本文選題：資本結(jié)構(gòu) + 產(chǎn)品市場競爭��； 參考：《云南財經(jīng)大學(xué)》2013年碩士論文

【摘要】：對企業(yè)產(chǎn)品市場競爭與資本結(jié)構(gòu)的研究一直以來都是從產(chǎn)業(yè)經(jīng)濟學(xué)和公司財務(wù)學(xué)兩個領(lǐng)域分別展開研究。由于假設(shè)條件的限制及學(xué)科的界限，兩個領(lǐng)域的學(xué)者都沒有將產(chǎn)品市場競爭和資本結(jié)構(gòu)兩者的關(guān)系結(jié)合起來進行研究，從而使得他們的結(jié)論無法合理解釋現(xiàn)實中企業(yè)的行為。直至1986年，Brander和Lewis的研究打破了這種僵局，開始將產(chǎn)品市場競爭和資本結(jié)構(gòu)結(jié)合起來研究。之后，資本結(jié)構(gòu)與產(chǎn)品市場競爭關(guān)系的研究吸引了各位學(xué)者的關(guān)注，圍繞該問題進行了一系列的理論和實證研究，促進了該領(lǐng)域的發(fā)展。但是由于研究時間較短，在理論方面，觀點還不統(tǒng)一，甚至得出了相互矛盾的觀點；在實證方面，相關(guān)的文獻不是很多，且大多數(shù)為美國公司的數(shù)據(jù)①。國內(nèi)對該領(lǐng)域研究起步更晚，成果也了了無幾，需要我們對產(chǎn)品市場競爭和資本結(jié)構(gòu)進行更進一步的研究。經(jīng)過研究證明在研究資本結(jié)構(gòu)的決定因素時必須考慮行業(yè)的影響，同樣不同的行業(yè)產(chǎn)品市場競爭對資本結(jié)構(gòu)的影響也不同。因此對不同的行業(yè)中對產(chǎn)品市場競爭和資本結(jié)構(gòu)進行分析有其深遠的意義。不僅能對某一行業(yè)深入了解，還能夠為我國企業(yè)產(chǎn)品市場競爭的優(yōu)化和戰(zhàn)略的制定提供一些建議。 本文首先對產(chǎn)品市場競爭和資本結(jié)構(gòu)的國內(nèi)外文獻進行綜述，其中對國外文獻分別從理論和實證兩個方面進行了綜述，由于目前該領(lǐng)域存在兩種基本觀點，因此在理論和實證中又分別從負債增加了產(chǎn)品市場競爭和負債減弱了產(chǎn)品市場競爭的觀點這兩個觀點進行了綜述。國內(nèi)研究較少，因此對其只做了簡單性的綜述。 其次，對基本理論進行分析，本文以Brander和Lewis模型為基礎(chǔ)構(gòu)建了一個一般性的模型。經(jīng)過對模型進行推理分析，，結(jié)果表明，在外部條件較好的情況下，企業(yè)負債的增加會導(dǎo)致企業(yè)產(chǎn)出的擴大，因此說明產(chǎn)品市場競爭和資本結(jié)構(gòu)之間有正相關(guān)關(guān)系。 然后，通過對我國汽車行業(yè)的基本情況進行了介紹，提出了文章的兩個研究假設(shè)，接著我們運用我國汽車行業(yè)上市公司2000-2010年的數(shù)據(jù)對我國汽車行業(yè)上市產(chǎn)品市場競爭與公司資本結(jié)構(gòu)的關(guān)系進行實證研究，得出以下結(jié)論：1、汽車行業(yè)產(chǎn)品市場競爭強度與企業(yè)的資本結(jié)構(gòu)正相關(guān)，即企業(yè)會通過激進的財務(wù)策略來應(yīng)對激烈的產(chǎn)品市場競爭，同時通過激進的產(chǎn)品市場競爭策略又會導(dǎo)致企業(yè)實行激進的資本結(jié)構(gòu)方式。2、同一行業(yè)內(nèi)部企業(yè)之間的資本結(jié)構(gòu)應(yīng)具有相對穩(wěn)定性和相似性。 接下來，我們將一汽轎車股份有限公司作為案例進行分析，通過對公司的財務(wù)業(yè)績和經(jīng)營狀況、競爭戰(zhàn)略、融資方式形成的資本結(jié)構(gòu)與實施的競爭戰(zhàn)略等方面進行全面的分析，結(jié)果表明，一汽轎車采取激進的產(chǎn)品市場競爭策略具有其合理性，同時通過增加負債的資本結(jié)構(gòu)方式來提高自身的產(chǎn)品市場競爭力，然后發(fā)現(xiàn)一汽轎車產(chǎn)品市場競爭與資本結(jié)構(gòu)之間是相互影響的正相關(guān)關(guān)系。由此驗證了理論分析和實證分析中產(chǎn)品市場競爭與資本結(jié)構(gòu)之間存在相關(guān)的正相關(guān)關(guān)系。 最后，給出了文章的研究結(jié)論，并分析了不足與提出了展望。
[Abstract]:The research on the market competition and capital structure of enterprise products has been studied from two fields of industrial economics and corporate finance. Due to the limitation of the hypothesis and the boundary of the subject, the scholars in the two fields have not studied the relationship between the competition of product market and the two parties of the capital structure. In 1986, the research of Brander and Lewis broke the impasse and began to combine the market competition with the capital structure. After that, the research on the relationship between the capital structure and the competition of the product market attracted the attention of the scholars and carried out a series of studies on the problem. The theoretical and Empirical Study of the column has promoted the development of this field. However, because of the short time of research, in theory, the views are not uniform, and even conflicting views are drawn; in the empirical aspect, the relevant literature is not much, and most of them are data of American companies. Few, we need to further study the market competition and capital structure of the product. After research, it is proved that the determinants of the capital structure must consider the influence of the industry, and the market competition in different industries has different influence on the capital structure. Therefore, the competition and capital of the product market in different industries The analysis of the structure has its profound significance. It can not only understand a certain industry, but also provide some suggestions for the optimization of the market competition of our enterprises and the formulation of the strategy.
