市场条件、竞争行为与公司债务期限决策

Market Conditions, Competition and Corporate Debt Maturity Decision

本文以A股制造业上市公司为研究样本,运用独立样本非参数检验及固定效应回归模型分析了市场集中度、产品差异化、产品需求波动、成本波动及季节性波动对公司债务期限决策的影响,得出结论:在市场集中度较高,产品差异化较大的行业,公司为了免受竞争对手掠夺行为的侵害,会增加长期债务的使用;当产品需求和成本出现未预期的增加时,公司会增加短期债务以进行古诺竞争;产品需求的季节性波动会促使公司增加短期债务的使用。

Corporate debt maturity decision is an important component of debt management. Firms need consider not only firm-specific characters, but also industry market conditions. This paper uses both Independent Sample Nonparametric test and Fixed-effected regression model to test hypotheses, and then draws some conclusions: debt maturity has some strategic role; in the industry with high market concentration or great product difference, firms are inclined to use more long-term debts to enforce market position so as not to be depredated by their competitors; short-term debt is positively correlated with the uncertainty of demand and cost, which reflects short-term debt is an effective financing tool used by firms to exercise Cournot competition; the seasonal fluctuation of demand would result in the increase of short-term debt.