企业债务融资决策与产品竞争决策的互动关系研究述评
A Survey on Interactive Effects between Debt Financing Decision and Product-Market Competition
摘要
企业债务融资决策行为与产品市场竞争行为之间具有战略互动作用。一方面,债务融资可能会产生增加企业产品市场竞争行为侵略性的硬承诺作用;也可能产生相反的软承诺作用;另一方面,企业因投资专用性而形成的套牢关系、企业的技术选择和产品的技术特性等问题都将影响企业的债务融资决策。在综述国外现有研究成果之后,结合国内外市场环境的差异,讨论这一问题在我国未来的研究方向。 Strategically,The debt financing decision and product-market competitive decision will have interactive effects on each other.On one hand,the former have hard commitment or soft commitment on the latter,namely it can make the competition more aggressive or less aggressive.On the other hand,the problems such as the holdup relation caused by specific investment,a firm's technique choice and product specialty,can influence its debt financing decision as well.Based on the survey on the recent researches in this field,this paper discusses the future topics of the area in China.