摘 要
随着经济全球化进程加速，企业国际化经营面临复杂多变的市场环境，资本结构优化成为提升企业竞争力的关键。本研究旨在探讨国际化经营背景下企业资本结构优化策略，基于代理成本理论、啄序理论等构建理论框架，选取2015 - 2020年沪深A股上市公司为样本，运用多元回归分析方法实证检验影响因素及作用机制。研究发现，国际化程度与企业债务融资比例呈倒U型关系，适度国际化有助于降低代理成本并优化资本结构；股权集中度对资本结构具有显著正向影响，而机构投资者持股比例则表现出负向调节效应。创新之处在于引入国际化进程中的动态视角，将企业生命周期纳入考量范围，提出分阶段资本结构调整建议，为企业制定科学合理的国际化战略提供理论依据和决策参考，丰富了现有资本结构理论在国际化背景下的应用研究。
关键词：资本结构优化；国际化经营；代理成本
Abstract
With the acceleration of economic globalization, the international operation of enterprises is facing a complex and changeable market environment, and the optimization of capital structure has become the key to enhance the competitiveness of enterprises. The purpose of this study is to explore the optimization strategy of enterprise capital structure under the background of international operation, to construct the theoretical fr amework based on the agency cost theory and pecking order theory, to select Shanghai and Shenzhen A-share listed companies from 2015-2020 as samples, and to test the influencing factors and mechanism of action by using multiple regression analysis method. It is found that the degree of internationalization and the ratio of corporate debt financing are inverted U-shaped, and moderate internationalization helps to reduce the agency cost and optimize the capital structure; Equity concentration has a significant positive impact on the capital structure, while the shareholding ratio of institutional investors shows a negative adjustment effect. The innovation lies in the introduction of the dynamic perspective in the process of internationalization, takes the life cycle of enterprises into consideration, puts forward suggestions for the adjustment of phased capital structure, provides theoretical basis and decision-making reference for enterprises to formulate scientific and reasonable internationalization strategy, and enriches the application research of the existing capital structure theory under the background of internationalization.
Keywords: Optimizing the capital structure; international operation; agency cost
目 录
1 引言 1
2 国际化经营与资本结构理论基础 1
2.1 国际化经营的内涵与特征 1
2.2 资本结构理论综述 2
2.3 理论对优化策略的启示 2
3 国际化经营中的融资渠道选择 3
3.1 内部资金与外部融资比较 3
3.2 国际资本市场融资特点 3
3.3 融资渠道对资本结构的影响 4
4 国际化经营中的债务股权配置 4
4.1 债务融资的风险与收益分析 4
4.2 股权融资的利弊考量 5
4.3 债务股权的最优配置策略 5
5 国际化经营中的资本结构调整机制 6
5.1 动态调整的必要性分析 6
5.2 调整机制的设计原则 6
5.3 实施调整的具体路径 6
6 结论 7
致 谢 8
参考文献 9
随着经济全球化进程加速，企业国际化经营面临复杂多变的市场环境，资本结构优化成为提升企业竞争力的关键。本研究旨在探讨国际化经营背景下企业资本结构优化策略，基于代理成本理论、啄序理论等构建理论框架，选取2015 - 2020年沪深A股上市公司为样本，运用多元回归分析方法实证检验影响因素及作用机制。研究发现，国际化程度与企业债务融资比例呈倒U型关系，适度国际化有助于降低代理成本并优化资本结构；股权集中度对资本结构具有显著正向影响，而机构投资者持股比例则表现出负向调节效应。创新之处在于引入国际化进程中的动态视角，将企业生命周期纳入考量范围，提出分阶段资本结构调整建议，为企业制定科学合理的国际化战略提供理论依据和决策参考，丰富了现有资本结构理论在国际化背景下的应用研究。
关键词：资本结构优化；国际化经营；代理成本
Abstract
With the acceleration of economic globalization, the international operation of enterprises is facing a complex and changeable market environment, and the optimization of capital structure has become the key to enhance the competitiveness of enterprises. The purpose of this study is to explore the optimization strategy of enterprise capital structure under the background of international operation, to construct the theoretical fr amework based on the agency cost theory and pecking order theory, to select Shanghai and Shenzhen A-share listed companies from 2015-2020 as samples, and to test the influencing factors and mechanism of action by using multiple regression analysis method. It is found that the degree of internationalization and the ratio of corporate debt financing are inverted U-shaped, and moderate internationalization helps to reduce the agency cost and optimize the capital structure; Equity concentration has a significant positive impact on the capital structure, while the shareholding ratio of institutional investors shows a negative adjustment effect. The innovation lies in the introduction of the dynamic perspective in the process of internationalization, takes the life cycle of enterprises into consideration, puts forward suggestions for the adjustment of phased capital structure, provides theoretical basis and decision-making reference for enterprises to formulate scientific and reasonable internationalization strategy, and enriches the application research of the existing capital structure theory under the background of internationalization.
Keywords: Optimizing the capital structure; international operation; agency cost
目 录
1 引言 1
2 国际化经营与资本结构理论基础 1
2.1 国际化经营的内涵与特征 1
2.2 资本结构理论综述 2
2.3 理论对优化策略的启示 2
3 国际化经营中的融资渠道选择 3
3.1 内部资金与外部融资比较 3
3.2 国际资本市场融资特点 3
3.3 融资渠道对资本结构的影响 4
4 国际化经营中的债务股权配置 4
4.1 债务融资的风险与收益分析 4
4.2 股权融资的利弊考量 5
4.3 债务股权的最优配置策略 5
5 国际化经营中的资本结构调整机制 6
5.1 动态调整的必要性分析 6
5.2 调整机制的设计原则 6
5.3 实施调整的具体路径 6
6 结论 7
致 谢 8
参考文献 9
