金融杠杆对阿尔巴尼亚二级银行绩效影响的实证分析

Elton Guberaj, Denisa Kurtaj, A. Kapaj
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摘要

随着时间的推移,阿尔巴尼亚的金融环境发生了一些重大变化,这些变化是由不同的市场环境和对金融选择施加特定限制的规则所决定的。在全球化和竞争激烈的当今世界,做出明智的财务决策对公司的成功至关重要。大多数关于传统财务的研究主要集中于分析公司的日常业绩与债务数额之间的关系。这些研究试图探讨财务杠杆与公司成功因素之间的复杂关系。不同的研究人员一直在研究财务杠杆的基本细节,重点关注啄食顺序等理论,这些理论认为公司更愿意使用自己的资金,而不是从外部借贷。尽管理论林林总总,但对于公司应如何平衡资金或哪些财务举措能保证成功,却没有一个统一的答案。每家企业都不尽相同,在发展过程中都会遇到独特的挑战。了解公司如何获得资金以及资金的来源,对于既要节约又要实现大幅增长的企业来说至关重要。这就凸显了制定一个符合公司利益的资金计划是多么重要。有趣的是,在一个对资金流动不征税的市场中,公司设置资金的方式似乎并不会改变资金的价值。无论从短期还是长期来看,企业都有余地根据重大投资决策和对快速现金的需求来调整负债的多少。杠杆的具体效果取决于几个变量,如公司的风险偏好、经济状况和行业动态。总之,本次实证调查的主要目的是澄清从 2012 年到 2022 年这十年间,金融杠杆与阿尔巴尼亚二级银行业绩曲线之间的关系。本调查旨在澄清阿尔巴尼亚银行,尤其是二级银行是否根据不断变化的市场动态和监管变化修改了财务杠杆方法,以及这些修改对银行整体业绩的影响。
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An Empirical Analysis of the Impact of Financial Leverage on the Performance of Second-Level Banks in Albania
The financial scene in Albania, has seen some significant changes over time, shaped by different market situations and rules that put specific limits on financial choices. In today’s world, where globalization and competition are running high, making smart financial moves is crucial for a company’s success. Most studies on traditional finance have been mostly focused on analyzing how a company’s everyday performance is connected with the amount of debt. These studies try to investigate the complex relationship between financial leverage and the factors that make a company successful. Deferent researchers have been looking into the basic details of financial leverage, focusing on theories like the pecking order, which suggests that companies Fprefer using their own money rather than borrowing from outside. Despite having an assembly of theories, there’s no one answer for how a company should balance its money or which financial moves guarantee success. Every business is different, dealing with unique challenges in its way. Understanding how a company acquires its funding and where it originates plays a crucial role for businesses aiming to economize while trying to achieve substantial growth. This highlights how important it is to set up a money plan that looks out for the company’s interests. Interestingly, in a market where there’s no tax on money moves, the way a company sets up its money doesn’t seem to change how much it’s worth. Businesses have room to refine how much debt they carry, both in the short and long term, based on big investment decisions and the need for quick cash. The exact effect of leverage depends on several variables, such as the firm’s risk appetite, the state of the economy, and the dynamics of the industry. To summarize, the main goal of this empirical investigation is to clarify the relationship between financial leverage and the performance curve of Albania’s second-level banks throughout the ten years from 2012 to 2022. This investigation seeks to clarify if financial leverage methods were modified by Albanian banks, especially second-level banks, in response to changing market dynamics and regulatory changes, and how these modifications affected the banks’ overall performance.
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