负债融资、财务杠杆和产品市场竞争关系实证研究

The Empirical Study of the Relationship among Debt Financing,Finance Lever and Competition in Product Market

在指出负债融资产生财务杠杆效应的同时,又会导致企业产品市场竞争的压力,企业应该在财务杠杆效应和产品的市场竞争之间权衡才能确定合理的负债比例。在此基础上,选取了沪、深两地上市的117个公司作为研究对象,研究结果表明:中国上市公司财务杠杆效用应用不够合理,并针对性地提出对策。

When Debt Financing generates FL, it also intensifies the competition of a company＇s products in the market. Under this environment, the company should determine the proportion of assets to liabilities on the basis of balancing the effect of LV and competition of products. Grounded on the above-mentioned viewpoints, this paper, by sampling 117 listed companies in the Shanghai and Shenzhen areas as the research subjects, draws the conclusion that currently Chinese listed companies do not utilize the FL effectively and moreover provides some corresponding countermeasures to this existing problem as well.