摘要
本文以A股制造业上市公司为研究样本,运用固定效应回归模型分析了市场集中度、产品差异化、产品需求波动、成本波动及季节性波动对公司债务期限决策的影响,得出结论:在市场集中度较高,产品差异化较大的行业,公司为了免受竞争对手掠夺行为的侵害,会增加长期债务的使用;当产品需求和成本出现未预期的增加时,公司会增加短期债务以进行古诺竞争。
This paper Fixed-effected regression model to test hypotheses, and then draw some conclusions： debt maturity has some strategic role; in the industry with high market concentration or great product difference, firms are inchned to use more long-term debt to enforce market position so as not to being attacked by competitors predation; short-term is positively correlated with the uncertainty of demand and cost, which reflects short-term debt is an effective financing tool used by firms to exercise Cournot competition.
出处
《管理工程学报》
CSSCI
北大核心
2009年第3期131-134,共4页
Journal of Industrial Engineering and Engineering Management
基金
上海市教委创新基金资助项目
