寡头企业资本结构选择——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,会受到"有限责任效应"和破产成本的双重制约。企业对负债水平的选择,实际上是对这两种相互对立的制约因素的权衡。利用一个典型的两阶段古诺博弈模型可以证明: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,企业形成了"最优资本结构"。

Choice of Capital Structure of Oligarchic Enterprises——Model of Bankruptcy Cost

From the perspective of stratedy,the capital structure of oligarchic enterprise has important linkage with the product market and is restricted by "the limited liability effect" and the bankruptcy costs.When choosing its debt level,what the firm does is to balance the two conflicting factors.Based on a typical two-stage Cournot model,this article argues that the total value of the oligopoly increases at first and decreases later companying with the debt level increasing.At the turning point,the firm reaches "optimal capital structure".