财务灵活性、产品市场竞争与资本结构

Financial Flexibility,Product Market Competition and Capital Structure

以2001-2014年中国A股上市公司为样本,将财务灵活性价值和产品市场竞争状况纳入资本结构的分析框架进行研究。结果表明:在其他条件不变的情况下,财务灵活性价值越高,公司的财务杠杆越小;除了掠夺风险与市场杠杆之间的关系不显著之外,产品市场竞争与财务杠杆正相关;由于受到严格的监管,公司在中国资本市场上的股权融资难以实现,产品市场竞争所引致的融资需求会减弱财务灵活性价值对资本结构的负向作用。

This paper uses the A shares of listed companies for the period 2001-2014 to estimate and compare the value of financial flexibility. We use three different measures of product market competition：predation risk, HHI and the number of listed companies,then we analyzes the effect of financial flexibility and product market competition on capital structure of Chinese listed companies. The conclusions show that, ceteris paribus, the capital structure negatively related to the value of financial flexibility. Subjected to the supervision of CSRC, except for predation risk shows no significant effect on market leverage,other results show that the leverage of listed companies increase with the strength of product market competition;the effect of the value of financial flexibility on the capital structure is weakened by product market competition.