企业债务融资的竞争策略效应研究  

Research on the Competitive Effects of Enterprise s Debt Financing

作　　者：陈有华[1] 唐程翔 王婵 CHEN You-hua;TANG Cheng-xiang;WANG Chan

机构地区：[1]华南农业大学 [2]澳大利亚麦考瑞大学 [3]广东财经大学

出　　处：《产经评论》2022年第1期21-39,共19页Industrial Economic Review

基　　金：国家自然科学基金青年科学基金项目“医疗资源错配的形成机制与经济后果:基于分级诊疗政策纠正研究”(批准号:72003045,项目负责人:王婵);广东省高校珠江学者岗位计划项目“食物经济管理”(项目编号:GDUPS2019,项目负责人:陈有华);广东省自然科学基金项目“粤港澳大湾区食品安全治理的跨界合作机制研究”(项目编号:2021A1515011960,项目负责人:陈有华)。

摘　　要：债务融资类型的不同对企业竞争行为具有异质性影响。依据资本结构产业组织理论,利用2012-2017年我国A股上市公司数据,同时考虑企业广告与R&D投入,验证企业负债的竞争策略效应及行业差异。结果表明:首先,企业负债对其广告投入具有刺激作用,对R&D投入有抑制作用。其次,进一步分析债务结构,发现流动负债刺激企业广告投入,非流动负债刺激企业R&D投入;通过设计竞争对手负债加权平均数,在行业层面衡量竞争对手负债,发现竞争对手流动负债抑制企业广告与R&D投入,竞争对手非流动负债刺激企业R&D投入。第三,负债与企业广告和R&D投入之间存在U型或倒U型的非线性关系。研究结论对企业调整自身负债结构以及预判竞争对手的竞争策略具有很好的指导意义,同时也对资本结构产业组织理论进行了补充与拓展。This paper studies the relationships between capital structure and product market competition of firm based on capital structure industrial organization theory.And this paper employs the data of A-share listed company of China from 2012 to 2017 to test the theoretical assumptions.Some interesting conclusions are achieved.Firstly,firm s current liabilities increase advertising investment and decrease its R&D investment,while rivals current liabilities inhibit the advertising investment and stimulate the R&D investment of the firm in the same industry.Secondly,further analysis of debt structure shows that current liabilities stimulate advertising investment,non-current liabilities stimulate R&D investment,competitors current liabilities inhibit advertising investment and R&D investment,and competitors non-current liabilities stimulate R&D investment.Thirdly,there are U(or inverse-U)relationships between firm s debits and its product market competitions.Different from the prior studies,this paper classifies firm s debts and product market competition behaviors into current liabilities,non-current liabilities,total liabilities and advertising competition,R&D competition,respectively.Furthermore,the study measures rival s debt in industrial level quantitatively.On one hand,the conclusions of this study are valuable for the firm competition.On the other hand,our study makes a valuable complement to the capital structure-industrial organization theory.

关 键 词：负债结构 资本结构产业组织理论 广告投入 R&D投入 竞争策略效应 

分 类 号：F062.9[经济管理—政治经济学]