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首页> 外文期刊>European Journal of Business and Management >Capital Structure and Profitability of Deposit Money Banks: Empirical Evidence from Nigeria
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Capital Structure and Profitability of Deposit Money Banks: Empirical Evidence from Nigeria

机译：储蓄货币银行的资本结构和盈利能力：来自尼日利亚的经验证据

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The banking sector consolidation exercise that took place in Nigeria in 2005 did not only reduce the number of Deposit Money Banks (DMBs) but diversified their capital structure and adjusted their regulatory capital requirements. Given these developments, it is imperative that the DMBs determine the most optimal financing mix which minimises the cost of financing as well as maximises returns. This study empirically examined the impact of capital structure (owners’ funds and borrowed funds) on bank profitability in Nigeria. Applying autoregressive distributed lag model on a sample of 13 DMBs from 2005 through 2014, the study found that about 83 per cent of total assets employed by the DMBs are not financed by owners, confirming the hypothesis that banks are highly levered institutions. Consistent with the agency and static trade-off theories of capital structure and earlier empirical findings in Nigeria, the results further found evidence of a positive and significant influence of both owners’ and borrowed funds on profitability. However, borrowed funds was found to be more prevalent in enhancing the performance of DMBs during the study period. Following these findings therefore, the study recommends that DMBs should study and understand the dynamics of capital structure to enable them make optimal capital mix decision. In addition, since debt is more critical in boosting profitability of banks in Nigeria, DMBs should employ more debt than equity in financing real investment with positive net present values. The management and board of directors of DMBs should incentivise lenders and depositors so as to enhance easy access to funds other than shareholders’. Additional incentives on depositors’ and creditors’ funds such as increase in their returns are capable of attracting more funds from the investing public to create assets. Key Words: Capital Structure, Owners’ Funds, Borrowed Funds, Gross Earnings, Deposit Money Banks, Nigeria
机译：2005年在尼日利亚进行的银行业合并活动不仅减少了存款银行（DMB）的数量，而且分散了其资本结构并调整了监管资本要求。鉴于这些发展，当务之急是DMB确定最佳的融资组合，以最小化融资成本并最大化回报。这项研究从经验上考察了资本结构（所有者资金和借入资金）对尼日利亚银行盈利能力的影响。该研究对2005年至2014年的13个DMB进行了自回归分布滞后模型研究，发现DMB使用的总资产中约有83％并非由所有者提供资金，这证实了银行是高杠杆机构的假设。该结果与尼日利亚的资本结构的代理机构和静态权衡理论以及较早的经验发现相一致，进一步发现证据显示所有者和借入资金均对盈利能力产生了积极而重大的影响。但是，在研究期间，发现借入资金在提高DMB的绩效方面更为普遍。因此，根据这些发现，研究建议DMBs应该研究和了解资本结构的动态，以使他们能够做出最佳的资本结构决策。此外，由于债务对于提高尼日利亚银行的盈利能力更为关键，因此，DMB在为净现值为正值的实际投资提供资金时，应比股权承担更多的债务。 DMB的管理层和董事会应激励贷方和储户，以增加除股东外的其他资金的便捷获取。存款人和债权人资金的额外激励措施（例如增加收益）能够吸引投资大众创造更多资产。关键词：资本结构，所有者资金，借入资金，总收入，存款银行，尼日利亚

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