Term Debt Ratio Research Articles

Capital Structure Composition and Financial Performance of Food and Beverage Firms in Nigeria

The study examined capital structure composition and Financial performance of Food and Beverage firms using Secondary data obtained from Nigeria stock exchange. Leverage composition; Short term debt to total Asset, Long Term debt to total asset and debt-equity ratio were regressed against market performance proxies earnings yield, price/earnings ratio and Tobin Q. Variables were subjected to Hausmann test for selection of appropriate model. Findings indicate Significant positive relationship between short term debt over total asset ratio and Tobin Q, Long term debt to total asset relate significantly positively with Tobin Q and earnings yield Also, there is Significant positive relationship between Debt Equity ratio and Earnings yield. We also found significant negative relationships between Short term debt and Earnings yield, Long term debt and P/E ratio, and between Debt Equity ratio and Tobin Q. Additionally, we found insignificant negative relationship between Short term debt and Price earnings ratio and between Debt equity ratio and P/E ratio. Also, a shift in capital structure composition from STD/TA to LTD/TA has a positive effect on TBQ which is statistically significant and a Shift from LTD/TA to STD/TA still maintains an equally positive effect on TBQ. However, it is more rewarding for the firm to shift to more long-term debt in its capital structure as it has higher effect on TBQ. A shift from TD/TA to LTD/TA has a significant positive effect on Earnings Yield and a shift from LTD/TA to STD/TA has a positive insignificant effect on EY. It will be rewarding for the firms to increase their earnings yield by shifting from STD to LTD. Based on findings, we conclude different compositions of leverage have different effects on market valuation of firms. We recommend Firms should optimally use LTD to increase market valuation. And should also examine capital structure composition to ascertain which of the combination maximises firm value Keywords: Capital Structure Composition, Tobin Q, Earnings Yield, Debt/Equity ratio, Price Earnings Ratio DOI : 10.7176/EJBM/11-24-01 Publication date : August 31 st 2019

Analysis of the Role of Corporate Governance on Listed Firm’s Capital Structure: The East African Stock Markets Perspective

This paper examine the role of corporate governance on listed firm’s capital structure decisions in developing economies, East African stock markets. To achieve the objective of this paper, we used a strongly balanced panel dataset of 320 observations (i.e. a sample of 32 non-financial listed firms in East African region from 2006-2015. Measures for capital structure decisions were short term debt ratio (STDR),long term debt ratio (LTDR) and total debt ratio (TDR) as dependent variables and explanatory (independent) variable was corporate governance practices measured by researcher-constructed index consisting of 28 corporate governance provisions ;thus the corporate governance practices index (CGPI). Furthermore, the effects of control variable such as firm size (SIZ), the level of economic development (GDP) and industry dummies were also examined. The panel corrected standard errors (PCSEs) regression model was employed for corporate governance practices and capital structure decisions to analyze the data. Our results indicate a statistically significant negative effect of corporate governance practices on capital structure decisions at 5% significance level. Our paper contributes to both literature and the practical implications, because our paper provides a first insight of the corporate governance practices and its effects on capital structure decisions for the East African regional stock markets. The paper recommends to securities markets regulatory authorities in East African region such as East African member states securities regulatory authority (EASRA) and their respective countries securities markets regulatory authorities to stimulates new efforts towards better corporate governance practices to listed firms in the regional bloc due to its statistically significant effects on capital structure decisions and future study can be extended after considering external corporate governance mechanisms.

Determinants of Capital Structure in Industrial Companies: Conservative Policy—Applied Study on Jordanian Industrial for the Period (2014-2016)

The study aimed to define the factors that determinate the capital structure for industrial companies in Jordan. By depending on theoretical references and literature review that related to capital structure, and to define the determinants that influenced the capital structure by depending on statistical analysis. The study used 15 companies of Amman stock exchange for the period 2014-2016. 
 
