摘要
财务杠杆作为企业资本结构的重要组成部分，其对企业盈利能力的影响一直是学术界和实务界的关注焦点。本研究基于现代财务理论，结合中国上市公司的实证数据，探讨了财务杠杆与企业盈利能力之间的关系，并进一步分析了不同行业背景下这一关系的异质性特征。研究采用面板数据模型，选取2015年至2022年间沪深两市非金融类上市公司为样本，通过构建多元回归模型，系统考察了财务杠杆水平对净资产收益率（ROE）及总资产报酬率（ROA）等关键盈利指标的影响。结果显示，适度的财务杠杆能够显著提升企业的盈利能力，但当杠杆水平超过某一临界值时，其正向作用会逐渐减弱甚至转为负向影响，这验证了“权衡理论”在实际企业运营中的适用性。此外，研究发现不同行业的资本密集度和风险特征对财务杠杆的作用机制存在显著差异，例如高资本密集型行业更倾向于从财务杠杆中获益。本研究的创新点在于引入动态阈值效应分析方法，揭示了财务杠杆影响盈利能力的非线性特征，并为企业优化资本结构提供了更具针对性的决策参考。总体而言，研究不仅丰富了财务杠杆领域的理论框架，还为实践中的风险管理与战略规划提供了重要启示。
关键词：财务杠杆；企业盈利能力；权衡理论；行业异质性；动态阈值效应
Abstract
Financial leverage, as a critical component of corporate capital structure, has consistently been a focal point for both academia and practice regarding its impact on corporate profitability. This study investigates the relationship between financial leverage and corporate profitability based on modern financial theory, incorporating empirical data from Chinese listed companies, and further examines the heterogeneous characteristics of this relationship across different industry contexts. By employing a panel data model and selecting non-financial listed companies in the Shanghai and Shenzhen stock markets during the period of 2015 to 2022 as samples, the study constructs a multiple regression model to systematically evaluate the influence of financial leverage levels on key profitability indicators such as return on equity (ROE) and return on assets (ROA). The findings indicate that moderate financial leverage significantly enhances corporate profitability; however, when the leverage level exceeds a certain threshold, its positive effect gradually diminishes or even turns negative, thereby validating the applicability of the "trade-off theory" in real-world corporate operations. Moreover, the study reveals significant differences in the mechanism of financial leverage across industries, influenced by varying capital intensity and risk profiles, with high-capital-intensive industries being more likely to benefit from financial leverage. A notable innovation of this research lies in the introduction of dynamic threshold effect analysis, which uncovers the non-linear features of how financial leverage affects profitability and provides more targeted decision-making references for optimizing capital structure. Overall, this study not only enriches the theoretical fr amework of financial leverage but also offers crucial insights for risk management and strategic planning in practical applications.
Keywords：Financial Leverage; Firm Profitability; Trade-off Theory; Industry Heterogeneity; Dynamic Threshold Effect
目 录
摘要 I
Abstract II
一、绪论 1
(一) 研究背景与意义 1
(二) 国内外研究现状分析 1
(三) 研究方法与技术路线 2
二、财务杠杆理论基础与影响机制 2
(一) 财务杠杆的基本概念与分类 2
(二) 财务杠杆对企业盈利能力的作用机理 3
(三) 财务杠杆的风险与收益平衡分析 3
三、财务杠杆对企业盈利能力的实证分析 4
(一) 数据来源与样本选择 4
(二) 实证模型构建与变量设计 5
(三) 实证结果分析与讨论 5
四、财务杠杆优化策略与企业盈利能力提升路径 6
(一) 财务杠杆水平的合理设定 6
(二) 不同行业财务杠杆应用差异分析 6
(三) 提升企业盈利能力的具体建议 7
结 论 8
参考文献 9
