摘 要
企业融资结构作为财务管理的核心议题之一，对企业的财务风险具有深远影响。在全球经济不确定性加剧的背景下，优化融资结构以降低财务风险成为企业亟需解决的关键问题。本研究旨在探讨不同融资结构对企业财务风险的影响机制，并通过实证分析验证其作用路径。研究选取了2015年至2022年间中国A股上市公司的面板数据，运用固定效应模型和分位数回归方法进行分析。结果表明，债务融资比例与企业财务风险呈显著正相关关系，而股权融资则在一定程度上起到分散风险的作用。此外，企业规模、盈利能力及行业特性等因素对融资结构与财务风险的关系具有调节效应。
关键词：融资结构 财务风险 债务融资
Abstract
Corporate financing structure, as one of the core issues in financial management, has a profound impact on corporate financial risk. In the context of increasing global economic uncertainty, optimizing the financing structure to reduce financial risk has become a critical issue that companies urgently need to address. This study aims to explore the impact mechanism of different financing structures on corporate financial risk and verify their mechanisms through empirical analysis. The study selected panel data from Chinese A-share listed companies between 2015 and 2022, using fixed effects models and quantile regression methods for analysis. The results show that the proportion of debt financing is significantly positively correlated with corporate financial risk, while equity financing plays a role in risk diversification to some extent. Additionally, factors such as company size, profitability, and industry characteristics have moderating effects on the relationship between financing structure and financial risk.
Keyword:Financing Structure Financial Risk Debt Financing
目 录
1绪论 1
1.1企业融资结构与财务风险的研究背景 1
1.2研究企业融资结构对财务风险的意义 1
1.3国内外研究现状综述 1
1.4本文研究方法与技术路线 2
2企业融资结构的理论基础与框架分析 2
2.1融资结构的基本概念与分类 2
2.2财务风险的定义与衡量方法 3
2.3融资结构与财务风险的理论关联 3
2.4杠杆水平对企业财务风险的影响机制 3
2.5资本结构优化的理论模型探讨 4
3融资结构对财务风险影响的实证分析 4
3.1实证研究的设计与数据来源 4
3.2融资结构变量的选取与处理 5
3.3财务风险指标的构建与测量 5
3.4实证结果分析与解释 6
3.5不同行业融资结构对财务风险的差异性 6
4企业融资结构优化与财务风险管理策略 7
4.1融资结构优化的目标与原则 7
4.2降低财务风险的融资结构调整路径 7
4.3动态视角下的融资结构与风险管理 8
4.4政策环境对企业融资结构选择的影响 8
4.5提升企业财务风险防控能力的建议 9
结论 9
参考文献 11
致谢 12
