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资本结构与产品市场竞争互动关系近年来日益受到金融经济学家和产业经济学家的关注,本文提出一个在需求和成本不确定时的两阶段双寡头垄断竞争模型:第一阶段,公司在价格的基础上争夺市场份额;第二阶段,公司利润由第一阶段形成的市场份额决定,并受到第一阶段结束时公司财务状况的影响。成本不确定时,公司不应选择债务。需求不确定时,根据模型参数的相对大小,公司可能不选择债务或选择正的战略债务水平。
In recent years, the interactive relationship between capital structure and product market is increasingly concerned by financial economists and industrial economists. This paper proposes a two-stage duopoly competition model with uncertain demand and cost. In the first stage, In the second stage, the company’s profit is determined by the market share formed in the first stage and is affected by the financial status of the company at the end of the first stage. When costs are uncertain, companies should not choose debt. When demand is uncertain, companies may not choose debt or choose a positive strategic debt level, depending on the relative size of the model parameters.