本文關(guān)鍵詞：產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)與資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整，由筆耕文化傳播整理發(fā)布。

2008年第4期；屈耀輝,2006:?中國(guó)上市公司資本結(jié)構(gòu)的調(diào)整速；梯若爾著,王永欽等譯,2007:?公司金融理論#；童勇,2004:?資本結(jié)構(gòu)的動(dòng)態(tài)調(diào)整和影響因素#；王皓、趙俊,2004:?資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整模型#,；肖作平,2004:?資本結(jié)構(gòu)影響因素和雙向效應(yīng)動(dòng)；趙蒲、孫愛(ài)英,2004:?財(cái)務(wù)保守行為:基于中國(guó)；朱武祥等,2002:?產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)與財(cái)務(wù)保

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ProductMarketCompetitionandDynamicCapitalStructureAdjustment

JiangFuxiu,QuYaohui,LuZhengfeiandLiYan

(RenminUniversityofChina;GuangdongUniversityofForeignStudies;PekingUniversity;RenminUniversityofChina)

Abstract:BasedonthebalancedpaneldataofChineselistedfirmsfrom1999to2004,thepaperstudiestherelationbetweenproductmarketcompetitionandtheadjustmentofcapitalstructure.Theempiricalresultshowsthatproductmarketcompetitionanditschangehavesignificantinfluenceonthebiasofthefirm%scapitalstructurefromitstargetones.Thehighertheintensityofproductmarketcompetitionis,thelessthebiasfromthetargetcapitalstructurewillbe,andifthecompetitiontendstomoreintense,thefirm%scapitalstructurewillbeclosetothetargetones.Butwedonotfindtheevidenceoftherelationbetweenproductmarketcompetitionandthespeedofthecapitalstructureadjustment.Thepaperextendedtheresearchofcapitalstructure,andshedsomelightsontheunderstandingofthefirm%scapitalstructuredecision.

KeyWords:ProductMarketCompetition;CapitalStructure;DynamicAdjustment;AimedCapitalStructure;AdjustmentSpeedJELClassification:D410,G320

(責(zé)任編輯:唐壽寧)(校對(duì):子??璇)

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  本文關(guān)鍵詞：產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)與資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整，，由筆耕文化傳播整理發(fā)布。