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Empirical Study on the Efficiency of the Companies Financing Process through Statistical Analysis

机译:基于统计分析的公司融资过程效率实证研究

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摘要

The current economic context, characterized by strong slippages, at the real and financial flows, request, in order to maintain stability and favorable evolution of the enterprise, a fair and efficient substantiation of the decision process. Such need is found, especially, in the area of corporate finance. In this respect, managers must be given tools used in assessing the adequacy of existing financial structure construction and to indicate future directions of action regarding release of funds demand. This article addresses this area by focusing on two coordinates: the study of links that are established between the characteristics of entities (capital structure ratios, activity field) and the development of the dimension of corporate value, expressed by increase / decrease index of asset capitalization, obtaining in this way a profile of the enterprises related to the efficiency of the financing policy, and develop a mathematical model to classify firms in performance group, using the as the same efficiency criterion in choosing the financing sources. Data considered in the study are taken from financial statements of listed companies to Bucharest Stock Exchange, considering a sample of 80 units that constitute the working group. To achieve the research objectives were used as working methods: ratios technique, multiple correspondence factorial analysis, principal component analysis and discriminant analysis. Data processing was performed using the statistical software SPSS 19.00.
机译:当前的经济环境以在实际和资金流中出现严重的滑坡为特征,要求维持决策过程的稳定和有利的发展,以维持企业的稳定和有利发展。尤其是在公司融资领域中发现了这种需求。在这方面,必须为管理人员提供用于评估现有财务结构的适当性的工具,并指出有关释放资金需求的未来行动方向。本文通过关注两个坐标来解决这一领域:研究实体特征(资本结构比率,活动领域)与公司价值维度发展之间的联系,并通过资产资本化的增/减指标来表达,以这种方式获得与融资政策效率相关的企业概况,并使用数学模型对绩效组中的公司进行分类,并使用相同的效率标准来选择融资来源。研究中考虑的数据取自上市公司至布加勒斯特证券交易所的财务报表,并考虑了构成工作组的80个单位的样本。为了达到研究目的,采用了工作方法:比率技术,多重对应因子分析,主成分分析和判别分析。使用统计软件SPSS 19.00进行数据处理。

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