摘要
本文采用宁静生活以及自由现金流量的观点来探讨市场结构对公司资本结构的影响,利用HHI作为市场竞争结构的代理变数,并且纳入系统风险、成长机会和套利风险等变量进行检验,结果发现:第一,若简单检验产业竞争强度对资本结构的影响,市场竞争强度会负向影响负债率;第二,在竞争结构较弱的产业中,高成长率或卖空成本较高的公司会降低负债率;最后,竞争强度较弱的产业中,若公司股价越高,高管人员会偏向举债以降低未来的自由现金流量。
Prior studies have debated on the effect of market structure of industry on capital structure. According to quiet life and free cash flow, this paper uses the HHI as the proxy variable of market structure and includes system risk, growth opportunity and arbitrage risk to test the relationship between market structure and capital structure. Our results find some interesting outcome. First, HHI has positive effect on capital structure which means the market competitive strength has negative effect on capital structure. Second, in weak competitive structure industry, for the company with high growth or high cost of short sell has negative effect on debt ratio. Third, in weak competitive structure industry, for the company with high price, manager would decrease the free cash flow by increasing debt.
出处
《产业经济评论》
2015年第4期72-82,共11页
Review of Industrial Economics
