產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)與我國(guó)企業(yè)的融資行為.pdf

1、畢業(yè)論文題目：產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)與我國(guó)企業(yè)的融資行為產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)與我國(guó)企業(yè)的融資行為畢業(yè)論文題目：ProductMarketCompetitionFirms’FinancingBehaviinChina研究生姓名萬水林入學(xué)時(shí)間：2001年9月導(dǎo)師姓名張耀輝職稱教授專業(yè)產(chǎn)業(yè)經(jīng)濟(jì)學(xué)產(chǎn)業(yè)經(jīng)濟(jì)學(xué)論文答辯日期2004年3月iiABSTRACTABSTRACTOnthebasisoftheSCPparadigmthecompetitivebehaviof

2、oligopolyfirmsisdeterminedbythemarketstructurebutbasedonChicagoschooltheytheexternalcompetitivepressuredeterminestheircompetitivebehavi.Infactitisbecauseofitsfinancialconditionthatthoseoligopolyfirmswintheirdebtfinancing

3、behavichangesthecompetitionconditionofproductmarketthatistosaycapitalstructurecanaffectproductmarketcompetitionaswellasmarketperfmance.Thenhowdothefirmsinpursuitofshareholdervaluemaximizationmakedecisionofoptimizedcapita

4、lstructureBasedonBrerLewis’smodel“l(fā)imitedliabilityeffect”in1986thispaperestablishesatwostepduooligopolygamemodelbywhichthestrategiceffectofdebtfinancingundertheuncertainproductmarketdemisparticularlyreviewedaswellastheim

5、pactofproductmarketcompetitionuncertainproductdemetc.onfirms’financingbehavi.Themodelindicatesthatfirmwillenhanceitsproductionraisingitsfinancialleveragebutmanyapositivestudydidn’tgettothispoint.Thepaperamendsthismodelst

6、udiestheimpactonfinancingbehaviofsuppliers’externaleconomyofscaleindirectcostoffinancialdistress.Thispaperanalyzesthenegativeeffectofdebtfinancingstrategyundertheconditionthatupstreamfirms’externaleconomiesofscaleispower

7、fulindicatesthatitisthekeyfactofdebtfinancingthatexternaleconomiesofscaleisweakfurtherdeducesthatdebtfinancingwavewillbedrownfthwiththeexistenceofexternaleconomiesofscale.Firm’sfinancingbehaviwillalsobeimpactedbyfinancia

8、ldistresscostwhosecostisdeterminedbyfirmsizeindustryconcentrationproductspecializationR&Dexpenditureindustryprospect.Sofirmwillrestrainitsleveragebyitsownwhenmakingallowanceoftheindirectcostoffinancialdistress.Throughthe

9、positivestudiestoChina’slistedcompaniestheassetliabilityrateofpublicenterpriseswhichhaveregionalmonopolypowerstablerevenueislowerthanthosecompetitiveindustriesthathavegreatuncertainrevenue.ThisisinconsistenttoWesterncpat

10、efinancetheywhichindicatesthatthecapitalriskrelocationefficiencyofChina’sstockmarketisverylow.AttheendofthepapertheauthexpatriateshowtofinancestrategicallyfChina’sfirmsputsfwardthatcapitalmarketconditionfirms’ownfinancia

11、lstatusaswellasproductmarketcompetitionshouldbeconsideredfcapitalstructuredecisionmakingwhichissignificanttothefinancingdecisionmakingofChina’sfirms.KeyKeyWds:Wds:productmarketcompetitionfinancingbehavilimitedliabilityef