2024年3月3日发(作者：)

2011年度长安大学第四届

中文3150字，2100单词，10800英文字符

出处：Abor J. The effect of capital structure on profitability: an empirical

analysis of listed firms in Ghana[J]. Journal of Risk Finance, 2005,

6(November):438-445.

外文翻译

The effect of capital structure on profitability : an

empirical analysis of listed firms in Ghana

Author:Joshua Abor

Introduction

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 firm’s ability to deal with its competitive environment.

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 contracts

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 theoretical 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 optimal 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 listed on the Ghana Stock

Exchange during the period 1998-2002. 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.

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2011年度长安大学第四届

The paper is organized as follows. The following section gives a review

of the extant 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

summarizes 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 for an individual

firm or whether the proportion of debt usage is irrelevant to the individual

firm’s value. The capital structure of a firm concerns the mix of debt and

equity the firm uses in its operation. Brealey and Myers (2003) contend that

the choice of capital structure is fundamentally a marketing 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 the firm’s

outstanding shares.

Fama and French (1998), analyzing the relationship among taxes,

financing decisions, and the firm’s value, concluded that the debt does

not concede tax benefits. Besides, the high leverage degree generates agency

problems among shareholders and creditors that predict negative

relationships between leverage and profitability. Therefore, negative

information relating debt and profitability obscures the tax benefit of the

debt. Booth et al. (2001) developed a study attempting to relate the capital

structure of several companies in countries with extremely different

financial 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. Graham (2000) concluded in his work that big and profitable companies

present a low debt rate. Mesquita and Lara (2003) 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

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2011年度长安大学第四届

relationship for short-term financing and equity.

Hadlock and James (2002) 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 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 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 have 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 (1998-2002). Twenty-two firms qualified to be included 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 debt 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-section 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 cross-section elements is adopted. The relationship between debt and

profitability is thus estimated in the following regression models:

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2011年度长安大学第四届

ROEi,t =β0

+β1SDAi,t

+β2SIZEi,t

+β3SGi,t

+ ëi,t

(1)

ROEi,t=β0

+β1LDAi,t

+β2SIZEi,t

+β3SGi,t

+ ëi,t

(2)

ROEi,t=β0

+β1DAi,t

+β2SIZEi,t

+β3SGi,t

+ ëi,t

(3)

where:

. ROEi,t is EBIT divided 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 firm i in time t;

. SGi,t is sales growth for firm i in time t; and

. ëi,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 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 firms’ 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 represented 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 market. 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.

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2011年度长安大学第四届

The above position reveals that the companies are financially leveraged with

a large percentage of total debt being short-term.

Table I.

Descriptive statistics

Mean SD Minimum Median Maximum

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

ROE

0.3694 0.5186 -1.0433 0.2836 3.8300

SDA 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 1.6495 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 models (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 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.

The 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. This is explained by the fact that long-term debts are

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2011年度长安大学第四届

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 (2000) and Booth et al. (2001).

Firm size and sales growth 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 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 (2002), Petersen and Rajan (1994) and Roden

and Lewellen (1995) that profitable firms use 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 least squares

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

Variable 1 2 3

SIZE 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)

R² 0.6825 0.3968 0.8639

SE 0.4365 0.4961 0.4735

Prob. (F) 0.0000 0.0000 0.0000

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Conclusions

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 an organization’s ability to deal with its competitive

environment. This present study evaluated the relationship between capital

structure and profitability of listed firms on the GSE during a five-year

period (1998-2002). The results revealed significantly positive relation

between SDA and ROE, suggesting that profitable firms use more short-term

debt to finance their operation. Short-term 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 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.

译文

加纳上市公司资本结构对盈利能力的实证研究

作者：乔舒亚阿博尔

论文简介

资本结构决策对于任何商业组织都是至关重要的。资本结构决策之所以重要，不仅是因为他要使不同组织争取收益最大化，而且也因为这样的决定对公司应对激烈竞争的能力有影响。公司的资本结构实际上是各种不同债务的混合。一般来说，公司能在许多可供选择的资本结构中选择一种。它可以发行大量的债务或不发行债务。它可以安排融资租赁，使用认股权证，发行可转换债券，签订远期合同或互换页脚内容7

