战略竞争、股权融资约束与高负债融资抉择

Strategic Competition,Equity Financing Constraint and High Leverage

本文基于产品市场竞争环境下，企业需要投资扩张更新换代产品或者达到规模经济，但面临股权融资约束的情况，建立多期模型，分析高负债融资的权衡因素。模型表明，企业权衡的是放弃举债融资造成投资不足带来的竞争地位损失、企业价值下降，与举债融资以保持足额投资，但可能增加财务危机概率的风险，而不是传统资本结构权衡理论认为的税盾与财务危机成本的权衡。模型进一步证明，在产品生命周期短，更新换代快以及规模效应明显的情况下，企业会倾向于将保持足额投资放在首位，而舍弃资本结构的安全性。

There are many companies with radical financing behavior in highly competitive industries. High leverage is a key reason for bankruptcy, but why do these companies choose such a strategy？ In other words, what is the motivation for choosing high leverage？ This paper focuses on the business conditions in China, especially the constraints on equity financing and competition in the product markets. We try to demonstrate the necessity and rationality for companies to choose high leverage in that kind of situation. We prove that it is rational for the management to engage in heavy investment in expense of a dangerous capital structure when a company faces financing constraint and the product lifecycle is very short or the economy of scale is strong.