产品市场竞争动态与公司财务保守行为:实证研究述评  

Review of Empirical Research on Competition Dynamics of Product Market and Corporate Financial Conservatism

作　　者：吴昊旻[1,2] 谭伟荣[1] 

机构地区：[1]石河子大学经济与管理学院,新疆石河子832003 [2]暨南大学管理学院,广东广州510632

出　　处：《华东经济管理》2011年第8期127-131,共5页East China Economic Management

基　　金：教育部人文社科研究一般项目(10YJC790279);教育部新世纪优秀人才支持计划(NCET-08-0919);教育部人文社科研究一般项目(09XJC630014);国家自然科学基金项目(70962005/G0206);石河子大学"211工程"重点学科建设项目;石河子大学"263"青年骨干教师资助项目

摘　　要：得益于产业组织理论与资本结构理论的交叉渗透,企业融资管理更加强调财务灵活性,即须基于产品市场竞争动态、公司战略、公司治理结构以及资本市场环境等因素进行综合权衡,财务保守由此作为一种能够适应企业当前情况及未来投资机会的投融资战略选择行为,而在当代资本结构研究中颇受关注。文章基于资本市场时机、行业竞争、公司治理结构及债务契约分析等四个视角对产品市场竞争与公司财务保守行为关系的经验研究予以述评。Based on the cross-infiltration of industrial organization theory and capital structure theory,the management of corporate financing structure emphasizes on its financial flexibility.That is firms should trade-off the following comprehensive effects as the competition dynamics of product market,corporate strategies,governance structure and the capital market environmental factors.Therefore,in the recent studies of capital structure,financial conservatism has been a growing concern as a strategic choice of investment and financing behavior that will be able to adapt to the current situation and future investment opportunities of firms.From the four perspectives which is the timing of the capital market,industry competition,corporate governance structure as well as the analysis of debt contracts,the paper provides a review on the empirical research of financial conservative behavior.

关 键 词：产品市场竞争动态 财务保守 资本结构 

分 类 号：F275[经济管理—企业管理]