产品市场对寡头企业资本结构的影响——考虑破产成本的模型

从战略角度看,寡头企业的资本结构与产品市场密切相关,受到"有限责任效应"和破产成本效应的双重制约。企业对负债水平的选择实际是对这两种相互对立的制约因素的权衡。本文以一个典型的两阶段古诺博弈模型证明了,随着负债水平由低到高,企业的整体价值先升后降;在拐点处,企业实现了"最优资本结构"。

The Influence to an Oligopoly's Capital Structure from the Products Market: A Model Including Bankruptcy Cost

In the strategic sight, the capital structure of an oligopoly is relevant to the products market and is restricted by "the limited liability effect" and the bankruptcy costs effect. When choosing its debt level, what the firm do is to balance the two conflicting effects. Based on a typical two-stage Cournot model, we argue that the total value of the oligopoly increases at first and decreases later companied by the increasing debt level. At the turning point, the firm reaches "optimal capital structure".