 The study concluded multiple results. The most importantly, there is significant impact of profitability, interest rates, and the amount of tangible assets. And there is impact of investment opportunities, the size of company and to the adoption of conservative policy according to the comprehensive concept of indebtedness in building capital structure. There was no possible impact for financial distress. The study proposed recommendations. The most important recommendations are studying the underlying causes of reduction long term debt ratio to the total assets of many public share holding companies. Urging financial managers to study the capital structure and the factors that determinate it, in order to manage the capital structure of the companies according to scientific methodology. Urging companies to use Islamic instruments for funding the tangible assets .As it is appropriate to the prevailing economic conditions in the market in terms of profit rates. It is necessary to confirm the existence of a credit rating classification from international credit agencies that helps in issuance of instruments and corporate bonds, or to obtain credit. Urging companies using rent ending in ownership or finance leasing; and urging companies of tangible assets to obtain funding from Islamic and commercial banks especially, when the cost of borrowing and Islamic funding is less than the cost of the issuance of shares. The study suggested studying the determinate factors that makes some companies following the conservative policy in building the capital structure, and in maintaining high cash balances. The study affected the impact of the existence of financial organizations as board of directors in public shareholding companies determine and study the factors of building the capital structure.

Debt Financing and Corporate Finance Performance: A Dynamic Investigation from Nigeria Quoted Firms

There are two components of corporate capital. This paper examined the effect of debt financing on the financial performance of quoted firms in Nigeria stock exchange using time series data from 2000-2017. The objective was to examine the controversial findings of scholars on the effect of capital structure on corporate performance of firms. Return on assets and return on equity was modeled as the function of debt equity ratio, debt ratio, equity ratio, total liability ratio and long term debt ratio. Multiple regressions with the aid of statistical package for social sciences were used as data analysis techniques. Model one found that a correlation coefficient (r) of .872 this implies that a very strong correlation exists between return on assets and explanatory variables. The coefficient of determination (r²) is .678 which shows that 67.8% of the variation in Return on Assets is attributable to the variations in the financial leverage. Also, the F- value calculated of 8.338 has a correlation corresponding value of .004 which implies a good model utility. The test of significance conducted as shown in the tables above states that ROA has a calculated value of 242.032 and a corresponding significance value/probability value of .014. The positive sign of t-value (1.653) shows the direction of the variables. This therefore implies that when a financial leverage is well used, this leads to a better, reliable and fairer financial result that is objective and represent the true state of affairs in the food and beverage companies proportionately. Model two found that a correlation coefficient (r) of .772 this implies that a very strong correlation exists between return on assets and explanatory variables. The coefficient of determination (r²) is .639 which shows that 63.9% of the variation in return on equity is attributable to the variations in the financial leverage. Also, the F- value calculated of 7.644 has a correlation corresponding value of .004 which implies a good model utility. The test of significance conducted as shown in the tables above states that ROE has a calculated value of 568.906 and a corresponding significance value/probability value of .003. The positive sign of t-value (3.310) shows the direction of the variables. This therefore implies that when a financial leverage is well used, this leads to a better, reliable and fairer financial result that is objective and represent the true state of affairs in the food and beverage companies proportionately. We recommend that management of the firms should work very hard to optimize the capital structure in order to increase the returns on equity and assets and that Management of Nigerian firms should increase their commitments into capital structure in order to improve earnings from their business transaction.

