产品市场竞争视角下负债和投资关系研究

The Relationship between Debt and Investment based on the Perspective of Product Market Competition

本文以2002～2009年全部上市公司的季度数据作为样本,在产品市场竞争视角下分析公司负债和投资两者之间的关系。实证回归结果发现:公司的资产负债水平与投资在资不抵债和资可抵债的上市公司当中分别表现出互补和替代的关系;产品市场竞争策略强度在资不抵债上市公司中不起作用,但它和产品市场竞争策略类型却对资可抵债的上市公司的投资产生显著的影响效应,并且在不同营业利润率类别当中表现出差异性效应。

Basing on the perspective of product market competition strategy and using the quarterly data of all the Chinese listed companies from 2002 to 2009,this article examines the relationship between debt and the firms＇ investment decisions.The empirical results show that there is a complement relationship between debt and Investment in the listed companies with financial insolvency,a substitute relationship in the listed companies with financial solvency.The intensity of product market competition strategy does not work in the listed companies with financial insolvency;however,it and the type of the competition strategy have significant impact on the investment of listed companies with financial solvency.And its effects are different for companies with different rate-of-operating profit.