资本结构、行业竞争与外部治理环境

Capital Structure and Industry Competition:Are Institutions Important?

公司外部治理环境和资本结构影响了公司的行业竞争,但是已有的实证研究没有给出这一影响的充分证据。本文以制造业上市公司1997—2007年度数据为样本,检验资本结构和外部治理环境对公司行业竞争的影响。在控制内生性问题后,本文发现公司外部治理环境和资本结构对行业竞争是重要的,高负债对公司行业竞争造成了负面影响。外部治理环境对行业竞争产生了正面影响,好的外部治理环境增强公司在行业中的竞争地位。融资约束负面影响了公司的行业竞争,但改善治理环境能够减弱融资约束的负面影响。本文的证据表明,公司资本结构和外部治理环境影响了公司竞争行为,因此对实体经济运行是重要的。

This paper provides evidence about the relationship of institutional environment, capital structure, and industry competition. We test the impact of institutional environment and capital structure on industry competition by using the sample formed by the listed finns in the manufacture industry. Under controlling the endogeneity problem, the paper finds that institutional environment and capital structure are important to industry competition. High debt negatively affects corporate position in industry competition. Institutional environment makes a positive effect on corporate industry competition by reducing financing restrictions. Financing constrains also change the corporate behavior in industry competition, but the sensitivity of behavior to financing constrains is different between two types of institutional environment. Our evidence suggests the institutional environment and capital structure have significant effect on the corporate competition behavior, thus are important for real economy.