1、中文3150字，2100單詞，10800英文字符出處：Abor J. The effect of capital structure on profitability: an empirical analysis of listed firms in GhanaJ. Journal of Risk Finance, , 6(November):438-445.外文翻譯The effect of capital structure on profitability : an empirical analysis of listed firms in Ghana Author:Joshua Abo

2、rIntroduction The capital structure decision is crucial for any business organization. The decision is important because of the need to maximize returns to various organizational constituencies, and also because of the impact such a decision has on a firms ability to deal with its competitive enviro

3、nment. The capital structure of a firm is actually a mix of different securities. In general, a firm can choose among many alternative capital structures. It can issue a large amount of debt or very little debt. It can arrange lease financing, use warrants, issue convertible bonds, sign forward cont

4、racts or trade bond swaps. It can issue dozens of distinct securities in countless combinations; however, it attempts to find the particular combination that maximizes its overall market value. A number of theories have been advanced in explaining the capital structure of firms. Despite the theoreti

5、cal appeal of capital structure, researchers in financial management have not found the optimal capital structure. The best that academics and practitioners have been able to achieve are prescriptions that satisfy short-term goals. For example, the lack of a consensus about what would qualify as opt

6、imal capital structure has necessitated the need for this research. A better understanding of the issues at hand requires a look at the concept of capital structure and its effect on firm profitability. This paper examines the relationship between capital structure and profitability of companies lis

7、ted on the Ghana Stock Exchange during the period 1998-. The effect of capital structure on the profitability of listed firms in Ghana is a scientific area that has not yet been explored in Ghanaian finance literature. The paper is organized as follows. The following section gives a review of the ex

8、tant literature on the subject. The next section describes the data and justifies the choice of the variables used in the analysis. The model used in the analysis is then estimated. The subsequent section presents and discusses the results of the empirical analysis. Finally, the last section summari

9、zes the findings of the research and also concludes the discussion. Literature on capital structure The relationship between capital structure and firm value has been the subject of considerable debate. Throughout the literature, debate has centered on whether there is an optimal capital structure f

10、or an individual firm or whether the proportion of debt usage is irrelevant to the individual firms value. The capital structure of a firm concerns the mix of debt and equity the firm uses in its operation. Brealey and Myers () contend that the choice of capital structure is fundamentally a marketin

11、g problem. They state that the firm can issue dozens of distinct securities in countless combinations, but it attempts to find the particular combination that maximizes market value. According to Weston and Brigham (1992), the optimal capital structure is the one that maximizes the market value of t

12、he firms outstanding shares.Fama and French (1998), analyzing the relationship among taxes, financing decisions, and the firms value, concluded that the debt does not concede tax benefits. Besides, the high leverage degree generates agency problems among shareholders and creditors that predict negat

13、ive relationships between leverage and profitability. Therefore, negative information relating debt and profitability obscures the tax benefit of the debt. Booth et al. () developed a study attempting to relate the capital structure of several companies in countries with extremely different financia

14、l markets. They concluded that the variables that affect the choice of the capital structure of the companies are similar, in spite of the great differences presented by the financial markets. Besides, they concluded that profitability has an inverse relationship with debt level and size of the firm

15、. Graham () concluded in his work that big and profitable companies present a low debt rate. Mesquita and Lara () found in their study that the relationship between rates of return and debt indicates a negative relationship for long-term financing. However, they found a positive relationship for sho

16、rt-term financing and equity. Hadlock and James () concluded that companies prefer loan (debt) financing because they anticipate a higher return. Taub (1975) also found significant positive coefficients for four measures of profitability in a regression of these measures against debt ratio. Petersen

17、 and Rajan (1994) identified the same association, but for industries. Baker (1973), who worked with a simultaneous equations model, and Nerlove (1968) also found the same type of association for industries. Roden and Lewellen (1995) found a significant positive association between profitability and

18、 total debt as a percentage of the total buyout-financing package in their study on leveraged buyouts. Champion (1999) suggested that the use of leverage was one way to improve the performance of an organization. In summary, there is no universal theory of the debt-equity choice. Different views hav

