摘 要
资本结构与企业风险承担能力的关系是现代公司金融研究的重要议题，基于此，本文旨在探讨不同资本结构对企业风险承担能力的影响机制。在经济环境不确定性增加的背景下，合理的资本结构能够增强企业的抗风险能力，进而影响其长期发展。通过收集2010 - 2020年中国A股上市公司的财务数据，运用固定效应模型进行实证分析，结果表明，适度提高资产负债率有助于提升企业风险承担能力，但超过一定阈值后将产生负面影响；股权集中度与企业风险承担能力呈正相关关系，且国有控股企业在风险承担方面表现出更强的稳定性。此外，本文创新性地引入行业竞争程度作为调节变量，发现高竞争行业的企业更依赖内部资金积累来应对风险，而低竞争行业则可通过优化资本结构增强风险承担能力。本研究为企业合理调整资本结构、提升风险管理水平提供了理论依据和实践指导，也为监管机构制定相关政策提供参考。
关键词：资本结构；企业风险承担能力；资产负债率
Abstract
The relationship between capital structure and enterprise risk bearing ability is an important topic in modern corporate finance research. Based on this, this paper aims to explore the influence mechanism of different capital structure on enterprise risk bearing ability. Under the background of the increasing uncertainty of the economic environment, a reasonable capital structure can enhance the ability of enterprises to resist risks, and then affect their long-term development. By collecting the financial data of Chinese A-share listed companies from 2010 to 2020 and conducting empirical analysis using fixed-effect model, the results show that moderately increasing the asset-liability ratio is helpful to improve the risk bearing capacity, but will have negative effects after exceeding A certain threshold; the equity concentration is positively correlated with the risk bearing capacity, and the state-owned holding enterprises show stronger stability in risk taking. In addition, this paper innovatively introduces the degree of industry competition as a regulating variable, and finds that enterprises in high competitive industries rely more on the accumulation of internal capital to deal with risks, while low competitive industries can enhance the risk bearing capacity by optimizing the capital structure. This study provides theoretical basis and practical guidance for enterprises to reasonably adjust their capital structure and improve the level of risk management, and also provides reference for regulatory agencies to formulate relevant policies.
Keywords: Capital structure; enterprise risk-bearing capacity; asset-liability ratio
目 录
1 引言 1
2 资本结构理论基础与风险承担 1
2.1 资本结构的基本概念 1
2.2 企业风险承担的内涵 1
2.3 理论基础与研究框架 2
3 资本结构对风险承担的影响机制 3
3.1 杠杆水平与财务风险 3
3.2 资本结构与经营灵活性 3
3.3 风险承担能力的动态变化 4
4 行业差异对资本结构与风险承担关系的影响 4
4.1 不同行业的资本结构特点 4
4.2 行业特征与风险偏好 4
4.3 行业环境下的风险承担策略 5
5 宏观经济因素对资本结构与风险承担的调节作用 5
5.1 经济周期的影响 5
5.2 政策环境的作用 6
5.3 市场波动性的调节效应 6
6 结论 7
致 谢 8
参考文献 9
资本结构与企业风险承担能力的关系是现代公司金融研究的重要议题，基于此，本文旨在探讨不同资本结构对企业风险承担能力的影响机制。在经济环境不确定性增加的背景下，合理的资本结构能够增强企业的抗风险能力，进而影响其长期发展。通过收集2010 - 2020年中国A股上市公司的财务数据，运用固定效应模型进行实证分析，结果表明，适度提高资产负债率有助于提升企业风险承担能力，但超过一定阈值后将产生负面影响；股权集中度与企业风险承担能力呈正相关关系，且国有控股企业在风险承担方面表现出更强的稳定性。此外，本文创新性地引入行业竞争程度作为调节变量，发现高竞争行业的企业更依赖内部资金积累来应对风险，而低竞争行业则可通过优化资本结构增强风险承担能力。本研究为企业合理调整资本结构、提升风险管理水平提供了理论依据和实践指导，也为监管机构制定相关政策提供参考。
关键词：资本结构；企业风险承担能力；资产负债率
Abstract
The relationship between capital structure and enterprise risk bearing ability is an important topic in modern corporate finance research. Based on this, this paper aims to explore the influence mechanism of different capital structure on enterprise risk bearing ability. Under the background of the increasing uncertainty of the economic environment, a reasonable capital structure can enhance the ability of enterprises to resist risks, and then affect their long-term development. By collecting the financial data of Chinese A-share listed companies from 2010 to 2020 and conducting empirical analysis using fixed-effect model, the results show that moderately increasing the asset-liability ratio is helpful to improve the risk bearing capacity, but will have negative effects after exceeding A certain threshold; the equity concentration is positively correlated with the risk bearing capacity, and the state-owned holding enterprises show stronger stability in risk taking. In addition, this paper innovatively introduces the degree of industry competition as a regulating variable, and finds that enterprises in high competitive industries rely more on the accumulation of internal capital to deal with risks, while low competitive industries can enhance the risk bearing capacity by optimizing the capital structure. This study provides theoretical basis and practical guidance for enterprises to reasonably adjust their capital structure and improve the level of risk management, and also provides reference for regulatory agencies to formulate relevant policies.
Keywords: Capital structure; enterprise risk-bearing capacity; asset-liability ratio
目 录
1 引言 1
2 资本结构理论基础与风险承担 1
2.1 资本结构的基本概念 1
2.2 企业风险承担的内涵 1
2.3 理论基础与研究框架 2
3 资本结构对风险承担的影响机制 3
3.1 杠杆水平与财务风险 3
3.2 资本结构与经营灵活性 3
3.3 风险承担能力的动态变化 4
4 行业差异对资本结构与风险承担关系的影响 4
4.1 不同行业的资本结构特点 4
4.2 行业特征与风险偏好 4
4.3 行业环境下的风险承担策略 5
5 宏观经济因素对资本结构与风险承担的调节作用 5
5.1 经济周期的影响 5
5.2 政策环境的作用 6
5.3 市场波动性的调节效应 6
6 结论 7
致 谢 8
参考文献 9
