摘 要
负债水平对企业经营风险的影响研究旨在探讨企业财务结构与经营稳定性之间的内在联系。随着经济全球化和市场竞争加剧，合理控制负债规模成为企业稳健发展的关键因素。本研究基于2010-2022年中国A股上市公司的面板数据，采用固定效应模型和工具变量法，系统分析了不同负债水平对各类企业经营风险的具体影响。研究发现，适度的负债水平有助于提升企业的资源配置效率和资本运作能力，但过高的负债率将显著增加企业的流动性风险、偿债压力以及破产概率。特别是对于非国有企业和制造业企业而言，这种负向影响更为明显。创新之处在于引入行业异质性和产权性质差异视角，构建了多维度的负债风险评价体系，并首次将企业生命周期纳入考量范围。
关键词：负债水平 经营风险 企业财务结构
Abstract
The study on the influence of debt level on business risk aims to explore the internal connection between business financial structure and business stability. With the intensification of economic globalization and market competition, the reasonable control of debt scale has become the key factor for the steady development of enterprises. Based on the panel data of China's A-share listed companies from 2010 to 2022, this study uses the fixed effect model and the instrumental variable method to systematically analyze the specific impact of different debt levels on the operating risks of various enterprises. The study found that a moderate debt level helps to improve the efficiency of resource allocation and capital operation ability of enterprises, but the excessively high debt ratio will significantly increase the liquidity risk, debt repayment pressure and bankruptcy probability of enterprises. Especially for non-state-owned enterprises and manufacturing enterprises, this negative impact is more obvious. The innovation lies in the introduction of industry heterogeneity and property rights differences, the construction of a multi-dimensional debt risk evaluation system, and the life cycle of the enterprise into consideration for the first time.
Keyword:Debt Level Operating Risk Corporate Financial Structure
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状 1
1.3研究方法与技术路线 2
2负债水平的衡量与分类 2
2.1负债水平的主要衡量指标 2
2.2不同类型负债对企业的影响 3
2.3行业差异对负债水平的影响 3
3负债水平对财务风险的影响 4
3.1负债对偿债能力的影响 4
3.2负债对资本结构稳定性的影响 4
3.3负债对现金流压力的影响 5
4负债水平对经营风险的传导机制 5
4.1负债对投资决策的影响 5
4.2负债对运营管理效率的影响 6
4.3负债对企业竞争力的影响 7
结论 7
参考文献 9
致谢 10
负债水平对企业经营风险的影响研究旨在探讨企业财务结构与经营稳定性之间的内在联系。随着经济全球化和市场竞争加剧，合理控制负债规模成为企业稳健发展的关键因素。本研究基于2010-2022年中国A股上市公司的面板数据，采用固定效应模型和工具变量法，系统分析了不同负债水平对各类企业经营风险的具体影响。研究发现，适度的负债水平有助于提升企业的资源配置效率和资本运作能力，但过高的负债率将显著增加企业的流动性风险、偿债压力以及破产概率。特别是对于非国有企业和制造业企业而言，这种负向影响更为明显。创新之处在于引入行业异质性和产权性质差异视角，构建了多维度的负债风险评价体系，并首次将企业生命周期纳入考量范围。
关键词：负债水平 经营风险 企业财务结构
Abstract
The study on the influence of debt level on business risk aims to explore the internal connection between business financial structure and business stability. With the intensification of economic globalization and market competition, the reasonable control of debt scale has become the key factor for the steady development of enterprises. Based on the panel data of China's A-share listed companies from 2010 to 2022, this study uses the fixed effect model and the instrumental variable method to systematically analyze the specific impact of different debt levels on the operating risks of various enterprises. The study found that a moderate debt level helps to improve the efficiency of resource allocation and capital operation ability of enterprises, but the excessively high debt ratio will significantly increase the liquidity risk, debt repayment pressure and bankruptcy probability of enterprises. Especially for non-state-owned enterprises and manufacturing enterprises, this negative impact is more obvious. The innovation lies in the introduction of industry heterogeneity and property rights differences, the construction of a multi-dimensional debt risk evaluation system, and the life cycle of the enterprise into consideration for the first time.
Keyword:Debt Level Operating Risk Corporate Financial Structure
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状 1
1.3研究方法与技术路线 2
2负债水平的衡量与分类 2
2.1负债水平的主要衡量指标 2
2.2不同类型负债对企业的影响 3
2.3行业差异对负债水平的影响 3
3负债水平对财务风险的影响 4
3.1负债对偿债能力的影响 4
3.2负债对资本结构稳定性的影响 4
3.3负债对现金流压力的影响 5
4负债水平对经营风险的传导机制 5
4.1负债对投资决策的影响 5
4.2负债对运营管理效率的影响 6
4.3负债对企业竞争力的影响 7
结论 7
参考文献 9
致谢 10
