公司所有权特征与长期股本回报率:以内罗毕证券交易所为例

M. Odipo, T. Olweny, O. Oluoch
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引用次数: 1

摘要

本调查着眼于公司所有权特征与在肯尼亚内罗毕证券交易所(NSE)发行股票的公司的长期回报之间的联系。这项研究涵盖了2006年至2008年在印度证券交易所市场发行股票的12家公司。所有制特征包括(国有制、机构所有制、外资所有制、五大股东、市值、企业年龄和企业杠杆率)与平均收益的关系。该研究测试了公司所有权的每个特征是否会影响长期绩效。这些公司的年度回报是基于公司股票发行后五年的市场回报。以NSE指数、CAPM和配对公司为基准,对其长期表现进行了比较。这项研究提出了七个假设。基于面板数据进行了简单线性和多元线性回归分析,以关联已发行股票的长期运行回报。调查结果显示,发行公司的表现优于非发行公司。与CAPM相比,这些发行公司的表现也更好。然而,发行公司的表现不如NSEI。总之,NSE发行的股票的长期表现并不一定比非发行机构表现不佳。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Firm Ownership Characteristics and Long-run Return on Equity Issued: A Case of the Nairobi Securities Exchange
This investigation looked at the link between firm ownership characteristics and long-run return on firms that issued equity at the Nairobi Securities Exchange (NSE) in Kenya. The study covered 12 firms that issued shares in the NSE market from 2006-2008. Ownership characteristics included (state ownership, institutional Ownership, foreign Ownership, big five shareholders, market capitalization, age of the firm and Leverage of the firm) in relation to the average return. The study tested whether each of the firm ownership characteristics influenced long-run performance. Annual return for these companies was based on market return for five years after the firm’s equity shares were issued. The long-run performance was compared with three benchmarks, namely, NSE index, CAPM and Matching firms. Seven hypotheses were developed for the study. Simple-liner and multi-linear regression analyses based on panel data were carried out to relate the extended run return on shares issued. The result of the survey showed that issuing firms performed better than non-issuing firms. These issuing firms also performed better in comparison to CAPM. However, the issuing firms performed worse than NSEI. In conclusion, the long-run performance of equity issued at the NSE does not necessarily underperform relative to non-issuing establishments.
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