产品市场竞争与资本结构的战略决策

“有限负债效应”理论指出,企业提高财务杠杆导致了产出的增加,但很多实证研究却难以支持这一结论。本文分析了在上游企业外部规模效应较强的情况下,企业债务融资战略效应为负的理由,证明了不存在外部规模效应是债务融资战略的重要条件。企业的融资行为深受财务危机的影响,其中企业规模、产业集中度、产品专用性、R&D支出和行业前景是决定财务危机成本大小的关键变量,因此,以财务危机成本为依据进行决策,企业会自我限制债务水平。由此,企业资本结构的决策应从产品市场竞争状况去考虑,这对我国企业融资决策有重要意义。

Product Market Competition and Strategic Decision-Making of Capital Structure

The"limited liability effect"theory indicates that a firm will enhance its financial leverage which will result in an increase in its production.However,this is not consistent with the conclusion of many a positive study.The writer of this paper analyzes the negative effect of debt financing strategy under the condition that the external economies of scale of the upstream firms′ is powerful.It is indicated that the key factor of debt financing is the non-existence of external economies of scale.A firm′s financing behavior will also be impacted by financial distress,whose cost is determined by the firm′s size,industry concentration,product specialization,R&D expenditure and industry prospect.Therefore,a firm will restrain its leverage on its own when making allowance of the indirect cost of financial distress.As a result,product market competition should be taken into consideration when a firm is making its strategic decision of capital structure,which is of great significance to the financing decision-making of firms in China.