我国汽车行业上市公司产品市场竞争与资本结构关系的研究

发布时间：2018-07-02 14:45

本文选题：资本结构 + 产品市场竞争　；参考：《云南财经大学》2013年硕士论文

【摘要】：对企业产品市场竞争与资本结构的研究一直以来都是从产业经济学和公司财务学两个领域分别展开研究。由于假设条件的限制及学科的界限，两个领域的学者都没有将产品市场竞争和资本结构两者的关系结合起来进行研究，从而使得他们的结论无法合理解释现实中企业的行为。直至1986年，Brander和Lewis的研究打破了这种僵局，开始将产品市场竞争和资本结构结合起来研究。之后，资本结构与产品市场竞争关系的研究吸引了各位学者的关注，围绕该问题进行了一系列的理论和实证研究，促进了该领域的发展。但是由于研究时间较短，在理论方面，观点还不统一，甚至得出了相互矛盾的观点；在实证方面，相关的文献不是很多，且大多数为美国公司的数据①。国内对该领域研究起步更晚，成果也了了无几，需要我们对产品市场竞争和资本结构进行更进一步的研究。经过研究证明在研究资本结构的决定因素时必须考虑行业的影响，同样不同的行业产品市场竞争对资本结构的影响也不同。因此对不同的行业中对产品市场竞争和资本结构进行分析有其深远的意义。不仅能对某一行业深入了解，还能够为我国企业产品市场竞争的优化和战略的制定提供一些建议。本文首先对产品市场竞争和资本结构的国内外文献进行综述，其中对国外文献分别从理论和实证两个方面进行了综述，由于目前该领域存在两种基本观点，因此在理论和实证中又分别从负债增加了产品市场竞争和负债减弱了产品市场竞争的观点这两个观点进行了综述。国内研究较少，因此对其只做了简单性的综述。其次，对基本理论进行分析，本文以Brander和Lewis模型为基础构建了一个一般性的模型。经过对模型进行推理分析，，结果表明，在外部条件较好的情况下，企业负债的增加会导致企业产出的扩大，因此说明产品市场竞争和资本结构之间有正相关关系。然后，通过对我国汽车行业的基本情况进行了介绍，提出了文章的两个研究假设，接着我们运用我国汽车行业上市公司2000-2010年的数据对我国汽车行业上市产品市场竞争与公司资本结构的关系进行实证研究，得出以下结论：1、汽车行业产品市场竞争强度与企业的资本结构正相关，即企业会通过激进的财务策略来应对激烈的产品市场竞争，同时通过激进的产品市场竞争策略又会导致企业实行激进的资本结构方式。2、同一行业内部企业之间的资本结构应具有相对稳定性和相似性。接下来，我们将一汽轿车股份有限公司作为案例进行分析，通过对公司的财务业绩和经营状况、竞争战略、融资方式形成的资本结构与实施的竞争战略等方面进行全面的分析，结果表明，一汽轿车采取激进的产品市场竞争策略具有其合理性，同时通过增加负债的资本结构方式来提高自身的产品市场竞争力，然后发现一汽轿车产品市场竞争与资本结构之间是相互影响的正相关关系。由此验证了理论分析和实证分析中产品市场竞争与资本结构之间存在相关的正相关关系。最后，给出了文章的研究结论，并分析了不足与提出了展望。
[Abstract]:The research on the market competition and capital structure of enterprise products has been studied from two fields of industrial economics and corporate finance. Due to the limitation of the hypothesis and the boundary of the subject, the scholars in the two fields have not studied the relationship between the competition of product market and the two parties of the capital structure. In 1986, the research of Brander and Lewis broke the impasse and began to combine the market competition with the capital structure. After that, the research on the relationship between the capital structure and the competition of the product market attracted the attention of the scholars and carried out a series of studies on the problem. The theoretical and Empirical Study of the column has promoted the development of this field. However, because of the short time of research, in theory, the views are not uniform, and even conflicting views are drawn; in the empirical aspect, the relevant literature is not much, and most of them are data of American companies. Few, we need to further study the market competition and capital structure of the product. After research, it is proved that the determinants of the capital structure must consider the influence of the industry, and the market competition in different industries has different influence on the capital structure. Therefore, the competition and capital of the product market in different industries The analysis of the structure has its profound significance. It can not only understand a certain industry, but also provide some suggestions for the optimization of the market competition of our enterprises and the formulation of the strategy.
This article first summarizes the domestic and foreign literature of product market competition and capital structure, in which the literature of foreign countries is reviewed from two aspects of theory and demonstration. Since there are two basic viewpoints in this field, the market competition and debt of product market have been weakened from the debt in theory and demonstration. The two points of view of field competition are reviewed.
Secondly, the basic theory is analyzed. In this paper, a general model is built on the basis of Brander and Lewis model. Through the reasoning and analysis of the model, the result shows that the increase of enterprise debt will lead to the expansion of enterprise output under the condition of better external conditions. Therefore, there is a positive relationship between the product market competition and the capital structure. The relationship.
Then, through the introduction of the basic situation of the automobile industry in China, this paper puts forward two research hypotheses, and then we use the data of China's automobile industry listed companies for 2000-2010 years to make an empirical study on the relationship between the market competition and the capital structure of the listed products of the automobile industry in our country, and draw the following conclusions: 1, automobile industry The competitive strength of the industry product market is positively related to the capital structure of the enterprise. That is, the enterprise will deal with the fierce market competition through radical financial strategy, while the radical product market competition strategy will lead to the enterprise to carry out radical capital structure.2. The capital structure between enterprises in the same industry should be relatively stable. Qualitative and similarity.
Then, we analyze the case of the FAW car Limited by Share Ltd as a case. Through the comprehensive analysis of the company's financial performance and operation status, the competitive strategy, the capital structure formed by the financing mode and the implementation of the competitive strategy, the results show that the car's radical product market competition strategy has its combination with the company. Rational, at the same time, increase the competitiveness of the product market by increasing the capital structure of debt, and then find the positive correlation between market competition and capital structure of FAW car product is a positive correlation. It proves that there is a positive correlation between the competition of product market and the capital structure in theoretical analysis and empirical analysis. Relationship.
Finally, the research conclusions of the article are given, and deficiencies and prospects are also analyzed.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.471

【参考文献】