2011年度长安大学第四届

贸易债券。不过，它试图找到最大限度扩大自身整体市场价值的特定组合。

很多的相关理论提出了公司资本结构的解释。尽管对资本结构理论有很强的呼吁，但财务管理研究者至今还没有发现最优资本结构。最佳学者和职业经理人至今能达到的是满足短期目标。例如，由于缺乏何为最优资本结构的共识，该研究已成为迫切的需要。为了更好地了解手边的问题，需要审视资本结构的概念及了解资本结构对上市公司的盈利能力的影响。这篇论文对1998-2002年期间加纳证券交易所上市的上市公司资本结构与盈利能力的相关性进行了实证分析。在加纳财务学，资本结构对上市公司的盈利能力的影响是尚未进行探究的科学的区域。

该篇论文组织如下。以下章节关于这个主题给出简要的现存文献综述。接下来的章节描述对数据和应用变量的选择，进而实证分析。在这篇研究中使用了估计模型。随后的部分得出并探讨实证分析结果。最后，最后的部分概述了研究结果并且总结结论。

资本结构文献综述

资本结构与公司价值之间的关系一直是可以考虑的辩论主题。在整个文献中，争论已经集中在各个企业是否存在一种最优资本结构，抑或债务的比例有无关各公司价值。公司资本结构涉及该公司运作时使用的负债和权益的组合比率。Brealey和Myers(2003)声称，资本结构的选择根本上是一个市场额问题。他们认为公司可以在无数的组合中发行许多不同的证券，但它试图找到以最大限度扩大市场价值的特定价值。Weston和Brigham(1992)认为，最优资本结构是指最大限度扩大公司已发行股票的市场价值的结构。

Fama和French(1998)，分析税收、融资决策，公司价值之间的关系，得出结论：债务并不承认税负方面的优惠。此外，告杠杆效率在股东和债券人之间产生的代理问题预示杠杆效应和利润之间的负相关关系。因此负面的涉及债务和盈利能力的额信息掩盖了债务的税收优惠。Booth 等(2001)进一步对一些资本结构资本结构截然不同的国家的公司做了研究，试图找出资本结构与金融市场的关联。他们指出尽管金融市场有着巨大差异，但是影响企业资本结构选择的变量是相似的。此外，他们得出的结论是：盈利水平和债务程度、公司规模呈负相关关系。然而，他们发现：在短期融资和股本呈正相关关系。

Hadlock和James(2002)得到的结论是：公司宁愿贷款(债务)融资，因为他们期望一个更高的回报。Taub(1975)还发现在回归分析中，四项测量盈利能力指标与债务比率呈显著正系数相关。除了工业以外，Petersen和Rajan(1994)确定了共同协会。Baker(1995)发明了联立方程模式，Nerlove(1968)也发现了工业协会有着此相同的模型。Roden和Lewellen(1995)在他们所研究的杠杆收购中发现，盈利能力和收购融资方案之一的总债务呈显著正相关关系。Champion(1999)表明应用杠杆率是一种提高一个组织绩效的方法。

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2011年度长安大学第四届

总之，没有全球统一的债务权益理论。对于融资的选择已经提出了不同的观点。此篇研究旨在探讨加纳证券交易所上市公司资本结构对盈利能力的影响。

方法论

本研究样本期间所有的公司在加纳证券交易所上市已经超过5年。22个公司抽样合格被纳入研究。变量用于盈利能力和杠杆比率分析。首先利润率是常用的基础会计度量：息税前利润对股本比率。使用的杠杆比率包括：

短期债务对资本总额比率

长期债务对资本总额比率

总债务对资本总额比率

公司规模和销售增长速度也包括在控制变量中。

该小组的数据特征允许使用面板数据方法。固定样板数据涉及基于时间集中观察几个单位提供的且不只是纯粹探测到的横截面或纯时序研究结果。研究者一般以面板数据模型，允许以极大的灵活性估计面板数据，并制定行为差异的横截面元素通过。债务和盈利能力之间的关系在接下来的回归模型中是如此估计的：

ROEi,t =β0

+β1SDAi,t

+β2SIZEi,t

+β3SGi,t

+ ëi,t

(1)

ROEi,t=β0

+β1LDAi,t

+β2SIZEi,t

+β3SGi,t

+ ëi,t

(2)

ROEi,t=β0

+β1DAi,t

+β2SIZEi,t

+β3SGi,t

+ ëi,t

(3)

