债务结构对企业市场竞争力的影响——基于国有控股和民营上市公司的实证分析  

The Effect of Firms' Debt Structure on Their Market Competitive Ability ——An Empirical Study Based on Chinese State-Controlled and Private Listed Companies

作　　者：戚拥军[1] 

机构地区：[1]孝感学院经济与管理学院,湖北孝感432000

出　　处：《财会通讯（学术版）》2007年第10期96-99,共4页Communication of Finance and Accounting

基　　金：湖北省教育厅人文社科研究规划项目的阶段性成果(项目编号:2006q113)

摘　　要：资本结构对企业市场竞争力的影响是近年来国内外学者关注的新领域,但几乎所有的实证研究都忽略了债务来源及期限结构对企业市场竞争力的影响差别。本文以上市公司为研究对象,通过实证分析发现:从债务来源结构看,银行借款对企业市场竞争力的负面影响大于商业信用;债务期限结构看,短期负债对企业市场竞争力的负面影响大于长期负债;并且上述负面影响在民营上市公司中表现得更为突出。The relationship between capital structure and firms market competitive ability is the new fields which got scholars most attention in recent years, but all empirical research works seem to neglect the fact that different sources and term structures of debt have different effects on firms market competitive ability. We take listed-companies as research objects and analyze the question through an empirical study. We find that bank loans have more negative effects on firms market competitive ability than ...

关 键 词：债务来源 债务期限结构 市场竞争 

分 类 号：F275[经济管理—企业管理]