公司的策略是環環相扣的，因此，本研究探討融資決策對於產品市場策略的影響，並加入景氣循環的考量。Bolton和Scharfstein(1990)認為負債較少的公司，會增加產出以降低市場價格，迫使負債較多的公司退出市場。Showalter(1995)認為負債沒有策略性的優勢。Phillips(1995)認為負債融資的成本高，投資活動會較少。Faure-Grimaud(2000)認為債權人不希望公司投資太多，所以負債較多的公司會有較少的投資。Chevalier和Scharfstein(1996) ，以及Campello和 Fluck(2003)認為當景氣變差時，負債較多的公司比較容易有流動性限制，所以會縮減市場的投資。本研究使用panel data的衡量方法，以2000年至2003年的台灣上市公司為樣本，發現擁有較多負債的公司，會縮減推廣或R&D的投資，其非價格競爭策略較為消極。當景氣不好的時候，負債較多的公司也會有比較消極的非價格競爭策略。

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