数量经济研究The Journal of Quantitative Economics 第14卷第1期Vol.14 No.1 2023年2023产品市场竞争对企业杠杆率的影响研究∗butterflyeffect
王雪标1祝伟展2∗∗
（1.东北财经大学数据科学与人工智能学院，辽宁大连116025擅长的意思
2.东北财经大学经济学院，辽宁大连116025）
会计电算化专业摘要：本文以2007 2020年国内非金融上市公司为样本研究产品市场竞争对企业杠杆率的影响，同时重点考察其影响机制，研究发现，首先，产品市场竞争强度对企业杠杆率有负向影响，在控制年龄和企业规模㊁运用处理效应模型和倾向得分匹配方法重新估计等稳健性检验后，上述结论依然成立㊂其次，融资约束和资本配置是产品市场竞争影响企业杠杆率的重要机制，在资本配置方面，资本配置效率随产品市场竞争的增强而提高，当产品市场竞争更加激烈时，与增加资本投入相比企业更倾向于增加人力资源投入㊂最后，产品市场竞争对企业杠杆率的影响在企业产权性质㊁行业和地域方面存在异质性㊂具体而言，非国有企业产品市场竞争对企业杠杆率的影响更加显著，制造业和非东部地区产品市场竞争对企业杠杆率的影响明显强于非制造业和东部地区㊂
关键词：产品市场竞争企业杠杆率融资约束资本配置
中图分类号：F275.1 文献标识码：A北京留学网
∗∗∗［基金项目］本文受国家自然科学基金面上项目 我国通胀预期和通胀风险溢价与宏观因子作用机制的计量研究 （71273044）资助㊂
［作者简介］王雪标（1959-），男，东北财经大学数据科学与人工智能学院教授，博士研究生导师，研究方向为数量金融与风险管理㊂祝伟展（1985-）男，东北财经大学经济学院博士研究生，研究方向为数量金融与风险管理㊂
Rearch on the Impact of Product Market Competition on Corporate Leverage
欧洲杯2016赛程
gobbleampWang Xuebiao 1 Zhu Weizhan 2
（1.School of Data Science and Artificial Intelligence ，Dongbei University of Finance and Economics ，Dalian116025，China ；
2.School of Economics ，Dongbei University of Finance and Economics ，
Dalian116025，China ）
Abstract ：Taking the non-financial listed companies from 2007to 2020as a sample，we sys-tematically studied the impact effect of product market competition on corporate leverage，meanwhile we focud on the mechanism of product market competition on corporate leverage，and the rearch found：First，the corporate s product market competition intensity has a nega-tive effect on corporate leverage ratio.After controlling for age and scale effects，re-estimating by using the treatment effect model and propensity score matching，the conclusions still show robustness.Second，the corporate s product market competition exerts an effect on corporate le-verage by affecting corporate financing constraints and capital allocation.In terms of capital al-location，capital allocation efficiency increas with product market competition.When corporate s product market competition is more inten，companies are more inclined to in-
junon
不可以的英文crea human resource investment.Third，the impact of corporate s product market competition on corporate leverage is heterogeneous in terms of the nature of corporate equity，industry and province.Specifically，product market competition has a more significant impact on corporate leverage in non-state-owned enterpris.If enterpris belong to manufacturing or locate in non-eastern regions，the impact effect of product market competition on corporate leverage is signifi-cantly stronger than enterpris belong to non-manufacturing or locate in eastern regions.Keywords ：Product Market Competition Corporate Leverage Financing Constraints Capital Allocation 引 言
深圳美容美发学院面对疫情冲击和复杂严峻的外部环境，需求收缩㊁供给冲击㊁预期转弱是经济发展必须面对的三重压力， 六稳 六保 等解决民生问题的工作就显得尤为重要㊂然81数量经济研究
