排污税对寡头市场主导厂商资本结构影响的研究

20世纪中期以后各国政府纷纷制定环境管制政策,以控制污染,保证环境质量.在管制政策将厂商行为的外部性内化过程中,厂商竞争行为必然会受到影响,而调整资本结构作为竞争的重要内容之一,也会受到环境管制的影响,但在已有关于环境管制对厂商竞争行为影响的研究中,对资本结构的分析并不多见.在Brander和Lweis模型为基础上,研究了信息不对称条件下,排污税对Stakerlberg主导厂商资本结构的影响,分析发现排污税的提高会降低其负债的动机,同时发现在负债率较高的情况下,排污税对厂商的影响更显著.

The Effect of Pollution Tax on the Capital Structure of Leader inStackelberg Oligopoly under the Situation of Asymmetric Information

Today,the problem of environment protecting becomes more and more attention-getting,form the middle of 20th century,most of all of the governments in the world began to constitute the environmental regulation policies to decrease emissions of pollution.During eliminating the negative externality generated by some firms,the competitive behavior of the firms will have to be affected.In the literature about the relationship between environmental and competitive behavior of the firms there is little about capital structure of the firms.Based on the model of Brander and Lweis,the effect of pollution tax on the capital structure of the leader in Stackelberg oligopoly under the situation of asymmetric information is analyzed.