中国移动通信行业竞争与运营商资本结构
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摘要
20世纪80年代中期以来,资本结构与产品市场竞争互动关系受到金融经济学家和产业经济学家的关注。企业资本结构的特性,包括财务杠杆对企业在产品市场竞争中的投资能力、产品定价行为和业绩的影响,以及行业特征和产品市场竞争战略对企业财务杠杆的影响等等成为经济学家们研究的热点。
随着中国经济的迅速发展,中国的移动通信行业实力不断提高。这个行业典型的寡头垄断竞争的产品市场结构和2000-2004年几次成功的融资活动为研究产品市场与资本结构之间关系理论提供了一个非常好的实证样本。
本文首先回顾了以往的产品市场竞争与资本结构的关系理论,在总结了这些理论所包含的主要内容及模型的基础上,提出了分析资本结构与产品市场主要影响因素的初步框架。按照行业特征、竞争战略、上下游厂商、产品生命周期分别介绍不同的影响因素对公司资本结构的影响。
案例研究是本文的主体部分。在这部分里,本文首先分析了中国移动通信行业的竞争特点和消费者特点,然后在分析红筹股的特点的基础上,通过与国外电信运营商的对比,分析了中国移动和中国联通的整体融资能力及其缺点,最后,通过本文上一部分建立的分析框架,详细考察了在移动通信行业这样一个具体的环境下,上述主导因素与资本结构之间的互动关系。
Since the 1980s, the capital structure and the produce market competitioninteraction relations have received the financial economist and the industrialeconomist's attention. The firm capital structure characteristic, including theinfluence of financial release lever to the produce market competitioninvestment, the product pricing behavior and the performance, as well as theindustry characteristic and the produce market competition strategy and so onbecomes the hot researching field.
With the rapid development of Chinese economy, China's mobilecommunication industry makes a great progress. The oligopoly competitionproduce market structure and the two operators' several successful financingactivities from 2000 to 2004 provide an extremely good sample for studied theproduct market structure and capital structure relationships.
This paper first reviewed the produce market competition and the capitalstructure relationship theory, then summarized the main content and modelwhich these theories contains, established the preliminary frame for anglicizingcapital structure and the produce market major effect factor. According toindustry characteristic, competition strategy, value chain, the product life cycleseparately introduces the different influence factor to the company capitalstructure.
The case research is this article main body. We first analyzed the Chinamobile communication industry competition and the consumer characteristic.Then by contrasting with the foreign telecommunication operators, we analyzedChina Mobil's and China Unicom's financing ability and shortcoming. Finally,using the established analysis frame, we discussed the interaction of thesefactors and capital structure in mobile communication industry.
随着中国经济的迅速发展,中国的移动通信行业实力不断提高。这个行业典型的寡头垄断竞争的产品市场结构和2000-2004年几次成功的融资活动为研究产品市场与资本结构之间关系理论提供了一个非常好的实证样本。
本文首先回顾了以往的产品市场竞争与资本结构的关系理论,在总结了这些理论所包含的主要内容及模型的基础上,提出了分析资本结构与产品市场主要影响因素的初步框架。按照行业特征、竞争战略、上下游厂商、产品生命周期分别介绍不同的影响因素对公司资本结构的影响。
案例研究是本文的主体部分。在这部分里,本文首先分析了中国移动通信行业的竞争特点和消费者特点,然后在分析红筹股的特点的基础上,通过与国外电信运营商的对比,分析了中国移动和中国联通的整体融资能力及其缺点,最后,通过本文上一部分建立的分析框架,详细考察了在移动通信行业这样一个具体的环境下,上述主导因素与资本结构之间的互动关系。
Since the 1980s, the capital structure and the produce market competitioninteraction relations have received the financial economist and the industrialeconomist's attention. The firm capital structure characteristic, including theinfluence of financial release lever to the produce market competitioninvestment, the product pricing behavior and the performance, as well as theindustry characteristic and the produce market competition strategy and so onbecomes the hot researching field.
With the rapid development of Chinese economy, China's mobilecommunication industry makes a great progress. The oligopoly competitionproduce market structure and the two operators' several successful financingactivities from 2000 to 2004 provide an extremely good sample for studied theproduct market structure and capital structure relationships.
This paper first reviewed the produce market competition and the capitalstructure relationship theory, then summarized the main content and modelwhich these theories contains, established the preliminary frame for anglicizingcapital structure and the produce market major effect factor. According toindustry characteristic, competition strategy, value chain, the product life cycleseparately introduces the different influence factor to the company capitalstructure.
The case research is this article main body. We first analyzed the Chinamobile communication industry competition and the consumer characteristic.Then by contrasting with the foreign telecommunication operators, we analyzedChina Mobil's and China Unicom's financing ability and shortcoming. Finally,using the established analysis frame, we discussed the interaction of thesefactors and capital structure in mobile communication industry.
引文
[1] Brander, J.A. and Lewis, T.R., 1986, "Oligopoly and financial structure: The limited liability effect," American Economic Review 76, 956-970.
[2] Bhaduri, S.N., 2002, “Determinants of capital structure choice: a study of the Indian corporate sector,” Applied Financial Economics 12, 655-665.
[3] Cornell, B. and Shapiro, A.C., spring 1987, “Corporate Stakeholders and Corporate Finance,” Financial Management, 5-14.
[4] Gertner, R.;Gibbons, R. and Scharfstein, D., 1988, "Simultaneous signaling to the capital and product markets," Rand Journal of Economics 19, 173-190.
[5] Glazer, J., 1994, “The strategic effects of long-term debt in imperfect competition,” Journal of Economic Theory 62, 428-443.
