上市公司资本结构影响因素研究

国内外许多学者对影响上市公司资本结构的因素进行了深入的理论与实证分析,但他们得到的研究结论往往相互矛盾。本文利用上市公司的截面数据,从实证的角度对我国上市公司资本结构的影响因素进行分析与比较,结果发现,影响上市公司资本结构的因素并不是稳定不变的。因此,用一种理论解释上市公司资本结构的影响因素是不现实的。     

内外部社会资本对知识创造的作用分析

本文通过理论研究证明:内部社会资本和外部社会资本对知识创造都有正向的影响,而且内部社会资本与外部社会资本之间存在相互关联关系.本文的研究为企业通过提高内部和外部社会资本提升知识创造能力提供理论基础.     

影响企业资本结构因素分析

企业的资本结构是由企业采取各种长期筹资方式筹资而形成的,表明企业全部资金来源中债务资本与权益资本(指所有者权益)之间的比例关系,各种筹资方式及其不同组合类型决定着企业的资本结构及其变化[1]。从MM理论诞生以来,国内外已有不少学者对于公司资本结构影响因素进行了大量理论与实证研究。本文希望通过影响因素的内在条件和外在环境具体分析归纳其影响因素,为企业选择更优的资本结构以扩大企业价值提出建议。     

优化企业资本结构探析

资本结构属于企业理财范畴,它与外部的政治、经济、金融等环境密切相关。研究资本结构是企业分析财务风险、确定筹资策略的前提。西方较成熟的资本结构理论为我国“优化资本结构”的研究提供了强有力的理论支撑。但由于我国与西方国家在资本结构的形成基础尤其是市场基础上的差异,因此,我们必须从认清资本结构的形成基础入手,借鉴西方资本结构的理论思路,通过分析影响我国企业资本结构的因素,采取微观的财务手段和宏观的政策手段相结合的措施,既要吸收从筹资角度的“增量”优化的研究成果,更要从“存量”上进行资产重组,才能取得实际的效果…     

浅谈影响企业资本结构的因素

影响企业资本结构因素有外部因素和内部因素,其中具有代表性因素包括国家宏观经济政策、税率、企业组织形式资产结构、企业规模等。为获得最优资本结构,公司不可能简单地考虑任何一项影响因素,而是要了解企业内部及外部诸多因素。以达到企业财富最大化的目的。     

房地产行业资本结构优化研究

文章从房地产行业资本结构的现状和存在的问题入手,结合资本结构的内涵和相关概念进行研究。首先,指出房地产行业的发展状况以及企业资本结构存在的问题;其次,对影响资本结构的外部以及内部因素进行分析探讨;最后,针对以上各方面的分析提出优化企业资本结构的方法和策略,供企业管理者进行参考,进而使企业能够选择最优的资本结构。     

市场择机对上市公司资本结构的长期影响

自从资本结构市场择机理论出现以来,学术界时市场择机是否对上市公司资本结构具有长期影响一直争论不休.本文考察了上市公司IPO年度市值账面比率对一段时期后资产负债率的影响,同时引入外部融资加权市值账面比率(MBefwa)变量,考察企业历史市场择机信息对当前资本结构的影响.两方面的研究结果均表明市场择机对我国上市公司资本结构具有长期持续性影响,从实证上支持了资本结构市场择机理论的观点.     

