71产品市场竞争与资本结构动态调整

发布时间：2016-09-09 10:21

本文关键词：产品市场竞争与资本结构动态调整，由笔耕文化传播整理发布。

2008年第4期；屈耀辉,2006:?中国上市公司资本结构的调整速；梯若尔著,王永钦等译,2007:?公司金融理论#；童勇,2004:?资本结构的动态调整和影响因素#；王皓、赵俊,2004:?资本结构动态调整模型#,；肖作平,2004:?资本结构影响因素和双向效应动；赵蒲、孙爱英,2004:?财务保守行为:基于中国；朱武祥等,2002:?产品市场竞争与财务保

2008年第4期

屈耀辉,2006:?中国上市公司资本结构的调整速度以及影响因素#,?会计研究#第6期。

梯若尔著,王永钦等译,2007:?公司金融理论#,中国人民大学出版社。

童勇,2004:?资本结构的动态调整和影响因素#,?财经研究#第10期。

王皓、赵俊,2004:?资本结构动态调整模型#,?经济科学#第3期。

肖作平,2004:?资本结构影响因素和双向效应动态模型#,?会计研究#第2期。

赵蒲、孙爱英,2004:?财务保守行为:基于中国上市公司的实证研究#,?管理世界#第11期。

朱武祥等,2002:?产品市场竞争与财务保守行为??????以燕京啤酒为例的分析#,?经济研究#第8期。

AbedeJong,ThuyThuNguyen,andVanDijk,Mathijs,A??,2007, StrategicDebt:EvidencefromBertrandandCournotCompetition!,SSRNWorkingPaper.

Antoniou,A.,Guney,Y.,andPaudyal,K.,2002, DeterminantsofCorporateCapitalStructure:EvidencefromEuropeanCountries!,Workingpaper,UniversityofDurham.

Banerjee,H.,Heshmati,A.,andWihlborg,C.,2000, TheDynamicsofCapitalStructure!,StockolmSchoolofEconomicsWorkingpaperseriesinEconomicsandFinance,No.333.

Bolton,P.,andD.,Scharfstein,1990, ATheoryofPredationBasedOnAgencyProblemsinFinancialContracting!,AmericanEconomicReview,80,pp93??106.

BranderJemesandTracyLewis,1986, OligopolyandFinancialStructure:theLimitedLiabilityEffect!,AmericanEconomicReview,76,pp956??970.

BranderJemesandTracyLewis,1988, BankruptcyCostsandtheTheoryofOligopoly!,CanadianJournalofEconomics,21,pp221??243.Byoun,S.,2007, HowandWhenDoFirmsAdjustTheirCapitalStructurestowardTargets?!,JournalofFinance,Forthcoming,AvailableatSSRN.

D%Mello,R.,andFarhat,J.,2002, AComparativeAnalysisofProxiesforTargetCapitalStructure!,WorkingPaper.

Dittmar,A.,andThakorA.,2007, WhyDoFirmsIssueEquity?!,JournalofFinance,62,pp1??54.

EvgenyLyandres,2002, CapitalStructureandInteractionamongFirmsinoutputMarkets:TheoryandEvidence!,Researchpaper,29thannualmeetingofEuropeanFinanceAssociation,Berlin,08??2002.

F.,ModiglianiandM.,Miller,1958, TheCostofCapital,CorporationFinanceandtheTheoryofInvestment!,AmericanEconomicsReview,48,pp261??297.

Fischer,E.O.,R.,Heinkel,andJ.,Zechner,1989, DynamicCapitalStructureChoice:TheoryandTests!,JournalofFinance,46

(1),pp297??355.

Flannery,M.,andRangan,K.P.,2006, PartialAdjustmenttowardTargetCapitalStructures!,JournalofFinancialEconomics,Vol.79,No.3,pp469??506.

GabrielleWanzenried,2000, CapitalStructureDecisionandOutputMarketCompetitionUnderDemandUncertainty!,http:????www??vwi.unibe.ch??theory??papers??wanzenried.

Heshmati,A.,2002, TheDynamincsofCapitalStructure:EvidencefromSwedishMicroandSmallfirms!,ResearchinBankingandFinance,Vol.2,pp199??241.

