摘 要
负债融资对企业成长性的支持作用研究旨在探讨在当前复杂多变的经济环境下，企业如何通过合理运用负债融资实现可持续发展。随着市场竞争加剧和资本结构理论的发展，理解负债融资与企业成长性之间的关系具有重要的现实意义。本研究基于中国A股上市公司的财务数据，选取2012 - 2022年间的样本，采用面板数据回归分析方法，构建了包含资产负债率、流动比率等在内的多元线性回归模型，同时引入公司治理水平作为调节变量。研究发现，适度的负债融资能够显著提升企业的成长性，具体表现为营业收入增长率、总资产增长率等指标的改善；当公司治理水平较高时，这种正向促进作用更为明显。此外，研究还揭示了不同行业背景下负债融资效果存在差异，制造业企业受益尤为显著。
关键词：负债融资 企业成长性 公司治理
Abstract
The research on the supporting role of debt financing on enterprise growth aims to explore how to achieve sustainable development through reasonable use of debt financing under the current complex and changeable economic environment. With the intensification of market competition and the development of capital structure theory, it is of great practical significance to understand the relationship between debt financing and enterprise growth. Based on the financial data of China's A-share listed companies, the samples from 2012 to 2022 were selected, and the panel data regression analysis method was adopted to build A multiple linear regression model including asset-liability ratio and current ratio, and the corporate governance level was introduced as the adjustment variable. It is found that moderate debt financing can significantly improve the growth of enterprises, specifically as the improvement of operating income growth rate, total asset growth rate and other indicators; when the corporate governance level is high, this positive promotion is more obvious. In addition, the study also revealed that there are differences in debt financing effects in different industries, especially for manufacturing enterprises.
Keyword:Debt Financing Firm Growth Corporate Governance
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负债融资对企业投资的支持作用 2
2.1资本结构优化与企业投资 2
2.2负债融资对固定资产投资的影响 3
2.3负债融资对研发投资的促进 3
3负债融资对企业运营效率的提升 4
3.1负债约束下的成本控制 4
3.2负债融资对资金周转的改善 4
3.3负债融资对企业治理结构的影响 5
4负债融资对企业风险承担能力的影响 5
4.1负债融资与企业财务风险 5
4.2负债融资对市场风险的缓冲 6
4.3负债融资对企业战略调整的支持 7
结论 7
参考文献 9
致谢 10
负债融资对企业成长性的支持作用研究旨在探讨在当前复杂多变的经济环境下，企业如何通过合理运用负债融资实现可持续发展。随着市场竞争加剧和资本结构理论的发展，理解负债融资与企业成长性之间的关系具有重要的现实意义。本研究基于中国A股上市公司的财务数据，选取2012 - 2022年间的样本，采用面板数据回归分析方法，构建了包含资产负债率、流动比率等在内的多元线性回归模型，同时引入公司治理水平作为调节变量。研究发现，适度的负债融资能够显著提升企业的成长性，具体表现为营业收入增长率、总资产增长率等指标的改善；当公司治理水平较高时，这种正向促进作用更为明显。此外，研究还揭示了不同行业背景下负债融资效果存在差异，制造业企业受益尤为显著。
关键词：负债融资 企业成长性 公司治理
Abstract
The research on the supporting role of debt financing on enterprise growth aims to explore how to achieve sustainable development through reasonable use of debt financing under the current complex and changeable economic environment. With the intensification of market competition and the development of capital structure theory, it is of great practical significance to understand the relationship between debt financing and enterprise growth. Based on the financial data of China's A-share listed companies, the samples from 2012 to 2022 were selected, and the panel data regression analysis method was adopted to build A multiple linear regression model including asset-liability ratio and current ratio, and the corporate governance level was introduced as the adjustment variable. It is found that moderate debt financing can significantly improve the growth of enterprises, specifically as the improvement of operating income growth rate, total asset growth rate and other indicators; when the corporate governance level is high, this positive promotion is more obvious. In addition, the study also revealed that there are differences in debt financing effects in different industries, especially for manufacturing enterprises.
Keyword:Debt Financing Firm Growth Corporate Governance
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负债融资对企业投资的支持作用 2
2.1资本结构优化与企业投资 2
2.2负债融资对固定资产投资的影响 3
2.3负债融资对研发投资的促进 3
3负债融资对企业运营效率的提升 4
3.1负债约束下的成本控制 4
3.2负债融资对资金周转的改善 4
3.3负债融资对企业治理结构的影响 5
4负债融资对企业风险承担能力的影响 5
4.1负债融资与企业财务风险 5
4.2负债融资对市场风险的缓冲 6
4.3负债融资对企业战略调整的支持 7
结论 7
参考文献 9
致谢 10
