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企业负债融资决策与产品市场竞争具有一定的相关性,负债融资比例过高会导致企业产品市场竟争的压力。一般来说,竞争程度较低行业的企业负债融资比例较高,采用高财务杠杆策略,竞争程度激烈行业的企业负债融资比例较低,采用保守的财务杠杆策略。通过分析发现,我国目前的状况与上述观点不符。为了使我国各行业企业合理举债,应做好以下工作:深化国有商业银行的公司化改革与完善破产机制;不断加强公司治理;加快企业债券市场的发展。
Corporate debt financing decisions and product market competition has a certain relevance, debt financing is too high a proportion of enterprises will lead to competitive pressure on the product market. Generally speaking, enterprises with lower degree of competition have a higher proportion of corporate debt financing, adopting high financial leverage and low proportion of enterprise debt financing in the highly competitive industries, adopting conservative financial leverage strategy. Through the analysis, we found that the current situation in our country is inconsistent with the above viewpoints. In order to make the enterprises of various trades and industries in our country properly finance their debts, the following tasks should be done: Deepening the corporative reform of the state-owned commercial banks and improving the bankruptcy mechanism; continuously strengthening corporate governance; and accelerating the development of the corporate bond market.