| 我国家电业上市公司资本结构的形成 |
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| 引用本文： | 卢兴杰.我国家电业上市公司资本结构的形成[J].广西师范大学学报(哲学社会科学版),2006,42(1):19-23. |
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| 作者姓名： | 卢兴杰 |
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| 作者单位： | 广西师范大学,法商学院,广西,桂林,541001 |
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| 摘 要： | 在产品市场竞争和资本市场再融资约束下,建立一个追加投资博弈模型,说明我国家电上市公司的资本结构形成是由于厂商之间的博弈而选择这样激进的融资策略。激进的融资策略使得家电行业潜伏着高财务风险,这种状况必将导致中国的优秀企业在全球资源配置的竞争中处于不利地位。要改变这种处境,我国家电企业就要在产品市场上优化竞争机制、完善退出机制和在资本市场上取消再融资会计指标管制。
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| 关 键 词： | 家电业上市公司 资本结构 多元回归模型 财务风险 |
| 文章编号： | 1001-6597(2006)01-0019-05 |
| 收稿时间： | 10 13 2005 12:00AM |
| 修稿时间： | 2005年10月13 |
Capital Structure Came into Being in Chinese Listed Company in Home Appliance Industry |
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| LU Xing-jie.Capital Structure Came into Being in Chinese Listed Company in Home Appliance Industry[J].Journal of Guangxi Normal University(Philosphy and Social Science Edition),2006,42(1):19-23. |
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| Authors: | LU Xing-jie |
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| Institution: | School of Business and Law, Guangxi Normal University, Guilin 541001, China |
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| Abstract: | There exist high-liability capital structure phenomenon in listed company,especially in home appliance industry.This paper,through introducing the restraints of product market competition and capital market accounting indicate financing regulation,explains that the existence of high-liability capital structure phenomenon is still the result of manufacturer's rational behavior.We found that the financial risk of electrical home appliance listed company is wholly high under restraints of product market competition and capital structure re-financing.Competition between countries exists in enterprises. The current worrying situation would lead these outstanding enterprises of China to an unfavorable position among global competition of resource distribution.We put forward suggestions on optimizing competitive mechanism in product market and on improving exit mechanism,on abrogating equity refinancing accounting indicate regulation in capital market. |
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| Keywords: | competition capital structure refinancing risk regression |
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