企业去杠杆的财务内涵:基于复杂适应系统的理论解析  

The Financial Essence of Enterprise Deleveraging: A Theoretical Analysis in View of Complex Adaptive System

作　　者：赵华[1,2] 朱锐 Zhao Hua;Zhu Rui

机构地区：[1]长沙理工大学经济与管理学院,410114 [2]长沙理工大学城南学院,410076

出　　处：《会计研究》2020年第10期164-176,共13页Accounting Research

基　　金：国家自然科学基金项目(71801022);湖南省学位与研究生教育改革研究项目(2019JGZD051)的资助。

摘　　要：在企业杠杆高企和结构性去杠杆背景下,企业去杠杆是其稳增长、防风险的重要内容和关键手段之一。本文以复杂适应系统、财务杠杆理论为指导,破解企业去杠杆的财务复杂适应演化的逻辑密码,全面、系统探究其财务内涵。文章解析企业去杠杆财务循环机理,构建它的财务复杂适应系统循环模型;刻画其适应性、持续性、随机性及均衡性的财务复杂性特征;揭示其财务本质、根源、目标及对象范围的具体内涵;明晰企业去杠杆的优化、防控、提升及创造等财务功能的具体内容。旨在构建企业去杠杆复杂适应循环理论分析框架,丰富并拓深企业去杠杆与资本结构动态优化的财务决策理论,为企业去杠杆提供一种新型理论分析范式及学理支持,有效提升其执行效能。Under the background that domestic enterprises generally have high leverage and structural deleveraging has been encouraged by the nation,now deleveraging has become one of the important contents and critical methods to stabilize company growth and risks prevention.This paper,under the guidance of the complex adaptive system theory,trade-off theory and financial leverage principle,breaks through the logic code of the evolution of financial complex adaptive of deleveraging in enterprises,and explores the financial connotation of deleveraging comprehensively and systematically.The article establishes the evolution model of enterprise deleveraging finance,depicts the cycle mechanism of financial complex adaptive system of enterprise deleveraging,which in further analysis the financial complexity characteristics of company deleveraging,for instance,adaptability,sustainability,randomness and balance,etc.the basic essence of enterprise deleveraging,root causes,targets and objects will be revealed.This article also put forward the financial functions to optimize financial structure of enterprise deleveraging,to control financial risks,to improve financial efficiency and create financial value.The purpose of this article is to build up a general theoretical analysis framework for the discretionary decision-making of enterprise deleveraging under complex adaptive system,which will enrich and deepen the financial decision-making theory of enterprise deleveraging and dynamic optimization of capital structure.This will not only provide a new theoretical analysis paradigm and theoretical support for China’s enterprise deleveraging,but also in practice will improve the execution efficiency of enterprise deleveraging effectively.

关 键 词：企业去杠杆 财务内涵 复杂适应系统 财务结构 财务风险 财务效能 财务价值 

分 类 号：F275[经济管理—企业管理]