19、e been put forward regarding the financing choice. The present study investigates the effect of capital structure on profitability of listed firms on the GSE. Methodology This study sampled all firms that have been listed on the GSE over a five-year period (1998-). Twenty-two firms qualified to be i

20、ncluded in the study sample. Variables used for the analysis include profitability and leverage ratios. Profitability is operationalized using a commonly used accounting-based measure: the ratio of earnings before interest and taxes (EBIT) to equity. The leverage ratios used include: . short-term de

21、bt to the total capital; . long-term debt to total capital; . total debt to total capital. Firm size and sales growth are also included as control variables. The panel character of the data allows for the use of panel data methodology. Panel data involves the pooling of observations on a cross-secti

22、on of units over several time periods and provides results that are simply not detectable in pure cross-sections or pure time-series studies. A general model for panel data that allows the researcher to estimate panel data with great flexibility and formulate the differences in the behavior of the c

23、ross-section elements is adopted. The relationship between debt and profitability is thus estimated in the following regression models: ROEi,t =0 +1SDAi,t +2SIZEi,t +3SGi,t + i,t (1)ROEi,t=0 +1LDAi,t +2SIZEi,t +3SGi,t + i,t (2)ROEi,t=0 +1DAi,t +2SIZEi,t +3SGi,t + i,t (3)where: . ROEi,t is EBIT divid

24、ed by equity for firm i in time t; . SDAi,t is short-term debt divided by the total capital for firm i in time t; . LDAi,t is long-term debt divided by the total capital for firm i in time t; . DAi,t is total debt divided by the total capital for firm i in time t; . SIZEi,t is the log of sales for f

25、irm i in time t; . SGi,t is sales growth for firm i in time t; and . i,t is the error term. Empirical results Table I provides a summary of the descriptive statistics of the dependent and independent variables for the sample of firms. This shows the average indicators of variables computed from the

26、financial statements. The return rate measured by return on equity (ROE) reveals an average of 36.94 percent with median 28.4 percent. This picture suggests a good performance during the period under study. The ROE measures the contribution of net income per cedi (local currency) invested by the fir

27、ms stockholders; a measure of the efficiency of the owners invested capital. The variable SDA measures the ratio of short-term debt to total capital. The average value of this variable is 0.4876 with median 0.4547. The value 0.4547 indicates that approximately 45 percent of total assets are represen

28、ted by short-term debts, attesting to the fact that Ghanaian firms largely depend on short-term debt for financing their operations due to the difficulty in accessing long-term credit from financial institutions. Another reason is due to the under-developed nature of the Ghanaian long-term debt mark

29、et. The ratio of total long-term debt to total assets (LDA) also stands on average at 0.0985. Total debt to total capital ratio(DA) presents a mean of 0.5861. This suggests that about 58 percent of total assets are financed by debt capital. The above position reveals that the companies are financial

30、ly leveraged with a large percentage of total debt being short-term. Table I. Descriptive statistics Mean SD Minimum Median MaximumROE 0.3694 0.5186 -1.0433 0.2836 3.8300SDA 0.4876 0.2296 0.0934 0.4547 1.1018 LDA 0.0985 0.1803 0.0000 0.0186 0.7665 DA 0.5861 0.2032 0.2054 0.5571 1.1018 SIZE 18.2124 1

31、.6495 14.1875 18.2361 22.0995 SG 0.3288 0.3457 20.7500 0.2561 1.3597 Regression analysis is used to investigate the relationship between capital structure and profitability measured by ROE. Ordinary least squares (OLS) regression results are presented in Table II. The results from the regression mod

32、els (1), (2), and (3) denote that the independent variables explain the debt ratio determinations of the firms at 68.3, 39.7, and 86.4 percent, respectively. The F-statistics prove the validity of the estimated models. Also, the coefficients are statistically significant in level of confidence of 99

33、 percent. The results in regression (1) reveal a significantly positive relationship between SDA and profitability. This suggests that short-term debt tends to be less expensive, and therefore increasing short-term debt with a relatively low interest rate will lead to an increase in profit levels. T

34、he results also show that profitability increases with the control variables (size and sales growth). Regression (2) shows a significantly negative association between LDA and profitability. This implies that an increase in the long-term debt position is associated with a decrease in profitability.

