产品市场竞争与融资约束关系研究——基于董事会成员背景特征的中介作用被引量：16

Research on the Relation between Product Market Competition and Financing Constraints——Based on the Mediating Effect of Board Members' Background Characteristics

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摘要根据资源依赖理论,采用"外部环境变动——董事会成员背景特征——企业资源获取能力"这一研究思路,以2007—2013年我国A股上市公司为样本,分析产品市场竞争对企业融资约束的影响及其作用机制。研究发现,产品市场竞争的增强提高了企业融资约束的程度;并对董事会成员背景特征有显著影响,但对于不同背景特征具有不同的效果;产品市场竞争对企业融资约束的影响有一部分是通过企业董事会成员的不同背景特征传导的,董事会成员背景特征是产品市场竞争与企业融资约束之间的部分中介变量。 Based on resource dependence theory, we built up the research structure as product market competition-back- ground characteristics of board members-the capacity of resource acquisition, and used the panel data of a share listed compa- nies from 2007--2013 to analyze the impact of product market competition on financing constraints. The results showed that product market competition can improve the degree of financing constraints significantly as well as having a significant impact on board members＇ background characteristics with different properties. The effect of product market competition on financing constraints was partly transferred through board members＇ background characteristics ,which acts as partial mediating variable between product market competition and financial constraints.

作者孙烨许艳

机构地区吉林大学商学院

出处《产业经济研究》 CSSCI 北大核心 2016年第1期100-110,共11页 Industrial Economics Research

基金国家自然科学基金项目(71573104)

关键词产品市场竞争董事会成员背景特征融资约束资源依赖中介作用 product market competition background characteristics of board members＇ financing constraints resource dependence mediating effect

分类号 F275.5 [经济管理—企业管理]

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