[6] Istaitieh, A. and Rodríguez, J.M., 2002, " Stakeholder theory, market structure, and firm's capital structure: An empirical evidence," Working Paper presented at Wolpertinger Meeting, European Association of University Teachers in Banking and Finance, Siena, 11-14th September.
[7] Istaitieh, A. and Rodríguez, J.M., 2003, "Financial leverage interaction with firm's strategic behavior: An empirical analysis," Working Paper presented at the 12th Meeting of European Financial Management Association, Helsinki, 25-28th June.
[8] Lyandres, E., 2003, “Capital structure and interaction among firms in output markets-----Theory and Evidence,” The Bradley Policy Research Center Financial Research and Policy Working Paper No.FR 03-13.
[9] Maksimovic, V., 1988, "Capital structure in repeated oligopolies," Rand Journal of Economics 19, 389-407
[10] Maksimovic, V., and Titman, S., 1991, "Financial policy and reputation for product quality," Review of Financial Studies 4, 175-200.
[11] Menéndez, E.J., 1997, "Explaining firm capital structure from product and labor markets: The Spanish evidence," Working Paper, Universidad de Oviedo, Oviedo.
[12] Modigliani, F. and Miller, M., 1963, "Corporate income taxes and the cost of capital: A correction," American Economic Review 53, 433-443.
[13] Sarig, O.H., 1998, "The effect of leverage on bargaining with corporation," Financial Review 33, 1-16.
[14] Schnitzer, M., Wambach, A., 1998, “Inside versus outside financing and product market competition,” Discussion paper of the Munich Economics Department, No. 98–25.
[15] Showalter, D.M., 1995, "Oligopoly and financial structure: Comment," American Economic Review 85, 647-654.
[16] Titman, S., 1984, “The effect of capital structure on a firm's liquidation decision,” Journal of Financial Economics 13, 137-151.
[17] Titman, S. and Wessels, R., 1988, "The determinants of capital structure choice," Journal of Finance 43, 1-19.
[18] 朱武祥, 陈寒梅, 吴迅. 产品市场竞争与财务保守行为——以燕京啤酒为例的分析. 经济研究, 2002, (8): 28-36.
[19] 刘志彪, 姜付秀, 卢二坡. 资本结构与产品市场竞争强度. 经济研究, 2003, (7): 60-67.
[20] 曾宏. 产品市场竞争与企业资本结构选择的互动关系研究. 重庆大学博士论文, 2003.
[21] 肖作平. 资本结构影响因素和双向效应动态模型——来指中国上市公司面板数据的证据. 会计研究,2004,(2):36-40
[2] Bhaduri, S.N., 2002, “Determinants of capital structure choice: a study of the Indian corporate sector,” Applied Financial Economics 12, 655-665.
[3] Cornell, B. and Shapiro, A.C., spring 1987, “Corporate Stakeholders and Corporate Finance,” Financial Management, 5-14.
[4] Gertner, R.;Gibbons, R. and Scharfstein, D., 1988, "Simultaneous signaling to the capital and product markets," Rand Journal of Economics 19, 173-190.
[5] Glazer, J., 1994, “The strategic effects of long-term debt in imperfect competition,” Journal of Economic Theory 62, 428-443.
[6] Istaitieh, A. and Rodríguez, J.M., 2002, " Stakeholder theory, market structure, and firm's capital structure: An empirical evidence," Working Paper presented at Wolpertinger Meeting, European Association of University Teachers in Banking and Finance, Siena, 11-14th September.
[7] Istaitieh, A. and Rodríguez, J.M., 2003, "Financial leverage interaction with firm's strategic behavior: An empirical analysis," Working Paper presented at the 12th Meeting of European Financial Management Association, Helsinki, 25-28th June.
[8] Lyandres, E., 2003, “Capital structure and interaction among firms in output markets-----Theory and Evidence,” The Bradley Policy Research Center Financial Research and Policy Working Paper No.FR 03-13.
[9] Maksimovic, V., 1988, "Capital structure in repeated oligopolies," Rand Journal of Economics 19, 389-407
[10] Maksimovic, V., and Titman, S., 1991, "Financial policy and reputation for product quality," Review of Financial Studies 4, 175-200.
[11] Menéndez, E.J., 1997, "Explaining firm capital structure from product and labor markets: The Spanish evidence," Working Paper, Universidad de Oviedo, Oviedo.
[12] Modigliani, F. and Miller, M., 1963, "Corporate income taxes and the cost of capital: A correction," American Economic Review 53, 433-443.
[13] Sarig, O.H., 1998, "The effect of leverage on bargaining with corporation," Financial Review 33, 1-16.
[14] Schnitzer, M., Wambach, A., 1998, “Inside versus outside financing and product market competition,” Discussion paper of the Munich Economics Department, No. 98–25.
[15] Showalter, D.M., 1995, "Oligopoly and financial structure: Comment," American Economic Review 85, 647-654.
[16] Titman, S., 1984, “The effect of capital structure on a firm's liquidation decision,” Journal of Financial Economics 13, 137-151.
[17] Titman, S. and Wessels, R., 1988, "The determinants of capital structure choice," Journal of Finance 43, 1-19.
[18] 朱武祥, 陈寒梅, 吴迅. 产品市场竞争与财务保守行为——以燕京啤酒为例的分析. 经济研究, 2002, (8): 28-36.
[19] 刘志彪, 姜付秀, 卢二坡. 资本结构与产品市场竞争强度. 经济研究, 2003, (7): 60-67.
[20] 曾宏. 产品市场竞争与企业资本结构选择的互动关系研究. 重庆大学博士论文, 2003.
[21] 肖作平. 资本结构影响因素和双向效应动态模型——来指中国上市公司面板数据的证据. 会计研究,2004,(2):36-40
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