不确定需求下企业资本结构的选择

The Decisions of the Capital Structure under the Demand Uncertainty

企业的融资决策与其在产品市场上的经营决策是密切相关的,企业提高债务能够使其在产品市场竞争中拥有策略优势。但在不确定性需求下,需求的波动将会使企业都选择高负债的资本结构,企业陷入了提高负债的“囚徒困境”,从而使得企业破产风险增大。

There is a close relation between the capital structure and the product competition. High debt level of the enterprise results in the strategic advantage over the product competition, but under the demand uncertainty, the demand shock made all partners raise their debt level and lead them strapping into the ＂prisoner＇s dilemma＂.