摘 要
资本结构优化与企业价值最大化是现代企业财务管理的核心议题，面对复杂多变的市场环境和激烈的竞争态势，合理配置债务与股权资本对企业可持续发展至关重要。本研究旨在探讨不同资本结构对我国上市公司企业价值的影响机制，基于代理成本理论、信号传递理论等构建理论框架，以2015 - 2022年沪深A股非金融类上市公司为样本，运用多元回归分析方法实证检验资本结构与企业价值之间的关系。研究发现，适度提高资产负债率有助于降低代理成本，增强管理者经营效率，从而提升企业价值；而过高的负债水平则会增加财务风险，抑制企业价值增长。
关键词：资本结构优化 企业价值最大化 代理成本理论
Abstract
The optimization of capital structure and enterprise value maximization are the core issues of modern enterprise financial management. In the face of complex and changeable market environment and fierce competition situation, reasonable allocation of debt and equity capital is crucial to the sustainable development of enterprises. This study aims to explore the influence mechanism of different capital structure on enterprise value of listed companies in China, construct the theoretical fr amework based on the agency cost theory and signal transmission theory, take the sample of the a-financial listed companies in 2015-2022, and empirically test the relationship between capital structure and enterprise value. Research found that moderately increasing the asset-liability ratio helps to reduce the agency cost, enhance the operation efficiency of managers, and enhance the enterprise value; while excessively high debt level will increase the financial risk and restrain the growth of enterprise value.
Keyword:Capital Structure Optimization Enterprise Value Maximization Agency Cost Theory
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传统资本结构理论 3
2.3现代资本结构理论发展 3
2.4资本结构理论的实证检验 4
3资本结构优化的影响因素 4
3.1宏观经济环境影响 4
3.2行业特征对资本结构的影响 5
3.3企业内部治理机制的作用 5
3.4企业生命周期阶段差异 6
4资本结构优化与企业价值最大化 6
4.1企业价值最大化的内涵 6
4.2资本结构优化对企业绩效的影响 7
4.3资本结构调整策略选择 7
4.4实现企业价值最大化的路径 8
结论 9
参考文献 10
致谢 11
资本结构优化与企业价值最大化是现代企业财务管理的核心议题，面对复杂多变的市场环境和激烈的竞争态势，合理配置债务与股权资本对企业可持续发展至关重要。本研究旨在探讨不同资本结构对我国上市公司企业价值的影响机制，基于代理成本理论、信号传递理论等构建理论框架，以2015 - 2022年沪深A股非金融类上市公司为样本，运用多元回归分析方法实证检验资本结构与企业价值之间的关系。研究发现，适度提高资产负债率有助于降低代理成本，增强管理者经营效率，从而提升企业价值；而过高的负债水平则会增加财务风险，抑制企业价值增长。
关键词：资本结构优化 企业价值最大化 代理成本理论
Abstract
The optimization of capital structure and enterprise value maximization are the core issues of modern enterprise financial management. In the face of complex and changeable market environment and fierce competition situation, reasonable allocation of debt and equity capital is crucial to the sustainable development of enterprises. This study aims to explore the influence mechanism of different capital structure on enterprise value of listed companies in China, construct the theoretical fr amework based on the agency cost theory and signal transmission theory, take the sample of the a-financial listed companies in 2015-2022, and empirically test the relationship between capital structure and enterprise value. Research found that moderately increasing the asset-liability ratio helps to reduce the agency cost, enhance the operation efficiency of managers, and enhance the enterprise value; while excessively high debt level will increase the financial risk and restrain the growth of enterprise value.
Keyword:Capital Structure Optimization Enterprise Value Maximization Agency Cost Theory
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传统资本结构理论 3
2.3现代资本结构理论发展 3
2.4资本结构理论的实证检验 4
3资本结构优化的影响因素 4
3.1宏观经济环境影响 4
3.2行业特征对资本结构的影响 5
3.3企业内部治理机制的作用 5
3.4企业生命周期阶段差异 6
4资本结构优化与企业价值最大化 6
4.1企业价值最大化的内涵 6
4.2资本结构优化对企业绩效的影响 7
4.3资本结构调整策略选择 7
4.4实现企业价值最大化的路径 8
结论 9
参考文献 10
致谢 11
