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本文以2003～2006年我国沪深两市3438个样本数据为基础,采用多元线性回归分析方法,研究我国上市公司竞争战略、资本结构与公司绩效之间的关系。实证研究结果表明:公司绩效与资本结构负相关,而与市场竞争战略正相关,差异化战略对公司绩效的影响高于成本领先战略;不同产品市场竞争战略下的资本结构安排对公司绩效产生显著影响,成本领先战略下财务杠杆能够提高公司绩效,而差异化战略下财务杠杆将使公司绩效受损。
Based on 3438 sample data of Shanghai and Shenzhen stock markets from 2003 to 2006, the paper uses multivariate linear regression analysis to study the relationship between the competition strategies, capital structure and firm performance of Chinese listed companies. The empirical results show that the corporate performance is negatively correlated with the capital structure and positively correlated with the market competition strategy. The differentiation strategy has a higher impact on the corporate performance than the cost leadership strategy. The capital structure arrangement under different product market competition strategies has a significant impact on the corporate performance Impact, Cost Leading Strategy Financial leverage can improve corporate performance, while financial leverage under differentiated strategies will undermine corporate performance.