摘 要
中小企业作为我国经济的重要组成部分，在推动经济增长、促进就业等方面发挥着不可替代的作用，但其在发展过程中面临着融资难的问题，债务融资成为中小企业获取资金的重要途径之一，研究债务融资对中小企业资本结构的影响具有重要意义。本研究旨在探讨债务融资对中小企业资本结构的影响并提出相应对策，基于此，选取2010 - 2020年我国沪深两市上市的中小企业为样本，运用面板数据模型进行实证分析。结果表明，债务融资在一定程度上优化了中小企业的资本结构，使资产负债率处于合理区间，有助于降低企业综合资本成本，提高企业价值。然而，过度依赖债务融资会增加企业的财务风险，当债务规模超过一定限度时，企业的偿债能力将受到严重影响。
关键词：债务融资；中小企业资本结构；财务风险络
ABSTRACT
Small and medium-sized enterprises as an important part of our country economy, in promoting economic growth, promote employment plays an irreplaceable role, but it faces the financing difficulties in the development process, debt financing become one of the important ways of small and medium-sized enterprises to obtain funds, the debt financing of small and medium-sized enterprise capital structure is of great significance. The purpose of this study is to explore the impact of debt financing on the capital structure of small and medium-sized enterprises and propose corresponding countermeasures. Based on this, the small and medium-sized enterprises listed in Shanghai and Shenzhen in 2010-2020 are selected as samples, and the panel data model is used for empirical analysis. The results show that debt financing optimizes the capital structure of small and medium-sized enterprises to a certain extent, makes the asset-liability ratio in a reasonable range, and helps to reduce the comprehensive capital cost of enterprises and improve the value of enterprises. However, over-reliance on debt financing will increase the financial risk of the enterprise, and when the debt scale exceeds a certain limit, the solvency of the enterprise will be seriously affected.
KEY WORDS： Debt financing; capital structure of small and medium enterprises; financial risk collateral
目 录
摘 要 IABSTRACT II
1 绪论 1
1.1 研究背景及意义 1
1.2 国内外研究现状 1
1.3 研究方法与思路 2
2 债务融资对中小企业资本结构的影响机制 2
2.1 债务融资的理论基础 2
2.2 债务融资影响资本结构的路径 3
2.3 不同类型债务融资的影响差异 4
3 中小企业债务融资现状及问题分析 5
3.1 中小企业债务融资规模与结构 5
3.2 债务融资面临的障碍与挑战 6
3.3 典型企业案例分析 6
4 优化中小企业资本结构的对策建议 7
4.1 完善内部治理机制 7
4.2 提升外部融资环境 8
4.3 构建风险防控体系 9
结论 10
致 谢 11
参考文献 12
