资本结构与产品市场竞争强度

资本结构与产品市场竞争之间的关系 ,涉及公司金融学和产业经济学两个过去不相关的学术领域。本文对此提出了一个理论假设并建立了相关的经济模型 ,目的是检验企业的资本结构决策与其在产品市场上的竞争战略之间的关系。理论分析表明 ,企业的资本结构选择作为企业向市场发出的一项承诺 ,它向行业内的其他企业表示企业的竞争行为将更加强硬或更加温和 ,即它具有显著的信号发送功能 ,同时能够产生战略效应。企业的资本结构与其所在的产品市场上的竞争强度之间具有显著的正相关关系。我们以深、沪两地的上市公司为例进行的实证研究有效地支持了我们上述的假设。这对企业经营战略的制订与实施具有重要的启示。

Capital Structure and Competition in Product Market

In the past years, the relation between capital structure and competition among firms in product markets relates to two different science fields, that is of Corporate Finance and Industrial Organization. The paper puts forward a theoretical hypothesis, and develops a model related to test this relation. Our theoretical analysis shows that the decision of capital structure, being a firm's promise to market, indicate to other firms that its competitive action will be even tough or soft, that it performs an important function to send signals to outside, meanwhile, it could produce strategic effects. Firm's capital structure is significantly and positively related to the competitive degree of the firms in output market, and the empirical tests, using the data of listed firms in Shanghai and Shenzhen capital markets, support our theoretical analysis' predications, which has great enlightenment to firms in their decision making.