资本结构,智利证券交易所:2007 - 2016

M. R. Henrique, Sandro Braz Silva, Antonio Saporito
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引用次数: 0

摘要

本文分析了2007年至2016年智利公司资本结构决定因素的行为。本研究的目的是通过基于书目、文献、探索性和解释性的研究类型学来实现的,并考虑了Economática在选定时期的年度财务报告。设计/方法/方法这是一项采用定量方法的研究,使用的统计工具是描述性分析、Pearson相关性、方差膨胀因子(VIF)和面板回归。结果显示,智利公司(240家)的长期债务更高,成本更高。这些公司在当前流动性、股东回报、销售和资产增长以及市净率(MTB)方面的平均水平都很高。长期债务被强调,其解释力为85%。在调查中提出的大多数负债中,当前流动性被强调为重要因素,而在昂贵的短期和长期负债中,这类品牌没有被纳入考虑范围。值得注意的是,人字拖公司更倾向于啄食顺序理论(POT)。这项研究所占的差距与涉及南美国家的研究有关,特别是智利市场,以及资本结构的决定因素。原创性/价值在未来的研究中,除了调整公司债务的速度技术外,建议包括与债务有关的其他类型的变量及其决定因素的相同行动。
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Capital structure, stock exchanges in Chile: 2007 to 2016
PurposeThe article consists of analyzing the behavior of the determinants of the capital structure of Chilean companies between 2007 and 2016. The objective of this study was achieved through a typology of research based on bibliographic, documentary, exploratory and explanatory, considering annual financial reports from Economática in the chosen period.Design/methodology/approachAs this is a research study with a quantitative approach, the statistical tools used were descriptive analysis, Pearson correlation, variance inflation factor (VIF) and panel regression.FindingsThe results show that Chilean companies (240) have higher and costly long-term debt. These companies have high averages in current liquidity, return to shareholders, growth in sales and assets and market-to-book (MTB). Long-term debt was highlighted with an explanatory power of 85%. Current liquidity was highlighted as being significant in most of the indebtedness proposed in the survey, failing to register brands like this in expensive short-term and long-term indebtedness. It is noticed that flip flops companies are more prone to the pecking order theory (POT). The gap occupied by this study is linked to research involving South American countries, especially the Chilean market, and the determinants of the capital structure.Originality/valueAs future research, it is suggested to include other types of variables related to indebtedness and the same action for its determinants, in addition to the speed technique of adjusting corporate debts.
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来源期刊
Journal of Economics, Finance and Administrative Science
Journal of Economics, Finance and Administrative Science Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
5.10
自引率
20.80%
发文量
23
审稿时长
12 weeks
期刊介绍: The Universidad ESAN, with more than 50 years of experience in the higher education field and post graduate studies, desires to contribute to the academic community with the most outstanding pieces of research. We gratefully welcome suggestions and contributions from business areas such as operations, supply chain, economics, finance and administration. We publish twice a year, six articles for each issue.
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