关于我国上市公司资本结构的几点思考

企业资本结构是是一个动态的概念。它始终随着企业各项理财活动的发生而改变。尤其是企业的筹资活动,与企业的资本结构互相依存、互相影响、互为因果。企业现有的资本结构影响筹资方式的组合选择,而企业筹资组合,尤其是外部筹资的来源构成最终决定了企业新的资本结构,从而影响企业的价值。因而,研究资本结构问题不能脱离筹资问题。     

我国有色金属上市公司资本结构影响因素的实证分析

自从MM不相关定理诞生以来,企业资本结构理论引起了经济学界的广泛关注。尽管国内外诸多学者对企业资本结构的影响因素作了许多理论阐述和实证研究,但有关有色金属企业资本结构的研究在国内仍很少见。本文运用主成分分析和多元回归相结合的方法对其资本结构形成可能的影响因素加以实证检验和分析。结果表明:企业的规模、盈利能力、成长性、资产结构以及非负债类税遁都是其资本结构形成的重要影响因素。     

上市公司资本结构影响因素研究综述

资本结构是上市公司财务管理决策的重要组成部分,是企业筹资、投资、收益分配决策的综合体现。自Modigliani和Miller提出MM理论以来,资本结构影响因素的研究备受关注。本文从公司特征因素、公司治理方面对近年来的资本结构影响因素研究成果进行了述评,并提出进一步研究的建议。     

The effect of internationalization on firm capital structure: A meta-analysis and exploration of institutional contingencies

Despite extensive research on the relationship between internationalization and firm capital structure, findings in this research area remain inconclusive. In this paper, we review the literature on the internationalization–capital structure relationship and investigate its direction, effect size, and multiple contingencies through a meta-analysis of 31 studies with a grand total of 223,658 firm observations and at least two separate samples each. Our cumulative evidence indicates lower debt ratios of multinational corporations compared to domestic corporations, in line with arguments of increased risk and agency costs in international operations. We extend our analysis to institutional characteristics in firms’ home countries and find that much of the existing variation in study findings can be explained using theory arguments on firm risk in internationalization. We contribute to an integration of international business and finance literature and point to directions for future research on determinants of the internationalization–capital structure relationship and its multiple contingencies.     

Firm Characteristics as Determinants of Capital Structures in Australia

This study investigates capital structures of Australian firms in relation to firm characteristics. Using an unbalanced panel of 367 firms observed over a 15‐year period from 1992 to 2006, our panel data regression results show that debt–asset ratio is positively related to asset tangibility but inversely related to growth prospects and business risk measured by unlevered beta of equity. We also find that although levered firms are generally more profitable than unlevered firms, profitability decreases the debt ratio of levered firms. We do not find that firm size affects the capital structure of Australian firms. These results are consistent with the pecking order and the agency cost theories but contradict the trade‐off theory.     

Relationship-based product innovations: Evidence from the global supply chain

Global supply chains offer a range of expertise to suppliers interested in generating innovative new products through capitalizing on the closeness of their working relationships with other firms. However, current knowledge on whether and how relational capital between firms can be leveraged for innovation is equivocal, conceptualizing little of the underlying processes responsible for mobilizing relational capital, as well as yielding mostly contradictory empirical results. This study proposes and tests the intermediate mechanisms of proactive customer orientation and joint learning capability as two distinctive capabilities that may account for how relational capital drives relationship-based innovation. Our conceptual model posits that the relational capital–innovation link is neither simple nor direct. An empirical test on 204 Taiwanese suppliers demonstrates the complexity of the innovation generation process. Two pathways from relational capital to innovation are revealed: joint learning capability fully mediates the link, whereas the role of proactive customer orientation is moderated by aspects of the suppliers' ties to their international customers; our theory is thereby largely confirmed. Finally, implications for the theory and practice of innovation in global supply chain relationships are drawn.     

Antecedents of firm performance in emerging economies: Business groups,strategy, industry structure,and state support

A rich literature has investigated the antecedents of firm performance in developed economies, resulting in a consensus view that firm resources and strategy are the key determinants. Several arguments, however, suggest that in emerging economies other factors are more important for firm performance. This study analyzes the impact of firm strategy and industry structure as well as business group membership and state support on firm performance in an advanced emerging economy, Turkey. Using a data set compiled from a selection of the 1000 largest manufacturing firms in this country, the study employs several regression models to identify the main determinants of firm performance as measured by productivity and net profit margin. In contrast to studies of developed economies, the investigation finds that firm-related factors (competitive strategies) do not significantly influence performance; instead factors related to industry structure and business group membership are the strongest determinants of firm performance; further, state support interacts with business group membership and is positively related to productivity.     

