文献类型：会议论文

英文题名：Product market competition, asset strategy and enterprise operating liabilities

作者：Ma, Chuanhui[1];Ruan, Yongping[1];Zheng, Kai[1]

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai, Peoples R China

会议论文集：International Conference on Telecommunication, Power Analysis and Computing Techniques

会议日期：APR 06-08, 2017

会议地点：Chennai, INDIA

语种：英文

外文关键词：Product market competition; enterprise asset strategy; operating liabilities

摘要：Enterprise operating liabilities refers to the debt involved in sale of goods or services; they are one of the most important external financing resources for enterprises. Based on the theory of industry economics and corporate finance, using data of A-share listed companies from year 2000 to 2014, this paper discusses two mechanisms product market competition and enterprise asset strategy, and their influence on enterprise operating liabilities. It finds out that, when the product market competition is fiercer, the operating liabilities are more; when the enterprise implements "heavy" assets strategy, the operating liabilities are more; when the enterprise is in the fierce market competition, and the heavy-asset enterprise's operating liabilities become lower. The further research tests the relationship and the changing speed of the operating liabilities and financial liabilities of firms, by contrast, it finds out the financial liabilities have totally different features and characteristics from operating liabilities. With panel data, hybrid recommender systems method using for reference to our model design, thus, this paper starts from an innovative research perspective, and the research findings have broadened and enriched the strategic theory research, and have some kind of practical significance to the enterprise financing decision in practice for them to achieve the maximum value of enterprises.