产品市场竞争、战略承诺与债券融资方式  

Product Market Competition, Strategic Commitment and Corporate Bonds

作　　者：曾雪云[1] 陆正飞[2] ZENG Xue-yun;LU Zheng-fei

机构地区：[1]北京邮电大学经济管理学院 [2]北京大学光华管理学院

出　　处：《财务研究》2019年第5期35-47,共13页Finance Research

基　　金：国家自然科学基金面上项目(71872020)

摘　　要：本文考察了国内企业在利用债券融资工具参与产品市场竞争时的决策机理及依赖条件。研究发现,当产品市场竞争较为缓和时,国内上市公司更可能发行债券。并且,这一支持作用主要存在于战略承诺水平较低的上市公司;在战略承诺水平较高时,债券融资方式对产品市场竞争不敏感。进一步分组检验表明,此效应在国有和非国有企业中均能成立,但考虑股权集中度后发现,大股东持股比例较低的上市公司更可能以发行债券的方式参与产品市场竞争,此时即便战略承诺水平较高,也存在债券融资一产品市场竞争敏感性。上述结论表明,现阶段国内上市公司在利用债券融资方式支持产品市场竞争方面是积极的,也是谨慎的,鲜有以激进的方式利用债券融资参与市场竞争。This paper examines the decision-making mechanism and the dependent conditions of domestic enterprises participating in product market competition with bond financing. The found is that the listed companies in China are more likely to issue bonds when product market competition is more moderate. Furthermore, this result mainly exists in firms with the low level of strategic commitment. When the level of strategic commitment is high, bond financing is not sensitive to product market competition. Heterogeneity analysis shows that this effect is valid in both stateowned and non丒state-owned enterprises. However, after considering the ownership concentration, it is found that listed companies with a lower proportion of major shareholders are more likely to participate in product market competition by issuing bonds. At this time, even if the level of strategic commitment is high, there is still the sensitivity of bond financing-product to the market competition. These conclusions indicate that the listed companies are active and cautious in using bond financing to support product market competition at the present stage, and rarely use bond financing to participate in market competition with an aggressive way.

关 键 词：债券融资方式 债务选择 产品市场竞争 战略承诺 

分 类 号：F83[经济管理—金融学]