非财务利益相关者与企业资本结构决策
Non-financial Stakeholder and Enterprise Capital Structure Decision

财务利益相关者不能完全解释企业资本结构决策。从非财务利益相关者的角度出发，结合企业自身特征，探讨其对企业资本结构决策的影响。研究结果表明：非财务利益相关者的自身特征如负债水平和行业集中度等会对企业资本结构决策产生影响。进一步地，企业自身特征如产品异质性、行业地位等会改变非财务利益相关者对企业资本结构决策的影响程度。
The financial stakeholders cannot fully explain the enterprise capital structure decision. From the perspective of non-financial stakeholders, this paper discusses its influence on enterprise capital structure decision based on its own characteristics. The results show that the characteristics of non-financial stakeholders, such as debt level and industry concentration, will influence the decision-making of enterprise capital structure. Further, the characteristics of enterprises themselves, such as product heterogeneity and industry status, will change the degree of influence of non-financial stakeholders on the decision-making of corporate capital structure.