产品市场竞争、代理成本与资本结构动态调整  

Product Market Competition,Agency Cost and Dynamic Adjustment of Capital Structure

作　　者：房林林[1] 姜楠楠[1] 

机构地区：[1]山东大学管理学院,山东济南250100

出　　处：《大连理工大学学报（社会科学版）》2016年第1期57-63,共7页Journal of Dalian University of Technology(Social Sciences)

基　　金：教育部人文社会科学规划青年项目:"企业社会责任与品牌资产培育研究--基于消费者响应的理论与实证分析"(12YJC630246)

摘　　要：采用2008~2014年我国A股上市公司数据,实证分析了产品市场竞争、代理成本对资本结构动态调整的影响。研究发现,产品市场竞争与资本结构调整速度正相关,代理成本与资本结构调整速度负相关,进一步分组检验发现,产品市场竞争较激烈时,不同代理成本公司之间的调整速度的差异较小。这说明,产品市场竞争较弱的公司更应当注重对管理者的激励与约束,降低公司代理成本;与此同时,在股东与管理者固有利益冲突导致代理成本难以有效缓解的前提下,通过加强反垄断及降低进入壁垒等方式提高产品市场竞争程度,也能有效促进公司资本结构动态优化。The paper has analyzed the effect of product market competition and agency costs on dynamical adjustment of capital structure empirically on the basis of data from Chinese A-share listed companies in the year of 2008~2014.The study finds that product market competition is positively correlated with adjustment speed of capital structure,whereas agency costs is negatively correlated.Further grouped test finds that when the market competition is fierce,difference between companies with different agency costs is smaller,showing that companies whose product market competition is weaker should pay more attention to incentives and constraints to managers in order to low agency costs.Meanwhile,when the conflict between shareholders and managers is difficult to ease,companies can also optimize their capital structure dynamically by strengthening anti-monopoly or lowing entrance barrier to enhance product market competition degree.

关 键 词：产品市场竞争 代理成本 调整速度 动态优化 

分 类 号：F275.5[经济管理—企业管理]