摘要
沿袭新古典主义的传统,公司金融理论把企业的生产活动看作是一个“黑箱”,企业所采用的生产技术、在产品市场上面临的竞争状况等经营活动的作用仅仅在于产生一个现金流量。这个现金流量给企业的融资、投资活动提供了一个外在约束,企业的资本结构决策据此作出,但不能对企业在产品市场上的经营活动产生影响。肇始于20世纪80年代的战略公司金融理论打通了公司金融理论和产业组织理论之间的隔阂,认为资本结构决策可以影响到企业在产品市场的竞争状况,同时,产品市场竞争又反作用于资本结构决策。
国内外关于资本结构如何影响其产品市场竞争状况的研究已然不少,但均未能达成一致结论,本文在对国内外文献评述的基础上,从三个方面拓展了资本结构战略效应的研究。首先,利用结构方程模型,在考虑了产品市场竞争对资本结构反作用的情形下,对资本结构的战略效应进行实证研究。其次,又从两个方面把实证研究进一步推向深入:第一,在考虑资本结构和市场结构交互作用的情形下,市场集中度达到一定程度(前三大企业市场占有率超过0.22)之后,资本结构可以增进产品市场竞争力,并且随着集中度增加,战略效应也增加;当市场较为分散时,资本结构则会削弱产品市场竞争力。第二,从债务期限结构的角度把资本结构战略效应研究引向深入,发现债务期限结构越短,资本结构的战略效应越明显。为了检验本文结论是否与中国上市公司所处的融资环境和市场竞争环境有关,本文接下来从制度背景上分析了中国上市公司资本结构的现状及其成因,深入分析了中国上市公司资本结构战略效应的制度背景,并在此基础上给出了政策建议。
Following the traditional neo-classical, corporate finance theory take firms' production activities as a "black box". The production technology taken by firms and their competence in product market generate cash flow. This cash flow only provides an external constraint on the financing and investment activities of enterprises, and it has no effect on the production activities on product market. The strategic corporate finance theory, which began in the 1980s, connected corporate finance theory and the theory of industrial organization. Capital structure decision affects the state of competition in product markets, at the same time, market competition counterproductive in the capital structure decision.
There have been a lot of studies about the impact of capital structure on the state of competition in the product market, but they fail to reach a unanimous conclusion. Based on the review of the strategic corporate finance theory, this paper expands the study on strategic effect of capital structure in three aspects. First of all, considering the impact of product market competition on the product market, this paper does an empirical study on the the strategic effect of capital structure by using structural equation model, and deepening the empirical study in the two following aspects. Considering the interaction of capital structure and product market competition, when market concentration reaches a certain degree (CR3=0.22), capital structure will enhance market competence, and with the increase of market concentration, strategic effect increases; when market concentration is low, market competence will decrease with capital structure. From the perspective of the debt maturity structure, the strategic effect of capital structure is negative correlated with the debt maturity structure. In order to test whether the conclusions of this paper is related with the financing environment and the product market competition, this paper analyzes the institution background faced by the Chinese listed companies. On this basis, this paper gives the policy recommendations.
引文
[1]周业安、赫凤杰,战略公司金融理论的新进展[J],经济理论与经济管理,2005(2).
[2]如无特殊说明,下文中资本结构具有战略效应均是指此处的定义:债务融资增加可以增强产品市场竞争力。
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