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首页> 外文期刊>The journal of risk finance >Debt policy and performance of SMEs: Evidence from Ghanaian and South African firms
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Debt policy and performance of SMEs: Evidence from Ghanaian and South African firms

机译：中小企业的债务政策和绩效：加纳和南非公司的证据

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Purpose - The purpose of this research is to examine the effect of debt policy (capital structure) on the financial performance of small and medium-sized enterprises (SMEs) in Ghana and South Africa. Previous studies, especially on large firms, have shown that capital structure affects firm performance. Though the issue has been widely studied, largely missing from this body of literature is the focus on SMEs. Design/methodology/approach - Panel data analysis is used to investigate the relations between measures of capital structure and financial performance. Findings - Using various measures of performance, the results of this study indicate that capital structure influences financial performance, although not exclusively. By and large, the results indicate that capital structure, especially long-term and total debt ratios, negatively affect performance of SMEs. This suggests that agency issues may lead to SMEs pursuing very high debt policy, thus resulting in lower performance. Originality/value - The main value of this paper is the analysis of the effect of debt policy on the performance of SMEs in Ghana and South Africa.
机译：目的 - 这项研究的目的是研究债务政策（资本结构）对加纳和南非中小型企业（中小企业）的财务绩效的影响。以前的研究，尤其是大型公司，已经表明资本结构会影响公司的绩效。尽管该问题已被广泛研究，但这种文献中的主要缺少是对中小企业的重点。设计/方法/方法 - 小组数据分析用于研究资本结构和财务绩效的衡量标准之间的关系。调查结果 - 使用各种绩效衡量标准，这项研究的结果表明资本结构会影响财务绩效，尽管并非唯一。总体而言，结果表明资本结构，尤其是长期和总债务比率，对中小企业的表现产生负面影响。这表明机构问题可能导致中小型企业追求非常高的债务政策，从而导致绩效较低。原创性/价值 - 本文的主要价值是分析债务政策对加纳和南非中小企业表现的影响。

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