Debt Financing and Corporate Finance Performance: A Dynamic Investigation from Nigeria Quoted Firms

There are two components of corporate capital. This paper examined the effect of debt financing on the financial performance of quoted firms in Nigeria stock exchange using time series data from 2000-2017. The objective was to examine the controversial findings of scholars on the effect of capital structure on corporate performance of firms. Return on assets and return on equity was modeled as the function of debt equity ratio, debt ratio, equity ratio, total liability ratio and long term debt ratio. Multiple regressions with the aid of statistical package for social sciences were used as data analysis techniques. Model one found that a correlation coefficient (r) of .872 this implies that a very strong correlation exists between return on assets and explanatory variables. The coefficient of determination (r²) is .678 which shows that 67.8% of the variation in Return on Assets is attributable to the variations in the financial leverage. Also, the F- value calculated of 8.338 has a correlation corresponding value of .004 which implies a good model utility. The test of significance conducted as shown in the tables above states that ROA has a calculated value of 242.032 and a corresponding significance value/probability value of .014. The positive sign of t-value (1.653) shows the direction of the variables. This therefore implies that when a financial leverage is well used, this leads to a better, reliable and fairer financial result that is objective and represent the true state of affairs in the food and beverage companies proportionately. Model two found that a correlation coefficient (r) of .772 this implies that a very strong correlation exists between return on assets and explanatory variables. The coefficient of determination (r²) is .639 which shows that 63.9% of the variation in return on equity is attributable to the variations in the financial leverage. Also, the F- value calculated of 7.644 has a correlation corresponding value of .004 which implies a good model utility. The test of significance conducted as shown in the tables above states that ROE has a calculated value of 568.906 and a corresponding significance value/probability value of .003. The positive sign of t-value (3.310) shows the direction of the variables. This therefore implies that when a financial leverage is well used, this leads to a better, reliable and fairer financial result that is objective and represent the true state of affairs in the food and beverage companies proportionately. We recommend that management of the firms should work very hard to optimize the capital structure in order to increase the returns on equity and assets and that Management of Nigerian firms should increase their commitments into capital structure in order to improve earnings from their business transaction.

Measuring Solvency In The Turkish Public Transportation Industry

Financial analysis is a combined effort of knowledge and experience to obtain relevant ratios and elaborate on the results. The study is an application of financial analysis on Istanbul Public Transportation Company. As seen in the literature review section of the study public transportation companies require high subsidies by governments which is a factor to consider in the research. The research period is 2014-2016. It is a comparative study with the inclusion of Izmir – ESHOT and Ankara – EGO public transportation companies. The results are therefore compared with industry averages computed by the average of public transportation companies of three big cities in Turkey. The research is based on 7 selected ratios, 3 for measuring liquidity and the remaining 4 for measuring solvency. The ratios used in this paper are current ratio, acid test ratio, cash ratio, total debt ratio, debt equity ratio, equity multiplier, and long term debt ratio. According to the results, the companies have a very low current ratio which means they operate with low liquidity. Solvency analysis also reveal that, there are high degrees of leverage and negative shareholders’ equity. The research shows that companies might struggle to repay debts without government support

Pengaruh Financial Leverage terhadap Financial Performance pada Sektor Industri Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2015

The manufacturing sector is one of the most dominant economic sectors in in achieving growth and development in Indonesia. It needs adequate fund to develop its business. The sources of fund are from internal and external. The firm usually optimized the usage of internal fund prior to external fund. The internal fund comes from equity while the external funds are from debt and stock. Debt is also known as financial leverage. There is a phenomenon that the usage of debt increased the firm’s financial performance, since interest on debt could lower the payment of tax (tax shield). On the other side, the higher the financial leverage the higher the risk of bankruptcy. This research aims to analyze whether financial leverage has an influence on financial performance in the manufacturing sector listed on the Indonesia Stock Exchange (IDX) period 2015. The method of analysis used in this research is multiple linear regression analysis. This research uses quantitative approach with a sample of 140 listed companies in the manufacturing industry. The firm’s financial performance could be measured by the financial ratios. Financial Leverage ratios are ratios that measure the ability of firm’s to meet its financial obligation and the level of usage debt as compared to equity. There are several financial leverage ratios that used in this research, such as Debt Ratio (DR), Debt to Equity Ratio (DER), Interest Coverage Ratio (ICR), and Long Term Debt Ratio (LTDR). Financial performance indicates the ability of firm to generate profit and measured by Profitability Ratio. Return on Asset (ROA) is one of the Profitability Ratio. The statistical result shows that Debt Ratio (DR) negatively affect Return on Asset (ROA) and Interest Coverage Ratio (ICR) positively affect Return on Asset (ROA). Meanwhile, Debt to Equity Ratio (DER) and Long Term Debt Ratio (LTDR) did not affect Return on Asset (ROA). On the other hand, result shows that Debt Ratio (DR), Debt to Equity Ratio (DER), Interest Coverage Ratio (ICR), and Long Term Debt Ratio (LTDR) affect Return on Asset (ROA) simultaneously.
 Keywords: Financial Leverage, Debt Ratio (DR), Debt to Equity Ratio (DER), Interest Coverage Ratio (ICR), Long Term Debt Ratio (LTDR), Financial Performance, Return on Assets (ROA)

