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传统的财务理论认为,企业的资本结构调整是对负债的节税收益和财务困境成本进行适当权衡之后的结果。但在现实社会中,企业在调整资本结构时不仅要考虑以上两个因素,还要考虑不同融资方式对市场竞争力的影响。负债比例过高通常会降低市场竞争力,而增加权益资金则会增强后续投资能力和对价格战或营销战的承受能力,有利于扩大市场份额。柯菲诺克和菲利普斯(kovenock and Phillips,1997)通过研究发现,在那些生产高度集中的行业,财务杠杆过高会对企
The traditional financial theory holds that the adjustment of the capital structure of an enterprise is the result of a proper trade-off between the tax benefit of liabilities and the cost of financial distress. However, in real society, enterprises should not only consider the above two factors when adjusting their capital structure, but also consider the impact of different financing methods on market competitiveness. Too high a debt ratio will generally reduce market competitiveness, while increasing equity funds will enhance the ability to follow-up investment and the affordability of a price war or marketing war, helping to expand market share. Koofino and Phillips (1997) found through research that in those industries with a high concentration of production, high financial leverage would affect firms