产品市场竞争优势、资本结构与商业信用支持——基于中国上市公司的实证研究

摘要

以2005年-2013年中国上市公司为样本,探讨产品市场竞争优势的含义及度量方法,产品市场竞争优势对企业资本结构与商业信用支持的影响,以及宏观、行业和微观因素如何发挥调节作用.研究发现:第一,产品市场竞争优势有助于降低企业的负债水平,并刺激企业对上下游企业提供更多的商业信用支持;第二,在经济越发达的地区、竞争强度越弱的行业,以及民营控股上市公司中,产品市场竞争优势会进一步降低企业的负债水平,同时加强其对上下游企业的商业信用支持.研究结论为从理论上更加全面和准确地理解产品市场竞争优势与企业资本结构和商业信用支持的关系提供了新的科学依据.%Collecting data from Chinese listed firms from 2005 to 2013, the paper develops a measure of product market competition advantage (or PMCA), and investigates the effect of PMCA on capital structure and trade credit supply as well as the moderating role of macro, industry, and micro factors.It is found that firms with PMCA have lower capital structure and higher trade credit supplies to their suppliers or customers.Moreover, the effect of PMCA on capital structure and trade credit supply is greater in fast-growing economic regions, weakly competitive industries, and non-state-owned firms.Overall, the paper provides new evidence to a better understanding of the effect of PMCA on capital structure and trade credit supply.