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本文从债务治理效率的角度构造了一个考虑产品市场竞争和资产专用性因素的两阶段模型,目的是探讨产品市场竞争、资产专用性与公司资本结构间的相关性。理论分析表明,公司资本结构与资产专用性、盈利能力均为负相关,同时在其他条件一定的情况下,随着公司产品市场竞争性的增加,资产负债率起初会增加,但在资产专用性随着产品市场竞争增加至某一临界值后,资产负债率会转为下降趋势。
This paper constructs a two-stage model considering the market competition and asset-specific factors from the perspective of debt governance efficiency. The purpose is to explore the correlation between product market competition, asset specificity and company capital structure. The theoretical analysis shows that the capital structure of the company is negatively correlated with the asset specificity and profitability. Meanwhile, under certain conditions, the asset-liability ratio will initially increase with the increase of the product market competitiveness. However, As product market competition increases to a certain critical value, the debt-to-asset ratio will turn into a downward trend.