债务期限结构与产品市场竞争互动关系研究——基于国有和非国有控股上市公司的比较

Research on Relationship between Debt Term Structure and Product Market Competition:Based on Comparison between State Controlled Listed Companies and Non-State Controlled Listed Companies

本文以我国上市公司为研究对象,对债务期限结构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:无论是短期债务还是长期债务,均对企业的产品市场竞争强度有负面影响,且短期债务对产品市场竞争强度的负面影响程度大于长期债务;国有控股上市公司的债务对其产品市场竞争强度的负面影响程度小于非国有控股上市公司;另外,产品市场竞争强度在一定程度上也影响债务期限结构的选择。

This paper takes listed companies in China as the research object, and studies empirically the bidirectional relationships between debt term structure of listed companies and their product market competition. The test results indicate that：both short term debt and long term debt of listed companise have negative effects on the intensity of product market competition,and short term debt has more serious negative effects on product market competition intensity than long term debt,and both these two effects are less serious for state controlled listed companies than for non state controlled listed companies. In addition,the intensity of product market competition also has notable effects on debt term structure of listed companies.