資本結構與總體經濟對企業績效之影響研究：以越南市場為實證

The Impact of Capital Structure and Macroeconomic on Firm Performances in Vietnam Market

楊秋羅(Duong-Thu La)

指導教授 ： 王 言 ； 張阜民

朝陽科技大學/管理學院/財務金融系/碩士(2013年)

摘要

中文摘要

本文探討資本結構對企業績效的影響，以越南胡志明的股票市場為例，樣本內容包含79家在胡志明股票市場上市的企業，選取樣本期間2007年至2011年，採用各公司第一季的財務報表為面板數據。
本研究採用多用線性迴歸分析、固定效果和隨機效果來估計資本結構變數；測量出STDA、LDTA、TDTA、TDTE和企業績效，來衡量會計變數與股票市場之間的關係(例如:ROA、ROE、EBITDA之總資產，托賓Q值，市場總市值之帳面價值比率)。
研究結果顯示，財務槓桿對公司績效，如ROA、ROE、EBITDA之總資產是呈現負面和顯著的關係，另外對MBMV是正面的。其結果還表明SDTA對托賓Q值是呈現負面影響,LDTA對托賓Q值是呈現正面影響,除了TDTA和TDTE對托賓Q值是有負面的效果，但是這些係數都是不明顯的。企業規模對企業績效有顯著的正面關係，，且對企業績效有負面的影響。
另外，透過修改Ray & Keith的模型(1995年)，本文還建構一個分析與預測公司績效(例如:ROA、ROE、EBITDA之總資產)的模型在總體經濟變數的背景之下。總體經濟變數在這項研究中所使用的是利率、通貨膨脹率與GDP的成長速度，且這一份研究結論與Ray & Ketih的結果是一致，以往公司的業績與經濟變數對企業績效是有影響的。

關鍵字

公司績效 ； 總體變數 ； 資本結構 ； 越南市場

並列摘要

ENGLISH ABSTRACT
This study investigates the effect of capital structure and macroeconomic variables on the performance of firms in an emerging market like Vietnam. A panel data consisting of quarterly financial statements of 79 companies listed on Ho Chi Minh Stock Exchange (HOSE) in five years period (2007-2011) was collected as sample used in this study. Multiple linear regression analysis; fixed effect and random effect model in analyzing panel data were applied to estimate the relationships between capital structure variables (measured by SDTA, LDTA, TDTA and TDTE) and firm performances measured by both accounting measures and market measures ( as ROA, ROE, EBITDA to total asset, Tobin’s Q and Market to Book ratio) .
The empirical results show that all the financial leverages have a significantly negative relationship with firm performance measured by ROA, ROE and EBITDA to total asset; except MBMV which is positive. The results also indicate that SDTA has a significantly negative effect on Tobin’s Q while LDTA has significant positive result. Besides, results reveal that TDTA and TDTE have negative and insignificant associated with Tobin’s Q value. Firm size has a significantly positive relationship with all firm performance measures.
In addition, by modifying the model of Ray & Keith (1995), a model of analyzing and predicting the firm performance (measured by ROA, ROE and EBITDA to total asset) in the context of macro-economic variables was constructed. The macro-economic variables used in this study are interest rate, inflation rate and GDP growth rate. And similar with results of Ray& Keith, our study also concludes that firm performance is a function of prior year performance and macro economic variables.

並列關鍵字

Capital Structure ； Macroeconomic Variables ； Firm Performance ； Vietnam Market.

參考文獻

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