企业融资结构与产品市场策略——理论模型与实证分析

【作者】 贾婕；

【导师】 金雪军；

【作者基本信息】 浙江大学 ， 政治经济学， 2004， 博士

【摘要】 企业的融资结构和产品市场策略是企业发展过程中两项最重要的决策，这两项决策之间存在着密切的相关关系。然而，长期以来，对企业融资结构和产品市场策略的研究一直是在两个独立的领域内分别展开的，直到20世纪80年代，这种研究上的分割现象才引起经济学界的广泛关注，部分经济学家从不同的角度对企业融资结构与其产品市场竞争之间的相互关系进行了研究。 笔者在考虑了不确定性的不同来源、企业产品市场竞争的不同类型以及企业所得税等多种因素的基础上，从多个角度分析了企业的融资结构与其产品市场策略及产品市场竞争之间的关系。在第三章中，我们首先分析了产品市场不完全竞争对企业融资决策的影响，包括产品市场竞争对企业在资本市场上融资能力的影响、产品市场竞争对企业资本结构选择的影响以及不完全竞争对企业不同的债务融资渠道选择的影响。产品市场不完全竞争对企业融资能力的影响主要来源于两种不同的效应：利润下降效应和参照效应。产品市场竞争一方面降低了企业所可能获得的预期利润水平，企业利润水平的下降降低了企业在资本市场上获得资金的概率，同时另一方面，产品市场上竞争企业的存在也为企业资金的提供者提供了观察和确定企业经营状况的参照，这降低了企业与其资金提供者之间的代理问题，在一定程度上有助于企业在资本市场上获得融资，产品市场不完全竞争对企业融资能力的影响取决于这两种效应之间的权衡。产品市场不完全竞争不仅会影响到企业在资本市场上的融资能力，而且还会影响到企业的资本结构选择以及企业在不同的债务融资渠道之间的选择。这正是我们在随后的两节中所研究的主要问题。在第四章中，我分析了企业资本结构的变化对企业产品市场策略的影响。产量策略和价格策略是企业在产品市场上的两项最重要的策略，因此我们分别分析了当企业在产品市场上进行产量竞争和价格竞争时，企业债务水平的变化对其产品市场竞争的影响。在前两章分析的基础上，我在第五章中尝试着建立了一个一般性的理论框架，在没有区分企业在产品市场上竞争的具体类型以及企业所面临的不确定性的具体来源的基础上，全面地探讨了企业的资本结构与其产品市场策略之间的相互关系。在理论研究的基础上，为了进一步深化对这一问题的认识，我们利用中国上市公司1999-2002年间的年报数据进行了实证检验。笔者首先根浙江大学博士学位论文据中国证监会颁布的《上市公司行业分类指引》对各个上市公司进行了行业分类，在行业分类的基础上，我按照一定的原则选择了样本行业和样本企业.根据样本企业的各项数据，我直接或间接地选取了企业的债务水平、长期债务水平、企业的相对销售额、企业在产品市场上的竞争程度、企业的规模、企业的盈利水平、需求不确定性以及成本不确定性等变量，运用独立样本t检验、判别分析以及回归分析等多种统计方法进行了计量检验.我所进行的各项实证研究在不同程度上验证了我们前面所进行的理论研究得出的结论。 对企业融资结构与产品市场竞争之间相互关系的研究仍然处于起步阶段，我希望我的研究在理论上可以为这一领域的研究提供一些新的研究思路，在实践上可以为企业现实的融资结构和产品市场策略提供一定的理论指导.更多还原

【Abstract】 Financial decision and product market decision are the two most important decisions in firms’ developing process and these two decisions have close interactions. However, the strategy of the firm in product market and its firm’s financial decision were studied in two isolated fields for a long time. Until 1980’s, this separation in research has caused wide attention of many economists and they explored the interaction between these two decisions from various viewpoints.Based on the consideration of these factors including the various sources of uncertainty, the different types of product market competition and the corporate income taxes, my thesis analyze the interaction among the firm’s financial decision, its product market strategy and the product market competition from different angles. In chapter three, I firstly analyses the influence of incomplete competition in product market on the firm’s financial decisions. These financial decisions include the firm’s financial ability in capital market, its choice of capital structure and its choice between public and private debt. The incomplete competitions in product market have two effects on the firm’s financial ability. On one hand, product market competition decreases the firm’s expected profit and thus lowers the firm’s possibility of getting funds from capital market. This is the profit decreasing effect. On the other hand, the existence of competitive firm facilitates the investors’ control of the firm’s operating status and reduces the agency problem between the firm and investors. This is the benchmark effect. The influence of product market competition of firms’ financial ability depends on the trade off between these two effects. The incomplete competition in product market will not only affect the financial ability in capital market, but also affect the firm’s choice of capital structure and its choice between different sources of debt. This is just what I study in the following sections. In chapter four, I studied how the changes of firms’ debt level affect the product market competition. Output strategy and pricing strategy are firms’ most important strategies in product market, so I analyses the effect of changes in debt level on product market competition while firms compete with output and price separately in product market.Based on the analysis in chapter three and four, I tried to set up a general theoretic framework in chapter five to explore the interaction between the firm’s capital structure and its product market decision. In this framework, I don’t distinguish the type of product market competition and the sources of uncertainty. In order to further my research, I conduct empirical test using the annals data of Chinese listed companies from 1999 to 2002. I classified the listed companies according to the "Industrial Classification Guidance of Listed companies" which is issued by the CSRC. Based on this classification, I chose some industries and corporations in terms of certain principles as my sample. While there are many ways to measure firms’ capital structure and their product market decision, proxies that tend to be common within the empirical capital structure and industrial organization literature are used in my study. These include the following: debt, long-term debt, sales turnover, the extent of product market competition, firms’ size, profit, demand uncertainty, cast uncertainty and so on. The interaction between firms’ capital structure and product market decisions has been analyzed by using Independent Samples t-test, Discriminant Analysis and Ordinary Least Square regressions. These empirical studies proved my previous theoretic conclusions to some extent.The research on the interaction between firms’ financial decisions and their product market strategies are still in the beginning. I wish that my research can provide not only some fresh thoughts in this field but also certain theoretical guidance for firms’ financial and product market decisions in practice.更多还原