Debt Maturity Structure Impact On The Competitiveness Of The Product Market Research

80 years from the 20th century, the debt financing and product market competition on the relationship between academia and industry as a financial concern in economic circles, and the formation of a large number of theories.However, because of the time is relatively short, both theoretical or empirical studies are still many deficiencies.In the theoretical analysis, scholars have assumed debt is homogeneous, its market competitiveness of products is the same, in fact, the debt is multidimensional, with different time, different sources of debt on the impact of product market competitionis not the same; in the empirical test, the relevant literature is still relatively small, and the use of different models is inconsistent conclusions.To solve these problems, this article will be divided into short-term debt and long-term debt obligations, the use of listed companies in China pharmaceutical industry data on debt maturity structure of the market impact of the competitiveness study to draw relevantthe applicability of theory in the Chinese market.Firstly, the theory of debt maturity structure were reviewed, discussed in the same system, and why different listed companies will have different maturity structure of debt issues.Secondly, the debt maturity structure and product market competitiveness of the relationship between the theoretical analysis, understand the conclusions of existing theories are not consistent, depending on the model will come to different conclusions.Finally, this paper uses empirical research methods, debt maturity structure on products to the influence of the market competitiveness, Through this research, this paper draws the following conclusions:First, debt financing for different types of listed companies holding market influence the competitiveness of obvious differences.The overall level of debt and product market competition a significant negative correlation, and the overall state-owned holding company's debt level on the competitiveness of product markets is greater than the negative impact of non-state-owned holding enterprises.Second, different types of debt on the impact of competitive products is not homogeneous, but there is a big difference.Compared to long-term debt, short-term debt of enterprises have a stronger binding.This makes short-term debt on the market a greater negative impact on competitiveness, therefore, the competitiveness of product markets from the point of view, China's short-term financing preference is unreasonable.