企业资本结构与产品市场竞争.pdf

Abstract The theory of corporate capital structure deals with the arrangement of financial structure in corporate expansion, namely the determination of the ratio among equity capital，stock and debt to maximize corporate market value. The most important part of the theory is to set up an optimum capital structure for the corporate and to find out those factors that have impacts on the formation of corporate capital structure. The interaction between financing decisions and product market competition has been the recent focus of financial economists and industrial economists. 3 Compared to the more and more studies in western countries, the study in this field in China is few. Therefore, it s quite necessary to explore the interactive effects between product-competition and capital structure, based on the relevant achievements abroad and combined with the special background in China. This dissertation studies deeply the interactive effects between the product-market competition and capital structure. Hopefully, this dissertation aims to gain some achievements and put forward some valuable suggestions so that the firms in China can optimize their capital structure to meet the more and more competitive market. Based on Brander and Lewiss model “limited liability effect”in 1986, this paper establishes a two-step duo-oligopoly game model, by which the impact of product market competition, uncertain product demand etc. on f