我国企业资本结构与产品市场战略的实证研究

An Empirical Study on China's Corporate Capital Structure and Product Market Strategy

本文运用多元回归模型，利用中国2002～2004年的上市公司年报数据，对企业资本结构与产品市场战略的关系进行了回归分析。结果表明，企业债务水平的升高对企业的产品市场决策起负面作用，使企业在产品市场竞争中更加保守，但这种影响并不很大。

Based on the annual data of Chinese listed companies between 2002 and 2004, we set up a multiple linear regression model to study the influence of companies＇ capital structures on their product market strategies. The conclusion is that companies＇ increased debt has unfavorable influence - even though this influence is not remarkable - on their product market strategies and makes their behaviors even more conservative in product market competition.