竞争战略、资本结构与企业业绩

Competition Strategy, Capital Structure and Corporate Performance

文章认为,对于竞争性行业和垄断性行业的资本结构与企业业绩的相关性,可以尝试从不同的理论出发点来解释,对于竞争性行业而言,其保守的财务政策(低负债率)可能是基于行业竞争程度、资本市场条件以及企业竞争战略的理性商业选择,不一定是以往学者从代理问题出发得出的股权融资偏好。我国监管机构基于抑制股权融资偏好行为而制定的一系列股权融资约束似乎并未考虑到行业竞争程度的不同,这种资本市场的配置低效率使得我国上市公司面临着过度监管和监管不足并存的现象。

From the viewpoint of competition in product market, it analyses the correlation between capital structure and corporate performance in different kinds of product market. It also tries to explain the correlation in different industries by different kinds of theories. The results show that for companies in competitive industry, their conservative financial policy may be a rational choice that can be explained by the competition in product market, capital market conditions and competitive strategy.