1、外文翻译THEEFFECTOFCAPITALSTRUCTUREONPROFITABILITYANEMPIRICALANALYSISOFLISTEDFIRMSINGHANAMATERIALSOURCETHEJOURNALOFRISKFINANCEVOL6NO5,2005AUTHORJOSHUAABORINTRODUCTIONTHECAPITALSTRUCTUREDECISIONISCRUCIALFORANYBUSINESSORGANIZATIONTHEDECISIONISIMPORTANTBECAUSEOFTHENEEDTOMAXIMIZERETURNSTOVARIOUSORGANIZATION
2、ALCONSTITUENCIES,ANDALSOBECAUSEOFTHEIMPACTSUCHADECISIONHASONAFIRMSABILITYTODEALWITHITSCOMPETITIVEENVIRONMENTTHECAPITALSTRUCTUREOFAFIRMISACTUALLYAMIXOFDIFFERENTSECURITIESINGENERAL,AFIRMCANCHOOSEAMONGMANYALTERNATIVECAPITALSTRUCTURESITCANISSUEALARGEAMOUNTOFDEBTORVERYLITTLEDEBTITCANARRANGELEASEFINANCING
3、,USEWARRANTS,ISSUECONVERTIBLEBONDS,SIGNFORWARDCONTRACTSORTRADEBONDSWAPSITCANISSUEDOZENSOFDISTINCTSECURITIESINCOUNTLESSCOMBINATIONSHOWEVER,ITATTEMPTSTOFINDTHEPARTICULARCOMBINATIONTHATMAXIMIZESITSOVERALLMARKETVALUEANUMBEROFTHEORIESHAVEBEENADVANCEDINEXPLAININGTHECAPITALSTRUCTUREOFFIRMSDESPITETHETHEORET
4、ICALAPPEALOFCAPITALSTRUCTURE,RESEARCHERSINFINANCIALMANAGEMENTHAVENOTFOUNDTHEOPTIMALCAPITALSTRUCTURETHEBESTTHATACADEMICSANDPRACTITIONERSHAVEBEENABLETOACHIEVEAREPRESCRIPTIONSTHATSATISFYSHORTTERMGOALSFOREXAMPLE,THELACKOFACONSENSUSABOUTWHATWOULDQUALIFYASOPTIMALCAPITALSTRUCTUREHASNECESSITATEDTHENEEDFORTH
5、ISRESEARCHABETTERUNDERSTANDINGOFTHEISSUESATHANDREQUIRESALOOKATTHECONCEPTOFCAPITALSTRUCTUREANDITSEFFECTONFIRMPROFITABILITYTHISPAPEREXAMINESTHERELATIONSHIPBETWEENCAPITALSTRUCTUREANDPROFITABILITYOFCOMPANIESLISTEDONTHEGHANASTOCKEXCHANGEDURINGTHEPERIOD19982002THEEFFECTOFCAPITALSTRUCTUREONTHEPROFITABILITY
6、OFLISTEDFIRMSINGHANAISASCIENTIFICAREATHATHASNOTYETBEENEXPLOREDINGHANAIANFINANCELITERATURETHEPAPERISORGANIZEDASFOLLOWSTHEFOLLOWINGSECTIONGIVESAREVIEWOFTHEEXTANTLITERATUREONTHESUBJECTTHENEXTSECTIONDESCRIBESTHEDATAANDJUSTIFIESTHECHOICEOFTHEVARIABLESUSEDINTHEANALYSISTHEMODELUSEDINTHEANALYSISISTHENESTIMA
7、TEDTHESUBSEQUENTSECTIONPRESENTSANDDISCUSSESTHERESULTSOFTHEEMPIRICALANALYSISFINALLY,THELASTSECTIONSUMMARIZESTHEFINDINGSOFTHERESEARCHANDALSOCONCLUDESTHEDISCUSSIONLITERATUREONCAPITALSTRUCTURETHERELATIONSHIPBETWEENCAPITALSTRUCTUREANDFIRMVALUEHASBEENTHESUBJECTOFCONSIDERABLEDEBATETHROUGHOUTTHELITERATURE,D
