摘要
盈利能力与资本结构的相关性一直是财务领域的重要研究课题，随着现代企业制度的不断完善和金融市场的发展，探究两者关系对企业价值创造具有重要意义。本研究旨在深入分析盈利能力与资本结构之间的内在联系，以期为企业优化资本配置提供理论依据。基于中国沪深两市非金融类上市公司2010 - 2020年的面板数据，采用固定效应模型进行实证检验，同时引入行业竞争程度作为调节变量，考察不同竞争环境下两者关系的变化特征。研究发现，盈利能力与资本结构之间存在显著的负相关关系，即企业盈利能力越强，其负债水平相对较低；并且在竞争激烈的行业中，这种负相关关系更为明显。进一步研究表明，当企业处于高盈利状态时，更倾向于选择股权融资而非债务融资，这有助于降低财务风险并提高企业价值。此外，本研究还发现资产规模对两者关系具有一定的调节作用，大型企业在保持较高盈利能力的同时能够维持相对稳定的资本结构。该研究创新地将行业竞争程度纳入考量范围，丰富了现有资本结构理论的研究视角，为理解企业融资决策提供了新的思路，同时也为企业管理者制定合理的资本结构策略提供了有益参考。
关键词：盈利能力；资本结构；行业竞争程度
Abstract
The correlation between profitability and capital structure has been a significant research topic in the field of finance. As modern corporate systems continue to improve and financial markets develop, exploring this relationship is crucial for enterprise value creation. This study aims to thoroughly analyze the intrinsic connection between profitability and capital structure to provide theoretical support for optimizing capital allocation in enterprises. Utilizing panel data from non-financial listed companies on China's Shanghai and Shenzhen stock exchanges from 2010 to 2020, this research employs a fixed-effects model for empirical testing, while introducing industry competition intensity as a moderating variable to examine the changing characteristics of their relationship under different competitive environments. The findings indicate a significant negative correlation between profitability and capital structure, meaning that stronger corporate profitability is associated with relatively lower debt levels. Moreover, this negative correlation is more pronounced in highly competitive industries. Further analysis reveals that when enterprises are in a high-profit state, they tend to prefer equity financing over debt financing, which helps reduce financial risk and enhance corporate value. Additionally, this study finds that asset size plays a moderating role in this relationship, allowing large enterprises to maintain a relatively stable capital structure while sustaining higher profitability. Innovatively incorporating industry competition intensity into the analysis, this research enriches the existing perspectives on capital structure theory, offering new insights into understanding corporate financing decisions and providing valuable references for managers in formulating rational capital structure strategies.
Keywords：Profitability; Capital Structure; Industry Competition Intensity
目 录
摘要 I
Abstract II
一、绪论 1
(一) 研究背景与意义 1
(二) 国内外研究现状 1
(三) 研究方法与技术路线 2
二、盈利能力影响因素分析 2
(一) 盈利能力的衡量指标 2
(二) 内部因素对盈利能力的影响 3
(三) 外部环境对盈利能力的作用 4
三、资本结构构成及特征 5
(一) 资本结构的定义与类型 5
(二) 不同资本结构的成本分析 6
(三) 行业特性对资本结构的影响 6
四、盈利能力与资本结构关系实证 7
(一) 数据来源与样本选择 7
(二) 实证模型构建与检验 8
(三) 研究结果分析与讨论 9
结 论 10
参考文献 11
盈利能力与资本结构的相关性一直是财务领域的重要研究课题，随着现代企业制度的不断完善和金融市场的发展，探究两者关系对企业价值创造具有重要意义。本研究旨在深入分析盈利能力与资本结构之间的内在联系，以期为企业优化资本配置提供理论依据。基于中国沪深两市非金融类上市公司2010 - 2020年的面板数据，采用固定效应模型进行实证检验，同时引入行业竞争程度作为调节变量，考察不同竞争环境下两者关系的变化特征。研究发现，盈利能力与资本结构之间存在显著的负相关关系，即企业盈利能力越强，其负债水平相对较低；并且在竞争激烈的行业中，这种负相关关系更为明显。进一步研究表明，当企业处于高盈利状态时，更倾向于选择股权融资而非债务融资，这有助于降低财务风险并提高企业价值。此外，本研究还发现资产规模对两者关系具有一定的调节作用，大型企业在保持较高盈利能力的同时能够维持相对稳定的资本结构。该研究创新地将行业竞争程度纳入考量范围，丰富了现有资本结构理论的研究视角，为理解企业融资决策提供了新的思路，同时也为企业管理者制定合理的资本结构策略提供了有益参考。
关键词：盈利能力；资本结构；行业竞争程度
Abstract
The correlation between profitability and capital structure has been a significant research topic in the field of finance. As modern corporate systems continue to improve and financial markets develop, exploring this relationship is crucial for enterprise value creation. This study aims to thoroughly analyze the intrinsic connection between profitability and capital structure to provide theoretical support for optimizing capital allocation in enterprises. Utilizing panel data from non-financial listed companies on China's Shanghai and Shenzhen stock exchanges from 2010 to 2020, this research employs a fixed-effects model for empirical testing, while introducing industry competition intensity as a moderating variable to examine the changing characteristics of their relationship under different competitive environments. The findings indicate a significant negative correlation between profitability and capital structure, meaning that stronger corporate profitability is associated with relatively lower debt levels. Moreover, this negative correlation is more pronounced in highly competitive industries. Further analysis reveals that when enterprises are in a high-profit state, they tend to prefer equity financing over debt financing, which helps reduce financial risk and enhance corporate value. Additionally, this study finds that asset size plays a moderating role in this relationship, allowing large enterprises to maintain a relatively stable capital structure while sustaining higher profitability. Innovatively incorporating industry competition intensity into the analysis, this research enriches the existing perspectives on capital structure theory, offering new insights into understanding corporate financing decisions and providing valuable references for managers in formulating rational capital structure strategies.
Keywords：Profitability; Capital Structure; Industry Competition Intensity
目 录
摘要 I
Abstract II
一、绪论 1
(一) 研究背景与意义 1
(二) 国内外研究现状 1
(三) 研究方法与技术路线 2
二、盈利能力影响因素分析 2
(一) 盈利能力的衡量指标 2
(二) 内部因素对盈利能力的影响 3
(三) 外部环境对盈利能力的作用 4
三、资本结构构成及特征 5
(一) 资本结构的定义与类型 5
(二) 不同资本结构的成本分析 6
(三) 行业特性对资本结构的影响 6
四、盈利能力与资本结构关系实证 7
(一) 数据来源与样本选择 7
(二) 实证模型构建与检验 8
(三) 研究结果分析与讨论 9
结 论 10
参考文献 11