Capital structure and speed of adjustment in non-financial firms: Does sharia compliance matter? Evidence from Saudi Arabia

This study investigates the effect of sharia compliance status on firms' capital structure decisions and speed of adjustment in non-financial firms in the Saudi Arabian market from 2005 to 2016. It finds that sharia compliance plays a significant role in determining capital structure decisions. Specifically, sharia-compliant firms have significantly lower levels of leverage and slower speeds of adjustment as measured by both book and market proxies of capital structure than non-sharia-compliant firms, owing to the multiple restrictions to which they are subject, which limits their financing channels. To the best of our knowledge, this study is the first to compare the effect of sharia compliance on firms' capital structure speed of adjustment towards the trade-off theory target leverage ratio.     

Determinants of Working Capital Requirements in Selected Quoted Companies in Nigeria

In this article, the author investigates the determinants of working capital requirements of 66 firms in Nigeria using panel data for the period 1997–2007. The results suggest that sales growth, firms’ operating cycle, economic activity, size, and permanent working capital are firm specific characteristics that positively drive working capital policy. Leverage, however, is inversely related to working capital requirements. Essentially, the results imply that traditional valuation methods used to quantify the efficiency of corporate working capital policy may be suspect as increased investments in operating working capital may be necessitated by increased business uncertainties. In general, the findings suggest that some of the insights from modern finance theory are potable to Nigeria.     

Acquisition of Additional Equity Capital by Small Firms – Findings from the National Survey of Small Business Finances

While the importance of venture capital to the growth of small firms has been widely discussed during the past decade, little is known about the acquisition of additional equity capital, especially internal equity capital, by the majority of small firms in the U.S. This paper utilizes the information collected in the Federal Reserve Board’s 1993 and 1998 Small Business Finance Surveys to investigate the acquisition of additional equity capital by small firms. While the importance of public issue markets and venture capital investment in promoting the growth of small dynamic firms cannot be denied, the importance of external equity capital seems to be overstated. Only a very small number of small firms acquired additional external equity capital. It is the internal equity capital, not external, equity, that is one of the major financing sources for most small firms. We found that younger, lower quality firms were more likely to acquire additional internal equity capital than other firms. There appeared to be a “pecking order” of borrowing from internal sources to traditional lenders to non-traditional lenders. In addition, internal equity capital and debt acquired from traditional and non-traditional lenders appeared to be complementary financial resources.     

Foreign ownership mode,executive compensation structure,and corporate governance: Has the literature missed an important link? Evidence from Taiwanese firms

We propose an alternate context-based extension to the agency theory-grounded explanation of foreign ownership mode choices proposed in the literature. Using a sample of Taiwanese firms investing in the greater China region over the 2001–2009 period, we show that both economic and non-economic factors influence the choice of foreign ownership mode. In addition, we document that higher institutional ownership percentages motivate Taiwanese firms to select shared ownership in the greater China region. Further, no long term compensation mix/ownership structure link is found. These findings run counter to a theory provided for foreign ownership mode choices of US based firms. Our findings provide support for the validity of stewardship and social capital theory, but not financial incentives-based agency theory, for Taiwanese firms investing in the greater China region.     

Bundesfinanzierung für Berlin — ein Patentrezept für den Finanzausgleich ab 2020?

The federal states Bavaria and Hesse have demanded a change in the system of financial equalisation among the German federal states. One of their demands is that Berlin, as the German capital, should not receive payments from the fiscally strong federal states but rather directly from the federal government. But there are no strong arguments for such a regulation, and it would be contradictory to the constitutional rules on public finance. Moreover, there are additional objections both from a financial and a political point of view which indicate that the proposal by Bavaria and Hesse will not be successful.