摘 要
企业生命周期视角下的资本结构演变规律研究旨在探讨企业在不同发展阶段的资本结构特征及其演变规律。基于企业生命周期理论，本文以我国沪深两市A股上市公司为样本，采用面板数据模型实证分析企业生命周期各阶段与资本结构之间的关系。研究发现，处于初创期的企业由于经营风险高、信息不对称严重，更多依赖权益融资；成长期企业随着盈利能力增强和规模扩大，逐步增加债务融资比例；成熟期企业资本结构趋于稳定，债务水平相对较高；衰退期企业则倾向于减少负债。创新之处在于构建了衡量企业生命周期的新指标体系，并首次将企业生命周期划分为更细致的阶段进行分析，揭示了资本结构动态调整机制。本研究为企业合理安排融资结构提供了理论依据，也为监管机构制定相关政策提供参考，丰富了资本结构理论在动态视角下的研究成果。
关键词：企业生命周期；资本结构演变；融资结构
Abstract
This study investigates the evolution of capital structure across different stages of the corporate life cycle, aiming to explore the characteristics and patterns of capital structure in enterprises at various developmental phases. Based on the corporate life cycle theory, this paper employs a panel data model to empirically analyze the relationship between the stages of the corporate life cycle and capital structure using A-share listed companies on China’s Shanghai and Shenzhen stock exchanges as samples. The findings indicate that start-up stage firms, due to high operating risks and severe information asymmetry, rely more heavily on equity financing; growth stage firms, with enhanced profitability and expanded scale, gradually increase their debt financing ratio; mature stage firms exhibit stable capital structures with relatively higher debt levels; and declining stage firms tend to reduce their liabilities. An innovative aspect of this research is the construction of a new indicator system to measure the corporate life cycle, dividing it into more detailed stages for analysis, thereby revealing the dynamic adjustment mechanism of capital structure. This study provides theoretical support for enterprises to reasonably arrange their financing structures and offers references for regulatory authorities in formulating relevant policies, enriching the research outcomes of capital structure theory from a dynamic perspective.
Keywords: Corporate Life Cycle；Capital Structure Evolution；Financing Structure
目 录
引言 1
一、企业生命周期理论基础 1
（一）生命周期阶段划分 1
（二）各阶段特征分析 1
（三）理论研究综述 2
二、初创期资本结构特点 2
（一）资金需求与供给 2
（二）内源融资为主导 3
（三）风险资本的作用 3
三、成长期资本结构演变 4
（一）外源融资的引入 4
（二）杠杆水平的变化 4
（三）融资成本的影响 5
四、成熟期资本结构优化 5
（一）资本结构稳定化 5
（二）债务股权的选择 6
（三）结构调整策略 6
结 论 7
致 谢 8
参考文献 9
企业生命周期视角下的资本结构演变规律研究旨在探讨企业在不同发展阶段的资本结构特征及其演变规律。基于企业生命周期理论，本文以我国沪深两市A股上市公司为样本，采用面板数据模型实证分析企业生命周期各阶段与资本结构之间的关系。研究发现，处于初创期的企业由于经营风险高、信息不对称严重，更多依赖权益融资；成长期企业随着盈利能力增强和规模扩大，逐步增加债务融资比例；成熟期企业资本结构趋于稳定，债务水平相对较高；衰退期企业则倾向于减少负债。创新之处在于构建了衡量企业生命周期的新指标体系，并首次将企业生命周期划分为更细致的阶段进行分析，揭示了资本结构动态调整机制。本研究为企业合理安排融资结构提供了理论依据，也为监管机构制定相关政策提供参考，丰富了资本结构理论在动态视角下的研究成果。
关键词：企业生命周期；资本结构演变；融资结构
Abstract
This study investigates the evolution of capital structure across different stages of the corporate life cycle, aiming to explore the characteristics and patterns of capital structure in enterprises at various developmental phases. Based on the corporate life cycle theory, this paper employs a panel data model to empirically analyze the relationship between the stages of the corporate life cycle and capital structure using A-share listed companies on China’s Shanghai and Shenzhen stock exchanges as samples. The findings indicate that start-up stage firms, due to high operating risks and severe information asymmetry, rely more heavily on equity financing; growth stage firms, with enhanced profitability and expanded scale, gradually increase their debt financing ratio; mature stage firms exhibit stable capital structures with relatively higher debt levels; and declining stage firms tend to reduce their liabilities. An innovative aspect of this research is the construction of a new indicator system to measure the corporate life cycle, dividing it into more detailed stages for analysis, thereby revealing the dynamic adjustment mechanism of capital structure. This study provides theoretical support for enterprises to reasonably arrange their financing structures and offers references for regulatory authorities in formulating relevant policies, enriching the research outcomes of capital structure theory from a dynamic perspective.
Keywords: Corporate Life Cycle；Capital Structure Evolution；Financing Structure
目 录
引言 1
一、企业生命周期理论基础 1
（一）生命周期阶段划分 1
（二）各阶段特征分析 1
（三）理论研究综述 2
二、初创期资本结构特点 2
（一）资金需求与供给 2
（二）内源融资为主导 3
（三）风险资本的作用 3
三、成长期资本结构演变 4
（一）外源融资的引入 4
（二）杠杆水平的变化 4
（三）融资成本的影响 5
四、成熟期资本结构优化 5
（一）资本结构稳定化 5
（二）债务股权的选择 6
（三）结构调整策略 6
结 论 7
致 谢 8
参考文献 9