How Does Board Structure Characteristics Affect Capital Structure Decisions? Evidence from East African Stock Markets

This research examines the board structure characteristics and its effects on capital structure decisions in developing economies, East African stock markets. To achieve the objective of this research, we used a strongly balanced panel dataset of 320 observations (i.e. a sample of 32 non-financial listed firms in East African region from 2006-2015. Measures for capital structure decisions were short term debt ratio (STDR),long term debt ratio (LTDR) and total debt ratio (TDR) as dependent variables and explanatory (independent) variable was board structure characteristics measured by researcher-constructed index consisting of 10 board structure characteristics provisions; thus the board structure characteristics index (BSCI), furthermore, the effects of control variable such as firm size (SIZ),the level of economic development (GDP) and industry dummies were also examined. The panel corrected standard errors (PCSEs) regression model was employed for board structure characteristics and capital structure decisions to analyze the data. Our results indicate a statistically significant negative effect of board structure characteristics on capital structure decisions (except on short term debt where it’s insignificant) all models at 5% significance level. Our study is very innovative in both corporate finance and accounting literature and the practical implications because our study provides a first insight of the board structure characteristics and its effects on capital structure decisions for East African stock markets context. The study recommends to securities markets regulatory authorities in East African region such as East African member states securities regulatory authority (EASRA) and their respective countries securities markets regulatory authorities to stimulates new efforts towards better board structure provisions to listed firms in the regional bloc due to its statistically significant effects on financing behavior and future research can be extended after inclusion of both listed and unlisted firms.

The Impact of Capital Structure on Profitability of Commercial Banks in Ghana

The study examined the effect of capital structure (measures as short term debt ratio, long term debt ratio, and total debt ratio) on profitability (measured as Return on Assets and Return on equity) of commercial banks in Ghana. The study sampled 23 banking over a six year period from 2010 to 2015 and extracted data from the annual of these banks. Data was analysed using descriptive statistics, correlation analysis as well as panel regression analysis. The results showed that banks in Ghana are highly leveraged with debt financing constituting 84% of total capital out of which 77% is short term debt despite the increase in minimum equity capital of these banks. The regression analysis revealed that short term debt ratio and long term debt ratio are negatively related with profitability of banks in Ghana. However, total debt ratio was positively associated with profitability of Banks in Ghana. On the control variables, firm size, foreign ownership and age of the bank were positively associated with banks profitability whiles growth in customers? deposits was negatively associated with banks? profitability. The results show that commercial banks in Ghana reliance on short term financing (deposits) reduces banks profitability and as such banks should shift their financing focus from deposits to other sources. The results call for firms to choose the right mix of short term and long term debt that will maximize profitability of bank.

