摘 要
企业资本结构优化与企业价值最大化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，合理配置债务与股权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、信号传递理论等经典理论框架，结合中国资本市场特点，深入探讨了资本结构对企业价值的影响机制。采用2010 - 2020年沪深两市A股上市公司面板数据，运用固定效应模型进行实证分析，结果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，抑制企业价值增长。创新性地引入行业异质性视角，发现不同行业在最优资本结构选择上存在显著差异，制造业企业更倾向于通过调整长期负债比例实现价值最大化，而服务业则注重短期融资灵活性。此外，研究还揭示了公司治理水平对资本结构调整效果具有重要调节作用，良好的治理机制能够有效缓解信息不对称问题，促进资本结构优化。本研究为企业制定科学合理的资本结构决策提供了理论依据和实证支持，为完善我国企业资本管理实践贡献了新的见解。
关键词：资本结构优化 企业价值最大化 代理成本
Abstract
Optimizing corporate capital structure and maximizing enterprise value are central issues in modern business management. As economic globalization and market competition intensify, the rational allocation of debt and equity capital has become crucial for enhancing corporate competitiveness. This study, grounded in agency cost theory and signaling theory, examines the impact mechanism of capital structure on enterprise value within the context of China's capital market characteristics. Utilizing panel data from A-share listed companies on the Shanghai and Shenzhen stock exchanges between 2010 and 2020, a fixed-effects model was employed for empirical analysis. The results indicate that moderately increasing leverage can help reduce agency costs, but excessively high debt ratios increase financial risk and inhibit enterprise value growth. Innovatively incorporating an industry heterogeneity perspective, significant differences in optimal capital structure choices across industries were identified; manufacturing firms tend to maximize value by adjusting long-term debt ratios, whereas service-oriented enterprises prioritize short-term financing flexibility. Furthermore, the study reveals that corporate governance levels play a significant moderating role in the effectiveness of capital structure adjustments, with sound governance mechanisms effectively mitigating information asymmetry and promoting capital structure optimization. This research provides theoretical foundations and empirical support for formulating scientifically sound capital structure decisions, contributing new insights to the practice of corporate capital management in China.
Keyword:Capital Structure Optimization Enterprise Value Maximization Agency Cost
目 录
1绪论 1
1.1研究背景与意义 1
1.2研究现状综述 1
1.3研究方法介绍 1
2企业资本结构理论基础 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 3
3资本结构优化路径分析 4
3.1资本结构优化原则 4
3.2内源融资与外源融资选择 4
3.3杠杆比率合理设定 5
4企业价值最大化策略研究 5
4.1企业价值评估方法 5
4.2成本控制与价值创造 6
4.3风险管理对企业价值影响 7
结论 7
参考文献 9
致谢 10
