行业产品市场竞争与上市公司债务融资选择实证研究被引量：9

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摘要以我国股权分置改革前五年沪深两市A股公司为样本,实证检验产品市场竞争战略与公司长、短期负债融资选择的关联,研究表明:产品市场竞争强度(HHI、CS、MIL)显著影响公司的长、短期负债选择,且该影响还具有显著的行业特征(竞争程度、管制影响)差异。由此可以得知长、短期负债能更好地刻画我国上市公司债务融资选择与其产品市场竞争影响的战略关联性;中国上市公司债务融资实践迥异于西方特征,即公司更青睐短期负债,且对短期负债具有"竞争型依赖",公司长期负债选择与其产品市场竞争的战略关联性偏弱。上市公司相对保守的债务融资中更保守的长期负债选择说明,我国上市公司资本结构管理仍很少虑及产品市场竞争影响效应,资本结构战略管理水平亟待提升。

作者吴昊旻王华

机构地区暨南大学管理学院

出处《暨南学报（哲学社会科学版）》 CSSCI 北大核心 2009年第6期124-132,共9页 Jinan Journal(Philosophy and Social Sciences)

基金国家软科学项目<我国上市公司现金持有行为研究>(批准号:2006GXQ3D170) 石河子大学"高层次人才专项"(批准号:KCSX200718) 石河子大学"263"青年骨干教师项目(批准号:SHZU263-2007)

关键词产品市场竞争行业特征长短期债务选择

分类号 F275 [经济管理—企业管理]

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