其中：

ROEi,t

是指t时间点上i公司息税前利润除以该公司股票。

SDAi,t

是指t时间点上i公司短期债务除以资本总额。

LDAi,t

是指t时间点上i公司长期债务除以资本总额。

DAi,t

是指在t时间点上i公司债务总额除以资本总额。

SIZEi,t 是指在t时间点上i公司的销售记录。

SGi,t

是指在t时间点上i公司的销售增长。

ëi,t

是误差项。

实证结果

表Ⅰ提供了样本公司自变量和应变量的描述性统计概要。这说明平均指标计算的变量是从会计报表计算的出来的。衡量收益率的净资产收益率显示中值28.4百分点，平均36.94百分点。图片说明在研究时期有一个良好的业绩。净资产收益率衡量了公司每股(当地货币)投资贡献的净收入。它是一种测量所有者投资资本效率的措施。该SDA变量衡量短期负债占资本总额比率。该变量的平均值是0.4876，中值是0.4547。该数值表明，短期债务约占总资产的45%，事实证明，大多数加纳公司因为很难从金融机构介入长期信贷，所以在很大程度上靠短期债务融资进行经营性融资。另一个原因是由于不成熟的加纳长期债务市场。长期债务总额对总资产的比率(LDA)还停留在0.0985的平均水平。债务对资本总额比率(DA)显示出平均值页脚内容9

2011年度长安大学第四届

0.5861。这意味着，大约85%的总资产是债务资本金提供的。以上所述解释了公司较高的短期债务比率产生的杠杆作用。

表Ⅰ

描述性统计

Mean SD Minimum Median Maximum

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

ROE 0.3694 0.5186 -1.0433 0.2836 3.8300

SDA 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 1.6495 14.1875 18.2361 22.0995

SG 0.3288 0.3457 20.7500 0.2561 1.3597

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

采用回归分析，探讨资本结构和净资产收益率来衡量的盈利能力之间的关系。普通最小二乘法(样本)回归结果在附表二。从回归模型结果(1)，(2)，(3)中来看该自变量解释的公司负债比率分别咂68.3%，39.7%，86.4%。F-统计证明了估计模型的有效性。同时，在统计上该相关系数是99%的置信度。

在回归结果(1)中解释了SDA和盈利能力有着显著的相关关系。这表明，短期债务往往成本较低，因此一个相对低利率总价债务将导致增加利润水平。研究还表明，随着控制变量(规模和销售增长)盈利增加。回归(3)显示LDA和盈利能力有着显著的负相关性。这意味着，盈利能力伴随长期债务的上升而下降。这解释了债务由于相对比较昂贵，因此采用很高的长期债务比率会降低盈利能力的事实。这些早期的研究结果支持Miller(1997)、Fama和French(1998),Graham(2000)、 Booth 等(2001)的结论。公司规模和销售增长均与盈利能力呈长相关关系。

回归(3)结果表明DA与盈利能力有着正相关关系。对债务呈显著正相关系数意味着负债状况提高与盈利能力提高有关：债务越高，利润越高。同样这表明公司的盈利更多的依靠债务作为主要融资选择。这支持Hadlock和James(2002)，Petersen

和Rajan(1994)和Roden和Lewellen(1995)的结论：盈利的公司更多使用债务。在加纳案例中，高达85%的债务是短期的。研究结果还显示控制变量(公司规模和销售增长)与盈利能力呈正相关关系。

表Ⅱ回归模型分析结果

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

Profitability (EBIT/equity)

Ordinary least squares

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2011年度长安大学第四届

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Variable 1 2 3

SIZE 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)

R² 0.6825 0.3968 0.8639

SE 0.4365 0.4961 0.4735

Prob. (F) 0.0000 0.0000 0.0000

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结论

资本结构决策对于任何商业组织都是至关重要的。资本结构决策之所以重要，不仅是因为他要使不同组织争取收益最大化，而且也因为这样的决定对公司应对激烈竞争的能力有影响。该研究评价了再1988-2002年五年期间加纳证券交易所上市的上市公司资本结构与盈利能力之间的关系。结果显示SDA和净资产收益率呈显著正相关，意味着盈利的公司会用更多的短期债务融资供其运转。对于加纳的公司来说，短期债务是融资的重要组成部分，占债务总额的85%。然而结果显示LDA和净资产收益率呈负相关关系。这表明盈利公司越来越多地依靠债务融资作为它们主要融资选择。在加纳案例中，高达85%的负债是短期的。

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