马来西亚债务与企业价值:面板阈值回归分析

2011 IEEE Symposium on Business, Engineering and Industrial Applications (ISBEIA) Pub Date : 2011-12-01 DOI:10.1109/ISBEIA.2011.6088791

A. H. Ahmad, N. Abdullah

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引用次数: 3

摘要

自Modigliani和Miller(1958)的开创性工作以来，已经有许多研究讨论了资本结构的最佳水平。在本研究中，我们考察了是否存在使企业价值最大化的最优债务水平。本文采用Hansen(1999)的先进面板阈值回归模型检验了2005 - 2009年马来西亚上市公司负债率对公司价值的影响。本研究的结果表明，超出阈值水平的额外债务不会增加公司价值。

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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Debt and firm value in Malaysia: A panel threshold regression analysis

There have been number of studies discussing the optimal level of capital structure since the seminal work of Modigliani and Miller (1958). In this study, we examine whether an optimal level of debt exist at which a firm could maximize its value. An advanced panel threshold regression model by Hansen (1999) is employed to test the effect of debt ratio on the firm value among Malaysian listed firms from 2005 to 2009. The findings from this study show that additional debt beyond the threshold level does not add to a firm value.

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2011 IEEE Symposium on Business, Engineering and Industrial Applications (ISBEIA)

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