摘 要
企业生命周期不同阶段的资本结构选择是财务管理领域的重要议题。在动态竞争环境下，企业的融资决策与成长阶段密切相关。本研究基于优序融资理论和代理成本理论，选取2010-2022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，考察企业生命周期各阶段对资本结构的影响机制。研究发现：初创期企业因信息不对称程度高，更倾向于股权融资；成长期企业随着经营风险降低，逐步增加债务融资比例；成熟期企业财务状况稳定，偏好采用较高负债率；衰退期企业则会主动降低负债水平以防范财务风险。创新之处在于构建了涵盖技术进步、市场竞争等多维度的企业生命周期评价体系，并首次将企业战略柔性纳入分析框架。研究结果为企业合理安排融资结构提供了理论依据，有助于优化资源配置，提升企业价值创造能力。同时，本研究丰富了资本结构理论，为政策制定者提供有益参考。
关键词：企业生命周期；资本结构；融资决策
Abstract
The capital structure choice at different stages of the corporate life cycle is a significant topic in financial management. In a dynamic competitive environment, corporate financing decisions are closely related to growth phases. This study, grounded in the pecking order theory and agency cost theory, selects non-financial listed companies on the Shanghai and Shenzhen A-share markets from 2010 to 2022 as samples, employing multiple regression analysis to examine the influence mechanisms of various stages of the corporate life cycle on capital structure. The findings reveal that start-up stage firms, due to high levels of information asymmetry, tend to prefer equity financing; growth stage firms, with decreasing operating risks, gradually increase their debt financing ratio; mature stage firms, characterized by stable financial conditions, favor higher leverage ratios; and decline stage firms actively reduce their debt levels to mitigate financial risks. The innovation lies in constructing a multi-dimensional corporate life cycle evaluation system encompassing technological advancement and market competition, and for the first time, incorporating strategic flexibility into the analytical fr amework. The results provide theoretical support for enterprises to reasonably arrange their financing structures, contributing to optimized resource allocation and enhanced value creation capabilities. Additionally, this study enriches capital structure theory and offers valuable insights for policymakers.
Keywords: Corporate Life Cycle；Capital Structure；Financing Decision
目 录
1 引言 1
2 生命周期与资本结构理论基础 1
2.1 生命周期阶段划分标准 1
2.2 资本结构理论综述 2
2.3 理论框架构建 2
3 初创期企业的资本结构选择 3
3.1 初创期资金需求特点 3
3.2 权益融资的主导作用 3
3.3 风险控制与资本结构优化 4
4 成长期企业的资本结构选择 4
4.1 快速扩张的资金需求 4
4.2 债务融资的风险考量 5
4.3 融资结构的动态调整 5
5 成熟期与衰退期企业的资本结构选择 5
5.1 成熟期的稳健融资策略 5
5.2 衰退期的资本结构调整 6
5.3 不同阶段的比较分析 6
6 结论 7
致 谢 8
企业生命周期不同阶段的资本结构选择是财务管理领域的重要议题。在动态竞争环境下，企业的融资决策与成长阶段密切相关。本研究基于优序融资理论和代理成本理论，选取2010-2022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，考察企业生命周期各阶段对资本结构的影响机制。研究发现：初创期企业因信息不对称程度高，更倾向于股权融资；成长期企业随着经营风险降低，逐步增加债务融资比例；成熟期企业财务状况稳定，偏好采用较高负债率；衰退期企业则会主动降低负债水平以防范财务风险。创新之处在于构建了涵盖技术进步、市场竞争等多维度的企业生命周期评价体系，并首次将企业战略柔性纳入分析框架。研究结果为企业合理安排融资结构提供了理论依据，有助于优化资源配置，提升企业价值创造能力。同时，本研究丰富了资本结构理论，为政策制定者提供有益参考。
关键词：企业生命周期；资本结构；融资决策
Abstract
The capital structure choice at different stages of the corporate life cycle is a significant topic in financial management. In a dynamic competitive environment, corporate financing decisions are closely related to growth phases. This study, grounded in the pecking order theory and agency cost theory, selects non-financial listed companies on the Shanghai and Shenzhen A-share markets from 2010 to 2022 as samples, employing multiple regression analysis to examine the influence mechanisms of various stages of the corporate life cycle on capital structure. The findings reveal that start-up stage firms, due to high levels of information asymmetry, tend to prefer equity financing; growth stage firms, with decreasing operating risks, gradually increase their debt financing ratio; mature stage firms, characterized by stable financial conditions, favor higher leverage ratios; and decline stage firms actively reduce their debt levels to mitigate financial risks. The innovation lies in constructing a multi-dimensional corporate life cycle evaluation system encompassing technological advancement and market competition, and for the first time, incorporating strategic flexibility into the analytical fr amework. The results provide theoretical support for enterprises to reasonably arrange their financing structures, contributing to optimized resource allocation and enhanced value creation capabilities. Additionally, this study enriches capital structure theory and offers valuable insights for policymakers.
Keywords: Corporate Life Cycle；Capital Structure；Financing Decision
目 录
1 引言 1
2 生命周期与资本结构理论基础 1
2.1 生命周期阶段划分标准 1
2.2 资本结构理论综述 2
2.3 理论框架构建 2
3 初创期企业的资本结构选择 3
3.1 初创期资金需求特点 3
3.2 权益融资的主导作用 3
3.3 风险控制与资本结构优化 4
4 成长期企业的资本结构选择 4
4.1 快速扩张的资金需求 4
4.2 债务融资的风险考量 5
4.3 融资结构的动态调整 5
5 成熟期与衰退期企业的资本结构选择 5
5.1 成熟期的稳健融资策略 5
5.2 衰退期的资本结构调整 6
5.3 不同阶段的比较分析 6
6 结论 7
致 谢 8
参考文献 9