Jalivand,A.,andR.Harris,1984, CorporateBehaviorinAdjustmenttoCapitalStructureandDividendTargets:AnEconometricStudy!,JournalofFinance,39(1),pp127??145.

JonTuckerandEvaristStoja,2007, LongandShortRunCapitalStructureDynamicsintheUK:AnIndustryLevelStudy!,SSRNWorkingpaper.

Kraus,A.,andR.,Litzenberger,1973, AState??performanceModelofOptimalFinancialLeverage!,JournalofFinance,Vol.28,pp911??922.

LaurenceBooth,VaroujAivazian,AsliDemirgucKunt,andVojislavMaksimovic,2001, CapitalStructuresinDevelopingCountries!,JournalofFinance,56(1),PP87??130.

Levy,A.,andHennssy,C.,2007, WhyDoseCapitalStructureChoiceVarywithMacroeconomicConditions?!,JournalofMonetaryEconomics,54,pp1545??1564.

Liu,L.X.,2005, DoFirmsHaveTargetLeverageRatios?EvidencefromHistoricalMarket??to??bookVandPastReturns!,SSRNWorkingpaper.

L????f,H.,2004, DynamicOptimalCapitalStructureandTechnicalChange!,StructuralChangeandEconomicDynamics,15,pp449??468.MonikaSchnitzerandAchimWambach,1998, InsideversusOutsideFinancingandProductMarketCompetition!,DiscussionPaperofthe

姜付秀等:产品市场竞争与资本结构动态调整

MunichEconomicsDepartment,No.98??25.

Nickell,Stephen,1996, CompetitionandCorporatePerformance!,JournalofPoliticalEconomy,104,pp724??746.

RajanR.G.,andZingalesL.,1995, WhatDoWeKnowaboutCapitalStructure:SomeEvidencefromInternationalData!,JournalofFinance,5(12),PP1203??1235.

Rajbhandary,A.,1997, CapitalStructureofFirmsinDevelopingCountries:ResultsforIndia!,UnpublishedManuscript.

Scott,J.H.,1976, ATheoryofOptimalCapitalStructure!,BellJournalofEconomics,Vol.7,pp.33??54.

SheridanTitmanandSergeyTsyplakov,2007, ADynamicModelofOptimalCapitalStructure!,ReviewofFinance,Vol.11,No.3,pp401??451.

ShinichiNishiokaandNaohikoBaba,2004, DynamicCapitalStructureofJapaneseFirms:HowfarHastheTeductionofExcessLeverageProgressedinJapan?!,BankofJapanWorkingPaperSeries.

ShowalterDean,1995, OligopolyandFinancialStructure:Comment!,AmericanEconomicReview,Vol.85,No.3,pp647??653.

Telser,L.,1966, CutthroatCompetitionandtheLongPurse!,JournalofLawandEconomics,9,pp259??277.

ProductMarketCompetitionandDynamicCapitalStructureAdjustment

JiangFuxiu,QuYaohui,LuZhengfeiandLiYan

(RenminUniversityofChina;GuangdongUniversityofForeignStudies;PekingUniversity;RenminUniversityofChina)

Abstract:BasedonthebalancedpaneldataofChineselistedfirmsfrom1999to2004,thepaperstudiestherelationbetweenproductmarketcompetitionandtheadjustmentofcapitalstructure.Theempiricalresultshowsthatproductmarketcompetitionanditschangehavesignificantinfluenceonthebiasofthefirm%scapitalstructurefromitstargetones.Thehighertheintensityofproductmarketcompetitionis,thelessthebiasfromthetargetcapitalstructurewillbe,andifthecompetitiontendstomoreintense,thefirm%scapitalstructurewillbeclosetothetargetones.Butwedonotfindtheevidenceoftherelationbetweenproductmarketcompetitionandthespeedofthecapitalstructureadjustment.Thepaperextendedtheresearchofcapitalstructure,andshedsomelightsontheunderstandingofthefirm%scapitalstructuredecision.

KeyWords:ProductMarketCompetition;CapitalStructure;DynamicAdjustment;AimedCapitalStructure;AdjustmentSpeedJELClassification:D410,G320

(责任编辑:唐寿宁)(校对:子??璇)

下载地址：71产品市场竞争与资本结构动态调整.Doc

　　【】