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Brander&Lewis(1986)研究了公司资本结构对于产品市场行为的影响,首次将产业组织理论和公司金融理论融合起来。后续的研究发现:资本结构决策与产品市场竞争行为之间存在互动关系。资本结构能影响企业产品市场竞争绩效,而产品市场竞争又反过来影响公司资本结构的选择。本文通过借鉴Camapello模型,对我国造纸印刷类上市公司2005-2009年的面板数据进行实证分析;结果发现,我国上市公司市场竞争力与资产结构之间的回归系数为正,但不显著。
Brander & Lewis (1986) studied the impact of corporate capital structure on product market behavior, for the first time the theory of industrial organization and corporate finance theory together. Subsequent research finds that there is an interaction between capital structure decision-making and product market competition behavior. The capital structure can affect the performance of enterprise’s product market competition, which in turn affects the choice of company’s capital structure. This paper draws lessons from the Camapello model to make an empirical analysis of the panel data of China’s paper-printing listed companies from 2005 to 2009, and finds that the regression coefficient between the market competitiveness and the asset structure of the listed companies in our country is positive, but not significant.