8、EBATEHASCENTEREDONWHETHERTHEREISANOPTIMALCAPITALSTRUCTUREFORANINDIVIDUALFIRMORWHETHERTHEPROPORTIONOFDEBTUSAGEISIRRELEVANTTOTHEINDIVIDUALFIRMSVALUETHECAPITALSTRUCTUREOFAFIRMCONCERNSTHEMIXOFDEBTANDEQUITYTHEFIRMUSESINITSOPERATIONBREALEYANDMYERS2003CONTENDTHATTHECHOICEOFCAPITALSTRUCTUREISFUNDAMENTALLYAM
9、ARKETINGPROBLEMTHEYSTATETHATTHEFIRMCANISSUEDOZENSOFDISTINCTSECURITIESINCOUNTLESSCOMBINATIONS,BUTITATTEMPTSTOFINDTHEPARTICULARCOMBINATIONTHATMAXIMIZESMARKETVALUEACCORDINGTOWESTONANDBRIGHAM1992,THEOPTIMALCAPITALSTRUCTUREISTHEONETHATMAXIMIZESTHEMARKETVALUEOFTHEFIRMSOUTSTANDINGSHARESFAMAANDFRENCH1998,AN
10、ALYZINGTHERELATIONSHIPAMONGTAXES,FINANCINGDECISIONS,ANDTHEFIRMSVALUE,CONCLUDEDTHATTHEDEBTDOESNOTCONCEDETAXBENEFITSBESIDES,THEHIGHLEVERAGEDEGREEGENERATESAGENCYPROBLEMSAMONGSHAREHOLDERSANDCREDITORSTHATPREDICTNEGATIVERELATIONSHIPSBETWEENLEVERAGEANDPROFITABILITYTHEREFORE,NEGATIVEINFORMATIONRELATINGDEBTA
11、NDPROFITABILITYOBSCURESTHETAXBENEFITOFTHEDEBTBOOTHETAL2001DEVELOPEDASTUDYATTEMPTINGTORELATETHECAPITALSTRUCTUREOFSEVERALCOMPANIESINCOUNTRIESWITHEXTREMELYDIFFERENTFINANCIALMARKETSTHEYCONCLUDEDTHATTHEVARIABLESTHATAFFECTTHECHOICEOFTHECAPITALSTRUCTUREOFTHECOMPANIESARESIMILAR,INSPITEOFTHEGREATDIFFERENCESP
12、RESENTEDBYTHEFINANCIALMARKETSBESIDES,THEYCONCLUDEDTHATPROFITABILITYHASANINVERSERELATIONSHIPWITHDEBTLEVELANDSIZEOFTHEFIRMGRAHAM2000CONCLUDEDINHISWORKTHATBIGANDPROFITABLECOMPANIESPRESENTALOWDEBTRATEMESQUITAANDLARA2003FOUNDINTHEIRSTUDYTHATTHERELATIONSHIPBETWEENRATESOFRETURNANDDEBTINDICATESANEGATIVERELA
13、TIONSHIPFORLONGTERMFINANCINGHOWEVER,THEYFOUNDAPOSITIVERELATIONSHIPFORSHORTTERMFINANCINGANDEQUITYHADLOCKANDJAMES2002CONCLUDEDTHATCOMPANIESPREFERLOANDEBTFINANCINGBECAUSETHEYANTICIPATEAHIGHERRETURNTAUB1975ALSOFOUNDSIGNIFICANTPOSITIVECOEFFICIENTSFORFOURMEASURESOFPROFITABILITYINAREGRESSIONOFTHESEMEASURES
14、AGAINSTDEBTRATIOPETERSENANDRAJAN1994IDENTIFIEDTHESAMEASSOCIATION,BUTFORINDUSTRIESBAKER1973,WHOWORKEDWITHASIMULTANEOUSEQUATIONSMODEL,ANDNERLOVE1968ALSOFOUNDTHESAMETYPEOFASSOCIATIONFORINDUSTRIESRODENANDLEWELLEN1995FOUNDASIGNIFICANTPOSITIVEASSOCIATIONBETWEENPROFITABILITYANDTOTALDEBTASAPERCENTAGEOFTHETO
