市场集中度、资本结构与产品市场竞争力——基于制造业上市公司数据的实证研究

Market Structure,Capital Structure and Competence of Product Market——Empirical Analysis Based on the Data of Listed Companies

战略公司金融理论认为,资本结构决策会对企业的产品市场竞争力产生影响,但影响方向如何没有定论。利用中国制造业A股上市公司数据进行实证研究后发现,当市场集中度超过一定水平时,财务杠杆比率和产品市场竞争力正相关;当企业资产规模超过一定水平时,财务杠杆比率也和产品市场竞争力正相关。上市公司根据所处行业的市场集中度和自身规模进行适当的资本结构决策,可以有效提升其产品市场竞争力。

on the corporate strategic financial theory, the capital structure policy will exert an influence on the competence of product market of listed companies, However, it is unknown that increasing debt will increase or decrease the competence of product market. Utilizing the data of A - share listed company of the manufacturing industry, this paper finds that when the market concentration rate exceeds certain level, financial leverage is positive related with competence of product market, and when its scale of asset exceeds certain level, financial leverage is positive related with competence of product market too. Based on its market concentration rate and scale of its asset, enterprises can take an appropriate capital structure policy to improve its competence of product market,