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资本结构对企业市场竞争力的影响是近年来国内外学者关注的新领域,但几乎所有的实证研究都忽略了债务来源及期限结构对企业市场竞争力的影响差别。本文以上市公司为研究对象,通过实证分析发现:从债务来源结构看,银行借款对企业市场竞争力的负面影响大于商业信用;债务期限结构看,短期负债对企业市场竞争力的负面影响大于长期负债;并且上述负面影响在民营上市公司中表现得更为突出。
The influence of capital structure on the market competitiveness of enterprises is a new area that scholars both at home and abroad pay close attention to in recent years. However, almost all the empirical studies ignore the difference in the impact of debt sources and term structure on the market competitiveness of enterprises. The empirical research shows that: from the perspective of the source structure of debt, the negative impact of bank loans on the market competitiveness of enterprises is greater than that of commercial credit; the debt maturity structure shows that the negative impact of short-term liabilities on the market competitiveness of enterprises is greater than the long-term Liabilities; And the above negative effects in the private listed companies more prominent.