摘要
资本结构调整对企业绩效的影响是现代企业财务管理研究的重要议题，随着经济全球化和市场竞争加剧，企业面临复杂的融资环境与经营挑战。本研究旨在探讨资本结构优化对企业绩效的具体影响机制，基于中国A股上市公司2010-2022年的面板数据，采用固定效应模型进行实证分析，并引入动态调整成本、代理成本等变量构建综合评价体系。研究发现，适度降低资产负债率有助于提升企业价值，但过度依赖股权融资可能导致股东权益稀释；长期债务比例与企业绩效呈正相关关系，而短期债务则存在显著的负向影响。创新之处在于首次将资本结构调整速度纳入考量范围，揭示了不同行业背景下最优资本结构的动态特征。此外，通过分组对比分析证实民营企业比国有企业对资本结构变化更为敏感。本研究为企业合理规划资本结构提供了理论依据，也为监管机构制定相关政策提供了参考，强调企业在追求财务稳健性的同时应兼顾成长性需求，以实现可持续发展。
关键词：资本结构调整；企业绩效；资产负债率
Abstract
The impact of capital structure adjustment on corporate performance is a critical issue in modern corporate financial management research. As economic globalization and intensified market competition subject enterprises to complex financing environments and operational challenges, this study investigates the specific mechanisms through which capital structure optimization affects corporate performance. Utilizing panel data from Chinese A-share listed companies between 2010 and 2022, a fixed-effects model is employed for empirical analysis, incorporating variables such as dynamic adjustment costs and agency costs into a comprehensive evaluation system. The findings indicate that moderately reducing the debt-to-equity ratio can enhance corporate value, whereas over-reliance on equity financing may lead to shareholder equity dilution. The proportion of long-term debt exhibits a positive correlation with corporate performance, while short-term debt has a significant negative impact. An innovative aspect of this research lies in its inclusion of the speed of capital structure adjustment, revealing the dynamic characteristics of optimal capital structures across different industry contexts. Furthermore, group comparison analysis confirms that private enterprises are more sensitive to changes in capital structure than state-owned enterprises. This study provides theoretical support for enterprises to rationally plan their capital structures and offers insights for regulatory authorities in formulating relevant policies, emphasizing the need for enterprises to balance financial stability with growth requirements to achieve sustainable development.
Keywords：Capital Structure Adjustment; Firm Performance; Debt-To-Asset Ratio
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、资本结构调整的理论基础 2
(一) 资本结构相关理论 2
(二) 企业绩效衡量指标 3
(三) 资本结构调整动因分析 4
三、资本结构调整对企业财务绩效的影响 4
(一) 财务杠杆效应分析 4
(二) 成本结构优化影响 5
(三) 盈利能力变动趋势 6
四、资本结构调整对企业运营绩效的影响 6
(一) 运营效率变化分析 6
(二) 投资决策质量提升 7
(三) 风险管理水平改进 8
结 论 10
参考文献 11
资本结构调整对企业绩效的影响是现代企业财务管理研究的重要议题，随着经济全球化和市场竞争加剧，企业面临复杂的融资环境与经营挑战。本研究旨在探讨资本结构优化对企业绩效的具体影响机制，基于中国A股上市公司2010-2022年的面板数据，采用固定效应模型进行实证分析，并引入动态调整成本、代理成本等变量构建综合评价体系。研究发现，适度降低资产负债率有助于提升企业价值，但过度依赖股权融资可能导致股东权益稀释；长期债务比例与企业绩效呈正相关关系，而短期债务则存在显著的负向影响。创新之处在于首次将资本结构调整速度纳入考量范围，揭示了不同行业背景下最优资本结构的动态特征。此外，通过分组对比分析证实民营企业比国有企业对资本结构变化更为敏感。本研究为企业合理规划资本结构提供了理论依据，也为监管机构制定相关政策提供了参考，强调企业在追求财务稳健性的同时应兼顾成长性需求，以实现可持续发展。
关键词：资本结构调整；企业绩效；资产负债率
Abstract
The impact of capital structure adjustment on corporate performance is a critical issue in modern corporate financial management research. As economic globalization and intensified market competition subject enterprises to complex financing environments and operational challenges, this study investigates the specific mechanisms through which capital structure optimization affects corporate performance. Utilizing panel data from Chinese A-share listed companies between 2010 and 2022, a fixed-effects model is employed for empirical analysis, incorporating variables such as dynamic adjustment costs and agency costs into a comprehensive evaluation system. The findings indicate that moderately reducing the debt-to-equity ratio can enhance corporate value, whereas over-reliance on equity financing may lead to shareholder equity dilution. The proportion of long-term debt exhibits a positive correlation with corporate performance, while short-term debt has a significant negative impact. An innovative aspect of this research lies in its inclusion of the speed of capital structure adjustment, revealing the dynamic characteristics of optimal capital structures across different industry contexts. Furthermore, group comparison analysis confirms that private enterprises are more sensitive to changes in capital structure than state-owned enterprises. This study provides theoretical support for enterprises to rationally plan their capital structures and offers insights for regulatory authorities in formulating relevant policies, emphasizing the need for enterprises to balance financial stability with growth requirements to achieve sustainable development.
Keywords：Capital Structure Adjustment; Firm Performance; Debt-To-Asset Ratio
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、资本结构调整的理论基础 2
(一) 资本结构相关理论 2
(二) 企业绩效衡量指标 3
(三) 资本结构调整动因分析 4
三、资本结构调整对企业财务绩效的影响 4
(一) 财务杠杆效应分析 4
(二) 成本结构优化影响 5
(三) 盈利能力变动趋势 6
四、资本结构调整对企业运营绩效的影响 6
(一) 运营效率变化分析 6
(二) 投资决策质量提升 7
(三) 风险管理水平改进 8
结 论 10
参考文献 11
