摘要
随着经济全球化的发展,国内外产品市场的竞争越来越激烈。从产品市场竞争性的角度,研究产品市场的竞争性对企业资本结构的影响,结论是:企业资产负债率与其所处的产品市场的竞争程度正相关,且产品市场竞争程度对资产负债率差异的解释力非常显著。
With the progress of economic globalization,competition in domestic and international product markets has been becoming increasingly fierce.From the perspective of competition in product markets,this paper delves empirically into the effect of such competition on the capital structure.The conclusion is that an enterprise′s asset-liability ratio is positively correlated with the degree of competition in the product market that the enterprise is in and the degree of competition in the product market possesses significant explanatory power for the difference in asset-liability ratio.
出处
《财贸研究》
CSSCI
2010年第3期128-130,共3页
Finance and Trade Research
基金
国家社会科学基金重点资助项目(项目号:07AJY024)
上海财经大学研究生创新基金资助项目(项目号:CXJJ-2008-302)
关键词
产品市场
竞争程度
资本结构
product markets
degree of competition
capital structure
