债务来源与产品市场竞争——基于国有控股上市公司和非国有控股上市公司的比较

Debt Source and Product Market Competition——Based on the Comparison between State Controlled Listed Companies and Non-State Controlled Listed Companies

本文以我国上市公司为研究背景,对债务来源与产品市场竞争的双向互动关系进行了实证检验,检验结果表明:银行借款和商业信用对上市公司的产品市场竞争强度均有负面影响,并且商业信用对产品市场竞争强度的负面影响程度明显大于银行借款;而银行借款和商业信用对非国有控股上市公司产品市场竞争强度的负面影响程度又明显大于国有控股上市公司。此外,上市公司的产品市场竞争强度对其债务来源选择也有一定的影响。

This paper takes Chinese listed companies as research objects, and tests the bidirectional relationships between companies debt sources and their product market competition. The test results indicate that both companies＇ bank loan ratio and their commercial credit ratio have notable negative effects on their product market competition intensity, the commercial credit ratio has more serious negative effects on their product market competition intensity than the bank loan ratio, and both these two effects are more serious for non-state controlled listed companies than for state controlled listed companies. In addition, product market competition intensity also has notable effects on companies＇ debt source selections.