摘 要
企业资本结构对投资效率的影响是现代公司金融研究的重要议题之一，其在优化资源配置和提升企业价值方面具有深远意义。本研究基于国内外相关理论与实证研究的综述，探讨了企业资本结构如何通过代理成本、融资约束及信息不对称等机制影响投资效率，并进一步分析了不同行业特征与宏观经济环境下的异质性表现。研究采用2010年至2022年间中国A股上市公司的面板数据，运用固定效应模型与工具变量法，以缓解内生性问题并提高估计结果的稳健性。结果显示，较高的债务水平在一定程度上抑制了企业的过度投资行为，但可能因财务困境风险增加而降低投资不足的矫正能力；同时，股权集中度的提升有助于缓解代理问题，从而改善投资效率。此外，研究发现行业竞争程度与资本市场发展水平显著调节了资本结构对投资效率的作用路径。本研究的创新点在于将动态权衡理论与代理理论相结合，构建了一个综合框架来解释资本结构与投资效率之间的复杂关系，并首次引入行业异质性分析以揭示不同情境下的作用差异。这些发现不仅丰富了现有理论体系，还为企业优化资本结构决策提供了实践指导，同时也为政策制定者完善金融市场环境提供了参考依据。
关键词：资本结构；投资效率；代理成本
Abstract: The impact of corporate capital structure on investment efficiency is one of the key topics in modern corporate finance research, with profound implications for optimizing resource allocation and enhancing firm value. Based on a comprehensive review of relevant theories and empirical studies both domestically and internationally, this study investigates how corporate capital structure influences investment efficiency through mechanisms such as agency costs, financing constraints, and information asymmetry, while further analyzing its heterogeneous performance under different industry characteristics and macroeconomic environments. By employing panel data of Chinese A-share listed companies from 2010 to 2022, the study utilizes fixed-effects models and instrumental variable approaches to address endogeneity issues and enhance the robustness of estimation results. The findings indicate that a higher level of debt partially restrains overinvestment behavior but may reduce the ability to correct underinvestment due to increased financial distress risks; meanwhile, an increase in equity concentration helps alleviate agency problems, thereby improving investment efficiency. Additionally, the study reveals that the degree of industry competition and the level of capital market development significantly moderate the pathways through which capital structure affects investment efficiency. The novelty of this research lies in integrating dynamic trade-off theory with agency theory to construct a comprehensive fr amework explaining the complex relationship between capital structure and investment efficiency, and it is the first to incorporate industry heterogeneity analysis to uncover contextual differences in these effects. These findings not only enrich the existing theoretical fr amework but also provide practical guidance for firms in optimizing their capital structure decisions, as well as offer valuable references for policymakers in refining financial market environments.
Keywords: Capital Structure; Investment Efficiency; Agency Cost
目 录
1绪论 1
1.1企业资本结构与投资效率的研究背景 1
1.2研究企业资本结构对投资效率的意义 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企业资本结构对投资效率的理论基础 2
2.1资本结构的经典理论框架 2
2.2投资效率的概念与衡量方法 3
2.3资本结构与投资效率的内在联系 3
2.4杠杆水平对投资决策的影响机制 4
2.5理论模型构建与假设提出 4
3企业资本结构对投资效率的实证分析 5
3.1样本选择与数据来源 5
3.2变量定义与模型设定 5
3.3实证结果分析：资本结构的作用路径 6
3.4不同行业资本结构对投资效率的影响差异 6
3.5实证结论与政策启示 7
4优化企业资本结构以提升投资效率的对策研究 7
4.1资本结构调整对企业投资行为的影响 7
4.2债务融资比例与投资效率的关系探讨 8
4.3权益融资在提升投资效率中的作用 8
4.4结合企业生命周期的资本结构优化策略 9
4.5提升投资效率的具体建议 9
结论 10
参考文献 11
致 谢 12
