Product markets and Dynamic Optimal Capital Structure

摘要：

This paper shows the relationship between capital structure and product market,and there is a balance between the tax shield from bearing debt and current product price which is closely correlated with firms profitability. Industries with low competitive product markets should have a relatively stable capital structure. And lower competition in product markets mean higher profitability, so higher optimal debt level.

关键词： Capital Structure Tax Shield Product market

作者: Zhiguang Cao Junmin Yang

作者单位: School of Finance Shanghai University of Finance & Economics International Business School Shanghai Institute of Foreign Trade

会议类型: 国际会议

会议名称: 2007 Conference on Systems Science, Management Science and System Dynamics(第二届系统科学、管理科学与系统动力学国际会议)

会议地点: 上海

会议语种:英文

页码: 139-144

在线出版日期: 2007-10-19（万方平台首次上网日期，不代表论文的发表时间）