资本结构、融资约束与企业价值——基于A股上市公司的经验证据

Capital Structure, Financing Constraints, and Enterprise Value —Based on the Empirical Evidence of A-Share Listed Companies

摘要: 本文研究了资本结构、融资约束与企业价值三者之间的关系，基于A股上市公司2000~2022年的数据进行了实证分析。研究发现，资本结构与企业价值之间存在负向关系，融资约束在资本结构对企业价值的负向影响中发挥中介效应。这表明企业在融资过程中需要综合考虑资本结构和融资约束对企业价值的影响，制定更加科学的融资决策。研究还发现，虽然多数实证研究认为融资约束与企业价值负相关，但在特定行业下，融资约束可能带来“稀缺价值”或“筛选效应”。因此，企业在缓解融资约束的同时，也应该考虑如何利用融资约束带来的机遇。本研究为企业优化资本结构和融资策略提供了理论支持和实践指导，有助于企业更好地平衡资本结构和融资约束，提升企业价值。

Abstract: This paper studies the relationship between capital structure, financing constraints and corporate value, and makes an empirical analysis based on the data of A-share listed companies from 2000 to 2022. It is found that there is a negative relationship between capital structure and enterprise value, and the financing constraint plays an intermediary effect in the negative influence of capital structure on enterprise value. This shows that enterprises need to comprehensively consider the impact of capital structure and financing constraints on enterprise value in the financing process, and make more scientific financing decisions. The study also found that while most empirical studies believe that financing constraints are negatively correlated with corporate value, financing constraints may bring “scarce value” or “screening effect” in specific industries. Therefore, while alleviating financing constraints, enterprises should also consider how to use the opportunities brought by financing constraints. This study provides theoretical support and practical guidance for enterprises to optimize their capital structure and financing strategies, and helps enterprises to better balance their capital structure and financing constraints, and enhance their enterprise value.