巴基斯坦非金融上市公司的资本结构实证探析

发布时间：2021-11-14 11:01

　　资本结构管理活动是指使企业价值最大化的债务和权益性证券（equity securities）的选择。在他们的论文中,Modigliani和Miller （1958）提出,在完美的资本市场下,债务和权益间的选择不会对公司价值产生实质性的影响。尽管他们的“债务不相关理论”（debt irrelevance theorem）是基于现实世界中并不存在的假设建立的,但当考虑到现实情况时,资本结构的选择就成为了价值最大化的重要因素。大多数关于资本结构的研究,通常是以发达国家的相关数据为基础而展开的。对于发展中国家企业的融资行为的研究则关注较少,特别是对于巴基斯坦企业的财务行为的定量研究则显得尤为缺乏。因此,本文试图通过调查一些和资本结构相关的重要因素来完善现有关于巴基斯坦的公司资本结构的研究。首先,本文研究了公司特有因素对资本结构的影响;其次,本文研究了公司治理因素对公司资本结构的影响;最后,本文研究了公司资本结构对公司绩效的影响。为了本文找出最能影响巴基斯坦公司资本结构选择的特有因素,本文采用了。巴基斯坦卡拉奇证券交易所（Karachi Stock Exchange,KSE）260家非金融上市公... 

【文章来源】：华中科技大学湖北省 211工程院校 985工程院校 教育部直属院校

【文章页数】：144 页

【学位级别】：博士

【文章目录】：
摘要
Abstract
List of Tables
List of Figures
1 Introduction
    1.1 Motivation of the study
    1.2 Objectives of the study
    1.3 Findings of the Study
    1.4 Practical importance of the study
    1.5 Uniqueness of the study
    1.6 Structure of the dissertation
2 Review of Literature
    2.1 Debate on theories of capital structure
        2.1.1 Trade-off theory
        2.1.2 Pecking order theory
        2.1.3 Trade-off versus pecking order theory
        2.1.4 Agency theory
        2.1.5 Free cash flow theory
        2.1.6 The signaling model
        2.1.7 The market timing model
    2.2 Firm-specific determinants of capital structure
        2.2.1 Profitability
        2.2.2 Size
        2.2.3 Non-debt tax shields
        2.2.4 Liquidity
        2.2.5 Asset tangibility
        2.2.6 Earnings volatility
        2.2.7 Growth opportunities
        2.2.8 Industry classification
    2.3 Theories affecting corporate governance development
        2.3.1 Agency theory
        2.3.2 Stakeholder theory
        2.3.3 Stewardship theory
        2.3.4 Resource dependence theory
    2.4 Corporate governance and capital structure
        2.4.1 Board size
        2.4.2 Outside directors
        2.4.3 Ownership concentration
        2.4.4 Managerial ownership
        2.4.5 Director remuneration
        2.4.6 CEO duality
    2.5 Capital structure and firm performance
3 Financial Markets in Pakistan
    3.1 Money market in Pakistan
    3.2 Capital market in Pakistan
        3.2.1 Non-securities market
        3.2.2 Securities market
4 Data, Variables and Research Methodology
    4.1 Determinants of capital structure
        4.1.1 Data description
        4.1.2 Variables
        4.1.3 Hypotheses
        4.1.4 Methodology
    4.2 Corporate governance and capital structure
        4.2.1 Data description
        4.2.2 Variables
        4.2.3 Hypotheses
        4.2.4 Methodology
    4.3 Capital structure and firm performance
        4.3.1 Data description
        4.3.2 Variables
        4.3.3 Hypothesis
        4.3.4 Methodology
5 Empirical Results
    5.1 Determinants of capital structure
        5.1.1 Descriptive statistics and correlations of variables
        5.1.2 Regression results
    5.2 Corporate governance and capital structure
        5.2.1 Descriptive statistics and correlations of variables
        5.2.2 Regression results
    5.3 Capital structure and firm performance
        5.3.1 Descriptive statistics and correlations of variables
        5.3.2 Regression results
6 Discussion on Empirical Results
    6.1 Determinants of capital structure
        6.1.1 Financing behavior of firms in Pakistan
        6.1.2 Comparison of debt ratios
        6.1.3 Debate on explanatory variables
        6.1.4.C omparison with prior empirical studies
    6.2 Corporate governance and capital structure
        6.2.1 Background of corporate governance in Pakistan
        6.2.2 Shareholdings pattern in Pakistan
        6.2.3 Debate on regression results
        6.2.4 Comparison with prior empirical studies
    6.3 Capital structure and firm performance
        6.3.1 Comparison with prior empirical studies
7 Summary and Conclusions
    7.1 Suggestions for further research
    7.2 Limitations of the study
Acknowledgements
References
Appendix - A


【参考文献】：
期刊论文
[1]不同成长机会下资本结构与经营绩效之关系研究[J]. 连玉君,程建.  当代经济科学. 2006(02)



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