企业资本结构优化与融资策略研究
摘 要
企业资本结构优化与融资策略是现代企业管理中的核心议题，随着经济全球化和市场竞争加剧，合理配置资本成为企业提升竞争力的关键。本研究基于代理成本理论、啄序理论等经典理论框架，结合中国资本市场特点，以沪深两市A股上市公司为样本，采用2015 - 2020年面板数据，运用固定效应模型实证分析资本结构对企业价值的影响机制，探讨不同融资方式的选择逻辑。研究表明，适度提高负债水平有助于降低代理成本，但过高的负债率会增加财务风险；股权融资虽然能缓解资金压力，却可能稀释股东权益。创新之处在于引入动态调整视角，构建了考虑行业差异的资本结构优化模型，并首次将企业生命周期纳入分析框架，发现成长型企业更依赖内源融资，而成熟型企业则倾向于债务融资。研究结果为企业制定科学合理的融资策略提供了理论依据，对完善我国企业资本结构管理具有重要现实意义，同时丰富了资本结构理论在新兴市场的应用研究。
关键词：资本结构优化 融资策略 代理成本理论
Abstract
Optimization of corporate capital structure and financing strategies are central issues in modern enterprise management. As economic globalization and market competition intensify, the rational allocation of capital has become crucial for enhancing corporate competitiveness. This study, grounded in agency cost theory and pecking order theory, integrates the characteristics of China's capital market and employs panel data from 2015 to 2020 for A-share listed companies on the Shanghai and Shenzhen stock exchanges. Using a fixed-effects model, it empirically analyzes the impact mechanism of capital structure on corporate value and explores the logic behind different financing choices. The findings indicate that moderately increasing leverage can help reduce agency costs, but excessively high debt levels may increase financial risk. While equity financing can alleviate funding pressure, it may also dilute shareholders' equity. An innovative aspect of this research is the introduction of a dynamic adjustment perspective, constructing an optimized capital structure model that considers industry differences, and incorporating the corporate life cycle into the analytical fr amework for the first time. It is found that growing firms rely more on internal financing, whereas mature firms tend to prefer debt financing. The results provide a theoretical basis for formulating scientifically sound and reasonable financing strategies and offer significant practical implications for improving capital structure management in Chinese enterprises. Additionally, this study enriches the application of capital structure theory in emerging markets.
Keyword:Capital Structure Optimization Financing Strategies Agency Cost Theory
目 录
1绪论 1
1.1企业资本结构优化的研究背景与意义 1
1.2国内外研究现状综述 1
1.3研究方法与技术路线 1
2企业资本结构理论基础 2
2.1资本结构的基本概念 2
2.2经典资本结构理论分析 3
2.3现代资本结构理论发展 3
2.4理论对企业实践的指导意义 4
3资本结构优化的影响因素分析 4
3.1宏观经济环境的影响 4
3.2行业特征对资本结构的影响 5
3.3企业内部因素的作用机制 5
3.4不同因素的交互影响 6
4企业融资策略选择与优化路径 7
4.1内源融资与外源融资比较 7
4.2债务融资与股权融资权衡 7
4.3结构优化的具体实施路径 8
4.4融资策略的风险管理措施 8
结论 9
参考文献 10
致谢 11
摘 要
企业资本结构优化与融资策略是现代企业管理中的核心议题，随着经济全球化和市场竞争加剧，合理配置资本成为企业提升竞争力的关键。本研究基于代理成本理论、啄序理论等经典理论框架，结合中国资本市场特点，以沪深两市A股上市公司为样本，采用2015 - 2020年面板数据，运用固定效应模型实证分析资本结构对企业价值的影响机制，探讨不同融资方式的选择逻辑。研究表明，适度提高负债水平有助于降低代理成本，但过高的负债率会增加财务风险；股权融资虽然能缓解资金压力，却可能稀释股东权益。创新之处在于引入动态调整视角，构建了考虑行业差异的资本结构优化模型，并首次将企业生命周期纳入分析框架，发现成长型企业更依赖内源融资，而成熟型企业则倾向于债务融资。研究结果为企业制定科学合理的融资策略提供了理论依据，对完善我国企业资本结构管理具有重要现实意义，同时丰富了资本结构理论在新兴市场的应用研究。
关键词：资本结构优化 融资策略 代理成本理论
Abstract
Optimization of corporate capital structure and financing strategies are central issues in modern enterprise management. As economic globalization and market competition intensify, the rational allocation of capital has become crucial for enhancing corporate competitiveness. This study, grounded in agency cost theory and pecking order theory, integrates the characteristics of China's capital market and employs panel data from 2015 to 2020 for A-share listed companies on the Shanghai and Shenzhen stock exchanges. Using a fixed-effects model, it empirically analyzes the impact mechanism of capital structure on corporate value and explores the logic behind different financing choices. The findings indicate that moderately increasing leverage can help reduce agency costs, but excessively high debt levels may increase financial risk. While equity financing can alleviate funding pressure, it may also dilute shareholders' equity. An innovative aspect of this research is the introduction of a dynamic adjustment perspective, constructing an optimized capital structure model that considers industry differences, and incorporating the corporate life cycle into the analytical fr amework for the first time. It is found that growing firms rely more on internal financing, whereas mature firms tend to prefer debt financing. The results provide a theoretical basis for formulating scientifically sound and reasonable financing strategies and offer significant practical implications for improving capital structure management in Chinese enterprises. Additionally, this study enriches the application of capital structure theory in emerging markets.
Keyword:Capital Structure Optimization Financing Strategies Agency Cost Theory
目 录
1绪论 1
1.1企业资本结构优化的研究背景与意义 1
1.2国内外研究现状综述 1
1.3研究方法与技术路线 1
2企业资本结构理论基础 2
2.1资本结构的基本概念 2
2.2经典资本结构理论分析 3
2.3现代资本结构理论发展 3
2.4理论对企业实践的指导意义 4
3资本结构优化的影响因素分析 4
3.1宏观经济环境的影响 4
3.2行业特征对资本结构的影响 5
3.3企业内部因素的作用机制 5
3.4不同因素的交互影响 6
4企业融资策略选择与优化路径 7
4.1内源融资与外源融资比较 7
4.2债务融资与股权融资权衡 7
4.3结构优化的具体实施路径 8
4.4融资策略的风险管理措施 8
结论 9
参考文献 10
致谢 11
