公司产品市场竞争与资本结构决定的实证分析——对国有企业混合所有制改革进程的启示

Empirical Study on the Determination of Company Financial Structure and Product Competition:Thought of the Reform of Mixed Ownership of State-Owned Enterprises

十八届三中全会明确提出积极发展混合所有制经济,推进国有企业混合所有制改革势在必行。而通过资本结构的调整,改善公司治理结构,最终扩大企业产品市场竞争力,提高收益,是混合所有制改革成功的关键。选取2009—2013年我国沪深两市A股上市公司面板数据,并对面板数据进行回归,通过实证分析最终发现产品市场竞争程度与企业的负债水平具有显著的正相关关系。通过分析上市公司股权融资约束和战略承诺两种因素的作用,解释了实证结果与研究假设的差异。建议在推进国有企业混合所有制进程中,对于垄断程度越大的行业企业,可理解多地考虑引入民营资本。民营资本的引入有利于改善公司治理结构,确定最佳的公司负债水平,即提高资产负债率有助于企业竞争力的提升。

In the Eighteenth Third Plenary Session, our government put forward clearly that it＇ s our main job to develop the mixed ownership economy actively and advance the mixed ownership reform of state-owned enterprises. While, the key of reforming successfully is to improve the product market competitiveness and raise revenues through recapitalization and adjustment of corporate governance. In the paper, through regression analysis of the panel data, which are selected from A-share market of Shanghai and Shenzhen from 2009 to 2013, we find that product market competition has significantly positive correlativity with level of debt. Furthermore, the thesis explains the difference between empirical results and research hypothesis by analyzing the impact of financing restrains in listed company and strategic commitment. In the process of mixed ownership of state-owned enterprises, we suggest that the greater degree of monopoly industries, the more nongovernment capital should be brought in. The introduction of nongovernment capital will accelerate the adjustment of corporate governance, determine the best corporate debt levels and help enterprises possess strong competition in product markets.