产品市场竞争程度对资本结构影响的实证研究

发布时间：2018-01-02 04:16

本文关键词：产品市场竞争程度对资本结构影响的实证研究　出处：《北京林业大学》2012年硕士论文　论文类型：学位论文

【摘要】：资本结构决策和产品市场竞争决策涵盖了企业整个成长和发展过程,但是这两项重要的决策长期以来却一直被划分至两个单独的领域进行研究。直至20世纪80年代,两者之间的紧密联系才引起了人们的广泛关注并引发了学者们的激烈讨论。本文从产品市场竞争程度角度出发,通过实证分析的方法,对产品市场竞争程度对公司资本结构的影响做详细的研究和分析,探讨两者之间的内在相互关系。首先,本文对我国产品市场竞争程度进行理论上的分析,通过比较和分析上市公司的行业分类方法之后,选定采用赫芬达尔—赫希曼指数(HHI指数)对上市公司所处的行业进行分类,之后对产品市场竞争程度对资本结构选择的影响进行理论上的分析。然后,本文以2008年-2010年沪深两市的A股上市公司为基础,分别选取完全竞争组和垄断竞争组两组样本作为研究对象。通过建立因子分析模型对产品市场竞争程度的替代变量进行降维处理,提取公共因子之后建立多元线性回归模型分析不同的产品市场竞争程度会对公司资本结构的选择带来何种影响。实证结果表明：无论是在完全竞争行业还是在垄断竞争行业,产品市场竞争程度均会对公司的资本结构的选择产生重大影响,且产品市场竞争程度越激烈,公司选择的资产负债率越低；在垄断竞争行业中,产品市场竞争程度会对公司资本结构的选择产生更大的影响,即产品市场竞争程度越激烈,相对于完全竞争行业,垄断竞争行业会倾向于选择一个更低的资产负债率。最后,本文对本研究的结论进行进一步的总结和解释,并指出本研究的不足以及局限性。
[Abstract]:The capital structure decision and the product market competition decision cover the whole growth and development process of the enterprise. But these two important decisions have long been divided into two separate areas for research until 1980s. The close connection between the two has aroused widespread concern and heated discussion among scholars. From the point of view of the degree of product market competition, this paper makes a detailed study and analysis on the impact of the degree of product market competition on the capital structure of the company through the method of empirical analysis. Explore the internal relationship between the two. First of all, this paper carries on the theoretical analysis to our country's product market competition degree, through the comparison and the analysis listed company's industry classification method. The Hefinda-Herschmann Index (HHI) is used to classify the industries of listed companies, and then the influence of the degree of product market competition on the choice of capital structure is analyzed theoretically. Then, this paper is based on the A-share listed companies in Shanghai and Shenzhen stock markets from 2008 to 2010. Totally competitive group and monopoly competition group are selected as the research objects, and the dimension reduction of the product market competition degree is analyzed by establishing the factor analysis model. After extracting common factors, a multivariate linear regression model is established to analyze the influence of different product market competition on the choice of corporate capital structure. The empirical results show that:. Whether in a fully competitive industry or in a monopoly competition industry. The degree of competition in the product market will have a significant impact on the choice of the company's capital structure, and the more competitive the product market, the lower the ratio of assets and liabilities selected by the company. In monopolistic competition industry, the degree of product market competition will have a greater impact on the choice of company capital structure, that is, the more competitive degree of the product market, compared with the completely competitive industry. Monopolistic competition industries tend to choose a lower asset-liability ratio. Finally, the conclusion of this study is further summarized and explained, and the shortcomings and limitations of this study are pointed out.
【学位授予单位】：北京林业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F273.2;F832.51;F224

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