数字经济能促进企业资本结构调整方式与生命周期匹配吗?  

Can Digital Economy Promote Matching of Capital Structure Adjustment Mode and Life Cycle of Enterprises?

作　　者：王媛 王敬 Wang Yuan;Wang Jing

机构地区：[1]山西师范大学经济与管理学院,山西太原030031 [2]大连理工大学管理与经济学部,辽宁大连116024

出　　处：《企业经济》2025年第4期151-160,共10页Enterprise Economy

基　　金：山西省高等学校哲学社会科学研究项目“数字经济与科技创新协同驱动山西省制造业高质量发展的路径与机制研究”(项目编号:2024W040)。

摘　　要：基于2015—2023年非金融上市公司数据,研究数字经济对企业资本结构调整方式与生命周期的适应性匹配效果。实证结果发现:企业向上调整资本结构时,成长期的企业更愿意选择增加债务的方式进行调整;处于成熟期和衰退期的企业则更偏好选择现金分红的方式。企业向下调整资本结构时,成长期的企业由于股价升值空间较大,更倾向选择发行股票的方式进行调整;处于成熟期和衰退期的企业,则偏好选择偿还债务的方式减少债务,以达到向下调整资本结构的目的。数字化转型显著促进成熟期和衰退期的企业资本结构调整方式与生命周期的适应性匹配,而对成长期企业促进效果不明显。进一步研究发现,企业适应性的选择资本结构调整方式能够降低企业风险,并进而提升企业绩效。最后,对处于不同发展阶段的企业在调整资本结构时适时的选择调整方式提出对策建议。Based on data from non-financial listed companies from 2015 to 2023,this paper investigates the adaptive matching effect of digital economy on enterprises'capital structure adjustment methods across different life cycle stages.The empirical results reveal that when enterprises adjust their capital structure upwards,those in the growth stage are more willing to choose debt increases as the means of adjustment,while enterprises in the maturity and decline stages prefer cash dividends.Conversely,when enterprises adjust their capital structure downwards,those in the growth stage,due to greater potential for stock appreciation,are more inclined to opt for stock issuance for adjustment.Enterprises in the maturity and decline stages,however,prefer to reduce debt through debt repayment to achieve the goal of adjusting the capital structure downward.Digital transformation significantly promotes the adaptive matching of capital structure adjustment mode with the life cycle for enterprises in the maturity and decline stages,but has a less pronounced effect on enterprises in the growth stage.Further research indicates that enterprises'adaptive choices in capital structure adjustment mode can reduce corporate risk and subsequently enhance enterprises performance.Finally,the paper puts forward some countermeasures and suggestions for enterprises in different stages of development to choose timely adjustment ways when adjusting capital structure.

关 键 词：资本结构调整方式 数字经济 适应性匹配 企业生命周期 

分 类 号：F275.1[经济管理—企业管理]