摘 要
动态资本结构理论为企业融资决策提供了全新的视角，其强调企业资本结构并非静态最优，而是随着内外部环境变化而动态调整。基于此背景，本研究旨在探讨企业如何在动态环境中制定科学、高效的融资策略以实现价值最大化。研究通过构建理论模型并结合实证分析方法，选取中国A股上市公司为样本，运用面板数据回归分析技术，深入考察了企业资本结构调整的驱动因素及其对绩效的影响机制。研究表明，企业的资本结构动态调整受到市场条件、行业特征、公司治理水平以及宏观经济环境等多重因素的共同作用，且不同类型的融资方式对企业发展具有异质性影响。此外，研究发现动态资本结构调整能够显著提升企业财务绩效，并降低财务风险。本研究的创新点在于将动态资本结构理论与企业融资实践相结合，突破了传统静态资本结构理论的局限性，同时引入了多维度的调节变量以揭示资本结构调整的深层次规律。主要贡献体现在三个方面：一是丰富了动态资本结构理论的研究框架；二是为企业融资策略优化提供了实证依据和政策建议；三是为监管机构完善资本市场制度设计提供了参考。总体而言，本研究为企业在复杂经济环境下制定灵活、适应性强的融资策略提供了重要的理论支持和实践指导。
关键词：动态资本结构；融资策略；财务绩效
Abstract: The dynamic capital structure theory provides a new perspective for corporate financing decisions, emphasizing that a firm's capital structure is not statically optimal but dynamically adjusts in response to changes in internal and external environments. Against this backdrop, this study aims to explore how firms can formulate scientific and efficient financing strategies in a dynamic environment to achieve value maximization. By constructing a theoretical model and employing empirical analysis methods, the study selects A-share listed companies in China as samples and applies panel data regression analysis techniques to examine the driving factors of corporate capital structure adjustments and their impact mechanisms on performance. The findings indicate that dynamic adjustments in capital structure are influenced by multiple factors, including market conditions, industry characteristics, corporate governance levels, and macroeconomic environments, while different types of financing methods exhibit heterogeneous effects on firm development. Additionally, the research reveals that dynamic capital structure adjustments significantly enhance financial performance and reduce financial risks. The innovation of this study lies in integrating dynamic capital structure theory with corporate financing practices, overcoming the limitations of traditional static capital structure theories, and introducing multi-dimensional moderating variables to uncover the underlying patterns of capital structure adjustments. The main contributions are reflected in three aspects: first, enriching the research fr amework of dynamic capital structure theory; second, providing empirical evidence and policy recommendations for optimizing corporate financing strategies; and third, offering references for regulatory authorities to improve the institutional design of capital markets. Overall, this study provides crucial theoretical support and practical guidance for firms to develop flexible and adaptable financing strategies in complex economic environments.
Keywords: Dynamic Capital Structure; Financing Strategy; Financial Performance
目 录
1绪论 1
1.1动态资本结构理论的研究背景 1
1.2企业融资策略研究的意义分析 1
1.3国内外研究现状综述 1
1.4研究方法与技术路线 2
2动态资本结构理论基础 2
2.1动态资本结构理论的核心概念 2
2.2资本结构调整的驱动因素分析 3
2.3动态资本结构模型的构建逻辑 3
2.4理论在企业融资中的应用框架 4
2.5动态资本结构的实践意义 4
3企业融资策略的动态优化分析 5
3.1融资策略与资本结构的关系 5
3.2不同阶段的融资需求特征 5
3.3基于动态调整的企业融资模式 6
3.4融资成本与风险的权衡机制 6
3.5实证案例分析与经验总结 7
4动态资本结构下的融资决策支持 7
4.1融资决策的影响因素评估 7
4.2动态视角下的融资优先级设定 8
4.3资本结构动态调整的实施路径 8
4.4融资策略优化的量化分析方法 9
4.5政策环境对融资决策的作用 9
结论 11
参考文献 12
致 谢 13
