产品市场竞争、资产专用性与资本结构——来自中国制造业上市公司的经验证据

Product Market Competition, Asset Specificity and Capital Structure: Empirical Evidence from Listed Manufacturing Corporations in China

运用产业经济理论和交易费用经济学理论,以2001-2003年间沪深两地的制造业上市公司作为研究样本,本研究检验了产品市场竞争、资产专用性与公司资本结构间的关系。结果表明,在其它条件一定的情况下,随着公司产品市场竞争性的增加,财务杠杆起初会增加,但在资产专用性随着产品市场竞争增加至某一临界值后,财务杠杆会转为下降趋势。这些结论对公司经营战略的制订与实施具有重要的启示。

Based on industrial economics theory and transaction cost economics theory, the paper tests the relations among product market competition, asset specificity and capital structure with the sample of listed manufacturing companies in Shanghai and Shenzhen securities markets from 2001 and 2003. The empirical study shows that capital structure increases initially by product market competition, and when asset specificity increases beyond a critical poim, capital structure is negatively associated with product market competition. This conclusion is an important inspiration to the company＇s operating strategy.