15、TALBUYOUTFINANCINGPACKAGEINTHEIRSTUDYONLEVERAGEDBUYOUTSCHAMPION1999SUGGESTEDTHATTHEUSEOFLEVERAGEWASONEWAYTOIMPROVETHEPERFORMANCEOFANORGANIZATIONINSUMMARY,THEREISNOUNIVERSALTHEORYOFTHEDEBTEQUITYCHOICEDIFFERENTVIEWSHAVEBEENPUTFORWARDREGARDINGTHEFINANCINGCHOICETHEPRESENTSTUDYINVESTIGATESTHEEFFECTOFCAPI
16、TALSTRUCTUREONPROFITABILITYOFLISTEDFIRMSONTHEGSEMETHODOLOGYTHISSTUDYSAMPLEDALLFIRMSTHATHAVEBEENLISTEDONTHEGSEOVERAFIVEYEARPERIOD19982002TWENTYTWOFIRMSQUALIFIEDTOBEINCLUDEDINTHESTUDYSAMPLEVARIABLESUSEDFORTHEANALYSISINCLUDEPROFITABILITYANDLEVERAGERATIOSPROFITABILITYISOPERATIONALIZEDUSINGACOMMONLYUSEDA
17、CCOUNTINGBASEDMEASURETHERATIOOFEARNINGSBEFOREINTERESTANDTAXESEBITTOEQUITYTHELEVERAGERATIOSUSEDINCLUDESHORTTERMDEBTTOTHETOTALCAPITALLONGTERMDEBTTOTOTALCAPITALTOTALDEBTTOTOTALCAPITALFIRMSIZEANDSALESGROWTHAREALSOINCLUDEDASCONTROLVARIABLESTHEPANELCHARACTEROFTHEDATAALLOWSFORTHEUSEOFPANELDATAMETHODOLOGYPA
18、NELDATAINVOLVESTHEPOOLINGOFOBSERVATIONSONACROSSSECTIONOFUNITSOVERSEVERALTIMEPERIODSANDPROVIDESRESULTSTHATARESIMPLYNOTDETECTABLEINPURECROSSSECTIONSORPURETIMESERIESSTUDIESAGENERALMODELFORPANELDATATHATALLOWSTHERESEARCHERTOESTIMATEPANELDATAWITHGREATFLEXIBILITYANDFORMULATETHEDIFFERENCESINTHEBEHAVIOROFTHE
19、CROSSSECTIONELEMENTSISADOPTEDTHERELATIONSHIPBETWEENDEBTANDPROFITABILITYISTHUSESTIMATEDINTHEFOLLOWINGREGRESSIONMODELSROEI,T01SDAI,T2SIZEI,T3SGI,TI,T1ROEI,T01LDAI,T2SIZEI,T3SGI,TI,T2ROEI,T01DAI,T2SIZEI,T3SGI,TI,T3WHEREROEI,TISEBITDIVIDEDBYEQUITYFORFIRMIINTIMETSDAI,TISSHORTTERMDEBTDIVIDEDBYTHETOTALCAPI
20、TALFORFIRMIINTIMETLDAI,TISLONGTERMDEBTDIVIDEDBYTHETOTALCAPITALFORFIRMIINTIMETDAI,TISTOTALDEBTDIVIDEDBYTHETOTALCAPITALFORFIRMIINTIMETSIZEI,TISTHELOGOFSALESFORFIRMIINTIMETSGI,TISSALESGROWTHFORFIRMIINTIMETANDI,TISTHEERRORTERMEMPIRICALRESULTSTABLEIPROVIDESASUMMARYOFTHEDESCRIPTIVESTATISTICSOFTHEDEPENDENT
