基于不同竞争战略背景下的财务政策比较——以“春兰”与“康佳”为例

Comparison of Financial Policies Based on Different Competition Strategies——A Case of“CHUNLAN”and“KONKA”

通过对产品市场竞争激烈行业上市公司财务杠杆选择的分析发现,不同公司财务杠杆的选择战略不同。如,竞争激烈行业中的春兰,选择了保守的财务政策,进行低负债战略。实证检验证明,低杠杆的财务保守行为是一种基于竞争战略的理性选择；而通过对康佳的进一步研究得出,负债战略是公司另一种基于竞争战略考虑的理性选择。

Through analyzing the choice of the listed corporation＇s financial leverage of each industry in different intensity of product market＇s competition, we can find that there is a unmatched phenomenon exists in capital market of China ： the mere heated the product market＇s competition is, the higher the listed corporation＇s financial leverage is. But it is shown empirically, in the unmating phenomenon, there also exists individual match. Chun lan, which is in the high competition industry, take the financial conservatism policy. The fact provesf,the behavior of conservatism is the choice based the strategy of competition. Through the further study of KONKA, we can learn that, the possible reason of this unmatched phenomenon is the policy of re-financing of China. At last we find, in our capital market, there are also exist the phenomenon of the lack of stock rights financing or debt financing, which states that the efficiency of capital market＇s resource disposal is low, waiting for be perfect.