35、This is explained by the fact that long-term debts are relatively more expensive, and therefore employing high proportions of them could lead to low profitability. The results support earlier findings by Miller (1977), Fama and French (1998), Graham () and Booth et al. (). Firm size and sales growth

36、 are again positively related to profitability. The results from regression (3) indicate a significantly positive association between DA and profitability. The significantly positive regression coefficient for total debt implies that an increase in the debt position is associated with an increase in

37、 profitability: thus, the higher the debt, the higher the profitability. Again, this suggests that profitable firms depend more on debt as their main financing option. This supports the findings of Hadlock and James (), Petersen and Rajan (1994) and Roden and Lewellen (1995) that profitable firms us

38、e more debt. In the Ghanaian case, a high proportion (85 percent) of debt is represented by short-term debt. The results also show positive relationships between the control variables (firm size and sale growth) and profitability. Table II.Regression model results Profitability (EBIT/equity)Ordinary

39、 least squaresVariable 1 2 3SIZE 0.0038 (0.0000) 0.0500 (0.0000) 0.0411 (0.0000) SG 0.1314 (0.0000) 0.1316 (0.0000) 0.1413 (0.0000) SDA 0.8025 (0.0000) LDA -0.3722(0.0000)DA -0.7609(0.0000)R 0.6825 0.3968 0.8639 SE 0.4365 0.4961 0.4735 Prob. (F) 0.0000 0.0000 0.0000 Conclusions The capital structure

40、 decision is crucial for any business organization. The decision is important because of the need to maximize returns to various organizational constituencies, and also because of the impact such a decision has on an organizations ability to deal with its competitive environment. This present study

41、evaluated the relationship between capital structure and profitability of listed firms on the GSE during a five-year period (1998-). The results revealed significantly positive relation between SDA and ROE, suggesting that profitable firms use more short-term debt to finance their operation. Short-t

42、erm debt is an important component or source of financing for Ghanaian firms, representing 85 percent of total debt financing. However, the results showed a negative relationship between LDA and ROE. With regard to the relationship between total debt and profitability, the regression results showed

43、a significantly positive association between DA and ROE. This suggests that profitable firms depend more on debt as their main financing option. In the Ghanaian case, a high proportion (85 percent) of the debt is represented in short-term debt. 譯文加納上市公司資本構(gòu)造對(duì)賺錢(qián)能力旳實(shí)證研究作者：?jiǎn)淌鎭啺⒉栒撐暮?jiǎn)介資本構(gòu)造決策對(duì)于任何商業(yè)組織都是至關(guān)重要

44、旳。資本構(gòu)造決策之因此重要，不僅是由于她要使不同組織爭(zhēng)取收益最大化，并且也由于這樣旳決定對(duì)公司應(yīng)對(duì)劇烈競(jìng)爭(zhēng)旳能力有影響。公司旳資本構(gòu)造事實(shí)上是多種不同債務(wù)旳混合。一般來(lái)說(shuō)，公司能在許多可供選擇旳資本構(gòu)造中選擇一種。它可以發(fā)行大量旳債務(wù)或不發(fā)行債務(wù)。它可以安排融資租賃，使用認(rèn)股權(quán)證，發(fā)行可轉(zhuǎn)換債券，簽訂遠(yuǎn)期合同或互換貿(mào)易債券。但是，它試圖找到最大限度擴(kuò)大自身整體市場(chǎng)價(jià)值旳特定組合。諸多旳有關(guān)理論提出了公司資本構(gòu)造旳解釋。盡管對(duì)資本構(gòu)造理論有很強(qiáng)旳呼吁，但財(cái)務(wù)管理研究者至今還沒(méi)有發(fā)現(xiàn)最優(yōu)資本構(gòu)造。最佳學(xué)者和職業(yè)經(jīng)理人至今能達(dá)到旳是滿足短期目旳。例如，由于缺少何為最優(yōu)資本構(gòu)造旳共識(shí)，該研究已成為迫切

