Академический Документы
Профессиональный Документы
Культура Документы
1(21) 2012
97
:
..25
,
.
,
.
.
. ,
,
.
JEL: G30
: ,
,
,
, ,
. , -
,
,
. ,
,
, .
, , ,
. ,
.
.
,
.
- .
, .
, I.Chakraborty (Chakraborty, 2010) ,
1992 . ,
25
#1(21), 2012
, 2012
" "
1(21) 2012
98
1995 2008 .
. N.Delcure (Delcure,
2007) , , , ,
, , 3%. ,
, Y.Ni, S.Guo, D.E.Giles (Ni, Guo, Giles, 2010)
; ,
. , (Wu, Yue, 2009), , ,
( 1% 2005 ).
, . , ,
(Cespendes, Gozales, Molina, 2010), ,
. , ,
(Udomsirikul, Jumreornvong, Jiraporn, 2011),
, . , (Ojah,
Pillay, 2009) ,
1980- 1990- . (Eldomiaty, 2011)
. (Ameer, 2010)
12 .
.
,
.
(Harvey, 2004), , , , .
.
, . ,
, , , , , (Okere, Tamule,
Maloney, 2010).
.
. .
, , , , ,
. ,
,
. , , (Stephan, Talavera, Tsapin,
2011)
,
, .
.
, .
, , , , ,
. ,
.
.
.
. ,
, , ,
. , (Rajagopal, 2011)
. ,
(Lopes, de Alencar, 2010)
.
#1(21), 2012
, 2012
" "
1(21) 2012
99
, :
,
(
80- 90- XX )
,
(
13%)
,
CPI)
,
, :
.
.
,
, .
#1(21), 2012
, 2012
" "
1(21) 2012
100
,
, ,
.
.
,
, , . ,
(, ),
.
. , ,
, ,
. ,
,
. ,
. ,
(Crnigoj, Mramor, 2009)
.
, , .
. ,
, .
,
. ,
. , , (Manos,
Murinde, Green, 2007). , ,
, .
.
2
-
,
, :
.
.
.
#1(21), 2012
, 2012
" "
1(21) 2012
101
,
, , ,
, ,
,
. , , , (Ni,
Guo, Giles, 2010), , .
,
(, , , , , .
, , . (Yang et al., 2010)).
,
,
,
.
: .
,
-
.
, . -,
(,
, (Harris, Raviv, 1991) (Titman,
Wessels, 1988). -, ,
,
, (Kayo, Kimura, 2011).
,
-
.
.
,
, .
3
TL/
#1(21), 2012
, 2012
" "
1(21) 2012
(BVApref+defer
red taxes
and debt);
ML= TL/
MVA
102
.
:
(-)
,
2.
20022008
.
707 (
, )
:
1. , ,
( )
, , (Kokoreva, Ivashkovskaya, Kadurov, 2011)
:
,
,
, ,
,
, ,
, ,
,
:
,
100 .
20022009
.
372
:
1.
()
2.
TDR
=
(LTD
+
STD)/ (TD
+BVE)
1.
2,85
2.
(+) ;
(+)
3. Q T (-)
4. (-);
(-)
; (+)
5.
(,
,
) (+)
:
1. ,
,
(Chakraborty, 2010)
:
: 1169
( 1995
2008 .)
16
366
.
:
1.
()
2.
()
()
LEV1=TL
/ BVA
LEV2=TL
/
(TL+ME)
. :
1.
( (-), (-))
2.
(
(+), (-))
:
1. ,
:
,
2.
#1(21), 2012
, 2012
" "
1(21) 2012
103
, , ,
3. ,
""
:
1. : (Kao (1999)
LEV1 Pedroni (1999,2004)
)
, , (Cespendes, Gozales, Molina, 2010)
:
Lev1b=TL
:
/(TL+
.
1.
BVE);
, :
Lev2b=
1.
:
1996 ()
(TFD+TN (+);
2005 .
2. O)/(TFD+ U-
806 1
TNO+BV
,
3.
E);
2. (+)
6766
Lev2m( 3.
(+),
(+),
)
(-)
:
1.
, ,
2. (21), (82),
(43),
, . , , . (Yang, Lee, Gu, Lee, 2010)
Lev1=LT 1.
(LISREL) D/ BVA, ;
- Lev2=LT
:
D/ MVA
,
(
20032005 .,
:
2003 . 702,
,
2004 . 699,
2005 . 662
)
2063
2. (-)
3. (-), (-)
:
1.
2.
:
1.
2. , ..
3. (
Titman Wessels (1988)
#1(21), 2012
, 2012
" "
1(21) 2012
104
)
, (Wu, Yue, 2009)
:
:
2182
.
