【摘要】： 近年來，資本結構與產品市場競爭互動關系受到金融經濟學家和產業(yè)經濟學家的關注，已成為公司財務中的熱點問題。這類研究結合產業(yè)組織特征，著眼于分析競爭對手、消費者及雇員等利益相關人對公司資本結構選擇的反應，討論資本結構選擇對產品市場行為的影響。許多實證研究表明：財務杠桿對企業(yè)在產品市場競爭中的投資能力、產品定價行為和業(yè)績的影響，以及行業(yè)特性和產品市場競爭結構對企業(yè)財務杠桿的影響。 本論文考察了寡頭競爭市場環(huán)境下融資決策與公司定價戰(zhàn)略之間的關系。論文提出一個兩階段雙寡頭壟斷競爭模型：第一階段，公司在價格的基礎上爭奪市場份額；第二階段，，公司利潤由第一階段形成的市場份額決定，并受到第一階段結束時公司財務狀況的影響。我們分析了當公司在第一階段末不能支付債務，引起財務危機時，財務危機成本對公司的產品市場競爭行為的影響。假設財務危機成本導致發(fā)生財務危機的公司市場份額下降；另一方面，競爭對手將由此獲得破產的外部好處，市場份額上升。 納什價格競爭環(huán)境中，公司是否應該選擇增加債務取決于模型不確定性的類型。成本不確定時，公司不應選擇債務。需求不確定時，根據模型參數的相對大小，公司可能不選擇債務或選擇正的戰(zhàn)略債務水平。 在Stackelberg競爭環(huán)境中，如果尾隨企業(yè)財務杠桿增加，領頭企業(yè)可能認為尾隨企業(yè)保護市場份額的動力下降，從而降低了奪取尾隨企業(yè)市場份額的成本。如果領頭企業(yè)財務杠桿較低，更看重市場份額增加帶來的長期收益，這種進行掠奪性降價爭奪市場份額的傾向更明顯。
[Abstract]:In recent years, the interaction relationship between capital structure and product market competition has attracted the attention of financial economists and industrial economists, and has become a hot issue in the company's finance. This kind of research combines the characteristics of industrial organization and focuses on the analysis of the reaction of the competitors, consumers and employees to the choice of the company's capital structure. The impact of this structure on the behavior of product market. Many empirical studies show that the influence of financial leverage on the investment ability of the enterprise in the product market competition, the effect of product pricing and performance, and the influence of industry characteristics and product market competition structure on the financial leverage of the enterprise.
This paper examines the relationship between financing decision and the company's pricing strategy in the oligopoly competition market. A two stage dual oligopoly competition model is proposed in this paper. In the first stage, the company contends for market share on the basis of price; the second stage is determined by the market share formed by the first stage, and the first order is given. The influence of corporate financial situation at the end of the period. We analyze the influence of the financial crisis cost on the company's product market competition when the company can not pay the debt at the end of the first stage, and assume that the financial crisis cost leads to the decline of the corporate market share of the financial crisis; on the other hand, the competitor will be the result of the financial crisis. The market share rose with the external benefits of bankruptcy.
In the competitive environment of Nash, whether the company should choose to increase the debt depends on the type of the model uncertainty. When the cost is uncertain, the company should not choose the debt. When the demand is uncertain, the company may not choose the debt or choose the positive strategic debt level according to the relative size of the model parameters.
In the Stackelberg competition environment, if the financial leverage of the enterprise increases, the leading enterprise may think that the driving force of the enterprise to protect the market share will decrease, thus reducing the cost of taking the market share of the enterprise. If the leading enterprise has a lower financial leverage, it pays more attention to the long-term profit brought by the increase in the market share, which is predatory. The tendency to cut prices for market share is more obvious.
【學位授予單位】：清華大學
【學位級別】：碩士
【學位授予年份】：2003
【分類號】：F016

【引證文獻】

相關碩士學位論文 前3條

1 陳晨;中國食用油產業(yè)的國際地位及進口安全研究[D];浙江大學;2011年

2 王鵬;企業(yè)資本結構與產品市場競爭強度相關性研究[D];南京航空航天大學;2007年

3 周靈;基于博弈論的客運通道市場競爭策略選擇研究[D];西南交通大學;2012年

本文編號：2159204