摘 要
债务融资约束作为企业资本结构优化中的关键问题，近年来受到广泛关注。在当前经济环境下，企业面临复杂的融资环境和日益增长的资本需求，如何在债务融资约束下实现资本结构优化成为亟待解决的重要课题。本研究以债务融资约束为切入点，旨在探讨企业资本结构优化的有效路径及其对经营绩效的影响。通过构建理论模型并结合实证分析方法，选取2015年至2022年间中国A股上市公司的财务数据进行研究，采用系统性回归分析与面板数据分析相结合的方式，深入剖析债务融资约束对企业资本结构决策的作用机制。研究表明，债务融资约束显著影响企业的资本结构选择，尤其是在高负债行业和中小企业中表现更为突出。通过调整债务期限结构、优化融资渠道以及加强内部现金流管理，企业能够有效缓解债务融资约束带来的负面影响。此外，研究发现动态调整资本结构至目标水平有助于提升企业价值和经营稳定性。本研究的创新点在于引入动态视角分析资本结构调整过程，并结合微观层面的企业特征提出针对性优化策略，为相关理论研究提供了新的视角，同时为企业实践提供了具体指导。研究成果不仅丰富了资本结构理论，还为政策制定者完善金融市场体系提供了参考依据。
关键词：债务融资约束；资本结构优化；经营绩效
Abstract: Debt financing constraints, as a critical issue in the optimization of corporate capital structure, have garnered significant attention in recent years. In the current economic context, enterprises face a complex financing environment and increasing capital demands, making it imperative to explore how to optimize capital structure under debt financing constraints. This study focuses on debt financing constraints to investigate effective approaches for optimizing corporate capital structure and their impact on operating performance. By constructing a theoretical model and employing empirical analysis methods, this research examines financial data from Chinese A-share listed companies between 2015 and 2022, utilizing a combination of systematic regression analysis and panel data analysis to delve into the mechanism by which debt financing constraints influence corporate capital structure decisions. The findings indicate that debt financing constraints significantly affect corporate capital structure choices, particularly in high-leverage industries and small and medium-sized enterprises. Enterprises can effectively mitigate the negative impacts of debt financing constraints by adjusting the term structure of debt, optimizing financing channels, and enhancing internal cash flow management. Additionally, the study reveals that dynamically adjusting capital structure toward target levels contributes to improving enterprise value and operational stability. The innovation of this research lies in its introduction of a dynamic perspective to analyze the capital structure adjustment process and its proposal of targeted optimization strategies based on micro-level enterprise characteristics, offering new insights for relevant theoretical studies and providing specific guidance for practical applications. The research outcomes not only enrich capital structure theory but also provide reference for policymakers in improving the financial market system.
Keywords: Debt Financing Constraints; Capital Structure Optimization; Operating Performance
目 录
1绪论 1
1.1债务融资约束的研究背景 1
1.2企业资本结构优化的意义分析 1
1.3国内外研究现状综述 1
1.4研究方法与技术路线 2
2债务融资约束的理论基础 2
2.1资本结构相关理论概述 2
2.2债务融资约束的概念界定 3
2.3债务融资对企业资本结构的影响机制 3
2.4债务融资约束下的财务风险分析 4
2.5理论框架的构建与验证 4
3债务融资约束下的资本结构现状分析 5
3.1企业债务融资行为特征研究 5
3.2不同行业资本结构差异分析 5
3.3债务融资约束对资本结构的实证检验 6
3.4影响资本结构优化的主要因素探讨 6
3.5现状分析中的问题总结 7
4企业资本结构优化路径设计 7
4.1基于债务融资约束的优化目标设定 7
4.2资本结构调整策略的具体实施 8
4.3降低债务融资约束的可行路径 8
4.4优化路径的案例分析与经验借鉴 9
4.5政策建议与实践指导 9
结论 11
参考文献 12
致 谢 13
