【作者】 左志锋；

【导师】 谢赤；

【作者基本信息】 湖南大学 ， 企业管理， 2009， 博士

【摘要】 作为产业组织与公司金融两个交叉领域,资本结构与产品市场竞争之间的关系研究已经越来越受到国内外学者的关注。资本结构与产品市场竞争关系研究的深入开展对于解释不同竞争结构和竞争战略所造成的企业融资行为的差异,更加科学地认识企业竞争性战略制定的内在机理,以及控制企业投融资决策的风险都有着重要的作用。本文通过构建静态和动态博弈模型,从理论上探究债务融资对产品市场竞争的影响;并且从实证的角度分析债务融资与产品市场竞争间的关系。具体研究内容涵盖以下四个方面:首先,在分析静态需求和成本不确定条件下短期债务对产量竞争影响的基础上,通过构建二阶段静态博弈模型,将研究拓展至长期债务条件,考察需求和成本不确定以及债务契约变更等情形下的债务融资对产量、价格和竞争强度的影响,着重讨论剩余债务对后期产量竞争的影响,以及整体债务对生产前期Nash均衡产量和价格的影响。其次,通过构建动态博弈模型,从理论上分析动态条件下的债务融资对产品市场竞争的影响,并通过设计产品替代系数来考察产品替代程度对动态价格竞争影响。再次,利用沪、深证券市场钢铁行业样本数据,建立联立方程模型对静态和动态条件下钢铁行业上市公司债务融资对产量和价格竞争影响进行实证研究;同时,运用面板数据模型对制造业上市公司债务融资对行业竞争强度进行分析,从实证的角度验证基于博弈理论模型所获得的债务融资对产品市场竞争的部分结论。最后,在对钢铁行业产量和价格对债务融资影响分析的基础上,利用沪、深证券市场制造业样本数据,运用面板数据模型分析产品市场竞争与债务融资之间的关系特征,对比研究滞后期与当期市场竞争状况对企业债务融资的影响,并利用向量自回归模型进一步探讨不同市场条件下产品竞争状况对企业债务融资的影响。本文通过构建静态和动态博弈模型,从理论上系统探讨了不同类型不确定条件下,债务期限对产品市场竞争类型的影响;在考虑企业前期偿债能力的基础上,设计随机变量,构建企业再融资的行为特征来反映企业生产运营过程中面临的债务融资条件改变的情况,研究债务契约变更对产品市场产量竞争的影响;本文还通过设计产品替代系数,考察了产品替代性对于价格竞争的影响。此外,通过构建联立方程模型,实证研究静态和动态条件下债务融资对产量和价格竞争的影响;同时运用面板数据模型分析了债务融资与不同竞争强度间的内在关系;并一步探讨了不同市场条件下产品竞争状况对企业债务融资的影响。本文对债务融资与产品市场竞争关系研究的发展作了一些贡献,一定程度上拓展了传统资本结构、企业战略、竞争策略的研究视角,为新商业模式下企业制定正确的投融资决策和竞争战略提供了部分理论和实证依据。更多还原

【Abstract】 As being the overlap of industrial organization and corporation finance, the relationship between capital structure and product market competition is drawing the more attentions of researchers around the world. These deep investigations are very important for people to clarify the difference of corporation financing behaviors due to the different competitive structures and strategies, to clearly know the internal mechanism of corporation competitive strategies, and to control the corporation financial risk.The paper investigates the theoretical influence of debt financing on product market competition. And we empirically research the relationship of both sides. The detailed consists of four sections:First, based on stationary results of short-run debt and uncertainty, we extend our researches to long-run debt by establishing two-staged stationary game-model. One can further analyze the influences of long-run debt on product competitions involving quantity, price and competition strenght for demand and cost uncertainty, especially influences of residual debt on later period, and total debt on beginning equilibrium quatity and price.Next, we build up dynamic game-model to theoretically investigate effects of debt financing on product competition. Meantime we design the substitution coefficient to find out the influence of substitution on dynamic price.Then, the simultaneous equations are used to analyze the empirical influence of debt financing on product quantity and price for stationary and dynamic conditions through using the samples of steel corporations in Chinese A-share. And the data from manufacturing corporations in Chinese A-share are utilized to study the influence of debt financing on competition strength through panel data model. The empirical results verify the theoretical conclusions drew from the previous game-models.Finally, based on analysis of steel industry, we use the data of manufacturing industry to study the influence of product market competition on debt fiancing. We compare the influence of the current competition on debt financing with the lagged term. And the influence of product market competition on debt financing at different market conditions is investigated through vector auto-regression method. The originalities of this dissertation are reflected in the following aspects: (1) We systematically analyze the theoretical influence of debt financing on product market competition for different uncertainties, debt terms and competition types through stationary and dynamic game-model. (2) Based on the previous compensation ability, the behavior properties of corporation refinancing is established by designing random variable to analyze the effects of debt contract change on product market competition. (3) We design the substitution coefficient to investigate its influence on price competition. (4) The simultaneous equations are established to empirically analyze the influences of debt financing on product quantity and price under stationary and dynamic status. And the panel data model is used to analyze the relationship between debt financing and different competitive strengths. And the further influence of product competition on corporation debt financing at different market conditions is investigated.The researches of paper make some contributions to the relationship between debt financing and product market competition. And the paper also explores the research scopes to some extend relative to traditional capital structure, corporation strategy and competition tactics. The paper supply corporations at new business model with some valuable results of theory and empirical evidence to help setting down the appropriate strategies of investment, financing and competition.更多还原