In general, the product market competition can affect observably leverage that is higher in lower competitive industry, and lower leverage is used in higher competitive industry.

• 一般来说，产品市场竞争会对财务杠杆决策产生显著影响，竞争程度较低行业的企业采用高财务杠杆，竞争程度较高行业的企业采用低财务杠杆。