摘 要
在全球经济一体化不断深化的背景下，跨境资本流动规模持续扩大，其对企业财务弹性的影响已成为学术界和实务界关注的重要议题。本研究旨在探讨跨境资本流动管理如何通过不同的传导机制作用于企业财务弹性，并进一步分析其潜在影响因素与异质性特征。基于2010年至2022年间中国上市企业的面板数据，结合宏观层面的资本流动政策指数与微观层面的企业财务数据，采用固定效应模型与工具变量法进行实证分析。研究发现，适度的跨境资本流动管理能够显著提升企业财务弹性，主要通过优化资本结构、降低融资约束以及增强风险抵御能力等途径实现；然而，过度严格的资本管制可能削弱这一正向效应。此外，研究还揭示了企业所有制性质、行业差异以及区域开放程度等因素对上述关系的调节作用。本研究的创新点在于首次将跨境资本流动管理与企业财务弹性纳入统一分析框架，同时引入动态面板模型以缓解内生性问题，并从多维度验证了结论的稳健性。研究结果不仅丰富了跨境资本流动与企业财务行为的相关理论，还为政策制定者提供了有益启示，即在设计资本流动管理政策时需充分考虑其对企业财务健康状况的长期影响，从而实现资本流动效率与金融稳定之间的平衡。
关键词：跨境资本流动管理；企业财务弹性；资本结构优化；融资约束；政策指数
Abstract
In the context of deepening global economic integration, the scale of cross-border capital flows has continued to expand, and its impact on corporate financial resilience has become an important issue of concern for both academia and practice. This study aims to explore how the management of cross-border capital flows affects corporate financial resilience through various transmission mechanisms and further analyze its potential influencing factors and heterogeneity characteristics. Based on panel data of listed companies in China from 2010 to 2022, combined with macro-level capital flow policy indices and micro-level corporate financial data, empirical analyses are conducted using fixed-effects models and instrumental variable methods. The findings indicate that moderate management of cross-border capital flows can significantly enhance corporate financial resilience, primarily through optimizing capital structure, reducing financing constraints, and strengthening risk resistance capabilities; however, overly stringent capital controls may weaken this positive effect. Additionally, the study reveals the moderating role of factors such as corporate ownership nature, industry differences, and regional openness in this relationship. The innovation of this research lies in its first-time inclusion of cross-border capital flow management and corporate financial resilience within a unified analytical fr amework, while introducing dynamic panel models to address endogeneity issues and validating the robustness of conclusions from multiple dimensions. The results not only enrich the theoretical understanding of the relationship between cross-border capital flows and corporate financial behavior but also provide valuable insights for policymakers, suggesting that the long-term impact of capital flow management policies on corporate financial health should be fully considered to achieve a balance between capital flow efficiency and financial stability.
Keywords: Cross-Border Capital Flow Management; Corporate Financial Flexibility; Capital Structure Optimization; Financing Constraints; Policy Index
目 录
1绪论 1
1.1跨境资本流动管理的研究背景 1
1.2企业财务弹性的重要性与研究意义 1
1.3国内外研究现状分析 1
1.4研究方法与技术路线 2
2跨境资本流动管理的理论基础 2
2.1跨境资本流动的基本概念 2
2.2财务弹性的定义与衡量方法 3
2.3跨境资本流动管理的政策框架 3
2.4跨境资本流动对企业财务行为的影响机制 4
2.5理论模型与假设构建 4
3跨境资本流动管理对企业财务弹性的影响分析 5
3.1资本流入对财务弹性的作用路径 5
3.2资本流出对企业流动性风险的影响 5
3.3不同管理模式下的财务弹性表现差异 6
3.4宏观经济环境的调节作用 6
3.5实证研究设计与数据来源 7
4案例研究与政策建议 7
4.1典型企业案例分析 8
4.2跨境资本流动管理的实际效果评估 8
4.3提升企业财务弹性的策略探讨 8
4.4政府在跨境资本流动管理中的角色定位 9
4.5未来研究方向与展望 9
结论 11
参考文献 12
致 谢 13
