资本结构与产品市场竞争互动关系研究

Study on Interactive Relationship between Capital Structure and Product Market Competition

从产品市场竞争视角研究企业融资行为和资本结构,是公司财务理论和产业组织理论的交叉性课题。本文研究资本结构与产品市场竞争的相互关系,得出基本结论:企业的资本结构与产品市场竞争程度负相关,企业所在行业的产品市场竞争越激烈,就越倾向于选择低负债率的资本结构;产品市场在位企业的高财务杠杆减弱市场竞争,低财务杠杆则会增强市场竞争。

From the perspective of product market competition, the writer in this article studied the financing activities and capital structure, which is the cross subject of financial theory and industrial organization theory. By studying the interrelationship between capital structure and product market competition, it＇ s concluded that there is negative correlation between the two. The fiercer the market competition, the more inclined to select capital structure with low ratio of debt; high financial leverage of the firm will weaken its market competition. On the contrary, low financial leverage will increase the market competition.