公司投资行为和产品市场竞争程度的研究.docVIP

公司投资行为与产品市场竞争程度研究 摘要： 关键词：产品市场竞争It is found that firm’s financial leverage is negatively related to product market competition through an empirical study on the panel data of 796 listed companies in 2008-2013. With theoretical analysis and empirical test this paper concludes that drastic product market competition makes listed companies adapt lower financial leverage, and under this circumstance firms will benefit from lower leverage, which makes a firm have ability to navigate effectively within its competitive environment. Keywords: product market competition；financing behavior 引言合理的在一定程度上可