有限责任效应、破产风险效应与资本结构——基于产品市场竞争视角的研究  

On the Relation among the Effect of Limited Duty,That of Bankruptcy Risk,and the Capital Structure

作　　者：姚益龙[1] 邓湘益[1] 陈壮奋 

机构地区：[1]中山大学岭南学院 [2]广州发展集团公司战略管理部

出　　处：《学术研究》2010年第6期77-80,共4页Academic Research

摘　　要：负债的有限责任效应促使公司提高资产负债率水平,而破产风险效应导致公司降低资产负债率水平,两种效应之间的权衡导致产品市场竞争程度与公司资产负债率水平之间存在倒"U"型关系:随着产品市场竞争程度的加剧,公司负债水平起初会有所增加,但达到某一临界值之后,公司的负债水平转为下降。这一理论分析与实证检验对资本结构权衡理论进行了新的诠释与拓展,同时也为公司的管理者与市场的监管者提出了相应的政策建议。Companies increase the level of debt ratio caused by the limited liability effect,while reduce the level of debt ratio caused by the effect of bankruptcy.There is an inverted U-type relationship between the products market competition and the firm's capital structure caused by the trade-off effect of the limited liability effect and the bankruptcy cost effectiveness namely,as the degree of product market competition increase,corporate debt levels will increase initially,but after it reaches a certain critical value,the company's debt level may decline.

关 键 词：产品市场竞争 资本结构 债务融资 

分 类 号：F830.91[经济管理—金融学]