论企业资本结构与产品市场竞争战略的关系——基于西北五省上市公司年报数据的实证分析

Capital Structure and Competition Strategy of Product Market——An Empirical Analysis Based on the Data of Listed Companies in the Northwest

西方国家的实证研究表明，企业的资本结构和产品市场竞争战略之间存在密不可分的关系。本文运用多元回归模型，利用中国西北五省2003年-2005年的上市公司年报数据，对企业资本结构与产品市场战略的关系进行了回归分析。结果表明，企业的产品市场决策与企业债务水平（DEBT）正相关，与长期负债水平（LDEBT）负相关，企业的盈利性水平（FIT）、企业规模（SIZE）和企业的产品市场竞争力（PET）正相关。我国企业应从资本结构和产品市场竞争相结合的角度制定企业战略，从而获得更大的竞争优势。

This paper, based on 2003 -2005 Annual Report data of Chinese listed companies in the Northwest, studies the relationship between capital structure and competition strategy of product market by using multiple regression model. The results showed that the relationship between product market decision - making and level of debt （DEBT） is positive correlation, the relationship between decision- making and level of the long- term liabilities （LDEBT） is negative correlation, the relationship between the level of profit - making （FIT） and competence of product market is positive correlation, the relationship between the enterprises size （SIZE） and the competence of product market （PET） is vositive correlation.