文献详情
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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