资本结构和信用评级之间的关系:巴基斯坦银行业的研究

发布时间：2018-09-01 20:00

【摘要】：信用评级和资本结构在近几十年都是一个令人关注的问题。信用评级不仅是对企业乃至对于国家都是非常敏感的话题,评级机构针对某些具体信息进行评估,这种评级帮助投资者在不同的证券中做出选择，特别是在债务性证券的选择上。公司在企业的资本结构上充满困惑,他们不知道公司通过股票或债券的融资比例应该确定为多少。目前关于债务权益的选择，没有通用的理论，，我们没有任何理由期望。本课题的的主要研究目的是探寻资本结构中债务对信用评级的双向影响,还将研究分析,信用评级如何通过各种不同的因素优，如资本实力、盈利能力、流动性、费用管理、巴基斯坦银行业资产的质量和大小，来对信用结构进行最优化。本研究应用计量经济学建模，在这个模型中信用评级作为因变量而资本结构是自变量。我们收集了从2006年至2010年期间，20家巴基斯坦银行的样本。格兰杰因果关系将应用于研究分析信用评级和资本结构之间单边和多边的影响关系。回归分析在本课题中应用于研究信用评级和资本结构的决定因素。从信用评级到资本结构可直接得到单向因果关系。六个具体银行变量是资本实力、盈利能力、流动性、费用管理、资产质量和公司规模，这些都是作为信用评级的决定因素。根据研究结果,除资产质量外,其他因素都是非常是重要的。五个外生变量选择总资产营运资本，留存收益，收入及税前总资产收益与总资产，股东权益的市场价值与总负债及企业规模的账面价值，并进一步分析其对资本结构的影响。除了总资产营运资本，这些变量都被认为是显著。
[Abstract]:Credit rating and capital structure have been a matter of concern in recent decades. Credit rating is a very sensitive topic not only for companies but also for countries. Rating agencies assess specific information that helps investors make choices in different securities. Especially in the choice of debt securities. Companies are bewildered about their capital structure and wonder what proportion of shares or bonds they should raise. There is no general theory about the choice of debt equity, and there is no reason to expect it. The main purpose of this study is to explore the two-way impact of debt on credit rating in capital structure, and to analyze how credit rating is superior through various factors, such as capital strength, profitability, liquidity, cost management, etc. The quality and size of Pakistan's banking assets to optimize credit structures. In this model, credit rating is regarded as dependent variable and capital structure is independent variable. We collected samples of 20 Pakistani banks from 2006 to 2010. Granger causality will be applied to the analysis of unilateral and multilateral relationships between credit rating and capital structure. Regression analysis is applied to study the determinants of credit rating and capital structure. From credit rating to capital structure, one-way causality can be obtained directly. The six specific bank variables are capital strength, profitability, liquidity, cost management, asset quality and company size, all of which are determinants of credit ratings. According to the results of the study, other than asset quality, other factors are very important. The five exogenous variables include total working capital, retained earnings, total income and total assets before tax, market value of shareholders' equity and book value of total liabilities and enterprise scale, and further analysis of its influence on capital structure. With the exception of total working capital, these variables are considered significant.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F833.53

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