企业产品市场竞争债务融资与研究.docVIP

题目 企业产品市场竞争与债务融资研究 所在学院： 经贸管理学院 专 业： 财务管理 班 级： 11（1）班 　 学 号： 201107260225 学生姓名： 曾 慧 　 指导老师： 雷新途 完稿时间： 2015年5月　 2011—2015学年 摘要 一直以来，关于企业融资决策与企业产品市场竞争决策都是分开进行研究的，直到上世纪80年代，Brander 和 Lewis (1986)开创了这一研究领域的先河，金融经济学家和产业经济学家逐渐开始意识到企业融资方式的决策与其在产品市场竞争中采取的策略是相互影响的。关于企业产品市场竞争策略与债务融资之间关系的研究至今未能得出一致的结论，但已有的研究成果均表明，两者之间相互影响，具有很强的相关性；国内外关于两者的研究主要得出了两种观点：战略承诺效应和掠夺效应。本文借助我国上市公司2011-2013年财务数据，对我国企业债务融资对其产品市场竞争策略的影响作出具体分析和检验。本文通过实证分析发现，我国上市公司的债务融资行为具有战略承诺效应，并且该效应在低债务水平时更为显著；且债务期限结构对产品市场竞争策略并没有软化作用，这与我国上市公司偏向于进行短期债务融资有关。企业可以通过债务融资的方式使其在产品市场竞争中取得战略优势地位。 关键词 债务融资 产品市场竞争策略 战略承诺效应 掠夺效应 ABSTRACT All along, the decision on corporate finance and product market competition decisions are studied separately, until the 1980s, Brander and Lewis (1986) created a precedent for this field of research, financial economists and industrial economists gradually began to realize corporate financing decision and the product market competition strategy is interdependent.On the relationship between business strategy and product market competition failed to reach the same conclusion, but existing research results show that has a strong correlation between the two;there are two main results of the study : strategic commitment effect and plunder effect.With the help of 2011--2013 financial data which from Chinese Listed Companies, we make detailed analysis about the effects of corporate debt financing policy on their products competitive strategy.Through empirical analysis, we find that debt financing behavior of listed companies have a strategic commitment effect, and the effect at the low level of debt is more significant; and the debt maturity structure has no softening effect, which is becau Chinas listed companies prefer short-term debt financing. KEY WORDS debt financing market competition policy strategic commitment effect plunder effect 目录 1 引言 1 2 文献回顾 2 3 理论分析与研究假设