负债融资、财务杠杆效应与产品市场竞争

Debt financing,Financial Leverage Effect and Competition in Product Market

负债融资产生财务杠杆效应的同时,又会导致企业产品市场竞争的压力,企业在财务杠杆效应与产品市场竞争之间权衡的基础上才能确定合理的负债融资比例。经验分析表明:我国上市公司存在财务杠杆或财务杠杆效应运用不合理的特征。

Debt financing brings forward financial leverage effect; also, it results in the competition pressure in product market. Reasonable proportion of debt financing must be set on the basis of the balance between financial leverage effect and the competition in product market. The analysis indicates that there are unreasonal characteristics in the use of debt financing proportion or financial leverage effect in listed corporates of China.