【作者】 钟田丽； 范宇；

【机构】 东北大学；

【摘要】 国外学者的研究表明,财务杠杆影响企业产品市场竞争,低财务杠杆是一种竞争优势,高财务杠杆更容易引起企业经营失败。从产品市场竞争角度,低杠杆的财务保守行为是一种理性选择。一般认为,我国上市公司股权融资偏好是权衡风险与收益的理性选择,但通过对产品市场竞争激烈程度不同的各行业上市公司财务杠杆选择的分析发现,我国资本市场中存在着一种极不匹配的现象:产品市场竞争越激烈,公司财务杠杆越高。因此,本文认为我国资本市场同时存在着股权融资过度和股权融资不足两种低效率。更多还原

【Abstract】 The researches by the abroad scholars find that financial leverage influences the company’s product-market competition.Low financial leverage is a kind of competitive advantage;High financial leverage causes the company to fail more easily.From the product-market competition angle,the behavior keeping low financial leverage is a kind of reasonable choice.Generally thinking,our country listed companies liking share financing is a reasonable choice after weighing risk and income.However,through the analysis of the listed companies with different degree of product-market competition,we find an quite unmatched phenomenon existing in our country capital market:The product market competition is more vigorous;the company financial leverage is higher.Therefore,we think there are two kinds of low efficiencies in our country capital market---equity financing excessiveness and equity financing not enough.更多还原