企业财务结构与其产品市场行为互动影响研究

A review about the research of capital structure and output market behavior interaction

布兰德(Brander)和莱维斯(Lewis)1986年开创性的文献揭示了资本市场与产品市场之间的联系,从此企业财务结构与其产品市场竞争行为之间的相互作用越来越得到学者们的重视。依据现有文献可知该主题研究大致可分为三方面:(1)企业财务结构影响其产品市场竞争行为;(2)企业产品市场行为影响其财务结构;(3)企业财务结构影响顾客或供应商对其产品价值的认知。相关研究主要以垄断市场尤其是寡头垄断市场为分析对象,同时研究依据不同理论,考虑债务的影响效应也有所差异,债务效应主要有有限责任效应和"鼓鼓钱袋"效应。

In recent years,More and more studies are paid attention to the interaction between capital structure and output market behavior.Form previous studies,we can see that there are three main topics about this issue: First,capital structure affects the firm's behavior in output market.Second,firm's output market behavior affects its capital structure.Third,firm's capital structure affects suppliers' and customers' value perception about firm's products.Based on different theories,most studies make oligopoly as their target market structure,but different studies reach different conclusions.