20012003 .
464 ,
1999 . 372,
2000 . 418
Lev1=TL/
, BVA
(first
difference
regression)
,
3,3%
1. (+);
(+); (-); (+,
)
:
1. , ,
- -
:
1. , ,
, ,
, ,
, , (Manos, Murinde, Green, 2007)
: L=TL/
1.
: 1652 ( MVA
GP -, GP
,
(1
2000
)
; 2. ,
:
0 )
,
1.
2.
3.
()
:
1.
, ,
:
1. ( )
(Delcure, 2007)
: ,
TL=TL/B 1.
, , :
VA; LTL
1.
= LTD/
2.
BVA;
2. (+) STL, (-)
:
1996
STL
= LTL ,
2002 . 3.
STD/
. (+)
22 ,
BVA
LTL (+)
61 ,
3.
33 ,
(+)
13
4. (-)
5. (+)
#1(21), 2012
, 2012
" "
1(21) 2012
105
:
1. ,
TL ; FD ; LTL STL
; BVA MVA
; BE MVE
; TNO total negotiable obligations.
, ,
, ,
, .
,
, ,
. , (Alves, Ferreira,
2011), 31 , 10 ,
21 804 5699 , ,
. , ,
, ,
. , ,
.
.
, , ,
,
. (, , ,
, , , , , , , ) ,
.
,
.
, .
,
. ,
,
. . ,
,
.
.. .. (, , 2010)
-
,
. 2004 2008
10 , , ,
, , , , , , .
, (
), ,
(
).
, ,
,
#1(21), 2012
, 2012
" "
1(21) 2012
106
, .
,
,
. U-. , ,
, ,
.
, ., , .
. ,
, ,
, : ,
, , ,
. ,
.
, ,
,
,
, .
,
,
.
, , ,
, , -
, , .. ,
, , -
.
, , ,
. ,
. , ,
,
,
.
, ,
1998 ,
. , , ,
,
.
(Bokpin, 2009) 34
1990 2006
. ,
.
, ,
,
.
, , (Antoniou, Guney, Paudyal,
2008). , , (Jong, Kabir, Nguyen, 2008)
, , , ,
, ..
,
#1(21), 2012
, 2012
" "
1(21) 2012
107
:
, , .
.
.
, ,
.
, :
,
;
:
; ;
..
. ,
,
, , ,
, ,
.
(-
). ,
,
.
,
.
.
.
1. .., ..
?
// . 2010. 15. . 4762.
2. ., .
// - . 2008. .
3.
3. .., .. :
// . 2008. 1(5). . 103118.
4. Alves, P.F.P., Ferreira, M.A. (2011), Capital structure and law around the world, Journal of
Multinational Financial Management, 21 (2011) 119150.
5. Ameer, R. (2010), Financial liberalization and firms capital structure adjustments evidence
from Southeast Asia and South America, Journal of Economics and Finance, Online First.
URL: http://rd.springer.com/article/10.1007/s12197-010-9158-3#.
6. Antoniou, A., Guney, Y., and Paudyal, K. (2008), The determinants of capital structure:
Capital market-oriented versus bank-oriented institutions, Journal of Financial and
Quantitative Analysis, 43 (2008) 5992.
7. Bhaduri, S.M. (2002), Determinants of Capital Structure Choice: A Study of the Indian
#1(21), 2012
, 2012
" "
1(21) 2012
108
, 2012
" "
1(21) 2012
109
28. Udomsirikul, P., Jumreornvong, S., Jiraporn, P. (2011), Liquidity and capital structure: The
case of Thailand, Journal of Multinational Financial Management, 21 (2011) 106117.
29. Welch, I. (2011), Two Common Problems in Capital Structure Research: The FinancialDebt-To-Asset Ratio and Issuing Activity Versus Leverage Changes, International Review
of Finance, 1(11) (2011) 117.
30. Wu, L., and Yue, H. (2009), Corporate tax, capital structure, and the accessibility of bank
loans: Evidence from China, Journal of Banking & Finance, 33 (2009) 3038.
31. Yang, N., Shasha, G., and Giles, D.E. (2010), Capital structure in an emerging market: a
duration analysis of the time interval between IPO and SEO in China, Applied Financial
Economics, 20 (2010) 15311545.
32. Yang, C-C., Lee, C., Gu Y.-X., and Lee, Y.-W. (2010), Co-determination of capital structure
and stock returns A LISREL approach. An empirical test of Taiwan stock markets, The
Quarterly Review of Economics and Finance, 50 (2010) 222233.
#1(21), 2012
, 2012