竞争视角下企业股权融资问题的模型研究

股权融资已成为助推企业快速成长的重要融资途径,企业在资本层面上的融资决策受到运营层面上市场竞争的影响.本文基于竞争视角构建了零售商的股权融资模型,分析面临良好市场机会的零售商采取股权融资进行市场开拓过程中,市场竞争对其股权融资决策的影响.核心的研究发现是:高成长性、高估值或产品替代性强的零售商在采取股权融资进行市场开拓过程中必须重视市场竞争的"双增"作用,而低成长性、低估值且产品替代性较弱时市场竞争对零售商股权融资的影响较小;市场竞争抑制了零售商的股权融资,提高了其原股东的持股比例和利润,但阻碍了高成长性零售商的快速发展.

Model analysis of equity financing problem for the enterprise under market competition

Since equity financing has been an important part in boosting the rapid growth of enterprises, the competition in the product market takes tolls on enterprises' financing decision in the capital market. An equity financing model based on the perspective of market competition is constructed to analyze the effects of market competition on equity financing decision when one of the two retailers is in the process of exploiting a promising market. Core research indicates that the retailer with high growth, high valuation or strong product substitution must consider the "double effect" of market competition on financing, while the retailer with opposite features is seldom influenced by market competition. In addition, market competition restrains the retailer's equity financing and improves the proportion of its original shareholders and their profits, however reduce the development of high growth retailer.