债务融资结构与产品市场竞争决策研究

The Structure of Debt Financing and Strategy of Product Market Competition

资本结构的产品市场竞争理论认为,在特定竞争模型下债务融资结构能够反映企业的产品市场竞争策略,并认为短期债务增加加剧了产品市场竞争,长期债务缓和产品市场竞争。进一步的实证分析得到短期债务融资与产品市场竞争程度是显著负相关的,长期债务融资与产品市场竞争程度是显著正相关的,能够支持产品市场竞争理论。同时,数据分析发现,企业规模小、资产利用效率高和收益好也是促使企业采取激进竞争手段的影响因素。

The theory of product market competition considers the structure of debt financing can show the corporate product market strategy in certain competition model and the change of debt financing can affect the market occupancy and corporate value.The short debt can prompt the competition and the long debt can relax the competition.The empirical analysis supports this conclusion.At the same time,data shows that the size of asset,efficiency of asset and the capacities of earning are also important factors of deciding corporate competition strategy.