关键词:资本结构;产品市场竞争;融资行为;股权融资偏好
Abstract:It is wellknown that Chinese listed companies strongly prefer to equity financing. The domestic academic thought that listed companies with lower financial leverage didn′t utilize financial leverage so sufficiently that their economic performance was affected negatively. This paper studies the financing behavior of listed companies from a perspective of the effect of product market competition on capital structure. It is found that firms′ financial leverage is negatively related to product market competition through an empirical study on the panel data of 796 listed companies in 2000-2003. With theoretical analysis and empirical test this paper concludes that drastic product market competition makes listed companies adapt lower financial leverage, and under this circumstance firms will benefit from lower leverage, which makes a firm have ability to navigate effectively within its competitive environment.
Key words: capital structure;product market competition;financing behavior;equity financing preference
1 引言
参考文献:
[1]Modigliani F,Miller M.The Cost of Capital,Corporation Finance and the Theory of Investment[J].American Economic Review,1958,(53):433-443.
[2]黄少安,张岗.中国上市公司股权融资偏好分析[J].经济研究,2001,(11):12-20.
[3]阎达五,耿建新,刘文鹏.我国上市公司配股融资行为的实证研究[J].会计研究,2001,(9):21-27.
[4]Myers S C.Determinants of Corporate Borrowing[J].Journal of Financial Economics,1977,(5):147-175.
[5]刘娥平.上市公司股权结构对融资行为的影响[J],南方金融,2004,(7):43-44.
[6]Brander James A,Tracy R Lewis.Oligopoly and Financial Structure[J].American Economic Review,1986,(76):956-970.
[7]Bolton Patrick,David S Scharfstein.A Theory of Predation Based on Agency Problems in Financial Contracting[J].American Economic Review,1990,(80):93-106.
[8]Noe Thoms H.Capital Structure and Signaling Game Equilibria[J].Review of Financial Studies,1988,(1):331-356.
[9]Viswanath P V.Strategic Considerations,the Pecking Order Hypothesis,and Market Reactions to Equity Financing[J].Journal of Financial and Quantitative Analysis,1993,(28):213-222.
[10] 朱武祥,陈寒梅,吴迅.产品市场竞争与财务保守行为[J].经济研究,2002,(8):28-36.
[11] 刘志彪,姜付秀,卢二坡.资本结构与产品市场竞争强度[J].经济研究,2003,(7):60-67.