Capital structure and financial performance of listed manufacturing firms in Nigeria

This study examined the impact of capital structure on financial performance of quoted manufacturing firms in Nigeria over the period 2005-2014. Panel methodology was applied to analyse the impact of capital structure on financial performance of quoted manufacturing firms in Nigeria. The findings of the panel ordinary least square show that a positive statistically significant relationship exist between long term debt ratio(LTD) (0.0001), total debt ratio (TD) (0.0065) and return on equity (ROE) while a positive statistically insignificant relationship between ROE (return on equity) and STD (Short term debt ratio). There was also a negative insignificant relationship between all the proxies of capital structure (LTD, STD and TD) and ROA which makes ROE a better measure of performance. The study concluded that capital structure has a positive impact on financial performance and companies should employ more of long term debts. Therefore it recommends that every firm should make good capital structures decision to earn profit and carry on their business successfully.

Capital Structure Relation to the Performance of an Organization: Private Sugar Manufacturing Companies

The sugar industry contributes extensively to the economy of Kenya. Despite this, in the recent past, the sector has faced a myriad of problems which led to a decline in financial performance. The paper determined the relationship between debt to equity ratio, debt to asset ratio, long-term debt ratio and the financial performance of private sugar manufacturing organizations. It also determined the correlation linking capital structure and the financial performance of private sugar sector. A cross-section survey was adopted as research design. Census of all the six private sugar firms in Kenya that had been in operation since the year 2010 to 2017. It relied on secondary data which was collected through secondary data collection schedule from published accounts of the participating firms. The paper adopted multiple regression models. The content pass through content validity index, supervisors and research experts. Audited published accounts from authentic source were used to increase reliability. The research findings showed that debt equity ratio had significant effect on financial performance, debt asset ratio has no significant effect on financial performance, long term debt equity ratio has a significant effect on financial performance and moderating factor of firm size has no effect on financial performance. In conclusion capital structure has no effect on financial performance of private manufacturing sugar companies. The study recommends that the debt equity ratio, long term debt ratio be considered, Firms should consider borrowing if they are able to repay.

Nonlinear impacts of debt ratio and term spread on inward FDI performance persistence

This paper adopts panel smooth transition autoregression models with the proxies of monetary and fiscal policies (i.e., term spread and debt ratio) as the transition variables to estimate inward foreign direct investment (FDI) performance and its persistence. The models can trace the characteristics of inflow FDI performance in nonlinearity, heterogeneity, and persistence. Empirical results show that the inward FDI performance and its persistence for the ten OECD countries during 1996–2010 are nonlinear and vary with time and across countries, depending on the proxies in different regimes. The threshold values for the term spread and debt ratio are 2.51 and 64.9847%, respectively. Moderately enhancing the term spread and the debt ratio is helpful to exclude specific exogenous disturbance on FDI inflows and stabilize the persistence of FDI inflow performance. However, debt issuance causes a transitorily volatile effect on the persistence (i.e., a negative persistence effect) more easily than monetary policy.

Factors Explaining Debt Firm Policy: A Comparison between Five Intercontinental Countries

We test the factors explaining the debt policy of firms across five continents. To this end, we examine samples from South Africa, Australia, Brazil, India and Spain over a period of 8 years from 2003 to 2010. The results manipulate differences in debt policy for all countries (except for the variable Return on Assets, ROA). As for the effect of activity sectors on firm debt policy, higher performance led to lower firm debt ratios. Furthermore, we concluded some differences in other variables. Higher tangibility ratios for firms from South Africa, India and Spain led to higher capital structure ratios. Larger firms from Brazil led to lower short term debt ratio. We could not find evidence on the effect of firm growth opportunities in Brazil and India. Furthermore, we concluded to a positive and a statistically significant effect of liquidity ratio for Australia and India, and a positive and a statistically significant effect of firm age for firms from Spain.