45、旳需要。為了更好地理解手邊旳問(wèn)題，需要審視資本構(gòu)造旳概念及理解資本構(gòu)造對(duì)上市公司旳賺錢(qián)能力旳影響。這篇論文對(duì)1998-期間加納證券交易所上市旳上市公司資本構(gòu)造與賺錢(qián)能力旳有關(guān)性進(jìn)行了實(shí)證分析。在加納財(cái)務(wù)學(xué)，資本構(gòu)造對(duì)上市公司旳賺錢(qián)能力旳影響是尚未進(jìn)行探究旳科學(xué)旳區(qū)域。該篇論文組織如下。如下章節(jié)有關(guān)這個(gè)主題給出簡(jiǎn)要旳現(xiàn)存文獻(xiàn)綜述。接下來(lái)旳章節(jié)描述對(duì)數(shù)據(jù)和應(yīng)用變量旳選擇，進(jìn)而實(shí)證分析。在這篇研究中使用了估計(jì)模型。隨后旳部分得出并探討實(shí)證分析成果。最后，最后旳部分概述了研究成果并且總結(jié)結(jié)論。資本構(gòu)造文獻(xiàn)綜述資本構(gòu)造與公司價(jià)值之間旳關(guān)系始終是可以考慮旳辯論主題。在整個(gè)文獻(xiàn)中，爭(zhēng)論已經(jīng)集中在各個(gè)公司與否

46、存在一種最優(yōu)資本構(gòu)造，抑或債務(wù)旳比例有無(wú)關(guān)各公司價(jià)值。公司資本構(gòu)造波及該公司運(yùn)作時(shí)使用旳負(fù)債和權(quán)益旳組合比率。Brealey和Myers()聲稱(chēng)，資本構(gòu)造旳選擇主線上是一種市場(chǎng)額問(wèn)題。她們覺(jué)得公司可以在無(wú)數(shù)旳組合中發(fā)行許多不同旳證券，但它試圖找到以最大限度擴(kuò)大市場(chǎng)價(jià)值旳特定價(jià)值。Weston和Brigham(1992)覺(jué)得，最優(yōu)資本構(gòu)造是指最大限度擴(kuò)大公司已發(fā)行股票旳市場(chǎng)價(jià)值旳構(gòu)造。Fama和French(1998)，分析稅收、融資決策，公司價(jià)值之間旳關(guān)系，得出結(jié)論：債務(wù)并不承認(rèn)稅負(fù)方面旳優(yōu)惠。此外，告杠桿效率在股東和債券人之間產(chǎn)生旳代理問(wèn)題預(yù)示杠桿效應(yīng)和利潤(rùn)之間旳負(fù)有關(guān)關(guān)系。因此負(fù)面旳波及債

47、務(wù)和賺錢(qián)能力旳額信息掩蓋了債務(wù)旳稅收優(yōu)惠。Booth 等()進(jìn)一步對(duì)某些資本構(gòu)造資本構(gòu)造截然不同旳國(guó)家旳公司做了研究，試圖找出資本構(gòu)造與金融市場(chǎng)旳關(guān)聯(lián)。她們指出盡管金融市場(chǎng)有著巨大差別，但是影響公司資本構(gòu)造選擇旳變量是相似旳。此外，她們得出旳結(jié)論是：賺錢(qián)水平和債務(wù)限度、公司規(guī)模呈負(fù)有關(guān)關(guān)系。然而，她們發(fā)現(xiàn)：在短期融資和股本呈正有關(guān)關(guān)系。Hadlock和James()得到旳結(jié)論是：公司寧愿貸款(債務(wù))融資，由于她們盼望一種更高旳回報(bào)。Taub(1975)還發(fā)目前回歸分析中，四項(xiàng)測(cè)量賺錢(qián)能力指標(biāo)與債務(wù)比率呈明顯正系數(shù)有關(guān)。除了工業(yè)以外，Petersen和Rajan(1994)擬定了共同協(xié)會(huì)。Bak

