摘 要
企业资本结构动态调整机制是现代财务管理研究的重要课题，鉴于传统静态资本结构理论难以解释现实中企业资本结构的持续变动现象，本研究旨在探讨企业资本结构动态调整的影响因素、路径及规律。基于中国A股上市公司2010 - 2020年面板数据，运用系统广义矩估计方法进行实证分析，结果表明企业会根据内外部环境变化主动调整资本结构以实现最优状态，且调整速度存在行业差异性。创新之处在于引入了企业生命周期视角，发现处于不同生命周期阶段的企业资本结构调整目标和方式存在显著区别，成长期企业更注重债务融资规模扩张，而成熟期企业则强调资本结构稳定。此外，还考察了宏观经济波动对企业资本结构调整速度的影响，为理解经济周期与企业财务决策关系提供了新视角，研究成果有助于丰富资本结构理论体系并为企业优化资本结构提供实践指导。
关键词：资本结构动态调整；企业生命周期；宏观经济波动
Abstract
The dynamic adjustment mechanism of corporate capital structure is a critical topic in modern financial management research. Given that traditional static capital structure theories struggle to explain the continuous changes observed in real-world corporate capital structures, this study investigates the influencing factors, pathways, and patterns of dynamic adjustments in corporate capital structure. Utilizing panel data from Chinese A-share listed companies between 2010 and 2020, this research employs the system generalized method of moments (GMM) for empirical analysis. The findings indicate that firms actively adjust their capital structures in response to internal and external environmental changes to achieve an optimal state, with adjustment speeds varying across industries. An innovative contribution of this study is the incorporation of the corporate life cycle perspective, revealing that firms at different stages of their life cycles have distinct capital structure adjustment ob jectives and methods. Specifically, firms in the growth stage focus more on expanding debt financing, whereas mature firms emphasize capital structure stability. Additionally, this study examines the impact of macroeconomic fluctuations on the speed of capital structure adjustments, offering new insights into the relationship between economic cycles and corporate financial decisions. The research outcomes contribute to enriching the theoretical fr amework of capital structure and provide practical guidance for firms seeking to optimize their capital structures.
Keywords: Capital Structure Dynamic Adjustment；Firm Life Cycle；Macroeconomic Fluctuations
目 录
引言 1
一、企业资本结构理论基础 1
（一）资本结构经典理论回顾 1
（二）动态调整理论发展脉络 2
（三）理论研究的现实意义 2
二、动态调整的影响因素 2
（一）宏观经济环境影响 2
（二）行业特征差异分析 3
（三）企业内部治理机制 4
三、动态调整的行为模式 4
（一）调整速度与路径选择 4
（二）目标资本结构设定 5
（三）调整过程中的风险控制 5
四、实证研究与案例分析 6
（一）样本选取与数据来源 6
（二）模型构建与实证检验 6
（三）典型企业案例剖析 6
结 论 7
致 谢 8
参考文献 9
企业资本结构动态调整机制是现代财务管理研究的重要课题，鉴于传统静态资本结构理论难以解释现实中企业资本结构的持续变动现象，本研究旨在探讨企业资本结构动态调整的影响因素、路径及规律。基于中国A股上市公司2010 - 2020年面板数据，运用系统广义矩估计方法进行实证分析，结果表明企业会根据内外部环境变化主动调整资本结构以实现最优状态，且调整速度存在行业差异性。创新之处在于引入了企业生命周期视角，发现处于不同生命周期阶段的企业资本结构调整目标和方式存在显著区别，成长期企业更注重债务融资规模扩张，而成熟期企业则强调资本结构稳定。此外，还考察了宏观经济波动对企业资本结构调整速度的影响，为理解经济周期与企业财务决策关系提供了新视角，研究成果有助于丰富资本结构理论体系并为企业优化资本结构提供实践指导。
关键词：资本结构动态调整；企业生命周期；宏观经济波动
Abstract
The dynamic adjustment mechanism of corporate capital structure is a critical topic in modern financial management research. Given that traditional static capital structure theories struggle to explain the continuous changes observed in real-world corporate capital structures, this study investigates the influencing factors, pathways, and patterns of dynamic adjustments in corporate capital structure. Utilizing panel data from Chinese A-share listed companies between 2010 and 2020, this research employs the system generalized method of moments (GMM) for empirical analysis. The findings indicate that firms actively adjust their capital structures in response to internal and external environmental changes to achieve an optimal state, with adjustment speeds varying across industries. An innovative contribution of this study is the incorporation of the corporate life cycle perspective, revealing that firms at different stages of their life cycles have distinct capital structure adjustment ob jectives and methods. Specifically, firms in the growth stage focus more on expanding debt financing, whereas mature firms emphasize capital structure stability. Additionally, this study examines the impact of macroeconomic fluctuations on the speed of capital structure adjustments, offering new insights into the relationship between economic cycles and corporate financial decisions. The research outcomes contribute to enriching the theoretical fr amework of capital structure and provide practical guidance for firms seeking to optimize their capital structures.
Keywords: Capital Structure Dynamic Adjustment；Firm Life Cycle；Macroeconomic Fluctuations
目 录
引言 1
一、企业资本结构理论基础 1
（一）资本结构经典理论回顾 1
（二）动态调整理论发展脉络 2
（三）理论研究的现实意义 2
二、动态调整的影响因素 2
（一）宏观经济环境影响 2
（二）行业特征差异分析 3
（三）企业内部治理机制 4
三、动态调整的行为模式 4
（一）调整速度与路径选择 4
（二）目标资本结构设定 5
（三）调整过程中的风险控制 5
四、实证研究与案例分析 6
（一）样本选取与数据来源 6
（二）模型构建与实证检验 6
（三）典型企业案例剖析 6
结 论 7
致 谢 8
参考文献 9
