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首页> 外文期刊>European Journal of Business and Management >Capital Structure, Firm Efficiency and Firm Value: The Case of Listed Non-Financial Firms in Kenya
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Capital Structure, Firm Efficiency and Firm Value: The Case of Listed Non-Financial Firms in Kenya

机译：资本结构，企业效率和企业价值：以肯尼亚上市的非金融企业为例

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This study examined the influence of a firm’s efficiency on the relationship between capital structure and firm value. The study analyzed thirty non – financial firms listed at the Nairobi Securities Exchange for a period of six years from 2008 to 2013.Capital structure was parameterized as the ratio of retained earnings to total capital, ratio of debt to total capital and ratio of equity to total capital of the firm. Efficiency is measured as the distance from the best practice frontier in the industry. The firm’s efficiency is measured by operational efficiency, cost efficiency and profit efficiency. Firm value is measured by its inputs and outputs. The inputs to the firms production are financing costs (FINC), distribution costs (DISTC), tax liability (TAX), and administrative expenses (ADEXP). The outputs are earnings per share(EPS)and the share price (SP).This study applied panel data analysis using fixed effects model. The results showed that cost efficiency negatively influences the relationship between capital structure and firm value as measured by the SP through increase in distribution costs, administrative costs in financing efficiency improvements in the firm’s core processes. Further Operating efficiency negatively and statistically significantly affects the relationship between firm value and capital structure through the increase in financing costs, distribution costs, administration costs and taxation costs. The results showed that profit efficiency negatively and insignificantly influences the relationship between capital structure and firm value as measured by the SP. Consequently it has a positive but statistically insignificant effect on financing costs, distribution costs, administrative costs and taxation costs. Moreover, capital structure has a positive and statistically significant effect on firm value but firm efficiency insignificantly influences the relationship between capital structure and firm value. This study does not investigate the reverse relationship like Margaritis and Psillaki (2007).
机译：这项研究考察了企业效率对资本结构与企业价值之间关系的影响。该研究分析了2008年至2013年为期6年的在内罗毕证券交易所上市的30家非金融公司。将资本结构参数化为保留收益与总资本之比，债务与总资本之比以及权益与资本之比。公司的总资本。效率衡量为距行业最佳实践前沿的距离。公司的效率通过运营效率，成本效率和利润效率来衡量。企业价值通过其投入和产出来衡量。企业生产的投入是融资成本（FINC），分销成本（DISTC），税负（TAX）和管理费用（ADEXP）。输出为每股收益（EPS）和股价（SP）。本研究采用固定效应模型进行面板数据分析。结果表明，成本效益对SP所衡量的资本结构与公司价值之间的关系产生负面影响，这是通过增加分销成本，提高企业核心流程效率中的行政成本来衡量的。进一步的运营效率通过融资成本，分销成本，管理成本和税收成本的增加，对企业价值与资本结构之间的关系产生负面和统计学影响。结果表明，利润效率对SP所衡量的资本结构与公司价值之间的关系产生了负面影响，而没有影响。因此，它对融资成本，分销成本，行政成本和税收成本具有积极但在统计上微不足道的影响。此外，资本结构对公司价值具有积极的和统计学上的显着影响，但公司效率对资本结构与公司价值之间的关系影响不显着。这项研究没有研究反向关系，例如Margaritis和Psillaki（2007）。

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