上市公司资本结构与产品市场竞争关系的实证研究毕业论文.docVIP

PAGE II 毕业论文 （20_ _届） 上市公司资本结构与产品市场竞争关系的实证研究 摘 要 随着MM理论问世以来，财务学术界就对“资本结构与企业价值是否相关”这一问题进行了深入的研究，但并没有对资本结构与产品市场竞争相联系起来，此时资本结构与产品市场还处于两个完全独立的研究领域。直到二十世纪中期以后，产品市场竞争和资本结构的关系才逐渐受到金融经济学家和产业学家的关注，也由此两者关系的研究才有了进一步的发展。随着改革的不断的深入，产品市场的竞争也日益激烈，企业的资本结构决策也就必须要考虑产品所处的市场竞争环境，资本结构决策不能忽视企业产品市场战略。所以通过研究两者之间的关系，期望企业能够从提高产品市场竞争角度来完善企业的资本结构,从而获得竞争优势。本文以我国医药行业上市公司为例，对资本结构与产品竞争关系进行相关回归分析，得出了同一行业内公司资本结构具有相对稳定性和相似性和资本结构与产品市场竞争能力呈负相关关系的结果。旨在帮助上市公司完善资本结构，提高产品的竞争力。 关键词：资本结构；上市公司；产品市场竞争；相关关系 Abstract With MM theory since the advent, Financial academics to “capital structure and the enterprise value whether related” this problem was discussed in the paper, But not for capital structure and the product market competition linked up, at this time the capital structure and product market is still in the two completely independent research field. Until the twentieth century middle later, The product market competition and the capital structure of the relationship can gradually by financial economists and industry experts attention, and so the relationship between the studies have further development. As the reform continuously deeply, the product market competition is also increasingly fierce, enterprises capital structure decision-making also must consider product by its market competition environment, decisions on capital structure cannot ignore enterprise product marketing strategy. So by the research of the relationship between the enterprise can improve, expect from product market competition Angle to perfect enterprises capital structure, thus gain a competitive advantage. Based on our country medicine companies as an example, the capital structure and the product competition between the empirical analysis, obtained the same companies within the industry capital structure with relative stability and similarity and product market competition ability is inversely related results. Aims to help the listed company perfect capital structure, to improve the competitiveness of their products. Keywor