行业竞争、资本结构与产品市场竞争力

摘要：本文以我国上市公司的数据为样本，利用企业的投资能力和市场份额描述产品市场竞争力，从行业竞争差异的角度探讨了资本结构对我国企业产品市场竞争力的影响。研究表明资本结构对企业的产品市场竞争力具有显著影响，且这种影响对处于不同竞争程度行业的企业有所差异。资本结构的提高对企业的投资能力会产生负效应，且这种负效应随着行业竞争程度的下降也会有所减弱。总体上，资本结构的提高有利于市场份额的提高，且这种正效应也会随着行业竞争程度的下降而下降。但当企业本身资本结构已经处于一个较高的水平时，资本结构的提高易使企业的市场份额下降，从而可能陷入财务危机，尤其当行业竞争激烈时。本文的研究不仅丰富了我国资本结构对产品市场竞争力影响的研究文献，也为企业决策者在制定目标资本结构时提供了参考。

Industry competition, capital structure, and product market competitiveness

Abstract: Taking the data from China’s listed companies as research samples and using investment capacity and market share for describing product market competition of firms, how does capital structure impact on the product market competitiveness of firms is investigated from the perspective of industry competition differences. The result shows that capital structure has a significant different impact on the product market competitiveness with the different industry competition. The investment capacity will decrease with increasing capital structure, but this effect will decrease with decreasing intensity of industry competition. In general, the improvement of capital structure is conducive to increasing market share, and this positive effect will also decrease with decreasing intensity of industry competition. However, when the capital structure of firms is already at a high level, improving the capital structure of firms will easily make the market share fall, which maybe results in a financial crisis, especially when the firm is in a strong competition industry. The study not only enriches the literatures about the research on how does capital structure impact on the product market competition, but also provides some suggestions for business decision-makers in the formulation of target capital structure.