Capital Structure Influence on Construction Firm Performance

The interconnectedness between capital structure and firm performance is a topic of high interest among scholars and management alike. The scholars tend to unveil the why segment of the relationship, while the management looks into the how side to promote capital structure policy which can optimise the firm performance. While many studies have looked into this relationship across multiple industries and spanning across decades of data, the current study trains its lens on Malaysian public listed company companies which operate in the construction sector, and with data window between 2010 to 2014. This specific sector was chosen for their high gearing which renders firms to relatively high insolvency exposure emanating from interest rate fluctuations. The five-year timeframe was selected to isolate potential data contaminations streaming from global financial crisis which winds down in 2009. Financial data of the company were extracted from Bloomberg Terminal based on a pre-prepared list of Bloomberg tickers. A total of 225 observations were recorded in this study. Using Tobin’s Q as a proxy for firm performance, this study finds a mixed result where short term debts ratio indicates a significant negative effect, while long term debt ratio presents a non-significant influence. Explanations on this output are therefore discussed in this paper.

Financial Performance of Illinois Grain Farms: Deterioration in 2015

Efficiency Operating expense ratio 71% 57% 55% 55% 69% 72% 81% Depreciation expense ratio 7% 7% 7% 7% 10% 11% 13% Interest expense ratio 3% 3% 2% 2% 2% 2% 3% Profitability Net income from operations 18% 33% 36% 35% 18% 14% 3% Return on farm assets 3.4% 8.4% 9.6% 3.8% 2.6% 1.6% -0.6% Repayment Capacity Term debt and capital lease ratio 1.64 3.67 4.67 4.57 1.57 1.38 0.44 Liquidity Current ratio 2.31 2.56 2.73 3.08 2.59 2.32 2.05 Solvency Debt-to-asset ratio 0.22 0.21 0.20 0.18 0.18 0.18 0.20 Year Table 1. Financial Performance of Grain Farms Enrolled in Illinois Farm Business Farm Management

Post IPO dynamics of capital structure on the Johannesburg Stock Exchange

This paper examines the dynamics of capital structure for firms engaging in initial public offerings (IPOs) on the Johannesburg Stock Exchange (JSE). Censored Tobit regressions are used to model capital structure targeting behaviour. The findings suggest evidence of targeting behaviour consistent with the static trade off theory of capital structure. On average, IPO firms adjust towards the capital structure target at a faster pace than seasoned firms; IPO firms take, on average, 0.77 years to cover half the financing gap, whereas seasoned firms take an average of 2.65 years. In the first year following the IPO, hot market IPOs significantly reduce their total debt, while cold market IPOs increase the total debt significantly. In terms of the total debt ratio, hot market IPOs adjust at a marginally faster pace than cold market IPOs. However, the opposite is true when the long term debt ratio is considered. In addition, hot market IPOs adjust faster than cold market IPOs in the first year following the IPO. The average first year adjustment speed of hot market IPO firms is 45.61 percent higher than the speed of adjustment for the average cold market IPO firm.

Does Corporate Capital Structure influence Corporate Financial Performance in Developing Economies? Evidence from East African Stock Markets

This paper examines the statistically significant influence which capital structure has had on corporate financial performance of listed non-financial companies in East African stock markets. It used panel data of 272 observations including 34 East African non-financial listed firms listed in East African stock markets such as Dar Es Salaam Stock Market (DSE), Nairobi Securities Exchange (NSE) and Uganda Securities Exchange (USE) for a period of 8 years {i.e. 2006-2013}.Using the Panel Corrected Standard Errors (PCSEs) and Fixed Effect (FE),the study formulated two (2) econometric models with return on assets (ROA) and return on equity (ROE) as dependent variables and measures of corporate financial performance respectively, three (3) independent variables such as short term debt ratio (STDR),long term debt ratio (LTDR) and total debt ratio (TDR) as a measure of capital structure, furthermore the study used size of the firm (SIZ) as a control variable in order to control the differences in firm’s operating environment. The result indicate that capital structure has a negative and statistically significant influence on East African listed firm’s financial performance at 5% significance level. These results show that in average profitable listed firms in East African prefers to use internal source of financing in their capital structure as compared to external source of financing {like Debts-STDR,LTDR and TDR} and this results are supporting pecking order theory. Lastly the study recommends to corporate financial managers of East African non-financial listed firms should reduce financing their operations and growth by debt (STDR,LTDR and TDR) on their capital structure in order to enhance their corporate financial performance, regulatory authorities in East African region such as East African member states securities regulatory authority (EASRA) to formulate policies that will improving of financial markets in the region in order to reduce the cost of debt, further research could examine the influence {if any} of capital structure on sector wise (as per industry-like Manufacturing firms) for East African non-financial listed firms, take into account more control variables which are likely to influence financial performance such as macroeconomic variables (like gross domestic product - GDP) and consider other capital structure theories like ,market timing theory, agency theory which were not considered in our study.

