【作者】 孙荣；

【导师】 李春红；

【作者基本信息】 重庆大学 ， 技术经济及管理， 2010， 硕士

【摘要】 20世纪80年代中期,产品市场竞争和公司资本结构的关系研究引起了财务学界和产业经济学界的重视,自此结束了长期以来这两个领域相互割裂的状况。此后学者们从不同的角度对其进行了深入的研究并取得了重大进展,资本结构决策理论不断得到丰富。随着资本结构理论的不断发展和创新,学者们也越来越关注作为资本结构的重要内容之一—债务期限结构问题。但相关研究多集中于公司特征、股权治理等内部因素对债务期限结构的影响,结合外部因素进行研究的文献相当少。本文基于嵌入性理论[1]从产品市场竞争这一外部视角,结合上市公司的控股类型、所在地区的经济发展水平深入研究产品市场竞争对债务期限结构的作用机理。本文的研究既丰富了债务期限结构影响因素的相关理论,也是对产品市场竞争和资本结构关系研究的细化和深入。文章首先回顾了产品市场竞争和资本结构关系的相关研究成果,基于嵌入性理论介绍了控股类型和地域因素对债务期限结构影响的相关研究。然后对我国上市公司的债务融资现状按控股类型、行业和地区进行统计分析和差异检验。实证部分以658家A股上市公司2004-2008年的观测值组成的平衡面板数据为样本建立固定效应模型对产品市场竞争和债务期限结构的作用关系加以研究。实证分析首先进行总体回归分析,然后区分控股类型、地区进行对比研究,最后对产品市场竞争对债务期限结构内部构成的影响加以探析,多角度、多层次地研究产品市场竞争对企业债务期限结构的作用关系。研究发现产品市场竞争度和短期债务比例负相关,和长期债务比例正相关,这种影响对民营上市公司的作用大于对国有上市公司的作用。区域因素对不同控股类型的上市公司长期债务比例的影响存在差异,东部地区的国有上市公司产品市场竞争度和长期债务比例正相关,而在中西部地区呈负相关,东部地区市场竞争度低而长期债务比例高的不匹配现象得到改善。产品市场竞争对债务期限结构内部构成的影响在不同控股类型的公司之间存在差异。短期借款对国有上市公司的破产效应不显著,产品市场竞争越激烈,国有上市公司通过长短期银行借款进行债务融资的偏好越强烈。更多还原

【Abstract】 In the middle of the 1980s,the study of relationship between product market competition and corporate capital structure took attention of the finance and industry economics fields. Thus completing the splitting state of the two fields for a long time. Later scholars conducted detailed researches in this field and remarkable progress has been made, which enriched the theory of capital structure strategy. With the developing and innovation of capital structure theory, scholars more and more focused on the issue of debt maturity structure which is the one of the important content of capital structure, but relative studies mostly focus on the impact to debt maturity structure caused by inner factors such as corporate features and share ownership governance, there are few papers combining external factors to study this issue. This paper studies the debt maturity structure from external angel of product market competition, and based on the embeddedness theory, combining the share ownership background and the economic development of deferent regions to study the interaction mechanisms from product market competition to debt maturity structure. On one hand, this study enriches the theories of the effect factors of debt maturity structure, on the other hand, this study is extension of the study of product market competition and capital structure in a detailed way.Firstly, this paper reviews the related literatures about and introduces the effects to debt maturity structure caused by ultimate controller and regional factors based on the embeddedness theory. Then we apply descriptive statistics, parametric and non-parametric test to systematically analyze the current debt financing situation of listed companies in China from ultimate controller type, industry and region perspective. In the part of empirical analyse, this paper establishes fixed effect regression model and use the balance panel data of 658 A share companies during 2004-2008 as sample to study the effect to debt maturity structure caused by product market competition. In this part, this paper firstly carries out regression on a whole scale, then by distinguishing the difference of ultimate controller and region, at last, exploring the inner structure variation of debt maturity structure. The whole empirical study is carried out from macro -level to micro-level and in a multi-perspective way, so as to find out the effecting mechanism between product market competition and debt maturity structure. Main conclusions are as follows, The degree of product market competition has negative effect on the ratio of short-term debt while has positive effect on the ratio of long-term debt, and this effect is mort notable on private-listed companies than on state-controlled companies. The region factor has different effect on the ratio of long-term debt of listed companies controlled by different ultimate controllers. The degree of product market competition has positive effect on the ratio of long-term debt in eastern region, while the degree of product market competition has negative effect on the ratio of long-term debt in middle and western region. The unproportional situation of low product market competition with high long-term debt ratio has improved. The effect on the inner composition of debt maturity structure caused by product market competition is different among companies of different ultimate controller . The bankruptcy-effect of short-term bank debt does not play a part on the state-controlled companies. The more competitive the product market competition is, the more preference to bank debt the state-controlled companies are.更多还原