【作者】 王胜强；

【导师】 朱武祥；

【作者基本信息】 清华大学 ， 工商管理， 2005， 硕士

【摘要】 20世纪80年代中期以来,资本结构与产品市场竞争互动关系受到金融经济学家和产业经济学家的关注。企业资本结构的特性,包括财务杠杆对企业在产品市场竞争中的投资能力、产品定价行为和业绩的影响,以及行业特征和产品市场竞争战略对企业财务杠杆的影响等等成为经济学家们研究的热点。随着中国经济的迅速发展,中国的移动通信行业实力不断提高。这个行业典型的寡头垄断竞争的产品市场结构和2000-2004年几次成功的融资活动为研究产品市场与资本结构之间关系理论提供了一个非常好的实证样本。本文首先回顾了以往的产品市场竞争与资本结构的关系理论,在总结了这些理论所包含的主要内容及模型的基础上,提出了分析资本结构与产品市场主要影响因素的初步框架。按照行业特征、竞争战略、上下游厂商、产品生命周期分别介绍不同的影响因素对公司资本结构的影响。案例研究是本文的主体部分。在这部分里,本文首先分析了中国移动通信行业的竞争特点和消费者特点,然后在分析红筹股的特点的基础上,通过与国外电信运营商的对比,分析了中国移动和中国联通的整体融资能力及其缺点,最后,通过本文上一部分建立的分析框架,详细考察了在移动通信行业这样一个具体的环境下,上述主导因素与资本结构之间的互动关系。更多还原

【Abstract】 Since the 1980s, the capital structure and the produce market competitioninteraction relations have received the financial economist and the industrialeconomist’s attention. The firm capital structure characteristic, including theinfluence of financial release lever to the produce market competitioninvestment, the product pricing behavior and the performance, as well as theindustry characteristic and the produce market competition strategy and so onbecomes the hot researching field.With the rapid development of Chinese economy, China’s mobilecommunication industry makes a great progress. The oligopoly competitionproduce market structure and the two operators’ several successful financingactivities from 2000 to 2004 provide an extremely good sample for studied theproduct market structure and capital structure relationships.This paper first reviewed the produce market competition and the capitalstructure relationship theory, then summarized the main content and modelwhich these theories contains, established the preliminary frame for anglicizingcapital structure and the produce market major effect factor. According toindustry characteristic, competition strategy, value chain, the product life cycleseparately introduces the different influence factor to the company capitalstructure.The case research is this article main body. We first analyzed the Chinamobile communication industry competition and the consumer characteristic.Then by contrasting with the foreign telecommunication operators, we analyzedChina Mobil’s and China Unicom’s financing ability and shortcoming. Finally,using the established analysis frame, we discussed the interaction of thesefactors and capital structure in mobile communication industry.更多还原