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Based on conservative behavior of the product market competition, corporate finance

Author: YangYanPing
Tutor: LuJiaYou
School: Central South University
Course: Accounting
Keywords: Listed companies Product market competition Financial Conservatism Capital Structure
CLC: F275
Type: Master's thesis
Year: 2008
Downloads: 166
Quote: 0
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Abstract


Competitive environment in the global market , Chinese enterprises competitive environment in which the greatly increased uncertainty , investors are more and more attention to the long-term value of the investment and security . With the changes in the environment and the shift of investor values ??, corporate managers are more and more inclined to take the financial flexibility to get the corporate strategic flexibility . In this reality , financial conservative behavior emerged for the enterprise , it can store a certain degree of financial flexibility to deal with the uncertainty of the competition in the market and capture future investment opportunities . At present, the domestic financial conservative behavior is still in its infancy, most scholars are to analyze the relationship between market competition and capital structure from the point of view of the degree of competition in the product market , very few consider the impact of the competitive environment and competitive strategy . This article , from the three aspects of the product market competition environment , market competition strategy and the level of competition on the basis of previous studies of product market competition on the behavior of corporate financial conservative . First, we elaborate on the definition of the product market competition and the two theories of the scale of corporate debt and financial conservative behavior , the value of financial flexibility and financial conservative behavior of the pros and cons of its analysis . Secondly , on the basis of the description and analysis of product market competition and financing status , from three competitive environment , competitive strategy , and the degree of competition on the product market competition conservative financial behavior theory analysis . Then , through the LOGIT nonlinear regression model based on the data of listed companies in China from 2004 to 2006 , conservative financial behavior Empirical Analysis . The empirical results show that the choice of China 's listed companies' financial behavior and enterprises are facing market the level of competition and competitive environment exists a certain degree of mismatch , and analysis of its causes . Finally, based on China's enterprises to face competition in the product market should be how to choose a financial conservative behavior made ??several suggestions .

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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