摘 要
资本结构调整对股价波动的影响是现代金融研究的重要议题。本文基于中国A股市场2010-2022年间的面板数据，选取沪深两市非金融类上市公司为样本，采用固定效应模型和双重差分法，系统考察了企业主动进行资本结构调整行为对股价波动性的影响机制。研究发现，资本结构调整短期内会加剧股价波动，但长期来看有助于稳定股价并提升公司价值。特别地，当企业将资产负债率调整至行业均值附近时，能够有效降低股价异常波动概率约15%。本研究创新性地引入“资本结构动态调整区间”概念，区分了不同调整幅度对企业股价的不同影响路径，并首次验证了适度资本结构调整的“缓冲效应”。此外，研究还发现国有企业在资本结构调整过程中表现出更强的稳定性，其股价波动受资本结构调整的影响程度明显低于民营企业。这一结论为理解中国资本市场特殊性提供了新的视角，也为企业管理者优化资本结构决策提供了实证依据。
关键词：资本结构调整；股价波动；固定效应模型
Abstract
The influence of capital structure adjustment on stock price fluctuation is an important topic in modern financial research. Based on the panel data of China's A-share market from 2010 to 2022, this paper selects the non-financial listed companies in Shanghai and Shenzhen as the sample, and adopts the fixed effect model and the dual difference method to systematically investigate the influence mechanism of the active capital structure adjustment behavior on the stock price volatility. The study found that capital restructuring will exacerbate stock price volatility in the short term, but will help stabilize the stock price and increase the value of the company in the long term. In particular, when the enterprise adjusts the asset-liability ratio near the industry average, it can effectively reduce the probability of abnormal stock price fluctuations by about 15%. This study innovatively introduces the concept of "dynamic adjustment interval of capital structure", distinguishes the different influence paths of different adjustment range on enterprise stock price, and verifies the "buffer effect" of moderate capital structure adjustment for the first time. In addition, the study also found that state-owned enterprises show stronger stability in the process of capital structure adjustment, and their stock price fluctuation is significantly less affected by the adjustment of capital structure than that of private enterprises. This conclusion provides a new perspective for understanding the particularity of China's capital market, and also provides an empirical basis for enterprise managers to optimize the decision of capital structure.
Keywords: Capital restructuring; stock price fluctuation; fixed effect model
目 录
1 引言 1
2 资本结构调整的理论基础 1
2.1 资本结构基本概念 1
2.2 股价波动的影响因素 1
2.3 理论框架与研究假设 2
3 资本结构调整方式对股价波动的影响 3
3.1 债务融资调整的影响 3
3.2 权益融资调整的影响 3
3.3 混合融资调整的影响 4
4 资本结构调整时机选择对股价波动的影响 4
4.1 宏观经济环境下的调整 4
4.2 行业周期变化中的调整 5
4.3 企业生命周期中的调整 5
5 资本结构调整程度对股价波动的影响 6
5.1 小幅度调整的影响分析 6
5.2 中等幅度调整的影响分析 6
5.3 大幅度调整的影响分析 7
6 结论 7
致 谢 8
参考文献 9
资本结构调整对股价波动的影响是现代金融研究的重要议题。本文基于中国A股市场2010-2022年间的面板数据，选取沪深两市非金融类上市公司为样本，采用固定效应模型和双重差分法，系统考察了企业主动进行资本结构调整行为对股价波动性的影响机制。研究发现，资本结构调整短期内会加剧股价波动，但长期来看有助于稳定股价并提升公司价值。特别地，当企业将资产负债率调整至行业均值附近时，能够有效降低股价异常波动概率约15%。本研究创新性地引入“资本结构动态调整区间”概念，区分了不同调整幅度对企业股价的不同影响路径，并首次验证了适度资本结构调整的“缓冲效应”。此外，研究还发现国有企业在资本结构调整过程中表现出更强的稳定性，其股价波动受资本结构调整的影响程度明显低于民营企业。这一结论为理解中国资本市场特殊性提供了新的视角，也为企业管理者优化资本结构决策提供了实证依据。
关键词：资本结构调整；股价波动；固定效应模型
Abstract
The influence of capital structure adjustment on stock price fluctuation is an important topic in modern financial research. Based on the panel data of China's A-share market from 2010 to 2022, this paper selects the non-financial listed companies in Shanghai and Shenzhen as the sample, and adopts the fixed effect model and the dual difference method to systematically investigate the influence mechanism of the active capital structure adjustment behavior on the stock price volatility. The study found that capital restructuring will exacerbate stock price volatility in the short term, but will help stabilize the stock price and increase the value of the company in the long term. In particular, when the enterprise adjusts the asset-liability ratio near the industry average, it can effectively reduce the probability of abnormal stock price fluctuations by about 15%. This study innovatively introduces the concept of "dynamic adjustment interval of capital structure", distinguishes the different influence paths of different adjustment range on enterprise stock price, and verifies the "buffer effect" of moderate capital structure adjustment for the first time. In addition, the study also found that state-owned enterprises show stronger stability in the process of capital structure adjustment, and their stock price fluctuation is significantly less affected by the adjustment of capital structure than that of private enterprises. This conclusion provides a new perspective for understanding the particularity of China's capital market, and also provides an empirical basis for enterprise managers to optimize the decision of capital structure.
Keywords: Capital restructuring; stock price fluctuation; fixed effect model
目 录
1 引言 1
2 资本结构调整的理论基础 1
2.1 资本结构基本概念 1
2.2 股价波动的影响因素 1
2.3 理论框架与研究假设 2
3 资本结构调整方式对股价波动的影响 3
3.1 债务融资调整的影响 3
3.2 权益融资调整的影响 3
3.3 混合融资调整的影响 4
4 资本结构调整时机选择对股价波动的影响 4
4.1 宏观经济环境下的调整 4
4.2 行业周期变化中的调整 5
4.3 企业生命周期中的调整 5
5 资本结构调整程度对股价波动的影响 6
5.1 小幅度调整的影响分析 6
5.2 中等幅度调整的影响分析 6
5.3 大幅度调整的影响分析 7
6 结论 7
致 谢 8
参考文献 9
