产品市场竞争程度对企业融资行为的影响

The Effect of Product Market Competition on Capital Structure

许多研究表明我国上市公司存在较强的股权融资偏好。国内学者根据代理理论认为股权融资过多的企业未能充分利用财务杠杆而使企业绩效下降,而本文主要从产品市场竞争对资本结构影响这一角度来研究上市公司的融资行为。研究发现,上市公司的股权融资偏好和上市公司治理结构不完善、代理问题严重等体制和政策因素有关,但是,激烈的产品市场竞争也是导致企业采用低财务杠杆的重要原因,而且由于这一原因而导致的财务保守行为是合理的,它是企业为避免财务风险提高产品市场竞争能力而采取的战略行为。

It is well known that Chinese listed companies strongly prefer equity financing. The academe thought that listed companies with lower financial leverage didn＇t utilize financial leverage so sufficiently that their economic performance was affected negatively. This paper would research the financing behavior of listed companies from a perspective of the effect of product market competition on capital structure. With theoretical a- nalysis and empirical test we think that listed companies prefer equity financing partly because there are agency problems and corporate governance is not perfect in listed compenies. However, more importantly drastic product market competition makes firms with lower financial leverage, and under this circumstance firms will benefit from lower leverage, which makes a firm have the ability to navigate effectively withtin its competitive environmeat.