摘 要
财务杠杆效应作为企业融资决策中的关键因素，对企业价值创造和风险管理具有重要影响。在当前复杂多变的经济环境下，企业面临多种融资渠道选择，如何合理运用财务杠杆成为企业财务管理的重要课题。本研究旨在探讨财务杠杆效应对企业融资决策的影响机制，通过构建理论模型并结合实证分析，深入剖析不同行业、规模和发展阶段的企业在运用财务杠杆时面临的机遇与挑战。研究采用面板数据分析方法，选取2010 - 2020年间沪深两市A股上市公司为样本，基于多元回归模型考察财务杠杆水平与企业绩效之间的关系。结果表明，适度的财务杠杆能够有效提升企业价值，但过高的杠杆率会增加财务风险，降低企业抗风险能力。创新之处在于引入动态调整视角，将企业生命周期纳入考量范围，发现成长型企业更倾向于利用财务杠杆实现快速发展，而成熟型企业则注重杠杆结构优化以保持稳健经营。
关键词：财务杠杆效应 企业融资决策 财务风险
Abstract
As a key factor in the enterprise financing decision-making, the financial leverage effect has an important influence on the enterprise value creation and risk management. In the current complex and changeable economic environment, enterprises are faced with a variety of financing channels, and how to reasonably use financial leverage has become an important topic of enterprise financial management. The purpose of this study is to explore the influence mechanism of financial leverage effect on enterprise financing decision. Through the construction of theoretical model and empirical analysis, it deeply analyzes the opportunities and challenges faced by enterprises in different industries, scale and development stages when using financial leverage. The study adopted the panel data analysis method, selected the a-share listed companies in Shanghai and Shenzhen from 2010 to 2020 as the sample, and examined the relationship between the financial leverage level and the performance of enterprises based on the multiple regression model. The results show that the moderate financial leverage can effectively enhance the value of enterprises, but the excessive leverage ratio will increase the financial risk and reduce the ability of enterprises to resist risks. The innovation lies in the introduction of dynamic adjustment perspective and taking the life cycle of enterprises into consideration. It is found that growing enterprises are more inclined to use financial leverage to achieve rapid development, while mature enterprises pay attention to the optimization of leverage structure to maintain sound operation.
Keyword:Financial Leverage Effect Corporate Financing Decisions Financial Risk
目 录
1绪论 1
1.1财务杠杆效应研究背景与意义 1
1.2国内外研究现状综述 1
1.3研究方法与技术路线 2
2财务杠杆对企业价值的影响 2
2.1财务杠杆的理论基础 2
2.2杠杆对股东财富的影响 3
2.3企业价值最大化的实现路径 3
3财务杠杆在融资决策中的应用策略 4
3.1最优资本结构的选择 4
3.2不同融资方式的杠杆效应 4
3.3杠杆水平与风险控制平衡 5
4财务杠杆效应的实际案例分析 6
4.1典型企业案例选择 6
4.2案例中财务杠杆的应用 6
4.3成功经验与失败教训总结 7
结论 8
参考文献 9
致谢 10
财务杠杆效应作为企业融资决策中的关键因素，对企业价值创造和风险管理具有重要影响。在当前复杂多变的经济环境下，企业面临多种融资渠道选择，如何合理运用财务杠杆成为企业财务管理的重要课题。本研究旨在探讨财务杠杆效应对企业融资决策的影响机制，通过构建理论模型并结合实证分析，深入剖析不同行业、规模和发展阶段的企业在运用财务杠杆时面临的机遇与挑战。研究采用面板数据分析方法，选取2010 - 2020年间沪深两市A股上市公司为样本，基于多元回归模型考察财务杠杆水平与企业绩效之间的关系。结果表明，适度的财务杠杆能够有效提升企业价值，但过高的杠杆率会增加财务风险，降低企业抗风险能力。创新之处在于引入动态调整视角，将企业生命周期纳入考量范围，发现成长型企业更倾向于利用财务杠杆实现快速发展，而成熟型企业则注重杠杆结构优化以保持稳健经营。
关键词：财务杠杆效应 企业融资决策 财务风险
Abstract
As a key factor in the enterprise financing decision-making, the financial leverage effect has an important influence on the enterprise value creation and risk management. In the current complex and changeable economic environment, enterprises are faced with a variety of financing channels, and how to reasonably use financial leverage has become an important topic of enterprise financial management. The purpose of this study is to explore the influence mechanism of financial leverage effect on enterprise financing decision. Through the construction of theoretical model and empirical analysis, it deeply analyzes the opportunities and challenges faced by enterprises in different industries, scale and development stages when using financial leverage. The study adopted the panel data analysis method, selected the a-share listed companies in Shanghai and Shenzhen from 2010 to 2020 as the sample, and examined the relationship between the financial leverage level and the performance of enterprises based on the multiple regression model. The results show that the moderate financial leverage can effectively enhance the value of enterprises, but the excessive leverage ratio will increase the financial risk and reduce the ability of enterprises to resist risks. The innovation lies in the introduction of dynamic adjustment perspective and taking the life cycle of enterprises into consideration. It is found that growing enterprises are more inclined to use financial leverage to achieve rapid development, while mature enterprises pay attention to the optimization of leverage structure to maintain sound operation.
Keyword:Financial Leverage Effect Corporate Financing Decisions Financial Risk
目 录
1绪论 1
1.1财务杠杆效应研究背景与意义 1
1.2国内外研究现状综述 1
1.3研究方法与技术路线 2
2财务杠杆对企业价值的影响 2
2.1财务杠杆的理论基础 2
2.2杠杆对股东财富的影响 3
2.3企业价值最大化的实现路径 3
3财务杠杆在融资决策中的应用策略 4
3.1最优资本结构的选择 4
3.2不同融资方式的杠杆效应 4
3.3杠杆水平与风险控制平衡 5
4财务杠杆效应的实际案例分析 6
4.1典型企业案例选择 6
4.2案例中财务杠杆的应用 6
4.3成功经验与失败教训总结 7
结论 8
参考文献 9
致谢 10
