中文摘要：

本文以我国上市公司2000～2006年间的数据为样本，对企业产品市场竞争绩效与资本结构进行实证研究。结果发现，我国上市公司相对销售收入增长率与资产负债率存在“U型”关系：当负债处在较低水平时，企业相对销售收入增长率与资产负债率呈负相关，增量负债恶化了企业产品市场竞争绩效；一旦负债超过临界值，企业相对销售收入增长率与资产负债率呈正相关，适度增量负债则改善企业产品市场竞争绩效。这一结果表明，我国上市公司产品市场竞争绩效与资本结构之间存在非线性关系。

英文摘要：

This paper designs an index of firm＇s sales growth rate relative to industry to reflect firm＇s product market competitive performance, and makes an empirical test based on China＇ s hsted company during the year of 2000 - 2006. Outcome shows that there is a U - type relation between capital structure and firm＇ s product market competitive performance in China＇ s listed companies. When debt level is low, marginal debt hurt finn＇s product market competitive performance. However, when debt level is larger than the critical value, marginal debt is associated with relative - sales gains. This study supports that there is a non - linear relation between capital structure and firm＇ s product market competitive performance in China＇s listed companies.