Financial Structure: A Comparative Study between European Listed and Unlisted Companies

IF 0.6 Q4 COMPUTER SCIENCE, ARTIFICIAL INTELLIGENCE
Carmelo Intrisano, Annapaola Micheli, Anna Maria Calce
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引用次数: 0

Abstract

This paper aims to ascertain whether differences exist in the composition of the financial sources in listed and unlisted companies. In detail, we conduct a differential analysis of the financial structure, measured as debt to equity ratio (D/E), comparing European listed companies to unlisted peers. Analysis cover the period 2015-2017. The main samples of listed and unlisted companies were grouped in nine sub samples representative of as many economic sectors: Healthcare, Consumer cyclical, Consumer non-cyclical, Energy, Industrials, Basic materials, Technology, Telecommunications and Utilities. We compared the average value of debt to equity ratio for listed and unlisted companies, for different sectors in order to verify if in listed companies the incidence of debt is lower than that for unlisted ones as stated from the majority literature. Then, we calculated the differences between means as “means of D/E for listed companies-means of D/E for unlisted companies” and we used the t-test to observe the statistical significance. Results showed that differences between means were significant at 1% level: so, averages D/E ratio were comparable and they appeared almost always greater for unlisted companies. This confirms that unlisted companies make greater use of debt capital.
财务结构:欧洲上市公司与非上市公司的比较研究
本文旨在确定上市公司和非上市公司的资金来源构成是否存在差异。详细地说,我们对欧洲上市公司和非上市公司的财务结构进行了差异分析,以债务与权益比率(D/E)来衡量。分析涵盖2015-2017年。上市公司和非上市公司的主要样本分为九个子样本,代表了许多经济部门:医疗保健、消费周期、消费非周期、能源、工业、基础材料、技术、电信和公用事业。我们比较了不同行业的上市公司和非上市公司的债务权益比平均值,以验证上市公司的债务发生率是否低于大多数文献所述的非上市公司。然后,我们将均值之间的差异计算为“上市公司的D/E均值-非上市公司的D/E均值”,并使用t检验观察统计显著性。结果表明,均值之间的差异在1%的水平上是显著的:因此,平均市盈率具有可比性,并且非上市公司的平均市盈率几乎总是更高。这证实了非上市公司更多地利用债务资本。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
International Journal of Biometrics
International Journal of Biometrics COMPUTER SCIENCE, ARTIFICIAL INTELLIGENCE-
CiteScore
1.50
自引率
0.00%
发文量
46
期刊介绍: Biometrics and human biometric characteristics form the basis of research in biological measuring techniques for the purpose of people identification and recognition. IJBM addresses the fundamental areas in computer science that deal with biological measurements. It covers both the theoretical and practical aspects of human identification and verification.
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