• The Journal of Asian Finance, Economics and Business
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• 제6권3호
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• pp.41-53
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• 2019

Building a target capital structure is one of the most important decisions in corporate financial management. The purpose of this article is to identify the determinants of capital structure and adjustment mechanism toward the target leverage. The partial adjustment model was applied on a sample of 306 non-financial companies listed on Vietnam stock exchange market during the period of 2008-2017. By the fixed effect model estimation method, the research results have discovered the factors of growth opportunities, firm size, tangible fixed assets and firm's unique characteristics have a positive effect on the target capital structure of enterprises. Besides, profitability and dividend payment have a negative effect on the target capital structure of enterprises. Accordingly, the research results show that the average adjustment speed toward target leverage of the firms is 90.03%. Research results also demonstrate firms have higher or lower debt ratio than the target debt ratio, capital surplus or capital deficit also have an impact on the adjustment rate toward the target capital structure. The research results are consistent with the Dynamic Trade-off Theory. From this result, this article has provided policy implications for non-financial companies listed on Vietnam's stock market in building a reasonable target capital structure according to operating timeline to maximize enterprise value.

• The Journal of Asian Finance, Economics and Business
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• 제9권2호
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• pp.185-191
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• 2022

The purpose of this research is to see if liquidity, non-performing assets, sensitivity, and efficiency have an impact on the profitability and capital of Indonesian state-owned banks. A random sample of public banks was used in this study. The data was collected from the first quarter of 2014 to the fourth quarter of 2019. Purposive sampling was used as the sampling technique. According to the findings of this study, liquidity (LDR) had a significant positive effect on capital but had no significant effect on profitability. Productive asset quality as proxied by the ACA and NPL ratios did not affect profitability or capital. As for the sensitivity ratio, which was proxied by the ratio of NOP and IRR, there were differences in behavior. Sensitivity had no significant impact on profitability or capital, while NOP had a significant positive impact on capital but not on profitability. In terms of efficiency, both OER and FBIR had a significant effect on profitability and capital, although in different directions. OER has a significant negative impact on both profitability and capital. Fee-based income (FBIR) had a significant positive impact on capital, but it had the opposite effect on profitability.

• 경제분석
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• 제27권3호
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• pp.1-32
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• 2021

본 연구는 통화정책 전달경로 중 은행자본경로와 위험추구경로가 국내은행에도 작동하는지에 대해 실증분석하였다. 이를 위해 확장적 통화정책이 은행의 예대금리차, BIS비율, 위험가중자산비율 및 대출 등에 미치는 영향을 분석하였다. 실증분석은 기존 연구에서 통화정책 영향분석에 많이 사용된 Uhlig (2005)의 부호제약 SVAR(Structural VAR) 모형을 토대로 실시하였다. 본 연구는 실증분석을 통해 국내외 기존 연구 결과와 유사하게 국내은행에서도 은행자본경로 및 위험추구경로가 작동하는 것을 확인하였다. 확장적 통화충격에 대해 국내은행의 예대금리차는 확대되었으며, 자기자본비율은 개선되었고, 이후 총대출이 증가하는 것으로 분석되었다. 이는 은행자본경로가 작동함을 의미한다. 또한, 실질콜금리에 대한 확장적 통화충격에 대해 위험가중자산비율이 증가하는 것으로 분석되었다. 이는 위험추구경로가 작동함을 의미한다. 본 연구의 시사점은 다음과 같다. 확장적 통화정책 지속 시 은행자본경로 작동으로 단기적으로 은행 건전성과 수익성이 개선되는 효과도 있으나, 위험추구경로 작동으로 중장기적으로 은행의 위험추구(risk-taking) 행위가 심화되어 은행의 실질적 건전성에 악영향을 줄 수 있다. 이에 따라 금융당국은 확장적 통화정책 지속 시 편중리스크 발생 및 시스템리스크 증가 등에 대한 선제적인 모니터링 및 감독을 강화할 필요가 있다.