21、ANDINDEPENDENTVARIABLESFORTHESAMPLEOFFIRMSTHISSHOWSTHEAVERAGEINDICATORSOFVARIABLESCOMPUTEDFROMTHEFINANCIALSTATEMENTSTHERETURNRATEMEASUREDBYRETURNONEQUITYROEREVEALSANAVERAGEOF3694PERCENTWITHMEDIAN284PERCENTTHISPICTURESUGGESTSAGOODPERFORMANCEDURINGTHEPERIODUNDERSTUDYTHEROEMEASURESTHECONTRIBUTIONOFNETI
22、NCOMEPERCEDILOCALCURRENCYINVESTEDBYTHEFIRMSSTOCKHOLDERSAMEASUREOFTHEEFFICIENCYOFTHEOWNERSINVESTEDCAPITALTHEVARIABLESDAMEASURESTHERATIOOFSHORTTERMDEBTTOTOTALCAPITALTHEAVERAGEVALUEOFTHISVARIABLEIS04876WITHMEDIAN04547THEVALUE04547INDICATESTHATAPPROXIMATELY45PERCENTOFTOTALASSETSAREREPRESENTEDBYSHORTTERM
23、DEBTS,ATTESTINGTOTHEFACTTHATGHANAIANFIRMSLARGELYDEPENDONSHORTTERMDEBTFORFINANCINGTHEIROPERATIONSDUETOTHEDIFFICULTYINACCESSINGLONGTERMCREDITFROMFINANCIALINSTITUTIONSANOTHERREASONISDUETOTHEUNDERDEVELOPEDNATUREOFTHEGHANAIANLONGTERMDEBTMARKETTHERATIOOFTOTALLONGTERMDEBTTOTOTALASSETSLDAALSOSTANDSONAVERAGE
24、AT00985TOTALDEBTTOTOTALCAPITALRATIODAPRESENTSAMEANOF05861THISSUGGESTSTHATABOUT58PERCENTOFTOTALASSETSAREFINANCEDBYDEBTCAPITALTHEABOVEPOSITIONREVEALSTHATTHECOMPANIESAREFINANCIALLYLEVERAGEDWITHALARGEPERCENTAGEOFTOTALDEBTBEINGSHORTTERMTABLEIDESCRIPTIVESTATISTICSMEANSDMINIMUMMEDIANMAXIMUMROE0369405186104
25、330283638300SDA0487602296009340454711018LDA0098501803000000018607665DA0586102032020540557111018SIZE18212416495141875182361220995SG03288034572075000256113597REGRESSIONANALYSISISUSEDTOINVESTIGATETHERELATIONSHIPBETWEENCAPITALSTRUCTUREANDPROFITABILITYMEASUREDBYROEORDINARYLEASTSQUARESOLSREGRESSIONRESULTS
26、AREPRESENTEDINTABLEIITHERESULTSFROMTHEREGRESSIONMODELS1,2,AND3DENOTETHATTHEINDEPENDENTVARIABLESEXPLAINTHEDEBTRATIODETERMINATIONSOFTHEFIRMSAT683,397,AND864PERCENT,RESPECTIVELYTHEFSTATISTICSPROVETHEVALIDITYOFTHEESTIMATEDMODELSALSO,THECOEFFICIENTSARESTATISTICALLYSIGNIFICANTINLEVELOFCONFIDENCEOF99PERCEN
27、TTHERESULTSINREGRESSION1REVEALASIGNIFICANTLYPOSITIVERELATIONSHIPBETWEENSDAANDPROFITABILITYTHISSUGGESTSTHATSHORTTERMDEBTTENDSTOBELESSEXPENSIVE,ANDTHEREFOREINCREASINGSHORTTERMDEBTWITHARELATIVELYLOWINTERESTRATEWILLLEADTOANINCREASEINPROFITLEVELSTHERESULTSALSOSHOWTHATPROFITABILITYINCREASESWITHTHECONTROLV
