CAJ | 학술논문

得益于产业组织理论与资本结构理论的交叉渗透,企业融资管理更加强调财务灵活性,即须基于产品市场竞争动态、公司战略、公司治理结构以及资本市场环境等因素进行综合权衡,财务保守由此作为一种能够适应企业当前情况及未来投资机会的投融资战略选择行为,而在当代资本结构研究中颇受关注。文章基于资本市场时机、行业竞争、公司治理结构及债务契约分析等四个视角对产品市场竞争与公司财务保守行为关系的经验研究予以述评。
득익우산업조직이론여자본결구이론적교차삼투,기업융자관리경가강조재무령활성,즉수기우산품시장경쟁동태、공사전략、공사치리결구이급자본시장배경등인소진행종합권형,재무보수유차작위일충능구괄응기업당전정황급미래투자궤회적투융자전략선택행위,이재당대자본결구연구중파수관주。문장기우자본시장시궤、행업경쟁、공사치리결구급채무계약분석등사개시각대산품시장경쟁여공사재무보수행위관계적경험연구여이술평。
Based on the cross-infiltration of industrial organization theory and capital structure theory,the management of corporate financing structure emphasizes on its financial flexibility.That is firms should trade-off the following comprehensive effects as the competition dynamics of product market,corporate strategies,governance structure and the capital market environmental factors.Therefore,in the recent studies of capital structure,financial conservatism has been a growing concern as a strategic choice of investment and financing behavior that will be able to adapt to the current situation and future investment opportunities of firms.From the four perspectives which is the timing of the capital market,industry competition,corporate governance structure as well as the analysis of debt contracts,the paper provides a review on the empirical research of financial conservative behavior.