产品市场竞争对企业资本结构的影响.pdfVIP

19 5 Vo.l 19No. 5 20 06 10 MANAGEMENT SCIENCES IN CHINA October, 200 6 陈建梁, 王大鹏 , 510275 : 许多研究表明中国上市公司存在较强的股权融资偏好国内学者根据代理理论认 为股权融资过多的企业未能充分利用财务杠杆而使企业绩效下降, 如果从产品市场竞争对资 本结构影响这一角度来研究上市公司的融资行为可能会得出不同的结论通过对 2000 年 ~ 2003 年深市和沪市796家公司相关数据的实证研究发现, 产品市场竞争程度和资本结构之间 存在负相关关系, 激烈的产品市场竞争也是导致企业采用低财务杠杆的重要原因, 由于这一 原因而导致的财务保守行为是合理的, 它是企业为避免财务风险提高产品市场竞争能力而 采取的战略行为 : 资本结构; 产品市场竞争; 融资行为; 股权融资偏好 : F271 :A : 1672- 0334(2006)05- 0050- 08 TheEffectofProductMarketCompetition onCapital Structure CHEN Jian-liang,WANG Da-peng SchoolofBusiness, SunYat-senUniversity, Guangzhou 510275, China Abstract: It iswel-lknown thatChinese listed companies stronglyprefer to equity financing. The domestic academic thought that listed companieswith lower financial leverage didnct utilize financial leverage so suff-i ciently thattheireconomicperformancewasaffectednegatively. Thispaperstudiesthe financing behavioroflis- ted companies from a perspective of the effectofproductmarket competition on capitalstructure. It is found that firmsc financial leverage isnegatively related to productmarket competition through an empiricalstudy on the paneldata of796 listed companies in2000- 2003. W ith theoreticalanalysis and empiricaltest thispaper concludes thatdrasticproductmarket competitionmakes listed companies adapt lower financial leverage, and under this circumstance firmswillbenefit from lower leverage, whichmakes a firm have ability to navigate e-f fectivelywithin itscompetitive environment. Keywords: capitalstructure; productm