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How does capital structure change productmarket competitiveness? Evidence from Chinese firms

本站小编 Free考研/2020-04-17

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How does capital structure change productmarket competitiveness? Evidence from Chinese firms
文献类型:期刊
通讯作者:Wang, ZX (reprint author), Renmin Univ China, Hanqing Adv Inst Econ & Finance, Beijing, Peoples R China.
期刊名称:PLOS ONE影响因子和分区
年:2019
卷:14
期:2
ISSN:1932-6203
摘要: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' ...More
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. ...Hide

DOI:10.1371/journal.pone.0210618
百度学术:How does capital structure change productmarket competitiveness? Evidence from Chinese firms
语言:外文
人气指数:1
浏览次数:1
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