دانلود مقاله نوسان بازار سهام و گزینش های ساختار سرمایه
چکیده
مقدمه
مرور مطالعات پیشین و توسعه فرضیه
نمونه، مدل ها و متغیرها
نتایج تجربی
تست های استحکام
نتیجه گیری
منابع
Abstract
Introduction
Literature review and hypothesis development
Sample, models and variables
Empirical results
Robust tests
Conclusion
References
چکیده
یکی از مسائل اساسی شرکت های بورسی، تعدیل ساختار سرمایه با افزایش نوسانات بازار سهام است. مطالعه ما این نگرانی را با استفاده از داده های تابلویی بورس اوراق بهادار شانگهای برای دوره 2008-2018 بررسی می کند. ما دریافتیم که نوسانات بازار سهام اثرات مثبت فوری هم بر اهرم کل بازار و هم بر اهرم بازار کوتاه مدت دارد، اما تأثیر منفی بر اهرم بازار بلند مدت شرکت های فهرست شده چینی دارد. در این سناریو، شرکت های چینی فهرست شده ساختار بدهی خود را با استفاده از بدهی های بانکی بالا و کاهش اعتبار تجاری به دلیل هزینه های بدهی کمتر، تنظیم می کنند. تحلیل‌های بیشتر تأیید می‌کند که نسبت بدهی‌های بانکی به کل بدهی‌ها به‌طور مشهودی افزایش می‌یابد در حالی که نسبت اعتبار تجاری به کل بدهی‌ها به طور مشخص کاهش می‌یابد. علاوه بر این، ما آزمایش‌های قوی را در مورد مسائل بالقوه، مانند انتخاب نمونه، انتخاب مدل، عوامل درون‌زا، و رگرسیون کمی اجرا می‌کنیم تا استحکام یافته‌های اصلی را تقویت کنیم. این مطالعه اولین چارچوب را برای بررسی ارتباط بین نوسانات بازار سهام و تصمیمات ساختار سرمایه در یک بازار نوظهور معمولی ارائه می‌کند.
توجه! این متن ترجمه ماشینی بوده و توسط مترجمین ای ترجمه، ترجمه نشده است.
Abstract
An essential issue of listed firms is adjusting their capital structure as stock market volatility increases. Our study examines this concern by using panel data of the Shanghai Stock Exchange for the period 2008–2018. We find that stock market volatility has immediate positive effects on both total market leverage and short-term market leverage but a negative influence on the long-term market leverage of Chinese listed firms. In this scenario, Chinese listed firms adjust their debt structure by using high bank debts and cutting trade credit due to lower debt costs. Further analyses confirm that the proportion of bank debts to total debts visibly increases while that of trade credit to total debts distinctly decreases. Furthermore, we implement robust tests regarding potential issues, such as sample selection, model selection, endogenous factors, and quantile regression to strengthen the robustness of the main findings. This study provides the first framework for investigating a link between the stock market volatility and capital structure decisions in a typical emerging market.
Introduction
To date, determinants of capital structure have remained an incomprehensible subject in corporate finance. When firms are allowed to issue stocks on the equity market, equity issuance plays a vital role in the surging corporate capital. In terms of volatility, Welch (2004) documents that a critical matter of corporate finance is the volatility of stock price as a driver of notable changes in the behaviors and financial decisions of corporate managers. Figlewski and Wang (2000) demonstrate that the increase of the volatilities of stock market returns and individual stock returns leads to the decline in market values at the firm level. Following market timing theory, listed companies tend to issue equity when their market values are comparatively high relative to their book and past market values, and then repurchase their issued equity when their market values are low, which exerts a persistent effect on corporate capital structure (Baker & Wurgler, 2002). Chen et al. (2014) and Ahmed and Hla (2019) show that the volatility of individual stock returns significantly influences the capital structure of listed firms in the United States (US) and Pakistan markets, respectively
Conclusion
Choosing the capital structure as the increased stock market volatility is a vital concern of listed firms. This matter becomes more critical for listed firms activating in emerging markets, especially in China’s equity market, due to the following problems. First, emerging equity markets are immature and volatile. Simultaneously, listed firms in developing markets are quite sensitive to the equity market’s volatility. Second, thus far, corporate financing in China market essentially proceeds from internal funding and bank debts. In addition, Chinese firms universally have a high proportion of mature debts. Third, trade credit is an unofficial debt channel popularly used by Chinese firms when facing strict procedures from banks and credit institutions.
Hypothesis 1: Stock market volatility significantly affects the market leverage of Chinese listed firms.
Hypothesis 2: Stock market volatility significantly affects bank debts and trade credit of Chinese listed firms.