摘 要
企业融资策略与资本结构优化的关系研究聚焦于现代企业面临的资金筹集与配置问题，随着市场经济的发展，企业面临复杂多变的金融环境，合理的融资策略和优化的资本结构成为企业稳定发展的重要保障。本研究旨在探讨不同融资方式对企业资本结构的影响机制，通过分析融资成本、风险分担、公司治理等多方面因素，揭示二者之间的内在联系。采用文献综述法梳理国内外相关理论成果，运用实证分析方法，选取沪深两市2017 - 2021年具有代表性的制造业上市公司为样本，基于多元回归模型进行深入研究。结果表明，债务融资比例与企业价值呈倒U型关系，在一定范围内增加债务融资有助于降低加权平均资本成本，但超过临界点后会加大财务风险；股权融资虽然能快速补充资本，却可能稀释股东权益并传递负面信号。
关键词：企业融资策略 资本结构优化 债务融资
Abstract
The research on the relationship between enterprise financing strategy and capital structure optimization focuses on the problems of capital raising and allocation faced by modern enterprises. With the development of market economy, enterprises are facing a complex and changeable financial environment, and reasonable financing strategy and optimized capital structure have become an important guarantee for the stable development of enterprises. The purpose of this study is to explore the influence mechanism of different financing methods on enterprise capital structure, and reveal the internal connection between them by analyzing various factors such as financing cost, risk sharing and corporate governance. The literature review method is adopted to sort out the relevant theoretical achievements at home and abroad, and using the empirical analysis method, the representative listed manufacturing companies in 2017-2021 in Shanghai and Shenzhen were selected as the samples to conduct in-depth research based on the multivariate regression model. The results show that the ratio of debt financing and enterprise value increase debt financing helps to reduce the weighted average capital cost, but increases the financial risk beyond the critical point. Although equity financing can quickly replenish capital, it may dilute shareholders' equity and send negative signals.
Keyword:Corporate Financing Strategies Capital Structure Optimization Debt Financing
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 1
2企业融资策略的理论基础 2
2.1融资策略的基本概念 2
2.2融资成本与资本结构 3
2.3融资风险对企业的影响 3
3资本结构优化的实践路径 4
3.1资本结构的定义与构成 4
3.2优化资本结构的原则 5
3.3实现资本结构优化的方法 5
4融资策略与资本结构的关系分析 6
4.1融资方式对资本结构的影响 6
4.2不同行业融资策略差异性 6
4.3融资策略调整与资本结构动态平衡 7
结论 7
参考文献 9
致谢 10
企业融资策略与资本结构优化的关系研究聚焦于现代企业面临的资金筹集与配置问题，随着市场经济的发展，企业面临复杂多变的金融环境，合理的融资策略和优化的资本结构成为企业稳定发展的重要保障。本研究旨在探讨不同融资方式对企业资本结构的影响机制，通过分析融资成本、风险分担、公司治理等多方面因素，揭示二者之间的内在联系。采用文献综述法梳理国内外相关理论成果，运用实证分析方法，选取沪深两市2017 - 2021年具有代表性的制造业上市公司为样本，基于多元回归模型进行深入研究。结果表明，债务融资比例与企业价值呈倒U型关系，在一定范围内增加债务融资有助于降低加权平均资本成本，但超过临界点后会加大财务风险；股权融资虽然能快速补充资本，却可能稀释股东权益并传递负面信号。
关键词：企业融资策略 资本结构优化 债务融资
Abstract
The research on the relationship between enterprise financing strategy and capital structure optimization focuses on the problems of capital raising and allocation faced by modern enterprises. With the development of market economy, enterprises are facing a complex and changeable financial environment, and reasonable financing strategy and optimized capital structure have become an important guarantee for the stable development of enterprises. The purpose of this study is to explore the influence mechanism of different financing methods on enterprise capital structure, and reveal the internal connection between them by analyzing various factors such as financing cost, risk sharing and corporate governance. The literature review method is adopted to sort out the relevant theoretical achievements at home and abroad, and using the empirical analysis method, the representative listed manufacturing companies in 2017-2021 in Shanghai and Shenzhen were selected as the samples to conduct in-depth research based on the multivariate regression model. The results show that the ratio of debt financing and enterprise value increase debt financing helps to reduce the weighted average capital cost, but increases the financial risk beyond the critical point. Although equity financing can quickly replenish capital, it may dilute shareholders' equity and send negative signals.
Keyword:Corporate Financing Strategies Capital Structure Optimization Debt Financing
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 1
2企业融资策略的理论基础 2
2.1融资策略的基本概念 2
2.2融资成本与资本结构 3
2.3融资风险对企业的影响 3
3资本结构优化的实践路径 4
3.1资本结构的定义与构成 4
3.2优化资本结构的原则 5
3.3实现资本结构优化的方法 5
4融资策略与资本结构的关系分析 6
4.1融资方式对资本结构的影响 6
4.2不同行业融资策略差异性 6
4.3融资策略调整与资本结构动态平衡 7
结论 7
参考文献 9
致谢 10
