不确定条件下企业债务的战略效应研究

Study of strategic effect of corporate debt under the condition of uncertainty

以价格竞争模型为基础,研究了在产品市场存在不确定性时债务的战略效应.运用博弈论以及约束条件下优化的方法,推导出企业债务战略效应的分类模型.模型的结论表明,当需求不确定,产品价格战略替代时,行业内的企业均高负债是有利的;当成本不确定,产品价格战略互补时,行业内的企业均低负债是有利的;而当清算价值不确定时,债务不影响企业产品市场的价格决策.研究结论对于企业在不确定条件下进行债务融资决策以及竞争战略调整具有一定的参考意义.

On the basis of price competition model, the strategic effect of debt under the condition of uncertainty was analyzed. Using game theory and optimized approach, the classified models about strategic effect of debt under the condition of uncertainty were derived. The conclusion of the model showed that when uncertainty was from the market＇s demand and prices were strategic substitute, firms among industry should have higher debt level, and when uncertainty was from the firm＇s cost and prices were strategic complements, lower debt level was favorable for firms among industry. When uncertainty was from the liquidation value, debt was uncorrelated with pricing decision-making. The conclusion provided guidance for the decision of debt finance and the adjustment of competitive strategy under the condition of uncertainty .