摘要
市场竞争作为一种重要的外部机制对公司经营决策具有重要影响。基于2004～2009年中国20个行业上市公司的数据,本文以各行业内公司的产品市场竞争衡量市场竞争程度,实证考察了市场竞争对公司融资约束的影响,以及不同股权性质下这种影响的差异。研究结果表明市场竞争越激烈,企业融资约束现象越严重;相对于国有控制公司,非国有控制公司在市场竞争激烈时更能有效缓解公司融资约束。
Theoretical research suggests that market competition has significant effects on corporate strategies. Using a sample of Chinese listed firms from the period 2004 to 2009, this paper uses product market competition to proxy market competition and examines the effects of market competition on corporate financial constraints. The results show that market competition has significantly positive impacts on corporate financial constraints. The results also suggest that the effects of market competition on financial constraints are less in non-state-controlled companies than that in state-controlled companies.
出处
《产业经济研究》
CSSCI
北大核心
2012年第4期28-36,共9页
Industrial Economics Research
基金
教育部人文社会科学研究西部和边疆地区项目(项目编号:10XJC630003)
教育部人文社会科学研究一般项目(项目编号:11YJA630023)
内蒙古自治区自然科学基金项目(项目编号:2011BS1004)
内蒙古高等学校科学研究项目(NJ10028)
内蒙古大学高层次人才引进科研启动项目(项目编号:Z20100103)
关键词
市场竞争
融资约束
股权性质
market competition
ownership property
financial constrains
