资本结构与产品市场竞争交叉研究.pdfVIP

Abstract This paper introduces the theory of interaction between capital structure and competition of product market， and analyzes the interactive characters between product market and capital structure in transition period。which is targeted at institutional characters of transition in China． Thls paper includes 6 chapters，whose contents are listed as follows： Chapter 1。Review of theory of capital structure：mainly narrate Traditional capital structure theory，Modern capital structure theory， New capital structure theory：Chapter 2 Intersect research of capital structure and product market-Capital Structure Theory based on Industrial organization：based on the relationship between industrial character and capital structure，the relationship between supplier／customer and capital structure，the relationship between product 1ire cycle and capital structure，the relationship between competitlve strategy and capital structure and the relationship between agency theory，competition equihbrium and capital structure：Chapter 3 Enterprise objective，financing institution and financing behavior： based on the definition of enterprise and its objective，explain the financing behavior from the aspect of related party and financing instltution：Chapter 4 Analysis of characters of product market and capital structure in transition period：explain the characters of product market and capital structure respectively：Chapter 5 Empirical test based on Chlnese listed companles：test the relationship between financing structure and market structure with SPSS：Chapter 6 Advice on optimal capital structure in transition period． Key Words：Capital Structure：Product Market Competition；Industry Theory Transltional Economics Chinese Library C1assification：F062．9 3 一、选题背景 从资本结构理论发展的历史来看，自Modlgliani and M111er(1958，1963) 提出著名的删定理以来，企业财务问题就正式进入了现代经济学的研究视野。 实际上，删定理之后资本结构理论的全部发展都是在对Modigliani and Miller 无关性定理的争论中产生的。其中，最为重要的发展是Jensen and Meckling(1976)在财务契约领域内的开创性论文，它论证了当企业内部存在代理 成本时，企业最优的资本结构决策将使得代理成本最小化。但是，绝大多数资