| Over the years, the choice of corporate debt structure research has been limited to within the scope of capital markets, mainly in the business stakeholders in decision-making on the debt structure of corporate governance, that is, based governance structure, financial contracts, debt structure theory. Until the20th century, the mid-80s, only to research and product development to the study of market relations, and capital structure theory marks a branch-the capital structure based on industrial organization theory is taking shape, from the perspective of industrial organization of corporate financing decision.This article is from the perspective of industrial organization to study the placement structure of corporate, which is primarily based on product market competition, changes in the cost of the enterprise itself, changes in the cost of its competitors,and demand in three areas to study the proportion between public debt financing (mainly including the Company’s common bonds, convertible bonds, zero coupon bonds and floating rate notes) and private debt financing (mainly banks and financial institutions, etc.). The article on the research results have been reviewed and summarized, and then construct the layout based on the debt placment structure model of price competition, and reached the choice of business arrangement depending on the debt placment structure of two effects-monitoring effects and information effects of trade-offs between. Meanwhile, the object of this paper is oligarch monopoly of the listed companies in our Shanghai and Shenzhen stock industry. The result of Multiple linear regression analysis is that the placement debt of our business arrangement oligopolistic structure of choice is mainly affected by changes in their cost and the impact of the overall market demand, that is, when its cost is lowered, and the changes in market demand increases, oligopolistic firms tend to choose non-public debt. |
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