市场结构与企业资本结构的互动关系

最近几年,一种新的研究资本结构市场结构关系的理论引起了世人的关注。该理论将现代财务理论、产品市场和企业战略行为理论联系起来。财务杠杆会改变权益回报率,由此影响产品市场策略的均衡。由于融资工具可以改变剩余现金流的所有权和公司在市场中投资或反映的能力,所以资本结构可以影响行业产品市场。这些改变会影响竞争者对一个公司的潜在行为的信心和预期。反之,有远见的企业将预测财务决策对产品市场的影响,因此,产品市场条件会影响财务决策。这样,两者之间就表现为一种相互作用。本文的主要目的是研究这种相互作用,从一个新的角度诠释公司治理这一理念。

The Interaction between Market Structure and Enterprises Capital Structure

A new literature linking capital structure and factor-product markets has been under focus in the last few years.This literature relates some elements of the modern financial theory to market structure and firm's strategic behavior. Here, financial leverage changes the payoffst to equity and thus affects the equilibrium of product markets because financial instruments alter the ownership of residual cash flows and the ability of the firm to invest of to react in the market.These changes affect the beliefs and cxpectations a competitor forms about a firm's potential actions.And vise versa,foresighted firms will anticipate output market consequences of financial decisions;therefore,output market conditions will influence financial decisions.This shows a two-direction effect.Thus,our main concern is to measure empirically this relationshop.