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中文摘要：
资本结构波动会改变财务风险和资本成本，是企业价值的重要影响因素，但究竟哪些因素助推资本结构波动还有待于进一步明确。以2003—2012年沪深两市A股上市公司财务数据为依据，通过实证分析揭示企业规模、融资约束对资本结构波动的影响，结果显示：融资约束与企业资本结构波动呈正相关关系；企业规模与资本结构波动呈负相关关系；企业规模扩大能够抵消融资约束对资本结构波动的推动作用；国有企业的规模和融资约束对资本结构波动的影响都小于民营企业。
英文摘要：
Capital structure fluctuation（ CSF） alters financial risk and capital cost,which is an important factor affecting firm value. But it still needs further research to make out which factors affect CSF. In this article,based on the financial data of Ashare listed firms from Shanghai Security Exchange and Shenzhen Security Exchange（ 2003—2012）,we try to disclose the effect of firm scale and the expansion of financing constraints on CSF. We find that financing constraints have a positive relation with CSF; firm size has a negative relation with CSF. Firm scale growth can offset the driving effect of financial constraints on CSF; the effect of firm scale and the expansion of financing constraints affecting CSF in a state owned firm is less than that of a private firm.
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