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本文基于拓展的Bertrand异质产品价格竞争模型,将产品异质程度(γ)作为公司间潜在竞争强度的度量指标,考察了内生性产品替代程度对公司长期杠杆决策的影响效应,以及与公司最终产品市场战略选择的关系。研究发现:长期负债选择将引致企业提高其产品价格,更高的负债水平将弱化产品市场价格竞争程度。债务的战略价值明显地依赖于企业产品的特征:产品战略替代时(γ>0),债务将提升企业的价值;当产品战略互补(γ<0)时,负债则会导致企业价值的降低。
This paper, based on the extended price competition model of Bertrand heterogeneous products, uses product heterogeneity (γ) as a measure of potential competition among companies and examines the effect of endogenous product substitution on long-term leverage decisions of the company, The relationship between product market strategy choice. The study finds that the choice of long-term debt will lead to the increase of the price of its products, and the higher level of debt will weaken the price competition in the market. The strategic value of debt obviously depends on the characteristics of the firm’s products: Debt increases the firm’s value when the product is replaced by strategy (γ> 0); and when the product’s strategy is complementary (γ <0), the debt reduces the firm’s value.