Equity Structure, Financing Structure and Product Market Compititive Power

摘要：

Both debt financing decision and product market competition decision are important decisions which must be made by enterprises in capital market and product market. This paper takes the impact of debt financing strategy on the companys product market competition as the primary concern, constructing simultaneous equations model of ownership structure,debt financing structure and product market competitive power. The sample includes companies listed in Shenzhen and Shanghai Stock Exchange from 2003 to 2008. We use two-stage least squares methods to exam the simultaneous equation compared to the results of ordinary least squares method. The findings indicate that ownership structure,debt financing structure and product market competitive power are interacted. Conclusion suggests that company could choose different debt maturity contract to influence its strategic impact on product market and also should consider the influence of property rights structure on product market competitive power.

关键词： equity structure financing structure product market competition power simultaneous equation

作者: Jun Huang

作者单位: Management School,Hunan University,Changsha,410079,China

会议类型: 国际会议

会议名称: The Tenth Wuhan International Conference on E-Business(第十届武汉电子商务国际会议)

会议地点: 成都

会议语种:英文

页码: 1069-1075

在线出版日期: 2011-05-13（万方平台首次上网日期，不代表论文的发表时间）