产品市场竞争对资本结构影响的分析

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1、AbstractSinceModiglianiandMiller’S(1958)classicwork，”thecostofcapital，corporatefinanceandinvestmenttheory”ofcapitalstructure：theoryisthe．cornerstoneofmodemcapitalstructuretheoryhasopenedanewchapter．After，Us，．theresearchOncorporatecapitalstructureisspringingup

2、onthecapitalstructureofthestudycontinuedtodeepen，becomethefocusoftheoperationofoneofthecapital．Inrecentyears，globalmarketenvironment,ourdayofincreasingthecompetitivenessofenterprises．Atthesametimethecompetitiveenvironmentwithinwhichtheworldhasgreatlyincreased

3、theuncertainty,investorsa∞increasinglyvaluethelong-terminvestmentvalueandsafety．Butnow,thedomesticproductmarketcompetitionfromtheperspectiveofcapitalstructurestillinitsinfancy,fewfromthecompetition，competitiveenvironmentandcompetitivestrategyinthreeaspects，to

4、considertheimpactsofcapitalstructure．Inthispaper，usingthemodemcapitalstructuretheory，industrialeconomicstheory，theintegrateduseofscientificmathematicalstatistics，econometrics，statisticalanalysisandotherrelevanttheoriesandmethods，standardizedanalysisandempiric

5、alanalysis，inamoresystematicreviewofthecurrentacapitalstructuretheory，productmarketcompetitiontheory，theanalysisoftheproductcompetition,theimpactofcapitalslructurechoicemechamsm．Thenthecharacteristicsofironandsteelindustry，thecurrentcompetitivesituation，capit

6、alstructure，elaboratedonChinasteelindustryinthechoiceofcapitalstructureshouldbeconsideredwhenthecompetitionfactor．Empiricalpart,Westartthemaincompetitionfromtheproductsonthetotaldebtratio，long—termasset-liabilityratioandthecurrentasset-liabilityratioofthreein

7、dicatorsforempiricalanalysis．TheempiricalresultsshowthatthefmancingbehavioroflistedcompamesinChina。Ssteelandenterprisesarefacingthechoiceofproductmarketcompetitionandthecompetitiveenvironmentthereisacertaindegreeofmismatch，andthecausesofthecorrelationanalysis

8、．Finally，basedontheforegoinganalysis，thispaperoptimizethecapitalstructureofspecificmeasur镐．Meanwhile，accordingtoChina’Ssteelindustry，financingenvironment，optimizethecapitalstructureneedst