《产品市场竞争、股权融资约束与财务激进行为》.pdfVIP

产品市场竞争、股权融资约束与财务激进行为 Product Market Competition ，Equity Financing Constraint and Radical Financing Behavior 1 邓 剑 琴 朱 武 祥 2 0 0 4 年 6 月 【摘要】财务杠杆偏高是导致企业破产的重要因素，为什么还有那么多的企业执迷不悟地奉 行激进的财务政策？或者说企业采用激进的财务政策的成因？以及是如何权衡的？本文整合 产品市场竞争和外部股权融资约束，建立多期模型，并且结合案例分析，站在公司发展战略 决策角度阐述激进的财务政策在当时时点的必然性与合理性。模型的整个推导集中于考虑管 理层在什么状态下会选择激进的融资方式，并且证明了在产品生命周期短更新换代快以及规 模效应明显的情况下，如果受到融资约束，企业只能将保持足额投资放在第一位而在某种程 度上舍弃资本结构的安全性。 关键词：财务激进 融资约束 产品更新换代 Abstract: There are many companies with radical financing behavior in increasingly competitive industry. Why did these companies choose such strategy since high leverage is the key reason for bankruptcy? Or in other word what is the consideration and trade-off of the companies with high leverage? This paper focus on company’s condition and environment in China, such as equity finance constraint and competitive product market. We try to demonstrate the necessity and rationality for companies in that situation to become high leverage by model and case analysis. We prove that management is willing to achieve enough investment in expense of dangerous capital structure in situation of finance constraint when product lifecycle is very short or scale economy is apparent. Key words: Radical financing behavior Financing constraint Product lifecycle 1 邓剑琴 清华大学经济管理学院金融系硕士研究生；朱武祥 清华大学经济管理学院公司金融教授，博士生导师 目录 目 录 第1 章 引言1 1.1 金融系统的不完美2 1.2 外部融资约束下的投资行为4 1.3 产品市场竞争与外部融资约束5