摘 要
资产负债率作为衡量企业财务结构的重要指标，对企业财务稳健性有着深远影响。在经济环境日益复杂多变的背景下，探究二者关系具有重要意义。本研究旨在深入剖析资产负债率与企业财务稳健性的内在联系，以期为企业优化资本结构提供理论依据。基于此目的，选取2010 - 2020年间沪深两市A股制造业上市公司为样本，运用面板数据模型进行实证分析。结果表明，资产负债率与企业财务稳健性之间存在显著的非线性关系，在一定区间内，适度提高资产负债率有助于增强企业的财务稳健性，但超过临界值后将产生负面影响。创新之处在于引入了企业生命周期这一调节变量，发现处于不同生命周期阶段的企业，其资产负债率对财务稳健性的影响程度和方向存在差异，这为分层管理提供了新思路。
关键词：资产负债率 企业财务稳健性 面板数据模型
Abstract
As an important index to measure the financial structure of enterprises, the asset-liability ratio has a far-reaching impact on the financial robustness of enterprises. Under the background of the increasingly complex and changeable economic environment, it is of great significance to explore the relationship between them. This study aims to deeply analyze the internal connection between asset-liability ratio and enterprise financial robustness, in order to provide a theoretical basis for enterprises to optimize their capital structure. Based on this purpose, the a-share manufacturing listed companies in Shanghai and Shenzhen from 2010 to 2020 are selected as samples, and the panel data model is used for empirical analysis. The results show that there is a significant non-linear relationship between the asset-liability ratio and the financial robustness of enterprises. In a certain range, moderately increasing the asset-liability ratio is help to enhance the financial robustness of enterprises, but it will have a negative impact after exceeding the critical value. The innovation lies in the introduction of the adjustment variable of enterprise life cycle, and found that enterprises in different life cycle stages have different influence degree and direction of their asset-liability ratio on financial robustness, which provides a new idea for hierarchical management.
Keyword:Debt Ratio Corporate Financial Soundness Panel Data Model
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资产负债率的理论基础 2
2.1资产负债率的概念界定 2
2.2资产负债率的影响因素 3
2.3资产负债率的计算方法 3
3企业财务稳健性的衡量 4
3.1财务稳健性的定义与内涵 4
3.2财务稳健性的评价指标 5
3.3财务稳健性的影响因素分析 5
4资产负债率与财务稳健性的关系 6
4.1理论模型构建 6
4.2实证分析与结果 7
4.3关系机制探讨 7
结论 8
参考文献 9
致谢 10
资产负债率作为衡量企业财务结构的重要指标，对企业财务稳健性有着深远影响。在经济环境日益复杂多变的背景下，探究二者关系具有重要意义。本研究旨在深入剖析资产负债率与企业财务稳健性的内在联系，以期为企业优化资本结构提供理论依据。基于此目的，选取2010 - 2020年间沪深两市A股制造业上市公司为样本，运用面板数据模型进行实证分析。结果表明，资产负债率与企业财务稳健性之间存在显著的非线性关系，在一定区间内，适度提高资产负债率有助于增强企业的财务稳健性，但超过临界值后将产生负面影响。创新之处在于引入了企业生命周期这一调节变量，发现处于不同生命周期阶段的企业，其资产负债率对财务稳健性的影响程度和方向存在差异，这为分层管理提供了新思路。
关键词：资产负债率 企业财务稳健性 面板数据模型
Abstract
As an important index to measure the financial structure of enterprises, the asset-liability ratio has a far-reaching impact on the financial robustness of enterprises. Under the background of the increasingly complex and changeable economic environment, it is of great significance to explore the relationship between them. This study aims to deeply analyze the internal connection between asset-liability ratio and enterprise financial robustness, in order to provide a theoretical basis for enterprises to optimize their capital structure. Based on this purpose, the a-share manufacturing listed companies in Shanghai and Shenzhen from 2010 to 2020 are selected as samples, and the panel data model is used for empirical analysis. The results show that there is a significant non-linear relationship between the asset-liability ratio and the financial robustness of enterprises. In a certain range, moderately increasing the asset-liability ratio is help to enhance the financial robustness of enterprises, but it will have a negative impact after exceeding the critical value. The innovation lies in the introduction of the adjustment variable of enterprise life cycle, and found that enterprises in different life cycle stages have different influence degree and direction of their asset-liability ratio on financial robustness, which provides a new idea for hierarchical management.
Keyword:Debt Ratio Corporate Financial Soundness Panel Data Model
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资产负债率的理论基础 2
2.1资产负债率的概念界定 2
2.2资产负债率的影响因素 3
2.3资产负债率的计算方法 3
3企业财务稳健性的衡量 4
3.1财务稳健性的定义与内涵 4
3.2财务稳健性的评价指标 5
3.3财务稳健性的影响因素分析 5
4资产负债率与财务稳健性的关系 6
4.1理论模型构建 6
4.2实证分析与结果 7
4.3关系机制探讨 7
结论 8
参考文献 9
致谢 10
