资产专用性、产品市场竞争和资本结构

摘要

资本结构是资本所有者之间及其与公司其他利益相关者直接的契约安排的决定因素，资本结构与公司治理结构、公司战略、公司的成长以及公司的价值之间存在着重要的联系，所以资本结构成为公司重要的战略之一。本文通过研究资产专用性和产品市场竞争对公司资本结构的影响，发现我国上市公司资本结构与产品市场强度和资产专用性负相关。在高资产专用性行业，资产清算价值受到影响，产品市场竞争越激烈，发生清算的概率越大，公司负债率越低。我们运用沪深上市公司面板数据进行检验，实证分析支持我们的理论假设。%　　Capital structure plays a decisive role in direct contract arrangement made among capital owners and other interest-related parties and these owners. And capital structure, as one of important strategies in a corporation, has close relation with such aspects as the corporate governance structure, the value and the development strategy. The paper, through the studies on asset specialization and product market competition, finds that there is a negative correlation between capital struc-ture and market strength and asset specialization. In the highly specialized sectors, the value of asset liquidation is usually affected. The fiercer the product market becomes, the more likely the liquidation is to occur, and the lower the debt ratio a company may have. By examining the panel data of the listed companies in Shanghai and Shenzhen Stock Exchanges, the paper has proved the theoretical hypothesis with its empirical analysis.