跨部门的资本结构决定因素:比较使用时间序列和面板数据估计器观察到的证据
Raja Rehan1, Abdul Razak Abdul Hadi1, Hafezali Iqbal Hussain2,3
1University Kuala Lumpur Business School, Kuala Lumpur, Malaysia.
Heliyon
|October 9, 2023
概括
总资产对马来西亚企业的资本结构有很大影响,特别是在建筑和房地产行业. 这表明动态资本结构模型最能解释公司的融资决策.
科学领域:
- 金融 金融 金融 金融 金融
- 经济学 经济学 经济学
背景情况:
- 了解资本结构决定因素对于公司估值和投资决策至关重要.
- 传统和动态理论为分析债权权比率提供了框架.
研究的目的:
- 探索不同行业的马来西亚公司的资本结构决定因素.
- 用先进的计量经济学方法确定最持久的决定因素.
主要方法:
- 使用时间序列计量经济学和面板数据分析进行比较研究.
- 采用多重回归分析 (MRA),自动回归分布式滞后 (ARDL) 和通用时刻方法 (GMM).
主要成果:
- 总资产在多个行业和方法中成为主要决定因素.
- 可触摸性和调整速度显著,支持动态模型.
结论:
- 动态资本结构模型,特别是那些包含调整速度的模型,对马来西亚企业来说最相关.
- 总资产是研究市场资本结构决策的关键驱动因素.
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