摘 要
家族企业作为全球企业的重要组成部分，在经济发展中扮演着不可替代的角色，其资本结构特征及影响因素已成为学术界和实践领域的研究热点。本研究基于中国上市家族企业的财务数据，结合代理理论、权衡理论与资源依赖理论，系统分析了家族企业资本结构的特征及其背后的驱动机制。通过构建多元回归模型并引入家族控制程度、代际传承、所有权集中度等变量，研究发现家族企业在资本结构选择上呈现出显著的独特性：相较于非家族企业，家族企业倾向于保持较低的负债水平，这主要源于家族所有者对财务灵活性的追求以及对破产成本的高度敏感性。此外，家族控制程度越高，企业负债水平越低；而代际传承过程中，资本结构会因新老掌舵人经营理念的差异而发生动态调整。本研究的创新点在于将家族治理特征纳入资本结构分析框架，并揭示了文化背景和制度环境对家族企业资本决策的交互作用。研究结果不仅丰富了资本结构理论在家族企业情境下的应用，还为家族企业优化资本配置提供了实践指导，有助于其在复杂市场环境中实现可持续发展。
关键词：家族企业；资本结构；家族控制程度
Abstract: Family firms, as a crucial component of global enterprises, play an irreplaceable role in economic development, and their capital structure characteristics and influencing factors have become a research hotspot in both academia and practice. Based on the financial data of Chinese listed family firms, this study systematically analyzes the features of family firms' capital structures and their underlying driving mechanisms by integrating agency theory, trade-off theory, and resource dependence theory. By constructing a multiple regression model and incorporating variables such as the degree of family control, intergenerational succession, and ownership concentration, the study finds that family firms exhibit significant uniqueness in their capital structure choices: compared with non-family firms, family firms tend to maintain lower levels of debt, primarily due to family owners' pursuit of financial flexibility and their high sensitivity to bankruptcy costs. Furthermore, the higher the degree of family control, the lower the firm's debt level; during the process of intergenerational succession, the capital structure undergoes dynamic adjustments due to differences in business philosophies between old and new leaders. The innovation of this study lies in incorporating family governance characteristics into the capital structure analysis fr amework and revealing the interactive effects of cultural background and institutional environment on family firms' capital decisions. The research results not only enrich the application of capital structure theory in the context of family firms but also provide practical guidance for family firms to optimize their capital allocation, thereby contributing to their sustainable development in complex market environments.
Keywords: Family Firm; Capital Structure; Degree Of Family Control
目 录
1绪论 1
1.1家族企业资本结构研究背景 1
1.2研究家族企业资本结构的意义 1
1.3国内外研究现状综述 1
1.4本文研究方法与创新点 2
2家族企业资本结构特征分析 2
2.1资本结构的基本概念与理论基础 2
2.2家族企业资本结构的独特性 3
2.3不同类型家族企业的资本结构差异 3
2.4家族企业资本结构的动态变化特征 4
2.5资本结构特征对家族企业的影响 4
3家族企业资本结构影响因素探讨 5
3.1家族控制权对资本结构的影响 5
3.2企业生命周期与资本结构的关系 5
3.3外部融资环境对资本结构的作用 6
3.4家族文化与管理风格的影响分析 6
3.5法律制度与政策环境的约束 7
4家族企业资本结构优化路径研究 7
4.1资本结构优化的理论框架 7
4.2提高股权结构合理性的策略 8
4.3债务融资比例的调整机制 8
4.4家族企业治理结构的改进方向 9
4.5实现资本结构与战略目标的匹配 9
结论 11
参考文献 12
致 谢 13