28、ARIABLESSIZEANDSALESGROWTHREGRESSION2SHOWSASIGNIFICANTLYNEGATIVEASSOCIATIONBETWEENLDAANDPROFITABILITYTHISIMPLIESTHATANINCREASEINTHELONGTERMDEBTPOSITIONISASSOCIATEDWITHADECREASEINPROFITABILITYTHISISEXPLAINEDBYTHEFACTTHATLONGTERMDEBTSARERELATIVELYMOREEXPENSIVE,ANDTHEREFOREEMPLOYINGHIGHPROPORTIONSOFTHE
29、MCOULDLEADTOLOWPROFITABILITYTHERESULTSSUPPORTEARLIERFINDINGSBYMILLER1977,FAMAANDFRENCH1998,GRAHAM2000ANDBOOTHETAL2001FIRMSIZEANDSALESGROWTHAREAGAINPOSITIVELYRELATEDTOPROFITABILITYTHERESULTSFROMREGRESSION3INDICATEASIGNIFICANTLYPOSITIVEASSOCIATIONBETWEENDAANDPROFITABILITYTHESIGNIFICANTLYPOSITIVEREGRES
30、SIONCOEFFICIENTFORTOTALDEBTIMPLIESTHATANINCREASEINTHEDEBTPOSITIONISASSOCIATEDWITHANINCREASEINPROFITABILITYTHUS,THEHIGHERTHEDEBT,THEHIGHERTHEPROFITABILITYAGAIN,THISSUGGESTSTHATPROFITABLEFIRMSDEPENDMOREONDEBTASTHEIRMAINFINANCINGOPTIONTHISSUPPORTSTHEFINDINGSOFHADLOCKANDJAMES2002,PETERSENANDRAJAN1994AND
31、RODENANDLEWELLEN1995THATPROFITABLEFIRMSUSEMOREDEBTINTHEGHANAIANCASE,AHIGHPROPORTION85PERCENTOFDEBTISREPRESENTEDBYSHORTTERMDEBTTHERESULTSALSOSHOWPOSITIVERELATIONSHIPSBETWEENTHECONTROLVARIABLESFIRMSIZEANDSALEGROWTHANDPROFITABILITYTABLEIIREGRESSIONMODELRESULTSPROFITABILITYEBIT/EQUITYORDINARYLEASTSQUARE
32、SVARIABLE123SIZE000380000000500000000041100000SG013140000001316000000141300000SDA0802500000LDA0372200000DA0760900000R068250396808639SE043650496104735PROBF000000000000000CONCLUSIONSTHECAPITALSTRUCTUREDECISIONISCRUCIALFORANYBUSINESSORGANIZATIONTHEDECISIONISIMPORTANTBECAUSEOFTHENEEDTOMAXIMIZERETURNSTOV
33、ARIOUSORGANIZATIONALCONSTITUENCIES,ANDALSOBECAUSEOFTHEIMPACTSUCHADECISIONHASONANORGANIZATIONSABILITYTODEALWITHITSCOMPETITIVEENVIRONMENTTHISPRESENTSTUDYEVALUATEDTHERELATIONSHIPBETWEENCAPITALSTRUCTUREANDPROFITABILITYOFLISTEDFIRMSONTHEGSEDURINGAFIVEYEARPERIOD19982002THERESULTSREVEALEDSIGNIFICANTLYPOSIT
34、IVERELATIONBETWEENSDAANDROE,SUGGESTINGTHATPROFITABLEFIRMSUSEMORESHORTTERMDEBTTOFINANCETHEIROPERATIONSHORTTERMDEBTISANIMPORTANTCOMPONENTORSOURCEOFFINANCINGFORGHANAIANFIRMS,REPRESENTING85PERCENTOFTOTALDEBTFINANCINGHOWEVER,THERESULTSSHOWEDANEGATIVERELATIONSHIPBETWEENLDAANDROEWITHREGARDTOTHERELATIONSHIP
