产品市场竞争力对资本结构影响的传导路径分析——引入中介变量:资产专用性

Analysis of the Transmission Path of Product Market Competitiveness Effect on Capital Structure——Introducing Mediator :Asset Specificity

以信息产业2003—2012年A股上市公司的数据为基础,研究企业产品市场竞争力对资本结构的影响,并检验资产专用性在产品市场竞争力与资本结构之间的中介作用。结果表明,产品市场竞争力与资产负债率显著负相关;资产专用性在产品市场竞争力与资本结构之间起到了部分中介作用。

The paper studies the impact of product market competitiveness on corporations＇ capital structure and tests the mediating role of asset specificity between product market competitiveness and capital structure based on the data of listed information industries in Shanghai and Shenzhen securities from 2003 to 2012.Empirical study results show that capital structure is negatively correlated with product market competitiveness,asSet specificity plays a partial mediating role between product market competitiveness and capital structure.