The Effect of International Trading Activities of Firms on Their Financial Structure

<p>This study aims to find out the impacts of international trading activities of firms on the their capital structure and profitability by using panel data analysis of the manufacturing companies listed in Istanbul Stock Exchange (ISE) for the period of 2009–2014. For this purpose we analyzed 107 manufacturing firms that declared international trade and financial data figures.<strong> </strong>We observed an inverse effect of import level on the long-term debt ratio and the negative impact of export level on the profitability. Every one-unit increase in import ratio decreases long term debt ratio by 0.0764, and every one-unit increase in export ratio decreases profitability by 0.0517. According to empirical findings there is no effect of import level on the short-term debt ratio, shareholder equity ratio and profitability. At the same time there is no effect of export level on the long term debt ratio, short term debt ratio and shareholder equity ratio.</p>

A Study on Impact of Leverage ON Profitability: Empirical Evidence from Select Pharmaceutical Companies in India

This empirical study evaluates the relationship between profitability and leverage of selected pharmaceutical companies in India. The study finds that by studying specific industry's leverage, one can ascertain unique attributes, which are usually not apparent in the combined analysis of many sectors. This study has analyzed 30 companies in the pharmaceutical industry, which are selected based on the consistency of the data for the period 2006 – 2015 using statistical tools like Descriptive Statistics, Multiple Correlation and Multiple Regression Analysis. Seven regressors i.e., size, growth rate, long term debt ratio, total debt ratio, tangibility, non-debt tax shield and interest coverage ratio are employed to examine their effects on different profitability indicators such as return on assets, return on equity and earnings per share. The empirical results revealed that independent variables such as, size and total debt ratios have statistically significant relationship with the different proxies of profitability and they determine the profitability to a great extent.

企业生命周期与中小企业资本结构

生命周期对企业财务行为有着重要影响。本文以571家中小企业板制造业企业2010~2014年的数据为样本，用现金流量法界定企业所处生命周期，并对不同阶段的资本结构及其影响因素进行对比分析。实证结果表明，相对于成熟期和衰退期，成长期企业资产负债率和长期负债率更高。在企业生命周期的不同阶段，资本结构的影响因素也存在差异：成长期企业资产负债率与成长能力正相关，与非债务税盾负相关，而成熟期和衰退期企业资产负债率则受到盈利能力的负向影响；成长期和衰退期企业长期负债率受企业规模的正向影响以及成长能力和非债务税盾的负向影响，而成熟期企业长期负债率则与盈利能力负相关。 The enterprises life cycle always has a significant effect on financial behavior. In this paper, we construct a panel data containing 571 listed SMEs during 2010 and 2014 as samples. We use cash flow structure to measure life cycle of our samples, and aim at exploring and comparing the decisions of capital structure of SMEs in different life cycle. It turns out that compared with maturation and recession stages, the growth stage has higher Debt-Asset Ratio (DAR) and Long Term Debt Ratio (LTD); influencing factors of the capital structure are various among different stages. The growth has a positive effect on DAR in growth stage while non-debt tax shield has a negative one. But the probability and DAR in maturation and recession stages are negatively correlated. Besides, the firm’s size has positive effects on LTD in growth and recession stages while the non-debt tax shield and growth have negative ones. Probability is negatively correlated with LTD in maturity stage.