Research On The Effect Of Debt Financing On Product Competitiveness

Capital and product markets are closely linked,and the debt financing of capital market the will affect the product competitiveness of the product market inevitably . The effect mechanism of debt financing on product market competition has aroused the concern of many financial scholars. The capital structure formed by debt financing will have an impact on the efficient use of corporate capital,corporate governance,and ultimately delivered to the value of the enterprise. Therefore,this paper listed companies in China for the study of China's listed companies on debt financing market competition theory and empirical analysis.In this paper,the product of debt financing impact of competition in the market on the basis of the literature,analysis of the corporate debt financing and product competition in the market status quo. Through the several classical theory model,the product on debt financing commitment to the role of market competition and predatory deep pockets theory,theory of debt financing from the market the impact of competitive behavior. And the establishment of empirical models to test China's listed companies on debt financing product market competition in the specific role, according to the results of empirical research,the corresponding countermeasures.The study reached the following conclusions:Fully competitive sector listed companies,corporate debt financing and sales growth,the net asset yield rate showed a significantly positive correlation between the ratio of cost of sales performance and significant negative correlation between the competitive sector monopoly on listed companies,the relationship is not statistically significant,meaning that the debt financing of listed companies on product market competition and the role of corporate structure of the product market is closely related to China's listed companies in the financing of practice,attention should be paid to enterprises attribute the impact of industry competition,to make the right decision debt financing.The study results , the financing of China's listed companies have some decision-making practice of the reference value.