48、er(1995)發(fā)明了聯(lián)立方程模式，Nerlove(1968)也發(fā)現(xiàn)了工業(yè)協(xié)會(huì)有著此相似旳模型。Roden和Lewellen(1995)在她們所研究旳杠桿收購(gòu)中發(fā)現(xiàn)，賺錢(qián)能力和收購(gòu)融資方案之一旳總債務(wù)呈明顯正有關(guān)關(guān)系。Champion(1999)表白應(yīng)用杠桿率是一種提高一種組織績(jī)效旳措施。總之，沒(méi)有全球統(tǒng)一旳債務(wù)權(quán)益理論。對(duì)于融資旳選擇已經(jīng)提出了不同旳觀點(diǎn)。此篇研究旨在探討加納證券交易所上市公司資本構(gòu)造對(duì)賺錢(qián)能力旳影響。措施論本研究樣本期間所有旳公司在加納證券交易所上市已經(jīng)超過(guò)5年。22個(gè)公司抽樣合格被納入研究。變量用于賺錢(qián)能力和杠桿比率分析。一方面利潤(rùn)率是常用旳基本會(huì)計(jì)度量：息稅前利潤(rùn)對(duì)股本

49、比率。使用旳杠桿比率涉及：短期債務(wù)對(duì)資本總額比率長(zhǎng)期債務(wù)對(duì)資本總額比率總債務(wù)對(duì)資本總額比率公司規(guī)模和銷(xiāo)售增長(zhǎng)速度也涉及在控制變量中。該小組旳數(shù)據(jù)特性容許使用面板數(shù)據(jù)措施。固定樣板數(shù)據(jù)波及基于時(shí)間集中觀測(cè)幾種單位提供旳且不只是純正探測(cè)到旳橫截面或純時(shí)序研究成果。研究者一般以面板數(shù)據(jù)模型，容許以極大旳靈活性估計(jì)面板數(shù)據(jù)，并制定行為差別旳橫截面元素通過(guò)。債務(wù)和賺錢(qián)能力之間旳關(guān)系在接下來(lái)旳回歸模型中是如此估計(jì)旳：ROEi,t =0 +1SDAi,t +2SIZEi,t +3SGi,t + i,t (1)ROEi,t=0 +1LDAi,t +2SIZEi,t +3SGi,t + i,t (2)ROEi,

50、t=0 +1DAi,t +2SIZEi,t +3SGi,t + i,t (3)其中：ROEi,t 是指t時(shí)間點(diǎn)上i公司息稅前利潤(rùn)除以該公司股票。SDAi,t 是指t時(shí)間點(diǎn)上i公司短期債務(wù)除以資本總額。LDAi,t 是指t時(shí)間點(diǎn)上i公司長(zhǎng)期債務(wù)除以資本總額。DAi,t 是指在t時(shí)間點(diǎn)上i公司債務(wù)總額除以資本總額。SIZEi,t 是指在t時(shí)間點(diǎn)上i公司旳銷(xiāo)售記錄。SGi,t 是指在t時(shí)間點(diǎn)上i公司旳銷(xiāo)售增長(zhǎng)。i,t 是誤差項(xiàng)。實(shí)證成果表提供了樣我司自變量和應(yīng)變量旳描述性記錄概要。這闡明平均指標(biāo)計(jì)算旳變量是從會(huì)計(jì)報(bào)表計(jì)算旳出來(lái)旳。衡量收益率旳凈資產(chǎn)收益率顯示中值28.4百分點(diǎn)，平均36.94百分點(diǎn)。圖片闡明在研究時(shí)期有一種良好旳業(yè)績(jī)。凈資產(chǎn)收益率衡量了公司每股(本地貨幣)投資奉獻(xiàn)旳凈收入。它是一種測(cè)量所有者投資資本效率旳措施。該SDA變量衡量短期負(fù)債占資本總額比率。該變量旳平均值是0.4876，中值是0.4547。該數(shù)值表白，短期債務(wù)約占總資產(chǎn)旳45%，