35、BETWEENTOTALDEBTANDPROFITABILITY,THEREGRESSIONRESULTSSHOWEDASIGNIFICANTLYPOSITIVEASSOCIATIONBETWEENDAANDROETHISSUGGESTSTHATPROFITABLEFIRMSDEPENDMOREONDEBTASTHEIRMAINFINANCINGOPTIONINTHEGHANAIANCASE,AHIGHPROPORTION85PERCENTOFTHEDEBTISREPRESENTEDINSHORTTERMDEBT译文加纳上市公司资本结构对盈利能力的实证研究资料来源加纳金融风险J20056作者乔
36、舒亚阿博尔论文简介资本结构决策对于任何商业组织都是至关重要的。资本结构决策之所以重要，不仅是因为他要使不同组织争取收益最大化，而且也因为这样的决定对公司应对激烈竞争的能力有影响。公司的资本结构实际上是各种不同债务的混合。一般来说，公司能在许多可供选择的资本结构中选择一种。它可以发行大量的债务或不发行债务。它可以安排融资租赁，使用认股权证，发行可转换债券，签订远期合同或互换贸易债券。不过，它试图找到最大限度扩大自身整体市场价值的特定组合。很多的相关理论提出了公司资本结构的解释。尽管对资本结构理论有很强的呼吁，但财务管理研究者至今还没有发现最优资本结构。最佳学者和职业经理人至今能达到的是满足短期目
37、标。例如，由于缺乏何为最优资本结构的共识，该研究已成为迫切的需要。为了更好地了解手边的问题，需要审视资本结构的概念及了解资本结构对上市公司的盈利能力的影响。这篇论文对19982002年期间加纳证券交易所上市的上市公司资本结构与盈利能力的相关性进行了实证分析。在加纳财务学，资本结构对上市公司的盈利能力的影响是尚未进行探究的科学的区域。该篇论文组织如下。以下章节关于这个主题给出简要的现存文献综述。接下来的章节描述对数据和应用变量的选择，进而实证分析。在这篇研究中使用了估计模型。随后的部分得出并探讨实证分析结果。最后，最后的部分概述了研究结果并且总结结论。资本结构文献综述资本结构与公司价值之间的关系
38、一直是可以考虑的辩论主题。在整个文献中，争论已经集中在各个企业是否存在一种最优资本结构，抑或债务的比例有无关各公司价值。公司资本结构涉及该公司运作时使用的负债和权益的组合比率。BREALEY和MYERS2003声称，资本结构的选择根本上是一个市场额问题。他们认为公司可以在无数的组合中发行许多不同的证券，但它试图找到以最大限度扩大市场价值的特定价值。WESTON和BRIGHAM1992认为，最优资本结构是指最大限度扩大公司已发行股票的市场价值的结构。FAMA和FRENCH1998，分析税收、融资决策，公司价值之间的关系，得出结论债务并不承认税负方面的优惠。此外，告杠杆效率在股东和债券人之间产生的
39、代理问题预示杠杆效应和利润之间的负相关关系。因此负面的涉及债务和盈利能力的额信息掩盖了债务的税收优惠。BOOTH等2001进一步对一些资本结构资本结构截然不同的国家的公司做了研究，试图找出资本结构与金融市场的关联。他们指出尽管金融市场有着巨大差异，但是影响企业资本结构选择的变量是相似的。此外，他们得出的结论是盈利水平和债务程度、公司规模呈负相关关系。然而，他们发现在短期融资和股本呈正相关关系。HADLOCK和JAMES2002得到的结论是公司宁愿贷款债务融资，因为他们期望一个更高的回报。TAUB1975还发现在回归分析中，四项测量盈利能力指标与债务比率呈显著正系数相关。除了工业以外，PETER
40、SEN和RAJAN1994确定了共同协会。BAKER1995发明了联立方程模式，NERLOVE1968也发现了工业协会有着此相同的模型。RODEN和LEWELLEN1995在他们所研究的杠杆收购中发现，盈利能力和收购融资方案之一的总债务呈显著正相关关系。CHAMPION1999表明应用杠杆率是一种提高一个组织绩效的方法。总之，没有全球统一的债务权益理论。对于融资的选择已经提出了不同的观点。此篇研究旨在探讨加纳证券交易所上市公司资本结构对盈利能力的影响。方法论本研究样本期间所有的公司在加纳证券交易所上市已经超过5年。22个公司抽样合格被纳入研究。变量用于盈利能力和杠杆比率分析。首先利润率是常用的
