摘 要
在现代企业财务管理中，负债结构的选择对企业的稳定发展至关重要。短期负债与长期负债的抉择不仅影响着企业的资金流动性、偿债能力，还关系到资本成本和财务风险的平衡。本文旨在探讨企业在不同经营环境下如何优化短期负债与长期负债的比例，以实现财务效益最大化。研究基于2010-2020年间中国A股上市公司的财务数据，采用面板数据分析方法，结合企业生命周期理论，构建了包含企业规模、盈利能力、现金流稳定性等多维度指标的评价体系。研究发现，处于成长期的企业更倾向于选择短期负债来满足快速扩张的资金需求，而成熟期企业则更注重长期负债以降低融资成本并保持稳定的资本结构。
关键词：负债结构优化 短期负债与长期负债 企业生命周期
Abstract
In modern corporate financial management, the choice of debt structure is crucial for the stable development of the enterprise. The choice between short-term and long-term liabilities not only affects a company's liquidity and debt paying ability, but also relates to the balance between capital costs and financial risks. This article aims to explore how enterprises can optimize the ratio of short-term and long-term liabilities in different operating environments to achieve maximum financial benefits. Based on the financial data of Chinese A-share listed companies from 2010 to 2020, a panel data analysis method was used, combined with the theory of enterprise life cycle, to construct an evaluation system that includes multidimensional indicators such as enterprise size, profitability, and cash flow stability. Research has found that companies in the growth stage are more inclined to choose short-term liabilities to meet their rapidly expanding funding needs, while mature companies focus more on long-term liabilities to reduce financing costs and maintain a stable capital structure.
Keyword:Liability Structure Optimization Short-Term Debt And Long-Term Debt Corporate Life Cycle
目 录
1绪论 1
1.1短期与长期负债抉择的背景 1
1.2研究的意义与价值 1
1.3国内外研究现状综述 1
1.4本文的研究方法 2
2短期与长期负债的理论基础 2
2.1负债的基本概念界定 2
2.2短期负债的特点分析 3
2.3长期负债的特点分析 3
2.4理论对抉择的影响 4
3短期与长期负债的选择因素 4
3.1企业财务状况影响 4
3.2市场环境的作用 5
3.3行业特性考量 5
3.4政策法规约束 6
4短期与长期负债的优化策略 7
4.1构建优化模型 7
4.2动态调整机制 7
4.3风险管理措施 8
4.4案例分析验证 8
结论 9
参考文献 10
致谢 11
在现代企业财务管理中，负债结构的选择对企业的稳定发展至关重要。短期负债与长期负债的抉择不仅影响着企业的资金流动性、偿债能力，还关系到资本成本和财务风险的平衡。本文旨在探讨企业在不同经营环境下如何优化短期负债与长期负债的比例，以实现财务效益最大化。研究基于2010-2020年间中国A股上市公司的财务数据，采用面板数据分析方法，结合企业生命周期理论，构建了包含企业规模、盈利能力、现金流稳定性等多维度指标的评价体系。研究发现，处于成长期的企业更倾向于选择短期负债来满足快速扩张的资金需求，而成熟期企业则更注重长期负债以降低融资成本并保持稳定的资本结构。
关键词：负债结构优化 短期负债与长期负债 企业生命周期
Abstract
In modern corporate financial management, the choice of debt structure is crucial for the stable development of the enterprise. The choice between short-term and long-term liabilities not only affects a company's liquidity and debt paying ability, but also relates to the balance between capital costs and financial risks. This article aims to explore how enterprises can optimize the ratio of short-term and long-term liabilities in different operating environments to achieve maximum financial benefits. Based on the financial data of Chinese A-share listed companies from 2010 to 2020, a panel data analysis method was used, combined with the theory of enterprise life cycle, to construct an evaluation system that includes multidimensional indicators such as enterprise size, profitability, and cash flow stability. Research has found that companies in the growth stage are more inclined to choose short-term liabilities to meet their rapidly expanding funding needs, while mature companies focus more on long-term liabilities to reduce financing costs and maintain a stable capital structure.
Keyword:Liability Structure Optimization Short-Term Debt And Long-Term Debt Corporate Life Cycle
目 录
1绪论 1
1.1短期与长期负债抉择的背景 1
1.2研究的意义与价值 1
1.3国内外研究现状综述 1
1.4本文的研究方法 2
2短期与长期负债的理论基础 2
2.1负债的基本概念界定 2
2.2短期负债的特点分析 3
2.3长期负债的特点分析 3
2.4理论对抉择的影响 4
3短期与长期负债的选择因素 4
3.1企业财务状况影响 4
3.2市场环境的作用 5
3.3行业特性考量 5
3.4政策法规约束 6
4短期与长期负债的优化策略 7
4.1构建优化模型 7
4.2动态调整机制 7
4.3风险管理措施 8
4.4案例分析验证 8
结论 9
参考文献 10
致谢 11
