On the Relationship Between Product Market Competition,Enterprise Growth and the Speed of Capital Structure Adjustment
Based on the sample of Shanghai and Shenzhen A-share listed companies from 2010 to 2020,this paper empirically analyzes the relationship between product market competition,enterprise growth and the speed of capital structure adjustment by using the method of system generalized moment estimation.The empirical study shows that:(1)the speed of capital structure adjustment increases with the improvement of product market competition;(2)the higher the growth of enterprises,the faster the adjustment of capital structure;(3)the improvement of enterprise growth makes the adjustment of capital structure of enterprises with fierce product market competition faster.
product market competitionenterprise growthsystem generalized moment estimationcapital structure