41、基础会计度量息税前利润对股本比率。使用的杠杆比率包括短期债务对资本总额比率长期债务对资本总额比率总债务对资本总额比率公司规模和销售增长速度也包括在控制变量中。该小组的数据特征允许使用面板数据方法。固定样板数据涉及基于时间集中观察几个单位提供的且不只是纯粹探测到的横截面或纯时序研究结果。研究者一般以面板数据模型，允许以极大的灵活性估计面板数据，并制定行为差异的横截面元素通过。债务和盈利能力之间的关系在接下来的回归模型中是如此估计的ROEI,T01SDAI,T2SIZEI,T3SGI,TI,T1ROEI,T01LDAI,T2SIZEI,T3SGI,TI,T2ROEI,T01DAI,T2SIZEI,
42、T3SGI,TI,T3其中ROEI,T是指T时间点上I公司息税前利润除以该公司股票。SDAI,T是指T时间点上I公司短期债务除以资本总额。LDAI,T是指T时间点上I公司长期债务除以资本总额。DAI,T是指在T时间点上I公司债务总额除以资本总额。SIZEI,T是指在T时间点上I公司的销售记录。SGI,T是指在T时间点上I公司的销售增长。I,T是误差项。实证结果表提供了样本公司自变量和应变量的描述性统计概要。这说明平均指标计算的变量是从会计报表计算的出来的。衡量收益率的净资产收益率显示中值284百分点，平均3694百分点。图片说明在研究时期有一个良好的业绩。净资产收益率衡量了公司每股当地货币投资
43、贡献的净收入。它是一种测量所有者投资资本效率的措施。该SDA变量衡量短期负债占资本总额比率。该变量的平均值是04876，中值是04547。该数值表明，短期债务约占总资产的45，事实证明，大多数加纳公司因为很难从金融机构介入长期信贷，所以在很大程度上靠短期债务融资进行经营性融资。另一个原因是由于不成熟的加纳长期债务市场。长期债务总额对总资产的比率LDA还停留在00985的平均水平。债务对资本总额比率DA显示出平均值05861。这意味着，大约85的总资产是债务资本金提供的。以上所述解释了公司较高的短期债务比率产生的杠杆作用。表描述性统计MEANSDMINIMUMMEDIANMAXIMUMROE03
44、69405186104330283638300SDA0487602296009340454711018LDA0098501803000000018607665DA0586102032020540557111018SIZE18212416495141875182361220995SG03288034572075000256113597采用回归分析，探讨资本结构和净资产收益率来衡量的盈利能力之间的关系。普通最小二乘法样本回归结果在附表二。从回归模型结果1，2，3中来看该自变量解释的公司负债比率分别咂683，397，864。F统计证明了估计模型的有效性。同时，在统计上该相关系数是99的置信度。在回归
45、结果1中解释了SDA和盈利能力有着显著的相关关系。这表明，短期债务往往成本较低，因此一个相对低利率总价债务将导致增加利润水平。研究还表明，随着控制变量规模和销售增长盈利增加。回归3显示LDA和盈利能力有着显著的负相关性。这意味着，盈利能力伴随长期债务的上升而下降。这解释了债务由于相对比较昂贵，因此采用很高的长期债务比率会降低盈利能力的事实。这些早期的研究结果支持MILLER1997、FAMA和FRENCH1998,GRAHAM2000、BOOTH等2001的结论。公司规模和销售增长均与盈利能力呈长相关关系。回归3结果表明DA与盈利能力有着正相关关系。对债务呈显著正相关系数意味着负债状况提高与盈
46、利能力提高有关债务越高，利润越高。同样这表明公司的盈利更多的依靠债务作为主要融资选择。这支持HADLOCK和JAMES2002，PETERSEN和RAJAN1994和RODEN和LEWELLEN1995的结论盈利的公司更多使用债务。在加纳案例中，高达85的债务是短期的。研究结果还显示控制变量公司规模和销售增长与盈利能力呈正相关关系。表回归模型分析结果PROFITABILITYEBIT/EQUITYORDINARYLEASTSQUARESVARIABLE123SIZE000380000000500000000041100000SG013140000001316000000141300000SDA
47、0802500000LDA0372200000DA0760900000R068250396808639SE043650496104735PROBF000000000000000结论资本结构决策对于任何商业组织都是至关重要的。资本结构决策之所以重要，不仅是因为他要使不同组织争取收益最大化，而且也因为这样的决定对公司应对激烈竞争的能力有影响。该研究评价了再19882002年五年期间加纳证券交易所上市的上市公司资本结构与盈利能力之间的关系。结果显示SDA和净资产收益率呈显著正相关，意味着盈利的公司会用更多的短期债务融资供其运转。对于加纳的公司来说，短期债务是融资的重要组成部分，占债务总额的85。然而结果显示LDA和净资产收益率呈负相关关系。这表明盈利公司越来越多地依靠债务融资作为它们主要融资选择。在加纳案例中，高达85的负债是短期的。
