摘 要
行业竞争程度对资本结构的影响是企业财务决策中的重要议题。在当前复杂多变的市场环境中，研究不同竞争强度下企业的资本结构选择具有重要的理论和现实意义。本研究基于2010-2020年中国A股制造业上市公司数据，采用固定效应模型分析行业竞争程度与资本结构之间的关系。研究发现，随着行业竞争程度的加剧，企业倾向于降低资产负债率，这表明激烈竞争促使企业更加谨慎地使用债务融资。进一步分析显示，在高竞争行业中，规模较大、盈利能力较强的企业更可能维持较高负债水平；而中小企业则表现出更强的保守倾向。本研究创新性地引入了动态竞争指数，并区分不同类型企业的异质性特征，为理解市场竞争环境对企业融资决策的影响提供了新的视角，丰富了资本结构理论，为企业制定合理的融资策略提供了有益参考。
关键词：资本结构；行业竞争程度；资产负债率
Abstract
The impact of industry competition intensity on capital structure is a critical issue in corporate financial decision-making. In the current complex and volatile market environment, investigating corporate capital structure choices under varying levels of competition holds significant theoretical and practical implications. This study employs data from Chinese A-share manufacturing listed companies between 2010 and 2020, utilizing a fixed-effects model to analyze the relationship between industry competition intensity and capital structure. The findings indicate that as competition intensifies within an industry, firms tend to reduce their debt-to-asset ratios, suggesting that intense competition encourages more prudent use of debt financing. Further analysis reveals that in highly competitive industries, larger firms with stronger profitability are more likely to maintain higher leverage levels, whereas small and medium-sized enterprises exhibit a stronger conservative tendency. Innovatively, this research introduces a dynamic competition index and differentiates the heterogeneous characteristics of various types of firms, providing a new perspective on how market competition influences corporate financing decisions. This enriches the theory of capital structure and offers valuable insights for formulating rational financing strategies.
Keywords: Capital Structure；Industry Competition Intensity；Debt-To-Asset Ratio
目 录
引言 1
一、行业竞争与资本结构理论基础 1
（一）行业竞争程度的衡量指标 1
（二）资本结构的经典理论回顾 2
（三）理论框架与研究假设 2
二、行业竞争对融资决策的影响 3
（一）竞争压力下的债务融资选择 3
（二）竞争环境与股权融资偏好 3
（三）竞争强度对融资成本的影响 4
三、不同竞争程度行业的资本结构特征 4
（一）高竞争行业资本结构特点 4
（二）中等竞争行业资本结构分析 5
（三）低竞争行业资本结构比较 5
四、行业竞争程度影响资本结构的机制 5
（一）竞争与企业风险承担能力 6
（二）竞争对企业盈利稳定性的影响 6
（三）竞争驱动的资本结构调整策略 7
结 论 7
致 谢 9
参考文献 10
行业竞争程度对资本结构的影响是企业财务决策中的重要议题。在当前复杂多变的市场环境中，研究不同竞争强度下企业的资本结构选择具有重要的理论和现实意义。本研究基于2010-2020年中国A股制造业上市公司数据，采用固定效应模型分析行业竞争程度与资本结构之间的关系。研究发现，随着行业竞争程度的加剧，企业倾向于降低资产负债率，这表明激烈竞争促使企业更加谨慎地使用债务融资。进一步分析显示，在高竞争行业中，规模较大、盈利能力较强的企业更可能维持较高负债水平；而中小企业则表现出更强的保守倾向。本研究创新性地引入了动态竞争指数，并区分不同类型企业的异质性特征，为理解市场竞争环境对企业融资决策的影响提供了新的视角，丰富了资本结构理论，为企业制定合理的融资策略提供了有益参考。
关键词：资本结构；行业竞争程度；资产负债率
Abstract
The impact of industry competition intensity on capital structure is a critical issue in corporate financial decision-making. In the current complex and volatile market environment, investigating corporate capital structure choices under varying levels of competition holds significant theoretical and practical implications. This study employs data from Chinese A-share manufacturing listed companies between 2010 and 2020, utilizing a fixed-effects model to analyze the relationship between industry competition intensity and capital structure. The findings indicate that as competition intensifies within an industry, firms tend to reduce their debt-to-asset ratios, suggesting that intense competition encourages more prudent use of debt financing. Further analysis reveals that in highly competitive industries, larger firms with stronger profitability are more likely to maintain higher leverage levels, whereas small and medium-sized enterprises exhibit a stronger conservative tendency. Innovatively, this research introduces a dynamic competition index and differentiates the heterogeneous characteristics of various types of firms, providing a new perspective on how market competition influences corporate financing decisions. This enriches the theory of capital structure and offers valuable insights for formulating rational financing strategies.
Keywords: Capital Structure；Industry Competition Intensity；Debt-To-Asset Ratio
目 录
引言 1
一、行业竞争与资本结构理论基础 1
（一）行业竞争程度的衡量指标 1
（二）资本结构的经典理论回顾 2
（三）理论框架与研究假设 2
二、行业竞争对融资决策的影响 3
（一）竞争压力下的债务融资选择 3
（二）竞争环境与股权融资偏好 3
（三）竞争强度对融资成本的影响 4
三、不同竞争程度行业的资本结构特征 4
（一）高竞争行业资本结构特点 4
（二）中等竞争行业资本结构分析 5
（三）低竞争行业资本结构比较 5
四、行业竞争程度影响资本结构的机制 5
（一）竞争与企业风险承担能力 6
（二）竞争对企业盈利稳定性的影响 6
（三）竞争驱动的资本结构调整策略 7
结 论 7
致 谢 9
参考文献 10
