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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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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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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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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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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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
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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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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
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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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━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 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 ━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 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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