• 지역연구
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• 제13권2호
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• pp.25-43
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• 1997

This paper empirically estimates gains from capital inflow to a regional ecomomy. It will be a usefulc for indicator for a local government to build a policy for attracting capital. We estimate the respective Cobb-Douglas production function for 11 provinces of Korea, derive its marginal productivity of capital, and then calculate the amount of capital moved between two provinces and gains from the capital movement. With no barriers to capital movement, there would be a strong motive for capital inflow to Seoul, Pusan, and Kyungki, whereas capital outflow would be expected in Chonnam, Chungbuk, Chungnam, and Kyungbuk. The ratio of gains from capital movement to the regional domestic from capital movement to the regional domestic product(RDP) is high in Cheju, Kangwon, Chungbuk, and so on. It turns out that capital flows from an area with lower productivity of capital to one with hihger productivity. This implies that if the local government of an underdeveloped region wants to lure capital investment from outside, it needs to provide it with strong incentives of eax reduction and special loans.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.649-656
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• 2021

This paper aims to examine the moderating role of bank competition on the effect of liquidity creation on bank capital. We measure bank competition using the Lerner index approach, liquidity creation using the Catfat approach, and bank capital using the capital to total asset ratio approach. This test also considers control variables from bank-specific factors such as Return on Assets, Loan to Deposit Ratio, and Non-Performance Loans as well as macroeconomic factors such as Gross Domestic Product, inflation, and Bank Indonesia interest rates. The sampling technique used was purposive sampling. The data sample obtained was 96 banks from a population of 114 banks in Indonesia which consistently operated during the period 2008-2018. Hypothesis testing uses panel data regression analysis techniques through the first model of the Hayes method. The results show that the negative effect of liquidity creation on bank capital depends on competition. We found that bank competition at any level (low, medium, high) negatively moderates (weakens) the effect of liquidity creation on bank capital in all banks. This finding is consistent with the view that banks may strengthen their capital in response to bank competition which may decrease the level of bank liquidity creation.

• 수산경영론집
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• 제42권2호
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• pp.1-14
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• 2011

We try to find the determinants of fisheries firms' capital structure during the years from 1992 to 2007 in this paper. We also have a comparative analysis of capital raising behavior in pre and post-IMF financial crisis. Regression analysis is used for this empirical study. Dependent variable is leverage ratio and independent variables are firm size, operating risk, proportion of tangible asset, non-debt tax shield effect, sales growth ratio, profitability and dummy variable. We compared the characteristics of fisheries industry with that of manufacturing industy. The determinants of fisheries firms' capital structure and correlation between pre and post-IMF financial crisis are roughly same as the hypothses except a little difference. As a peculiar difference, corrlation between fisheries firms' operating risk and leverage ratio is (+) in the pre-IMF financial crisis, but (-) in the post-IMF financial crisis. Proportion of tangible asset has a (+) correlation with leverage ratio in pre and post-IMF financial crisis, but in case of manufacturing industy, (-) correlation shows in the pre-IMF financial crisis. Because, in the pre-IMF financial crisis, high proportion of tangible asset doesn't play a role of a collateral, but only increase the bankruptcy probability. Non-debt tax shield effect and leverage ratio have (-) correlation in all industry and all period, but only (+) correlation in case of fisheries industry in the pre-IMF financial crisis. Sales growth ratio has no significant relationship with leverage ratio in fisheries industry, and this is not coincide with our hypothsis. We have a limitation of the sample size of fisheries firms and sample period in this study. Further study is required to classify the fisheries industry with in-shore fisheries, deep sea fisheries and cold storage industry.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.803-810
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• 2020

