Product Market Competition,Nature Of Property And Costs Of Debt

With the development of capital market,China's listed companies have been developing rapidly and the demand for funds is increasing.External financing becomes an important way for enterprises to obtain the funds they need,among which debt financing is the main financing method of enterprises.With the great background of the proposal of the policy of "Three to Cut One to Reduce and One to Supply",we aim to reduce the financing costs of enterprises and solve the problems of high profit and low profits of high enterprises.Meanwhile the Rapidly changing of global economy makes the product market competition as one of the important factors that affect company financing decision,the extent of the competition directly affects the enterprise's own interests and balanced and healthy development of the market.The property nature of the system as a special background in our country,has become one of the most important factors to the enterprise daily management,especially debt financing.In the process of debt financing of state-owned enterprises always have much lower costs of debt than non-state-owned enterprises,and the soft budget constraint in state-owned enterprises in the process of financing is more preferred by creditors.In the case of non-state-owned enterprises,the phenomenon of"financing difficult and financing expensive”is common.Therefore,this article choose the A shares in Shanghai and shenzhen two city main board listed companies as the research object,in view of the product market competition,property rights and the relationship between the cost of debt financing has carried on the system analysis and argument,in order to product market competition,property rights and the relationship between the cost of debt financing has more complete comprehensive understanding and awareness.For the structure of the article,the paper has been organized as follows:The first chapter is the introduction.,mainly introduce the background and significance of the topic selection,the research ideas and methods and the framework.The second chapter is literature review,separately from the domestic and foreign dimension.The third chapter is the definition of concept and theoretical basis which supports the paper.The fourth chapter is theoretical analysis and research hypothesis.This chapter mainly analyzes and elaborates the viewpoints of this paper based on the previous chapters,and puts forward hypotheses.The fifth chapter is research design,which contains three formulas and the statistics this paper needs.The sixth chapter is the empirical analysis.Generalizing the results of the empirical test we have made based on the formula and the statistic mentioned above.And the last part is the research conclusion and limitation.Based on the research results of a large number of domestic and foreign literatures,this paper systematically summarizes and thinks deeply about the relevant parts of this article,aiming at some innovation from the following perspectives:First,the previous researches only from the single dimension and explored the influence of each factor on the cost of debt financing.And this article,from the perspective of the empirical research not only from the product competition in the market,also from the the cross impact of nature of the property and the product competition in the market.Second,the study of foreign scholars is based on data from developed economies in the world and in the west,which is weak for the economy of China,which is still developing and growing.This article is aiming at getting a more Chinese solution in this area.So,the innovation points of this paper is to develop and extend existing theory,combined with China's national conditions,we do research on China's a-share listed company related data,to join the nature property variable,inspected the product market competition,property rights and the relationship between the debt financing cost,aims to make research results more fit the situation of our country at the same time,to supplement and perfect the existing theoretical framework.