资本结构影响产品市场竞争问题研究——以食品饮料业上市公司为例

How Capital Structure Impacts Product Market Competition:The Case of Listed Companies in Food and Beverage Industry

本文建立了不确定需求下差别化产品的双寡头竞争模型,分析特定的产品市场特性下资本结构与产品市场竞争的关系。理论分析表明当存在一个外界冲击的外生变量,使得企业所处的经营环境处于一种不确定状态时,负债的增加将使企业提高产量。同时以食品饮料业上市公司为例进行了实证检验。

This paper considers a two-stage differentiated goods duopoly model with demand uncertainty linking firm's capital structure choice with their output market decisions.The model proves that debt issue induces firms to raise their output when firm's industrial circumstance is uncertainty under an exogenous specific shock.Using the data of listed companies in food and beverage industry,the empirical analyses prove the model results.