上市前后企业财务绩效的内部能力决定因素研究——以泰国上市公司为例

Tanakrit Wattanawarangkoon, Janthorn Sinthupundaja, N. Suppakitjarak, N. Chiadamrong
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引用次数: 4

摘要

本研究旨在实证分析企业财务实力(流动性、杠杆率和销货成本)和企业特征(利用率、有形性和公司规模)对企业财务绩效的影响,并研究企业上市前后这些影响的差异。设计/方法/方法本分析基于泰国证券交易所(SET) 159家上市公司的过渡期(从每家公司上市前一年到上市后五年)(数据收集自2002年至2019年)。采用模糊集定性比较分析法(fsQCA)进行分析。实证结果表明,在不同的经营年限,企业必须保持不同水平的决定因素。在成为上市公司之前,公司的规模对公司的财务绩效起着重要的决定作用。根据公司的规模,需要不同的特征。上市一年后,较低的生产经营费用占销售额的比例和较低的杠杆率是公司财务业绩优异的两个重要因素。然后,在上市公司2-5年后,在达到稳定状态后,另外两个因素,良好的流动性和高有形性,对公司的良好财务绩效具有重要意义。原创性/价值与先前的研究不同,本研究解释了财务优势和公司特征的决定因素的因果关系或组合,在上市之前和之后,公司的良好财务绩效,这不能通过分析日历年的业绩来确定。
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Examining internal capability determinants on firms' financial performance before and after going public: a case of listed firms in Thailand
PurposeThis study aims to empirically analyze the effect of firm financial strengths (liquidity, leverage, and cost of goods sold) and firm characteristics (utilization, tangibility and company size) towards firm financial performance and study the differences of these effects before and after firms going public.Design/methodology/approachThe analysis is based on 159 firms listed on the Stock Exchange of Thailand (SET) during the transition periods of interest from one year before each firm became a listed firm and up to five years after becoming a listed firm (data collection from 2002 to 2019). Fuzzy set qualitative comparative analysis (fsQCA) is applied for the analysis.FindingsThe empirical evidence shows that the firms have to maintain different levels of determinants during different years of operation. Before becoming listed firms, the firms' size plays a significant role in determining the firms' financial performance. Different characteristics are required, according to the size of the firms. One year after becoming listed firms, a low level of production and operating expenses in relation to sales and low leverage are the two important factors for superior financial performance. Then, 2–5 years after becoming listed firms and after a steady state is reached, two more factors, good liquidity and high tangibility, are shown to be significant for good financial performance of the firms.Originality/valueUnlike prior studies, this study explains the causal relationships or combinations of determinants of financial strengths and firm characteristics, before and after going public toward good financial performance of firms, which cannot be identified by analyzing the calendar-year performance.
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CiteScore
6.50
自引率
3.20%
发文量
30
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