【摘要】 直到 2 0世纪 80年代 ,企业资本结构对产品市场竞争的影响才引起经济学家的广泛关注。对于这一问题的研究 ,存在着两种截然不同的理论结论 :一种观点认为企业债务水平的提高会使其在产品市场竞争中更为强硬 ,增强其竞争力 ;另一种观点则恰好相反。借鉴前人理论成果的基础上 ,尝试着提出了一种较为一般的分析框架 ,并将不同的理论成果作为这一分析框架的不同侧面。更多还原

【Abstract】 The effect of firms’ capital structure on product market competition didnot cause the economist’s extensive concern until the 80s this century. There are two entirely different theoretical conclusions on this subject. One of the viewpoints holds that the increase of a firm’s debt will make it tougher in the product market compretition and strengthen its competition ability. The other is just the opposite. Based on these theories, this paper tries to set up a more general theoretical framework and view other models as special cases within this framework.更多还原