公司治理、资本市场掠夺和市场进入障碍——国航竞购东航的案例分析
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财经研究 2009 年 第 35 卷第 02 期, 页码：52 - 65
摘要
参考文献
摘要
航空业是一个非常有利于实施金融市场掠夺策略的行业,公司治理和公司资本结构对公司在产品市场的竞争有重要影响。文章构造了一个两阶段融资模型,说明当公司治理水平低,负债率高且依赖外部融资时,掠夺者的最优策略是通过在金融市场上提高被掠夺者的融资成本,间接地提高其代理成本,阻止潜在的市场进入者进入市场,从而掠夺竞争对手和潜在进入者。通过国航竞购东航案例,文章模型说明国航采取了对东航和新航进行掠夺的策略,指出公司融资策略必须考虑产品市场竞争战略和公司治理水平,因为公司治理水平的提高不仅有利于改善资金的使用效率,而且有利于提高经济效率和改善消费者福利。
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[6]Chevalier J,D Scharfstein.The capital structure and product.market behavior:Liquidity constraints and the cyclical behavior of markups[J].American Economic Review,1995,85:390.396.
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[12]Kanatas G,J Qi.I mperfect competition,agency,and financing decisions[J].Journal of Business,2001,74:307.338.
[13]Ki m E H,V Singal.Mergers and market power:Evidence fromthe airline industry[J].American Economic Review,1993,83:549.569.
[14]Kreps D,R Wilson.Reputation and i mperfect information[J].Journal of Economic Theory,1982,27:253.279.
[15]Lambrecht B M.The i mpact of debt financing on entry and exit in a duopoly[J].Re.viewof Financial Studies,2001,14:765.804.
[16]Levine ME.Airline competition in deregulated markets:Theory,firmstrategy,and public policy[J].Yale Journal on Regulation,1987,4:393.494.
[17]Maksi movic V.Capital structure in repeated oligopolies[J].Rand Journal of Econom.ics,1988,19:389.407.
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[19]Milgrom P,J Roberts.Predation,reputation,and entry deterrence[J].Journal of E.conomic Theory,1982,27:280.312.
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[22]Shleifer A,R W Vishny.A survey of corporate governance[J].Journal of Finance1997,52:737.783.
[23]Showalter D M.Oligopoly and financial structure:Comment[J].American Economic Review1995,85:647.654.
[24]Wanzenried G.Capital structure decisions and output market competition under demand un.certainty[J].International Journal of Industrial Organization,2003,21:171.200.
引用本文
徐龙炳, 李科. 公司治理、资本市场掠夺和市场进入障碍——国航竞购东航的案例分析[J]. 财经研究, 2009, 35(2): 52–65.
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