This objective of this study is to enrich the literature by the debt ratio and enterprise performance of Joint stock companies of Vietnam National Coal and Mineral Industries Holding Corporation Limited (Vinacomin). The debt ratio is an important index of capital structure, and it influences and decides the enterprise performance. Therefore, the determination of reasonable debt ratio level is beneficial to the stable operation of Vinacomin's enterprises. Based on the research conclusion about the effect on capital structure of debt ratio from domestic and foreign scholar, collecting data from 2014-2018 of Vinacomin's enterprises as a research sample, the article conducts research on the relationship between debt ratio and business performance of Vinacomin, as measured by return on total Assets. In addition, the study uses free cash flow, company size, growth opportunity, investment opportunities, operating costs to sales ratio as control variables.The study shows the debt ratio of Joint stock companies of Vietnam National Coal and Mineral Industries Holding Corporation Limited has a negative effect on the enterprise performance. Furthermore, the research results of the article are references for Vinacomin' enterprises in the course of production and business activities, determining a reasonable debt ratio, and improving the operational performance of enterprises.

• 유통과학연구
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• 제11권2호
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• pp.5-10
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• 2013

Purpose - The current research examines the effect of life cycle stages on capital structure of listed companies in Tehran Stock Exchange. Research design, data, methodology - By aid of 685 year-company data, which collected from financial statements of companies during 2006-2012, first, the companies, are classified into three groups including companies in growth, maturity and decline stages. After removing the companies, which were not in accordance with life cycle model, 86 companies were selected to test two main hypotheses of the research. Results - The results show that the capital structure of the sample companies is different in various life cycle stages. More investigation by LSD test also revealed that the total debt to total assets ratio means of the companies in growth stages were significantly different from those companies in maturity stages and those in growth stages had high level of debt to assets ratio. Conclusions - The result showed the average amount of the working capital for companies in three stages are significantly different and due to high level of operation of the companies in maturity and decline stages, these companies held high amount of working capital than those in the growth stages.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.329-340
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• 2020

This study investigates the effect of capital structure on the financial performance of pharmaceutical enterprises which are listing on Vietnam's stock market. The study builds the regression using ROE as dependent variable and four independent variables, including self-financing, financial leverage, long-term asset and debt to assets ratios. In addition, we use other variables as controlling ones, such as firm size, fixed asset rate and growth. We collect data for the period from 2015 to 2019 of all 30 pharmaceutical enterprises which are currently listing on Vietnam's stock market. The least square regression (OLS) is used to test the effect of capital structure to the firms' financial performance. The analysis results show that the financial leverage ratio (LR), long-term asset ratio (LAR) and debt-to-assets ratio (DR) have positive relationship with firm performance, meanwhile the self-financing (E/C) affects negatively to the return on equity (ROE). Upon the findings we suggest that the Vietnamese government should focus on stabilizing macro environment to create favorable environment for enterprises. And the pharmaceutical enterprises should build more reasonable capital structure with higher debt proportion than equity, diversifying loan mobilization channels such as issuing long-term bonds. Additionally, the firms should expand the scale appropriately to maintain development and ability to pay debts.

• 문화기술의 융합
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• 제8권1호
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• pp.435-440
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• 2022

본 연구는 부동산가격변동이 우리나라 은행의 건전성에 미치는 영향을 다중회귀모형을 이용하여 분석하였다. 분석 결과, 부동산가격변동은 대출의 증가를 통해 은행의 고정이하여신비율을 유의하게 증가시키는 것으로 나타났다. 거시경제변수 중에서 단기금리는 은행의 BIS 자기자본비율, 고정이하여신비율 및 유동성커버리지비율 등 모든 건전성 지표에 유의한 영향을 미치는 것으로 나타났다. 은행특성지표 중에서 대출증가율은 BIS 자기자본비율에 유의한 음(-)의 영향을 미치고, 부동산담보대출비율은 유의한 양(+)의 영향을 미치는 것으로 나타났다. 또한 고정이하여신비율은 BIS 자기자본비율에 유의한 음(-)의 영향을 미치고 유동성커리지비율은 BIS 자기자본비율에 유의한 음(-)의 영향을 미치는 것으로 나타났다.