摘要
债务融资与股权融资作为企业获取资金的两种主要方式，在企业发展过程中发挥着不可替代的作用。随着经济全球化和金融市场的发展，企业面临的融资环境日益复杂，如何优化债务融资与股权融资的组合成为企业财务管理的重要课题，这也是本研究的背景所在。本研究旨在探讨在不同市场环境下债务融资与股权融资的优化组合策略，以期为企业提供科学合理的融资决策依据。基于此目的，采用理论分析与实证研究相结合的方法，选取我国沪深两市2010 - 2020年的上市公司为样本，运用多元回归模型进行分析。研究结果表明，企业的经营状况、行业特征等因素对债务融资与股权融资的选择有显著影响，并且发现适度的债务融资能够产生税盾效应，降低企业综合资本成本，而股权融资有助于缓解企业资金压力但会稀释股东权益。本研究创新地将企业生命周期纳入考量范围，得出处于不同生命周期阶段的企业其最优融资组合存在差异这一结论，这丰富了融资结构理论，对于企业根据自身所处发展阶段制定合理的融资策略具有重要的实践指导意义。
关键词：债务融资与股权融资；融资组合优化；企业生命周期
Abstract
Debt financing and equity financing, as two primary means for enterprises to acquire funds, play indispensable roles in the development of enterprises. With the globalization of the economy and the evolution of financial markets, the financing environment faced by enterprises has become increasingly complex. Optimizing the combination of debt and equity financing has emerged as a critical issue in corporate financial management, which forms the backdrop of this study. This research aims to explore optimal strategies for combining debt and equity financing under different market conditions, providing enterprises with scientific and rational bases for financing decisions. To achieve this ob jective, a combination of theoretical analysis and empirical research was employed, selecting listed companies from China’s Shanghai and Shenzhen stock markets between 2010 and 2020 as samples, and using multiple regression models for analysis. The results indicate that factors such as the operating conditions and industry characteristics of enterprises significantly influence the choice between debt and equity financing. It was also found that moderate levels of debt financing can generate tax shield effects, reducing overall capital costs, while equity financing helps alleviate financial pressure but may dilute shareholders’ equity. Innovatively, this study incorporates the enterprise life cycle into consideration, concluding that the optimal financing mix varies across different stages of the life cycle. This enriches the theory of capital structure and offers significant practical guidance for enterprises in formulating appropriate financing strategies based on their developmental stages.
Keywords：Debt Financing And Equity Financing; Financing Portfolio Optimization; Corporate Life Cycle
目 录
摘要 I
Abstract II
一、绪论 1
(一) 研究背景与意义 1
(二) 国内外研究现状 1
(三) 研究方法与技术路线 2
二、债务融资与股权融资特性分析 2
(一) 债务融资的优劣势剖析 2
(二) 股权融资的利弊探讨 3
(三) 两种融资方式的成本效益对比 4
三、影响优化组合的因素探究 4
(一) 宏观经济环境的影响 4
(二) 企业生命周期的作用 5
(三) 行业特征的制约因素 6
四、优化组合策略构建与应用 6
(一) 策略模型的建立 7
(二) 实证案例分析 7
(三) 策略实施效果评估 8
结 论 10
参考文献 11
债务融资与股权融资作为企业获取资金的两种主要方式，在企业发展过程中发挥着不可替代的作用。随着经济全球化和金融市场的发展，企业面临的融资环境日益复杂，如何优化债务融资与股权融资的组合成为企业财务管理的重要课题，这也是本研究的背景所在。本研究旨在探讨在不同市场环境下债务融资与股权融资的优化组合策略，以期为企业提供科学合理的融资决策依据。基于此目的，采用理论分析与实证研究相结合的方法，选取我国沪深两市2010 - 2020年的上市公司为样本，运用多元回归模型进行分析。研究结果表明，企业的经营状况、行业特征等因素对债务融资与股权融资的选择有显著影响，并且发现适度的债务融资能够产生税盾效应，降低企业综合资本成本，而股权融资有助于缓解企业资金压力但会稀释股东权益。本研究创新地将企业生命周期纳入考量范围，得出处于不同生命周期阶段的企业其最优融资组合存在差异这一结论，这丰富了融资结构理论，对于企业根据自身所处发展阶段制定合理的融资策略具有重要的实践指导意义。
关键词：债务融资与股权融资；融资组合优化；企业生命周期
Abstract
Debt financing and equity financing, as two primary means for enterprises to acquire funds, play indispensable roles in the development of enterprises. With the globalization of the economy and the evolution of financial markets, the financing environment faced by enterprises has become increasingly complex. Optimizing the combination of debt and equity financing has emerged as a critical issue in corporate financial management, which forms the backdrop of this study. This research aims to explore optimal strategies for combining debt and equity financing under different market conditions, providing enterprises with scientific and rational bases for financing decisions. To achieve this ob jective, a combination of theoretical analysis and empirical research was employed, selecting listed companies from China’s Shanghai and Shenzhen stock markets between 2010 and 2020 as samples, and using multiple regression models for analysis. The results indicate that factors such as the operating conditions and industry characteristics of enterprises significantly influence the choice between debt and equity financing. It was also found that moderate levels of debt financing can generate tax shield effects, reducing overall capital costs, while equity financing helps alleviate financial pressure but may dilute shareholders’ equity. Innovatively, this study incorporates the enterprise life cycle into consideration, concluding that the optimal financing mix varies across different stages of the life cycle. This enriches the theory of capital structure and offers significant practical guidance for enterprises in formulating appropriate financing strategies based on their developmental stages.
Keywords：Debt Financing And Equity Financing; Financing Portfolio Optimization; Corporate Life Cycle
目 录
摘要 I
Abstract II
一、绪论 1
(一) 研究背景与意义 1
(二) 国内外研究现状 1
(三) 研究方法与技术路线 2
二、债务融资与股权融资特性分析 2
(一) 债务融资的优劣势剖析 2
(二) 股权融资的利弊探讨 3
(三) 两种融资方式的成本效益对比 4
三、影响优化组合的因素探究 4
(一) 宏观经济环境的影响 4
(二) 企业生命周期的作用 5
(三) 行业特征的制约因素 6
四、优化组合策略构建与应用 6
(一) 策略模型的建立 7
(二) 实证案例分析 7
(三) 策略实施效果评估 8
结 论 10
参考文献 11
