摘 要
资本结构与企业财务绩效的关联性是现代财务管理研究的重要议题，基于此，本文旨在探讨不同资本结构对企业财务绩效的影响机制。在经济全球化和市场竞争加剧背景下，合理配置债务与股权资本对提升企业竞争力至关重要。本研究以中国沪深两市A股上市公司为样本，选取2015 - 2022年期间相关数据，运用多元线性回归模型分析资本结构（包括资产负债率、长期负债比率等）与财务绩效（如ROE、ROA等指标）之间的关系。研究发现，适度的资产负债率有助于提高企业财务绩效，但超过一定阈值后将产生负面影响；长期负债比率对企业财务绩效影响相对复杂，高成长型企业适当增加长期负债可优化资本结构并促进绩效提升。此外，行业属性在两者关系中起到调节作用，不同行业最优资本结构存在差异。
关键词：资本结构；财务绩效；资产负债率
ABSTRACT
The correlation between capital structure and enterprise financial performance is an important topic in modern financial management research. Based on this, this paper aims to explore the influence mechanism of different capital structure on enterprise financial performance. In the background of economic globalization and intensified market competition, reasonable allocation of debt and equity capital is crucial to enhance the competitiveness of enterprises. In this study, taking the a-share listed companies in Shanghai and Shenzhen in China as A sample, we selected the relevant data from 2015 to 2022, and analyzed the relationship between capital structure (including asset-liability ratio, long-term liability ratio, etc.) and financial performance (such as ROE, ROA and other indicators) by using multiple linear regression model. It is found that a moderate asset-liability ratio helps to improve the financial performance of enterprises, but it will have a negative impact after exceeding a certain threshold; the impact of the long-term debt ratio is relatively complex on the financial performance of enterprises, and appropriately increasing the long-term liabilities of high-growth enterprises can optimize the capital structure and promote the performance improvement. In addition, industry attributes play a regulatory role in the relationship between the two, and the optimal capital structure of different industries is different.
KEY WORDS： Capital structure; financial performance; asset-liability ratio
目 录
摘 要 IABSTRACT II
1 绪论 1
1.1 研究背景及意义 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 资本结构理论基础 2
2.1 资本结构基本概念 2
2.2 资本结构相关理论 3
2.3 资本结构影响因素分析 4
3 企业财务绩效评价体系 5
3.1 财务绩效评价指标选取 5
3.2 财务绩效评价模型构建 6
3.3 财务绩效影响因素探讨 7
4 资本结构与财务绩效关联性实证分析 7
4.1 实证研究设计与数据来源 7
4.2 关联性检验结果分析 8
4.3 结果讨论与政策建议 9
结论 11
致 谢 12
参考文献 13
