产品市场竞争结构对资本支出的影响——基于香港的实证分析被引量：2

The Impact of Product Market Structure on Capital Expenditure:An Empirical Analysis on Hong Kong

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摘要公司的投资决策受产品市场竞争结构的影响如何,一直未有定论。在以往仅仅以市账率为代理变数的基础上,以香港上市公司数据为分析对象,利用套利风险与HHI的交互作用项来检验香港上市公司是如何做出资本支出决策的,为公司投资理论提供了一个新的研究方向,实证结果也可为管理当局投资决策提供一定的参考。 The company investment decisions are affected by the product competition market structure, which have not been con- clusive. Based on the past researches investigated by using market to book ratio, this paper includes the interactional term arbitrage risk and HHI to book ratio to examine Hong Kong listed how to make a capital expenditure decision. This paper may provide a new research direction for the company investment theory, and the empirical results also may pro- vide the certain reference for the management of investment decision.

作者向建红林煜恩林伟国

机构地区武夷学院商学院温州大学商学院中国银河证券股份有限公司

出处《湖南财政经济学院学报》 2014年第5期46-52,共7页 Journal of Hunan University of Finance and Economics

关键词产品市场竞争结构套利风险投资支出代理成本 product competition market structure arbitrage risk investment spending agency cost

分类号 F272.3 [经济管理—企业管理] F275.1 [经济管理—企业管理]

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