双寡头竞争格局下的资本结构与产品定价模型
发布时间：2018-08-02 10:56
【摘要】： 近年来，资本结构与产品市场竞争互动关系受到金融经济学家和产业经济学家的关注，已成为公司财务中的热点问题。这类研究结合产业组织特征，着眼于分析竞争对手、消费者及雇员等利益相关人对公司资本结构选择的反应，讨论资本结构选择对产品市场行为的影响。许多实证研究表明：财务杠杆对企业在产品市场竞争中的投资能力、产品定价行为和业绩的影响，以及行业特性和产品市场竞争结构对企业财务杠杆的影响。 本论文考察了寡头竞争市场环境下融资决策与公司定价战略之间的关系。论文提出一个两阶段双寡头垄断竞争模型：第一阶段，公司在价格的基础上争夺市场份额；第二阶段，，公司利润由第一阶段形成的市场份额决定，并受到第一阶段结束时公司财务状况的影响。我们分析了当公司在第一阶段末不能支付债务，引起财务危机时，财务危机成本对公司的产品市场竞争行为的影响。假设财务危机成本导致发生财务危机的公司市场份额下降；另一方面，竞争对手将由此获得破产的外部好处，市场份额上升。 纳什价格竞争环境中，公司是否应该选择增加债务取决于模型不确定性的类型。成本不确定时，公司不应选择债务。需求不确定时，根据模型参数的相对大小，公司可能不选择债务或选择正的战略债务水平。 在Stackelberg竞争环境中，如果尾随企业财务杠杆增加，领头企业可能认为尾随企业保护市场份额的动力下降，从而降低了夺取尾随企业市场份额的成本。如果领头企业财务杠杆较低，更看重市场份额增加带来的长期收益，这种进行掠夺性降价争夺市场份额的倾向更明显。
[Abstract]:In recent years, the interaction relationship between capital structure and product market competition has attracted the attention of financial economists and industrial economists, and has become a hot issue in the company's finance. This kind of research combines the characteristics of industrial organization and focuses on the analysis of the reaction of the competitors, consumers and employees to the choice of the company's capital structure. The impact of this structure on the behavior of product market. Many empirical studies show that the influence of financial leverage on the investment ability of the enterprise in the product market competition, the effect of product pricing and performance, and the influence of industry characteristics and product market competition structure on the financial leverage of the enterprise.
This paper examines the relationship between financing decision and the company's pricing strategy in the oligopoly competition market. A two stage dual oligopoly competition model is proposed in this paper. In the first stage, the company contends for market share on the basis of price; the second stage is determined by the market share formed by the first stage, and the first order is given. The influence of corporate financial situation at the end of the period. We analyze the influence of the financial crisis cost on the company's product market competition when the company can not pay the debt at the end of the first stage, and assume that the financial crisis cost leads to the decline of the corporate market share of the financial crisis; on the other hand, the competitor will be the result of the financial crisis. The market share rose with the external benefits of bankruptcy.
In the competitive environment of Nash, whether the company should choose to increase the debt depends on the type of the model uncertainty. When the cost is uncertain, the company should not choose the debt. When the demand is uncertain, the company may not choose the debt or choose the positive strategic debt level according to the relative size of the model parameters.
In the Stackelberg competition environment, if the financial leverage of the enterprise increases, the leading enterprise may think that the driving force of the enterprise to protect the market share will decrease, thus reducing the cost of taking the market share of the enterprise. If the leading enterprise has a lower financial leverage, it pays more attention to the long-term profit brought by the increase in the market share, which is predatory. The tendency to cut prices for market share is more obvious.
【学位授予单位】：清华大学
【学位级别】：硕士
【学位授予年份】：2003
【分类号】：F016
本文编号：2159204
[Abstract]:In recent years, the interaction relationship between capital structure and product market competition has attracted the attention of financial economists and industrial economists, and has become a hot issue in the company's finance. This kind of research combines the characteristics of industrial organization and focuses on the analysis of the reaction of the competitors, consumers and employees to the choice of the company's capital structure. The impact of this structure on the behavior of product market. Many empirical studies show that the influence of financial leverage on the investment ability of the enterprise in the product market competition, the effect of product pricing and performance, and the influence of industry characteristics and product market competition structure on the financial leverage of the enterprise.
This paper examines the relationship between financing decision and the company's pricing strategy in the oligopoly competition market. A two stage dual oligopoly competition model is proposed in this paper. In the first stage, the company contends for market share on the basis of price; the second stage is determined by the market share formed by the first stage, and the first order is given. The influence of corporate financial situation at the end of the period. We analyze the influence of the financial crisis cost on the company's product market competition when the company can not pay the debt at the end of the first stage, and assume that the financial crisis cost leads to the decline of the corporate market share of the financial crisis; on the other hand, the competitor will be the result of the financial crisis. The market share rose with the external benefits of bankruptcy.
In the competitive environment of Nash, whether the company should choose to increase the debt depends on the type of the model uncertainty. When the cost is uncertain, the company should not choose the debt. When the demand is uncertain, the company may not choose the debt or choose the positive strategic debt level according to the relative size of the model parameters.
In the Stackelberg competition environment, if the financial leverage of the enterprise increases, the leading enterprise may think that the driving force of the enterprise to protect the market share will decrease, thus reducing the cost of taking the market share of the enterprise. If the leading enterprise has a lower financial leverage, it pays more attention to the long-term profit brought by the increase in the market share, which is predatory. The tendency to cut prices for market share is more obvious.
【学位授予单位】：清华大学
【学位级别】：硕士
【学位授予年份】：2003
【分类号】：F016
【引证文献】
相关硕士学位论文 前3条
1 陈晨;中国食用油产业的国际地位及进口安全研究[D];浙江大学;2011年
2 王鹏;企业资本结构与产品市场竞争强度相关性研究[D];南京航空航天大学;2007年
3 周灵;基于博弈论的客运通道市场竞争策略选择研究[D];西南交通大学;2012年
本文编号：2159204
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