资本结构与产品市场竞争互动关系研究——来自中国上市公司的经验证据  

Study of the Interactive Relationship between Capital Structure and Product Market Competition——Empirical Evidence from Chinese Listed Companies

作　　者：戚拥军[1] 严小燕[1] 

机构地区：[1]三峡大学经济与管理学院,湖北宜昌443002

出　　处：《贵州财经学院学报》2011年第1期41-45,共5页Journal of Guizhou College of Finance and Economics

基　　金：国家社科基金项目"国有控股企业的资本结构与财权安排研究(06BJY015)";湖北省教育厅人文社科项目"资本结构与产品市场竞争研究(2009y021)"的阶段性成果之一

摘　　要：资本结构与产品市场竞争的关系目前颇受经济学界的关注,但是现有的研究大多忽略了两者之间的双向互动关系。鉴于以上不足,以我国A股上市公司为研究背景,应用联立方程模型对资本结构与产品市场竞争的双向互动关系进行了检验。检验结果表明:企业的负债比例与产品市场竞争强度之间存在显著的双向负相关关系。The relationship between capital structure and their product market competition is a field which got increasing concern from economic circles recently, but the existing researches neglect the relationship, to a large extent. Considering the above deficiency, we take Chinese A-stock listed companies as research backgound~ and use systemic equation models to test the interactive relationship between capital structure and product market competition. The results indicate that both debt ratio and product market competition intensity have notably negative effects on each other.

关 键 词：资本结构 产品市场竞争 负债比例 

分 类 号：F275[经济管理—企业管理]