摘 要
基于信号传递理论的资本结构选择是企业财务决策中的关键议题。在信息不对称环境下，不同资本结构选择能够向市场传递关于企业价值和经营状况的不同信号，这不仅影响企业的融资成本，也关系到企业长期发展。本研究以信号传递理论为基础，结合中国A股上市公司2010 - 2020年数据，运用多元回归分析方法探讨了资本结构与企业价值之间的关系，以及信号传递机制在其中的作用。研究发现，适度提高负债水平可以向市场传递积极信号，有助于提升企业价值；而过度负债则会产生负面信号，导致企业价值下降。进一步研究表明，不同行业、不同规模的企业在信号传递效应上存在显著差异，大型企业和制造业企业的信号传递效应更为明显。本研究创新性地将信号传递理论应用于资本结构选择研究，并从实证角度验证了其有效性，为理解中国企业资本结构选择提供了新的视角，也为企业管理者优化资本结构决策提供了理论依据。
关键词：信号传递理论；资本结构；企业价值
Abstract
Capital structure selection based on the theory of signal transmission is a critical issue in corporate financial decision-making. In an environment characterized by information asymmetry, different choices of capital structure can convey distinct signals about a firm's value and operational status to the market, influencing not only its financing costs but also its long-term development. This study, grounded in the theory of signal transmission, employs multivariate regression analysis to examine the relationship between capital structure and firm value, as well as the role of the signaling mechanism, using data from Chinese A-share listed companies from 2010 to 2020. The findings indicate that moderately increasing the debt level can transmit positive signals to the market, thereby enhancing firm value; however, excessive debt generates negative signals, leading to a decline in firm value. Further analysis reveals significant differences in signaling effects across industries and firm sizes, with larger firms and manufacturing firms exhibiting more pronounced signaling effects. This research innovatively applies the theory of signal transmission to the study of capital structure selection and empirically validates its effectiveness, providing a new perspective for understanding capital structure choices in Chinese firms and offering theoretical support for managers to optimize their capital structure decisions.
Keywords: Signal Transmission Theory；Capital Structure；Firm Value
目 录
引言 1
一、信号传递理论基础 1
（一）信号传递理论概述 1
（二）信息不对称与资本结构 2
（三）信号传递机制分析 2
二、资本结构选择的影响因素 3
（一）公司特征对资本结构的影响 3
（二）市场环境与资本结构选择 3
（三）管理层行为与资本结构决策 4
三、信号传递在资本结构中的应用 4
（一）通过债务融资传递信号 4
（二）股权融资的信号作用 5
（三）混合融资策略的信号效果 5
四、实证研究与案例分析 6
（一）实证研究设计与方法 6
（二）案例公司资本结构分析 6
（三）研究结果与讨论 7
结 论 7
致 谢 8
参考文献 9
基于信号传递理论的资本结构选择是企业财务决策中的关键议题。在信息不对称环境下，不同资本结构选择能够向市场传递关于企业价值和经营状况的不同信号，这不仅影响企业的融资成本，也关系到企业长期发展。本研究以信号传递理论为基础，结合中国A股上市公司2010 - 2020年数据，运用多元回归分析方法探讨了资本结构与企业价值之间的关系，以及信号传递机制在其中的作用。研究发现，适度提高负债水平可以向市场传递积极信号，有助于提升企业价值；而过度负债则会产生负面信号，导致企业价值下降。进一步研究表明，不同行业、不同规模的企业在信号传递效应上存在显著差异，大型企业和制造业企业的信号传递效应更为明显。本研究创新性地将信号传递理论应用于资本结构选择研究，并从实证角度验证了其有效性，为理解中国企业资本结构选择提供了新的视角，也为企业管理者优化资本结构决策提供了理论依据。
关键词：信号传递理论；资本结构；企业价值
Abstract
Capital structure selection based on the theory of signal transmission is a critical issue in corporate financial decision-making. In an environment characterized by information asymmetry, different choices of capital structure can convey distinct signals about a firm's value and operational status to the market, influencing not only its financing costs but also its long-term development. This study, grounded in the theory of signal transmission, employs multivariate regression analysis to examine the relationship between capital structure and firm value, as well as the role of the signaling mechanism, using data from Chinese A-share listed companies from 2010 to 2020. The findings indicate that moderately increasing the debt level can transmit positive signals to the market, thereby enhancing firm value; however, excessive debt generates negative signals, leading to a decline in firm value. Further analysis reveals significant differences in signaling effects across industries and firm sizes, with larger firms and manufacturing firms exhibiting more pronounced signaling effects. This research innovatively applies the theory of signal transmission to the study of capital structure selection and empirically validates its effectiveness, providing a new perspective for understanding capital structure choices in Chinese firms and offering theoretical support for managers to optimize their capital structure decisions.
Keywords: Signal Transmission Theory；Capital Structure；Firm Value
目 录
引言 1
一、信号传递理论基础 1
（一）信号传递理论概述 1
（二）信息不对称与资本结构 2
（三）信号传递机制分析 2
二、资本结构选择的影响因素 3
（一）公司特征对资本结构的影响 3
（二）市场环境与资本结构选择 3
（三）管理层行为与资本结构决策 4
三、信号传递在资本结构中的应用 4
（一）通过债务融资传递信号 4
（二）股权融资的信号作用 5
（三）混合融资策略的信号效果 5
四、实证研究与案例分析 6
（一）实证研究设计与方法 6
（二）案例公司资本结构分析 6
（三）研究结果与讨论 7
结 论 7
致 谢 8
参考文献 9
