资本结构与产品市场竞争的关系：来自煤炭行业的经验证据.pdfVIP

摘要 长期以来，学术界对资本结构与产品市场竞争的研究一直分开讨论，直到上世纪 80 年代，这种分割的格局才被打破。经济学家们的研究视角开始转向资本结构与产品市场的 关系，将原本分开的公司金融理论和产业组织理论两个领域联系起来，不仅在理论方面取 得了丰硕的成果，并且在实证研究方面也取得了一定成就。 本文通过构建一个二阶段的静态博弈模型,从理论上研究了资本结构与产品市场竞争 之间的作用关系，并且对模型假设条件进行放松，将其拓展到一般情况，最终得出在需求 不确定的情况下，企业债务融资的增加会强化价格竞争的结论。 实证分析方面，本文运用煤炭行业上市公司的数据，一方面验证了理论模型，一方面 研究了煤炭行业资本结构与产品市场竞争的关系，同时，借鉴有关学者的动态模型，将煤 炭行业划分为领导型企业和追随型企业后对其进行实证研究。实证结果表明，从整体上看， 煤炭行业中企业负债融资会强化自身与对手的价格竞争，从而提高均衡价格；当划分领导 型和追随型企业后，领导型企业的债务融资会弱化价格竞争，而追随型企业会强化价格竞 争。 关键字：资本结构，产品竞争，价格竞争，煤炭产业 I Abstract Research on capital structure and product market competition has been separated since 1980s. Until the late 1980s, economists began to study the mutual relation of the capital structure and product market. In this area, they have gained a lot, not only in the theoretical respect, but also in the empirical research. In this paper, we build up a two-stage static game model to study the mutual relation between capital structure and product market competition .Then, we relax and expand the condition of the model, and ultimately we get the conclusion that debt financing will strengthen the price competition in the environment where the demand is uncertain. Finally, we use the data of coal industry to verify the theoretical model. Meanwhile, through learning from the dynamic model of other scholars, we conduct an empirical research in which the coal companies are divided into leading companies and following companies. Totally speaking, in the coal industry, the debt financing of enterprises will strengthen its price competition with the rivals, and increase the equilibrium price. Moreover, the debt financing of the leading companies will weaken price competition, and the debt financing of the following enterprises will strengthen price competition.