新西兰怀卡托大学管理学院金融系系主任Krishna Reddy博士在浙江财经大学金融学院进行了企业资本结构的不同大洲的决定因素:前、中、后的全球金融危机的相关讲座。讲座的主要内容如下:
本研究探讨公司资本结构之前,期间和全球金融危机之后。企业杠杆率和债务水平的企业特征的影响,使用企业的样本来自27个国家审查,代表世界各大洲。我们的研究结果表明,公司的资本结构是在同一个大陆国家相似,但跨洲不同。我们的研究结果还表明,资本结构是相似的企业特征,如资产有形性,盈利能力,企业规模,成长机会,流动性和股价表现的影响。我们的发现与资本结构的预测theoryand我们的研究结果表明,在全球金融危机期间,企业提高杠杆率的收益下降,股市动荡加剧一致。该公司的特点对杠杆率的影响,也受到了金融危机。企业规模对公司杠杆率,而有形资产,盈利的波动性和非债务税盾显著影响被忽略不计。在金融危机期间,盈利能力和成长机会,对公司影响力较弱的影响。杠杆公司流动性的影响,在亚洲国家变得更强,但不显着美国和欧洲。股价表现也无论是在与危机后产生对企业的杠杆作用更强的影响力。
Krishna Reddy博士是新西兰怀卡托大学管理学院金融系系主任。他在位于新西兰汉密尔顿的怀卡托大学完成了博士学位的学习。Reddy博士早年曾经在银行工作,并有数年时间致力于打理自己的公司。他现在是高级公司金融学、公司理论与政策以及个人理财规划三门课程的负责人。Reddy博士的研究领域主要包括公司治理、公司市场、资本架构、个人金融、市场有效性、互惠基金绩效等。Reddy博士曾经在Economic Modelling, International Review of Economics and Finance, International Journal of Managerial Finance, Managerial Finance, Governance: An International Journal of Policy, Administrators, and Institutions等期刊上发表过文章。
原文:This study examines firm capital structure before, during, and after the global financial crisis. Firm leverage and the influence of firm characteristics on debt levels are examined using a sample of firms from 27 countries, representing all continents in the world. Our results indicate that firm capital structure is similar for countries on the same continent but different across continents. Our results also suggest that capital structure is influenced by similar firm characteristics, such as asset tangibility, profitability, firm size, growth opportunities, liquidity, and share price performance. Our findings are consistent with the predictions of capital structure theoryand our results show that during the global financial crisis, firms increased leverage as earnings declined and equity markets became more volatile. The influence that firm characteristics have on leverage was also affected by the financial crisis. Firm size had significant influence on firm leverage whilst asset tangibility, earnings volatility, and non-debt tax shields were insignificant. During the financial crisis, profitability and growth opportunities had weaker influence on firm leverage. The influence of firm liquidity on leverage became stronger in the Asian countries but are insignificant for America and Europe. Share price performance also exerted stronger influence on firm leverage both during and after the crisis.