The College of Finance and statistics, Hunan University, Changsha, Hunan, China.
Hanqing Advanced Institute of Economics and Finance, Renmin University of China, Beijing, China.
PLoS One. 2019 Feb 5;14(2):e0210618. doi: 10.1371/journal.pone.0210618. eCollection 2019.
Finance research shows capital structure has an important effect on the product-market competitiveness of firms. Our paper documents an asymmetric effect of capital structure on firms' competitiveness in a sample of Chinese firms. Firms whose capital structure is characterized by a low leverage but rapid leverage growth has a dominant position in their product market. The industry average leverage ratio is also a critical factor influencing firms' competitiveness. High debt levels hinder firms' competitiveness. The influence of capital structure on firms' product-market competitiveness varies based on the extent of industry concentration. In highly concentrated industries, high leverage level and slow leverage growth suppress firms' competitiveness to a larger extent compared with industries with low concentration.
财务研究表明，资本结构对企业的产品市场竞争力有重要影响。本文在一个中国企业样本中记录了资本结构对企业竞争力的不对称影响。资本结构特征为低杠杆率但快速杠杆率增长的企业在产品市场上具有优势。行业平均杠杆率也是影响企业竞争力的一个关键因素。高债务水平会阻碍企业的竞争力。资本结构对企业产品市场竞争力的影响因行业集中程度的不同而有所差异。在高度集中的行业中，高杠杆率和缓慢的杠杆率增长对企业竞争力的抑制作用比低集中行业更大。
