摘 要
随着市场经济的发展，企业资本结构的选择对企业价值和风险控制具有重要意义。股权融资与债务融资作为两种主要的融资方式，在企业资本结构中占据核心地位。本研究旨在探讨股权融资与债务融资在企业资本结构中的平衡问题，以优化企业资本结构，提高企业价值并降低财务风险。基于代理成本理论、权衡理论等，选取2010 - 2020年沪深两市A股上市公司为样本，运用多元回归分析方法，对股权融资与债务融资比例、企业规模、盈利能力、成长能力等因素进行实证分析。研究结果表明，适度的债务融资有助于发挥税收屏蔽效应，但过高的债务水平会增加企业的财务风险；股权融资虽然不会产生偿债压力，但可能稀释股东权益。当企业处于不同发展阶段时，应根据自身情况调整股权融资与债务融资的比例。
关键词：资本结构优化；股权融资；财务风险控制
ABSTRACT
With the development of market economy, the choice of enterprise capital structure is of great significance to enterprise value and risk control. As the two main financing methods, equity financing and debt financing occupy the core position in the enterprise capital structure. The purpose of this study is to explore the balance between equity financing and debt financing in enterprise capital structure to optimize enterprise capital structure, improve enterprise value and reduce financial risk. Based on the theory of agency cost and weighing theory, a-share listed companies in Shanghai and Shenzhen from 2010 to 2020 were selected as samples, and multiple regression analysis method was used to conduct empirical analysis of equity financing and debt financing ratio, enterprise scale, profitability, growth ability and other factors. The results show that moderate debt financing helps to exert the tax shielding effect, but excessive debt level will increase the financial risk of enterprises; although equity financing does not produce debt repayment pressure, it may dilute shareholders' equity. When enterprises are in different development stages, they should adjust the ratio of equity financing and debt financing according to their own conditions.
KEY WORDS： Capital structure optimization; equity financing; financial risk control
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 研究方法与技术路线 2
2 股权融资与债务融资理论基础 2
2.1 资本结构理论综述 2
2.2 股权融资的特性分析 3
2.3 债务融资的特性分析 4
2.4 两种融资方式的成本比较 4
3 融资决策对企业价值的影响 5
3.1 融资结构与企业风险 5
3.2 融资成本与企业收益 6
3.3 不同行业融资结构差异 7
3.4 案例分析 7
4 实现资本结构平衡的策略 8
4.1 动态调整融资比例 8
4.2 风险管理机制构建 9
4.3 政策环境对融资选择的影响 9
4.4 优化资本结构的建议 10
结论 12
致 谢 13
参考文献 14
