摘 要
资本结构对企业经营绩效的影响是现代企业财务管理研究的重要议题，随着市场竞争加剧和经济环境变化，合理配置资本结构成为提升企业竞争力的关键因素。本研究旨在探讨不同资本结构模式对企业经营绩效的具体影响机制，基于中国A股上市公司2010-2022年的面板数据，采用固定效应模型进行实证分析，同时引入行业差异、企业规模等控制变量以增强研究的严谨性。研究发现，适度的负债水平有助于提高企业价值，但过高的负债率将增加财务风险并抑制企业长期发展；股权集中度与企业绩效呈倒U型关系，表明存在最优股权结构区间。此外，研究还揭示了不同行业特征对资本结构选择及绩效影响的异质性，制造业企业的杠杆效应更为显著，而服务业则更依赖内部融资。
关键词：资本结构 企业经营绩效 负债水平
Abstract
The influence of capital structure on enterprise operation performance is an important issue in the research of modern enterprise financial management. With the intensification of market competition and the change of economic environment, the rational allocation of capital structure has become the key factor to enhance the competitiveness of enterprises. The purpose of this study is to explore the specific influence mechanism of different capital structure models on business performance. Based on the panel data of Chinese A-share listed companies from 2010 to 2022, the fixed effect model is used for empirical analysis, and control variables such as industry differences and enterprise size are introduced to enhance the rigor of the research. It is found that moderate debt level helps to improve enterprise value, but excessive debt ratio will increase financial risk and inhibit the long-term development of enterprise; equity concentration and enterprise performance show inverted U-shaped relationship, indicating the existence of optimal equity structure interval. In addition, the study also reveals the heterogeneity of the impact of different industry characteristics on the selection of capital structure and performance. The leverage effect of manufacturing enterprises is more significant, while the service industry is more dependent on internal financing.
Keyword:Capital Structure Firm Operating Performance Debt Level、Equity Concentration
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资本结构理论基础 2
2.1资本结构基本概念 2
2.2资本结构相关理论 3
2.3资本结构影响因素分析 3
3资本结构对企业盈利能力的影响 4
3.1盈利能力衡量指标 4
3.2债务资本对盈利的影响 4
3.3权益资本对盈利的作用 5
4资本结构对企业运营效率的影响 6
4.1运营效率评价体系 6
4.2资本结构与资产周转 6
4.3资本结构与成本控制 7
结论 7
参考文献 9
致谢 10
资本结构对企业经营绩效的影响是现代企业财务管理研究的重要议题，随着市场竞争加剧和经济环境变化，合理配置资本结构成为提升企业竞争力的关键因素。本研究旨在探讨不同资本结构模式对企业经营绩效的具体影响机制，基于中国A股上市公司2010-2022年的面板数据，采用固定效应模型进行实证分析，同时引入行业差异、企业规模等控制变量以增强研究的严谨性。研究发现，适度的负债水平有助于提高企业价值，但过高的负债率将增加财务风险并抑制企业长期发展；股权集中度与企业绩效呈倒U型关系，表明存在最优股权结构区间。此外，研究还揭示了不同行业特征对资本结构选择及绩效影响的异质性，制造业企业的杠杆效应更为显著，而服务业则更依赖内部融资。
关键词：资本结构 企业经营绩效 负债水平
Abstract
The influence of capital structure on enterprise operation performance is an important issue in the research of modern enterprise financial management. With the intensification of market competition and the change of economic environment, the rational allocation of capital structure has become the key factor to enhance the competitiveness of enterprises. The purpose of this study is to explore the specific influence mechanism of different capital structure models on business performance. Based on the panel data of Chinese A-share listed companies from 2010 to 2022, the fixed effect model is used for empirical analysis, and control variables such as industry differences and enterprise size are introduced to enhance the rigor of the research. It is found that moderate debt level helps to improve enterprise value, but excessive debt ratio will increase financial risk and inhibit the long-term development of enterprise; equity concentration and enterprise performance show inverted U-shaped relationship, indicating the existence of optimal equity structure interval. In addition, the study also reveals the heterogeneity of the impact of different industry characteristics on the selection of capital structure and performance. The leverage effect of manufacturing enterprises is more significant, while the service industry is more dependent on internal financing.
Keyword:Capital Structure Firm Operating Performance Debt Level、Equity Concentration
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资本结构理论基础 2
2.1资本结构基本概念 2
2.2资本结构相关理论 3
2.3资本结构影响因素分析 3
3资本结构对企业盈利能力的影响 4
3.1盈利能力衡量指标 4
3.2债务资本对盈利的影响 4
3.3权益资本对盈利的作用 5
4资本结构对企业运营效率的影响 6
4.1运营效率评价体系 6
4.2资本结构与资产周转 6
4.3资本结构与成本控制 7
结论 7
参考文献 9
致谢 10
