Chinese listed companies and the relationship between the financing decision and competition strategy in product-market.Empirical results show that listed companies in China are generally in favor of strategic substitutes.And for all the listed companies and the higher-debt companies,the results indicate that there is a positive relationship between the competitive strategy measure and long-term-debt or leverage,indicating that the degree of product market competition strategy will significantly increase the level of debt,which will in turn strengthen the degree of competition strategy in product-market.And this result supports the hypothesis of the predatory effects of debt.But for companies of lower assets-liabilities ratio,there is a positive relationship between the competitive strategy measure and leverage,which supports the hypothesis of the limited liability effect of debt.However,for the lower long-term-debt,there is no relationship between them.These results provide some favorable advices for companies.