【摘要】 根据资源依赖理论,采用"外部环境变动——董事会成员背景特征——企业资源获取能力"这一研究思路,以2007—2013年我国A股上市公司为样本,分析产品市场竞争对企业融资约束的影响及其作用机制。研究发现,产品市场竞争的增强提高了企业融资约束的程度;并对董事会成员背景特征有显著影响,但对于不同背景特征具有不同的效果;产品市场竞争对企业融资约束的影响有一部分是通过企业董事会成员的不同背景特征传导的,董事会成员背景特征是产品市场竞争与企业融资约束之间的部分中介变量。更多还原

【Abstract】 Based on resource dependence theory,we built up the research structure as product market competition-background characteristics of board members-the capacity of resource acquisition,and used the panel data of a share listed companies from 2007—2013 to analyze the impact of product market competition on financing constraints. The results showed that product market competition can improve the degree of financing constraints significantly as well as having a significant impact on board members’ background characteristics with different properties. The effect of product market competition on financing constraints was partly transferred through board members’ background characteristics,which acts as partial mediating variable between product market competition and financial constraints.更多还原