中文摘要：

负债到底是改善了还是恶化了企业的产品市场竞争绩效？抑或其它？国内外的相关研究一直没有得出一致的结论。本文以我国沪深两市2000—2006年的A股上市公司为样本，进行了实证研究。结果发现：负债对企业产品市场竞争绩效的影响在时间上存在非对称效应，即负债在短期内可能恶化了企业的相对竞争绩效，而在中长期内可能改善了企业的相对竞争绩效。因此，企业在进行负债决策时，需要对短期的产品市场竞争绩效与长期的产品市场竞争绩效进行权衡。

英文摘要：

Does debt improve or hurt fLrm＇s product market competitive performance, or other？ Relevant research does not draw consistent conclusion. Based on the sample of A Stock of China＇s listed companies during 2000 to 2006, this paper makes an empirical test. Outcome shows that debt has an asymmetric effect on firm＇s product market competitive performance with respect to time. That is to say, debt may hurt firm＇s relative competitive performance in the short run. However, in the long run, it may boost firm＇s relative competitive performance in the product market. Therefore, when making debt choice, firm should weigh on product performance between in the short run and in the long run.