摘 要
随着经济全球化和环境意识的提升，企业面临的外部环境日益复杂多变，研究环境因素对资本结构调整速度的影响具有重要的理论与现实意义。本研究旨在探讨宏观经济环境、政策法规环境、市场竞争环境以及自然环境等环境因素如何影响企业的资本结构调整速度，以期为企业在复杂环境下优化资本结构提供决策依据并丰富资本结构动态调整理论。基于2010 - 2020年中国沪深两市A股非金融类上市公司数据，运用固定效应模型进行实证分析。研究结果表明，宏观经济环境稳定时企业资本结构调整速度相对较快；严格的政策法规促使企业加速向更优资本结构靠拢；激烈的市场竞争环境下企业为获取竞争优势会加快资本结构调整；良好的自然环境有助于降低企业融资成本从而提高调整速度。
关键词：资本结构调整速度 宏观经济环境 政策法规
Abstract
With the improvement of economic globalization and environmental awareness, the external environment faced by enterprises is increasingly complex and changeable. It is of great theoretical and practical significance to study the influence of environmental factors on the speed of capital structure adjustment. The purpose of this study is to explore how environmental factors such as macroeconomic environment, policy and regulation environment, market competition environment and natural environment affect the speed of capital structure adjustment, so as to provide decision-making basis for enterprises to optimize their capital structure under complex environment and enrich the theory of dynamic adjustment of capital structure. Based on the data of A-share non-financial listed companies in Shanghai and Shenzhen from 2010 to 2020, the fixed-effect model is used for empirical analysis. The results show that the adjustment of capital structure is relatively fast when the macroeconomic environment is stable; strict policies and regulations accelerate enterprises to better capital structure; to gain competitive advantage; and good natural environment helps to reduce the financing cost and increase the adjustment speed.
Keyword:Capital Structure Adjustment Speed Macroeconomic Environment Policy Regulations
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状 1
1.3研究方法与技术路线 2
2环境因素的界定与分类 2
2.1宏观经济环境分析 2
2.2政策法规环境解析 3
2.3市场竞争环境探讨 3
3环境因素对资本结构调整速度的作用机制 4
3.1作用路径理论分析 4
3.2宏观经济影响传导 5
3.3政策法规约束效应 5
4实证研究：环境因素影响的检验 6
4.1研究设计与样本选择 6
4.2实证模型构建与检验 7
4.3结果分析与讨论 7
结论 8
参考文献 10
致谢 11
随着经济全球化和环境意识的提升，企业面临的外部环境日益复杂多变，研究环境因素对资本结构调整速度的影响具有重要的理论与现实意义。本研究旨在探讨宏观经济环境、政策法规环境、市场竞争环境以及自然环境等环境因素如何影响企业的资本结构调整速度，以期为企业在复杂环境下优化资本结构提供决策依据并丰富资本结构动态调整理论。基于2010 - 2020年中国沪深两市A股非金融类上市公司数据，运用固定效应模型进行实证分析。研究结果表明，宏观经济环境稳定时企业资本结构调整速度相对较快；严格的政策法规促使企业加速向更优资本结构靠拢；激烈的市场竞争环境下企业为获取竞争优势会加快资本结构调整；良好的自然环境有助于降低企业融资成本从而提高调整速度。
关键词：资本结构调整速度 宏观经济环境 政策法规
Abstract
With the improvement of economic globalization and environmental awareness, the external environment faced by enterprises is increasingly complex and changeable. It is of great theoretical and practical significance to study the influence of environmental factors on the speed of capital structure adjustment. The purpose of this study is to explore how environmental factors such as macroeconomic environment, policy and regulation environment, market competition environment and natural environment affect the speed of capital structure adjustment, so as to provide decision-making basis for enterprises to optimize their capital structure under complex environment and enrich the theory of dynamic adjustment of capital structure. Based on the data of A-share non-financial listed companies in Shanghai and Shenzhen from 2010 to 2020, the fixed-effect model is used for empirical analysis. The results show that the adjustment of capital structure is relatively fast when the macroeconomic environment is stable; strict policies and regulations accelerate enterprises to better capital structure; to gain competitive advantage; and good natural environment helps to reduce the financing cost and increase the adjustment speed.
Keyword:Capital Structure Adjustment Speed Macroeconomic Environment Policy Regulations
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状 1
1.3研究方法与技术路线 2
2环境因素的界定与分类 2
2.1宏观经济环境分析 2
2.2政策法规环境解析 3
2.3市场竞争环境探讨 3
3环境因素对资本结构调整速度的作用机制 4
3.1作用路径理论分析 4
3.2宏观经济影响传导 5
3.3政策法规约束效应 5
4实证研究：环境因素影响的检验 6
4.1研究设计与样本选择 6
4.2实证模型构建与检验 7
4.3结果分析与讨论 7
结论 8
参考文献 10
致谢 11
