产品市场竞争程度与上市公司资本结构决策

通过对由赫芬达尔指数、行业内企业数量和行业主营业务利润率反映的市场竞争程度与资本结构的关系的实证研究,发现市场结构中垄断势力越强,企业的融资结构相对较低,企业的筹资决策也相对保守.实证研究验证了市场竞争程度与企业融资结构之间存在着显著的正相关关系.在实践领域,随着企业改革的纵深推进,产品市场竞争日趋激烈,企业的融资结构决策必须要综合考虑企业所处行业的市场结构,并与企业的竞争战略相结合,从而获得资本结构上的竞争优势.

Product Market Competition and Capital Structure Decision-Making of Listed Companies

Through empirical studies on the relations between the level of market competition and capital structure, which reflected by Herfindal Index, quantities of enterprise in the line and business profit margin, the author found that the stronger monopoly in the market structure, the lower financial structure of the enterprises, and their financing decisionmaking was relatively conservative. The research validated that there was obvious positive correlativity between market competition and financing structure of en- terprises. In practice, with the deepening of enterprises reform, as well as the increasing fury of market competition, the financing structure decision - making should comprehensively consider the market structure and combine with competitive strategies to achieve the competitive advantages in capital structure.