摘 要：企业资本结构优化与财务绩效提升是现代企业管理中的核心议题，尤其是在经济环境不确定性增加的背景下，如何通过合理配置资本结构以实现企业价值最大化具有重要意义。本研究旨在探讨资本结构对企业财务绩效的影响机制，并提出优化路径。基于2015年至2022年间中国A股上市公司的面板数据，采用固定效应模型和分位数回归方法，分析了资本结构、债务成本及企业盈利能力之间的动态关系。研究表明，适度提高长期负债比例能够显著改善企业财务绩效，而过高的短期负债则可能带来财务风险；此外，行业特性和企业规模对资本结构的选择具有重要调节作用。本研究的创新点在于引入动态视角考察资本结构的非线性影响，并结合实际案例验证理论结论。研究为企业制定科学的资本结构决策提供了实证依据，同时为政策制定者完善金融市场环境提供了参考建议。
关键词：资本结构优化；财务绩效提升；长期负债比例
Abstract：The optimization of corporate capital structure and the enhancement of financial performance are core issues in modern enterprise management, particularly under the backdrop of increasing economic uncertainty. The significance of achieving maximum corporate value through rational capital structure allocation is emphasized. This study investigates the influence mechanism of capital structure on corporate financial performance and proposes optimization strategies. Based on panel data from Chinese A-share listed companies between 2015 and 2022, a fixed-effects model and quantile regression method were employed to analyze the dynamic relationships among capital structure, debt cost, and corporate profitability. The findings indicate that moderately increasing the proportion of long-term liabilities significantly improves financial performance, whereas excessive short-term liabilities may lead to financial risks. Moreover, industry characteristics and firm size play important moderating roles in capital structure selection. The novelty of this research lies in its introduction of a dynamic perspective to examine the nonlinear effects of capital structure, complemented by empirical case studies to validate theoretical conclusions. This study provides empirical evidence for enterprises to make scientific capital structure decisions and offers reference suggestions for policymakers to improve the financial market environment.
引言 1
一、资本结构优化的基础理论 1
(一)资本结构的内涵与构成 1
(二)资本结构优化的相关理论 2
(三)资本结构优化的研究意义 2
二、财务绩效的影响因素分析 3
(一)财务绩效的衡量指标体系 3
(二)资本结构对财务绩效的作用机制 3
(三)外部环境对财务绩效的影响 4
三、企业资本结构优化策略研究 4
(一)资本结构优化的目标设定 4
(二)债务融资与股权融资的平衡分析 5
(三)行业特性与资本结构优化路径 5
四、资本结构优化与财务绩效提升的实证研究 6
(一)实证研究的设计与方法 6
(二)数据分析与结果解读 6
结论 7
参考文献 8
致谢 8
关键词：资本结构优化；财务绩效提升；长期负债比例
Abstract：The optimization of corporate capital structure and the enhancement of financial performance are core issues in modern enterprise management, particularly under the backdrop of increasing economic uncertainty. The significance of achieving maximum corporate value through rational capital structure allocation is emphasized. This study investigates the influence mechanism of capital structure on corporate financial performance and proposes optimization strategies. Based on panel data from Chinese A-share listed companies between 2015 and 2022, a fixed-effects model and quantile regression method were employed to analyze the dynamic relationships among capital structure, debt cost, and corporate profitability. The findings indicate that moderately increasing the proportion of long-term liabilities significantly improves financial performance, whereas excessive short-term liabilities may lead to financial risks. Moreover, industry characteristics and firm size play important moderating roles in capital structure selection. The novelty of this research lies in its introduction of a dynamic perspective to examine the nonlinear effects of capital structure, complemented by empirical case studies to validate theoretical conclusions. This study provides empirical evidence for enterprises to make scientific capital structure decisions and offers reference suggestions for policymakers to improve the financial market environment.
Keywords: Capital Structure Optimization；Financial Performance Improvement；Long-Term Debt Ratio
引言 1
一、资本结构优化的基础理论 1
(一)资本结构的内涵与构成 1
(二)资本结构优化的相关理论 2
(三)资本结构优化的研究意义 2
二、财务绩效的影响因素分析 3
(一)财务绩效的衡量指标体系 3
(二)资本结构对财务绩效的作用机制 3
(三)外部环境对财务绩效的影响 4
三、企业资本结构优化策略研究 4
(一)资本结构优化的目标设定 4
(二)债务融资与股权融资的平衡分析 5
(三)行业特性与资本结构优化路径 5
四、资本结构优化与财务绩效提升的实证研究 6
(一)实证研究的设计与方法 6
(二)数据分析与结果解读 6
结论 7
参考文献 8
致谢 8
