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Determinant factors of the capital structure of a firm-an empirical analysis

机译：公司资本结构的决定因素 - 经验分析

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摘要

This paperwork investigates the relative importance of five factors upon the capital structure decisions of Romanian firms listed at the Bucharest Stock Exchange and operating in the construction sector of the industry. The analysis is based on panel data estimations on a sample of 20 companies, observed during three years (2009-2011). Traditional explanatory variables are adopted in the study, including profitability, company size, tangibility of assets, liquidity and asset turnover. By employing the ordinary least squares method and the fixed effects model, simple and multiple linear regressions are obtained. These are further selected and interpreted in order to determine the influence of the independent variables upon the leverage of a company. The results show that profitability and liquidity ratios are negatively affecting the total debt ratio of Romanian companies. The tangibility of assets is also having a negative impact on leverage, strengthening the findings of previous empirical studies which claim that this indicator moves in opposite direction with the debt ratio of companies located in developing countries. On the other hand, the size of a company and its asset turnover have a positive correlation with leverage. The explanatory variable which has the highest impact oh the capital structure choices is profitability.
机译：本文研究了五个因素对布加勒斯特证券交易所上市的罗马尼亚公司资本结构决策的相对重要性，并在行业建设部门经营。分析基于在三年（2009 - 2011年）期间观察到的20家公司样本的面板数据估算。该研究采用传统的解释性变量，包括盈利能力，公司规模，资产实用性，流动性和资产营业额。通过采用普通的最小二乘法和固定效果模型，获得简单和多元的线性回归。这些被进一步选择和解释，以便确定独立变量对公司的杠杆作用的影响。结果表明，盈利能力和流动性比率对罗马尼亚公司的总债务比例负面影响。资产的变形性也对杠杆作用产生负面影响，加强了先前实证研究的调查结果，声称该指标与位于发展中国家的公司的债务比例相反。另一方面，公司的规模及其资产营业额与杠杆率有正相关。具有最高影响的解释性变量哦，资本结构选择是盈利能力。

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