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论文编号：	25
作者编号：	2120051977
上传时间：	2007/6/20 22:32:22
中文题目：	产品市场竞争与公司资本结构选择
英文题目：	The relationship research of t
指导老师：	焦媛媛
中文关键字：	资本结构 产品市场竞争 关系研究
英文关键字：	Capital structure Product-mar
中文摘要：	自 Modigliani和 Miller开创现代资本结构问题研究的先河开始，财务学界就围绕“资本结构与企业价值是否相关”这一关键问题展开了深入的研究，但多数研究都没有将资本结构决策问题与产品市场竞争情况联系起来。20世纪80年代中期，以 Brander and Lewis、Maksimovic 等为代表的一部分财务学者开始注意到这一问题，并对此展开研究，由此产品市场竞争与资本结构问题的研究发展起来，使得资本结构研究逐渐超出单一企业的框架，极大地拓展了资本结构理论的研究视野。 产品市场竞争与企业资本结构决策具有内在的必然联系，将产品市场竞争与企业资本结构决策联系起来研究在理论与实践上均具有十分重要的意义。当前，我国企业资本结构与产品市场竞争的研究还处于婴儿时期，理论分析和实证检验都很不足，仍然缺乏统一的分析框架，许多经济学家从各自的前提出发来研究以至于得出不同甚至是截然相反的结论，且现有文献主要研究了企业资本结构的选择对产品市场竞争的影响，而相反，关于产品市场竞争对企业资本结构选择的影响研究很少。事实上，二者是紧密联系在一起的，只研究其中的一个方面无法全面的认识该问题。 本文即是在已有研究成果的基础上对于产品市场竞争与资本结构选择的相互关系进行研究，主要分两个角度，首先是资本结构选择对产品市场竞争的影响，在现代公司有限责任制度下，债务融资在企业产品市场竞争中可以发挥特定的承诺作用，可以使企业竞争策略对竞争对手产生攻击性，也可能招致竞争对手的掠夺性竞争行为。并且，资本结构的选择，会影响企业竞争中的合谋行为、投资行为等。其次是产品市场竞争对资本结构选择的影响，主要围绕产品市场竞争程度对财务杠杆的影响与实证研究及基于产品市场竞争的财务保守行为两个方面展开论述，并重点关注上市公司产品竞争程度对资本结构选择的影响，意在验证我国上市公司产品市场竞争程度是否影响其对资本结构的选择，并对研究结果做出合理解释。
英文摘要：	After Modigliani and Miller blazed the trail in the study of modern capital structure theory, scholars in financial circles had been carrying out further studies on whether the capital structure is relevant to the value of the firm. However, most of the studies didn’t relate the capital structure decision to the product-market competition. In the middle of 1980s, some financial economists, such as Brander and Lewis, Maksimovic, identified this problem, and pushed forward the study of the interactive effects between product-market competition and capital structure. Till now, the study of capital structure has been greatly expanded instead of only confining to one single firm. The product-market competition and capital structure are related to each other closely, the study of the relationship between them is useful both in theory and in practice. In nowadays, the study in this field in China is still fall behind, theoretical and empirical study are both few, still lack of the uniform analyzing frame, many economists find different conclusions based on different premise, and lots of related studies are carried on the the effect of capital structure on the product-market competition, and the study of the effect of product-market competition on the capital structure is few. But, indeed the two aspects are related closely, the study of only one aspect can not understand this problem completely. This thesis plans to study the relationship between capital structure and product-market competition based on the existing theories. There are two main aspects, one is the influence of capital structure on the product-market competition, due to the limited liability, the standard debt contract plays an important role of strategy commitment in the product-market competition. It can, in some situations, make the competitive strategy more aggressive, but in other situations, it induces the predatory pricing of their counterparts. And capital structure can affect the collusions in competition and investment behavior. Another is the influence of product-market competition on the capital decision behavior, mainly studies the influence of product-market competition degree on the capital structure decision and the financial conservation. Especially, the empirical study is employed in this study.
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