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巴基斯坦非金融上市公司的資本結(jié)構(gòu)實證探析

發(fā)布時間:2021-11-14 11:01
  資本結(jié)構(gòu)管理活動是指使企業(yè)價值最大化的債務(wù)和權(quán)益性證券(equity securities)的選擇。在他們的論文中,Modigliani和Miller (1958)提出,在完美的資本市場下,債務(wù)和權(quán)益間的選擇不會對公司價值產(chǎn)生實質(zhì)性的影響。盡管他們的“債務(wù)不相關(guān)理論”(debt irrelevance theorem)是基于現(xiàn)實世界中并不存在的假設(shè)建立的,但當(dāng)考慮到現(xiàn)實情況時,資本結(jié)構(gòu)的選擇就成為了價值最大化的重要因素。大多數(shù)關(guān)于資本結(jié)構(gòu)的研究,通常是以發(fā)達(dá)國家的相關(guān)數(shù)據(jù)為基礎(chǔ)而展開的。對于發(fā)展中國家企業(yè)的融資行為的研究則關(guān)注較少,特別是對于巴基斯坦企業(yè)的財務(wù)行為的定量研究則顯得尤為缺乏。因此,本文試圖通過調(diào)查一些和資本結(jié)構(gòu)相關(guān)的重要因素來完善現(xiàn)有關(guān)于巴基斯坦的公司資本結(jié)構(gòu)的研究。首先,本文研究了公司特有因素對資本結(jié)構(gòu)的影響;其次,本文研究了公司治理因素對公司資本結(jié)構(gòu)的影響;最后,本文研究了公司資本結(jié)構(gòu)對公司績效的影響。為了本文找出最能影響巴基斯坦公司資本結(jié)構(gòu)選擇的特有因素,本文采用了。巴基斯坦卡拉奇證券交易所(Karachi Stock Exchange,KSE)260家非金融上市公... 

【文章來源】:華中科技大學(xué)湖北省 211工程院校 985工程院校 教育部直屬院校

【文章頁數(shù)】:144 頁

【學(xué)位級別】:博士

【文章目錄】:
摘要
Abstract
List of Tables
List of Figures
1 Introduction
    1.1 Motivation of the study
    1.2 Objectives of the study
    1.3 Findings of the Study
    1.4 Practical importance of the study
    1.5 Uniqueness of the study
    1.6 Structure of the dissertation
2 Review of Literature
    2.1 Debate on theories of capital structure
        2.1.1 Trade-off theory
        2.1.2 Pecking order theory
        2.1.3 Trade-off versus pecking order theory
        2.1.4 Agency theory
        2.1.5 Free cash flow theory
        2.1.6 The signaling model
        2.1.7 The market timing model
    2.2 Firm-specific determinants of capital structure
        2.2.1 Profitability
        2.2.2 Size
        2.2.3 Non-debt tax shields
        2.2.4 Liquidity
        2.2.5 Asset tangibility
        2.2.6 Earnings volatility
        2.2.7 Growth opportunities
        2.2.8 Industry classification
    2.3 Theories affecting corporate governance development
        2.3.1 Agency theory
        2.3.2 Stakeholder theory
        2.3.3 Stewardship theory
        2.3.4 Resource dependence theory
    2.4 Corporate governance and capital structure
        2.4.1 Board size
        2.4.2 Outside directors
        2.4.3 Ownership concentration
        2.4.4 Managerial ownership
        2.4.5 Director remuneration
        2.4.6 CEO duality
    2.5 Capital structure and firm performance
3 Financial Markets in Pakistan
    3.1 Money market in Pakistan
    3.2 Capital market in Pakistan
        3.2.1 Non-securities market
        3.2.2 Securities market
4 Data, Variables and Research Methodology
    4.1 Determinants of capital structure
        4.1.1 Data description
        4.1.2 Variables
        4.1.3 Hypotheses
        4.1.4 Methodology
    4.2 Corporate governance and capital structure
        4.2.1 Data description
        4.2.2 Variables
        4.2.3 Hypotheses
        4.2.4 Methodology
    4.3 Capital structure and firm performance
        4.3.1 Data description
        4.3.2 Variables
        4.3.3 Hypothesis
        4.3.4 Methodology
5 Empirical Results
    5.1 Determinants of capital structure
        5.1.1 Descriptive statistics and correlations of variables
        5.1.2 Regression results
    5.2 Corporate governance and capital structure
        5.2.1 Descriptive statistics and correlations of variables
        5.2.2 Regression results
    5.3 Capital structure and firm performance
        5.3.1 Descriptive statistics and correlations of variables
        5.3.2 Regression results
6 Discussion on Empirical Results
    6.1 Determinants of capital structure
        6.1.1 Financing behavior of firms in Pakistan
        6.1.2 Comparison of debt ratios
        6.1.3 Debate on explanatory variables
        6.1.4.C omparison with prior empirical studies
    6.2 Corporate governance and capital structure
        6.2.1 Background of corporate governance in Pakistan
        6.2.2 Shareholdings pattern in Pakistan
        6.2.3 Debate on regression results
        6.2.4 Comparison with prior empirical studies
    6.3 Capital structure and firm performance
        6.3.1 Comparison with prior empirical studies
7 Summary and Conclusions
    7.1 Suggestions for further research
    7.2 Limitations of the study
Acknowledgements
References
Appendix - A


【參考文獻】:
期刊論文
[1]不同成長機會下資本結(jié)構(gòu)與經(jīng)營績效之關(guān)系研究[J]. 連玉君,程建.  當(dāng)代經(jīng)濟科學(xué). 2006(02)



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