孟加拉国公司的杠杆诱导盈利能力:实证分析

Ummay Mahima Ima, Maliha Rabeta, Nurun Nahar, Mst. Sharmin Sultana Sumi
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引用次数: 0

摘要

本研究旨在广泛考察杠杆融资对孟加拉国公司业绩的影响,揭示杠杆诱导盈利能力的微妙动态,并强调平衡债务和股权结构对新兴市场财务可持续性的重要性。为了探讨实体资本结构中的财务杠杆如何影响企业的财务可持续性,并分析如何利用财务杠杆提高公司业绩,本研究采用了达卡证券交易所 22 年(2000-2021 年)的数据集。为了进行基于豪斯曼检验的固定效应回归,"公司业绩 "被用作回归因子,并分别用每股收益、资产回报率、股本回报率和基本盈利能力来表示。另外,"财务杠杆 "回归变量的替代变量包括债务与权益比率、债务与资产比率、流动负债与权益比率和流动负债与资产比率。检验结果表明,在孟加拉国这样的新兴国家,资本结构中的杠杆作用既可能产生有利影响,也可能产生不利影响。年龄以及债务与资产比率对每股收益有很大的负面影响。此外,债务与资产比率和流动负债与资产比率也会对资产回报率产生负面影响。然而,债务资产比、流动负债资产比和规模对资产回报率有很大的正面影响,但年龄对资产回报率有负面影响。最后,债务资产比对基本盈利能力有积极影响。研究结果表明,要想从杠杆诱导的盈利能力中获益,平衡债务和权益至关重要,而且这些模型可以在各行业中扩展或修正,以扩大对杠杆诱导盈利能力这一持久论点的研究。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Leverage-induced profitability in Bangladeshi firms: An empirical analysis
The intent of the inquiry is to extensively examine the impact of leveraged financing on firm performance in Bangladesh, revealing the subtle dynamics of leverage-induced profitability and emphasizing the importance of a balanced debt and equity structure for financial sustainability in emerging markets. To explore how financial leverage in an entity’s capital structure affects a business’s financial sustainability and analyze how it may be used to improve company performance, the study has employed a 22-year data set (2000–2021) from the Dhaka Stock Exchange. To perform Fixed Effect Regression based on the Hausman test, ‘Firm performance’ is used as the regressand, which was further proxied by Earnings per Share, Return on Assets, Return on Equity, and Basic Earning Power respectively. Alternatively, proxy variables for the regressor ‘Financial leverage’ include Debt-to-Equity, Debt-to-Asset, Current Liability-to-Equity, and Current Liability-to-Asset. The test has shown that leverage in the capital structure could lead to both favorable and unfavorable effects in emerging countries like Bangladesh. Age, along with Debt-to-Asset, has shown a substantial negative impact on Earnings per Share. Also, the Debt-to-Asset and Current Liability-to-Asset negatively affect the Return on Assets. However, Debt-to-Equity, Current Liability-to-Equity and Size have a substantial positive impact, however Age has a negative effect on Return on Equity. Lastly, Debt-to-Asset has shown a positive impact on Basic Earning Power. The findings suggest that balancing debt and equity is crucial to benefit from leverage-induced profitability, and the models can be extended or amended across industries to expand the study on this persistent leverage-induced profitability argument.
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