摘要
资本结构与产品市场竞争优势之间的关系是近年来资本结构研究的一个新领域。以我国国有控股上市公司和民营上市公司为研究对象,通过对这一问题的实证分析发现:民营上市公司的产品市场竞争优势大于国有控股上市公司,资本结构是产生这种差异的重要因素。这一结论的政策意义在于:完善资本结构有助于我国上市公司改善治理结构,增强产品市场竞争优势;我国政府要进一步推进民营化改革与发展,以不断提高我国上市公司的质量。
The relationship between capital structure and product market competition is a new field for capital structure research in recent years.We take Chinese state-controlled and private listed companies as research objects and analyze the question by empirical research.We find that product market competition advantage is greater in private listed companies than in state-controlled listed companies,and capital structure is an important factor which makes this difference.The political significances of this conclusion are as follows： favorable capital structure is conducive to improve the governance structure of Chinese listed companies and increase their product market competition advantages;and Chinese government should further promote the reform of privatization so as to improve the quality of listed companies in our country.
出处
《中国软科学》
CSSCI
北大核心
2010年第10期143-151,共9页
China Soft Science
基金
2009年度教育部人文社会科学研究规划基金项目(09YJA790208)
关键词
资本结构
公司治理
竞争优势
capital structure
corporate governance
competition advantage
