摘 要
资本结构理论在企业融资决策中的应用研究旨在探讨现代资本结构理论如何指导企业优化融资结构，提高财务绩效。本文基于代理成本理论、信号传递理论和啄序理论等经典理论框架，结合中国上市公司的实证数据，采用多元回归分析方法，系统考察了不同资本结构对企业价值的影响机制。研究发现，适度的负债水平有助于降低代理成本，提升企业价值；而过高的负债率则会增加财务风险，产生负面效应。通过引入动态调整模型，本文创新性地提出了最优资本结构调整路径，并验证了其有效性。研究结果表明，在考虑行业特征和生命周期阶段差异的情况下，企业应根据自身发展阶段灵活调整资本结构比例，以实现股东财富最大化。此外，本文还揭示了股权集中度与资本结构选择之间的内在联系，为理解中国资本市场特殊性提供了新的视角。
关键词：资本结构优化 代理成本 企业价值
Abstract
The application research of capital structure theory in enterprise financing decision aims to explore how modern capital structure theory guides enterprises to optimize financing structure and improve financial performance. Based on the classical theoretical fr amework of agent cost theory, signal transmission theory and pecking order theory, combined with the empirical data of Chinese listed companies, and using the multivariate regression analysis method, this paper systematically examines the influence mechanism of different capital structures on enterprise value. The study found that moderate debt level helps to reduce agency cost and increase enterprise value; and excessive debt ratio will increase financial risk and produce negative effects. By introducing the dynamic adjustment model, this paper innovatively proposes the optimal capital structure adjustment path and verifies its effectiveness. The research results show that, when considering the differences in industry characteristics and life cycle stages, enterprises should flexibly adjust the proportion of their capital structure according to their own development stages to maximize the wealth of shareholders. In addition, this paper also reveals the internal connection between equity concentration and the choice of capital structure, which provides a new perspective for understanding the particularity of China's capital market.
Keyword:Capital Structure Optimization Agency Cost Firm Value
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研究方法与思路 2
2资本结构理论基础 2
2.1资本结构理论概述 2
2.2传统资本结构理论 3
2.3现代资本结构理论 3
2.4资本结构理论的发展趋势 4
3资本结构对企业融资决策的影响 4
3.1资本成本与融资选择 4
3.2财务风险与资本结构 5
3.3公司治理与融资决策 6
3.4行业特征对资本结构的影响 6
4资本结构理论在企业融资决策中的应用策略 7
4.1优化资本结构的原则 7
4.2债务融资的应用分析 7
4.3权益融资的应用分析 8
4.4混合融资的策略选择 9
结论 9
参考文献 11
致谢 12
资本结构理论在企业融资决策中的应用研究旨在探讨现代资本结构理论如何指导企业优化融资结构，提高财务绩效。本文基于代理成本理论、信号传递理论和啄序理论等经典理论框架，结合中国上市公司的实证数据，采用多元回归分析方法，系统考察了不同资本结构对企业价值的影响机制。研究发现，适度的负债水平有助于降低代理成本，提升企业价值；而过高的负债率则会增加财务风险，产生负面效应。通过引入动态调整模型，本文创新性地提出了最优资本结构调整路径，并验证了其有效性。研究结果表明，在考虑行业特征和生命周期阶段差异的情况下，企业应根据自身发展阶段灵活调整资本结构比例，以实现股东财富最大化。此外，本文还揭示了股权集中度与资本结构选择之间的内在联系，为理解中国资本市场特殊性提供了新的视角。
关键词：资本结构优化 代理成本 企业价值
Abstract
The application research of capital structure theory in enterprise financing decision aims to explore how modern capital structure theory guides enterprises to optimize financing structure and improve financial performance. Based on the classical theoretical fr amework of agent cost theory, signal transmission theory and pecking order theory, combined with the empirical data of Chinese listed companies, and using the multivariate regression analysis method, this paper systematically examines the influence mechanism of different capital structures on enterprise value. The study found that moderate debt level helps to reduce agency cost and increase enterprise value; and excessive debt ratio will increase financial risk and produce negative effects. By introducing the dynamic adjustment model, this paper innovatively proposes the optimal capital structure adjustment path and verifies its effectiveness. The research results show that, when considering the differences in industry characteristics and life cycle stages, enterprises should flexibly adjust the proportion of their capital structure according to their own development stages to maximize the wealth of shareholders. In addition, this paper also reveals the internal connection between equity concentration and the choice of capital structure, which provides a new perspective for understanding the particularity of China's capital market.
Keyword:Capital Structure Optimization Agency Cost Firm Value
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研究方法与思路 2
2资本结构理论基础 2
2.1资本结构理论概述 2
2.2传统资本结构理论 3
2.3现代资本结构理论 3
2.4资本结构理论的发展趋势 4
3资本结构对企业融资决策的影响 4
3.1资本成本与融资选择 4
3.2财务风险与资本结构 5
3.3公司治理与融资决策 6
3.4行业特征对资本结构的影响 6
4资本结构理论在企业融资决策中的应用策略 7
4.1优化资本结构的原则 7
4.2债务融资的应用分析 7
4.3权益融资的应用分析 8
4.4混合融资的策略选择 9
结论 9
参考文献 11
致谢 12
