债务融资行为对产品市场竞争的影响——内部资本市场作用下的分析

Influences of Debt Financing on the Competition in Product Market:When the Internal Capital Market Works

首先采用因子分析法提取出企业业绩和应收占用两类表征企业产品市场竞争状况的因子,然后引入内部资本市场特征变量,实证分析内部资本市场作用条件下债务融资行为对企业产品市场竞争的具体影响。研究表明:短期债务融资仅影响以应收占用表征的产品市场竞争行为变量,长期债务融资和结算债务融资对业绩表征和应收占用表征的产品市场竞争行为变量均有影响,内部资本市场的存在,降低了企业债务融资对产品市场竞争行为变量的影响程度。

By factor analysis method, two factors about the performance and the accounts receivable are adopted to be proxy variables of product-market competition. By incorporating with the variables of internal capital market, we make an empirical study on the influences of debt financing on the product-market competition when the internal capital market works. The results show：Short-term debt financing only affect the variable of the accounts payable which depict the product market behavior, however, Long-term debt financing and financing from commercial accounts will influence two proxy variables of the performance and the accounts receivable. The internal capital market weakens the influences of debt financing on the prOduct-market competition.