This article first summarizes the domestic and foreign literature of product market competition and capital structure, in which the literature of foreign countries is reviewed from two aspects of theory and demonstration. Since there are two basic viewpoints in this field, the market competition and debt of product market have been weakened from the debt in theory and demonstration. The two points of view of field competition are reviewed.
Secondly, the basic theory is analyzed. In this paper, a general model is built on the basis of Brander and Lewis model. Through the reasoning and analysis of the model, the result shows that the increase of enterprise debt will lead to the expansion of enterprise output under the condition of better external conditions. Therefore, there is a positive relationship between the product market competition and the capital structure. The relationship.
Then, through the introduction of the basic situation of the automobile industry in China, this paper puts forward two research hypotheses, and then we use the data of China's automobile industry listed companies for 2000-2010 years to make an empirical study on the relationship between the market competition and the capital structure of the listed products of the automobile industry in our country, and draw the following conclusions: 1, automobile industry The competitive strength of the industry product market is positively related to the capital structure of the enterprise. That is, the enterprise will deal with the fierce market competition through radical financial strategy, while the radical product market competition strategy will lead to the enterprise to carry out radical capital structure.2. The capital structure between enterprises in the same industry should be relatively stable. Qualitative and similarity.
Then, we analyze the case of the FAW car Limited by Share Ltd as a case. Through the comprehensive analysis of the company's financial performance and operation status, the competitive strategy, the capital structure formed by the financing mode and the implementation of the competitive strategy, the results show that the car's radical product market competition strategy has its combination with the company. Rational, at the same time, increase the competitiveness of the product market by increasing the capital structure of debt, and then find the positive correlation between market competition and capital structure of FAW car product is a positive correlation. It proves that there is a positive correlation between the competition of product market and the capital structure in theoretical analysis and empirical analysis. Relationship.
Finally, the research conclusions of the article are given, and deficiencies and prospects are also analyzed.
【學(xué)位授予單位】：云南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F426.471

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