2013 硕士论文 The Capital Structure and its impact on firm value of JSE Securities Exchange Listed Companies 95页

Contents
Acknowledgements ................................................................................................................................. 3
Abstract ................................................................................................................................................... 4
1 Chapter one - Introduction ............................................................................................................. 1
1.1 Background Literature ............................................................................................................ 1
1.2 Problem Statement ................................................................................................................. 3
1.3 Purpose Statement ................................................................................................................. 3
1.4 Significance of study ............................................................................................................... 4
1.5 Data and Methodology ........................................................................................................... 4
1.5.1 Data ................................................................................................................................. 4
1.5.2 Methodology ................................................................................................................... 5
1.6 Outline of the Study ................................................................................................................ 5
2 Chapter two - Literature review ..................................................................................................... 6
2.1 Introduction ............................................................................................................................ 6
2.2 Defining capital structure........................................................................................................ 7
2.3 Defining firm value .................................................................................................................. 8
2.4 Capital structure theories ....................................................................................................... 9
2.4.1 Modigliani and Miller’s capital structure irrelevance ................................................... 10
2.4.2 The trade-off theory...................................................................................................... 11
2.4.3 Pecking order theory ..................................................................................................... 16
2.4.4 The market timing theory ............................................................................................. 18
2.5 The capital structure landscape ............................................................................................ 19
2.6 Literature on the effect of capital structure on firm value ................................................... 20
2.7 Conclusion ............................................................................................................................. 24
3 Chapter three - Research questions and hypotheses ................................................................... 28
3.1 Research hypothesis one: capital structure is irrelevant as per MM1 ................................. 28
3.2 Research hypothesis two: does the debt-to-equity ratio differ among industries listed on the JSE 28
3.3 Research hypothesis three: is the industry debt-to-equity ratio persistent ........................ 29
3.4 Research hypothesis four: there is a relationship between debt-to-equity ratio and profitability, size of firm, tax shield and asset tangibility ..... 29
3.5 Research hypothesis five: is there a difference among industries in terms of reliance on long-term debt ...............30
4 Chapter four - Research data and methodology .......................................................................... 31
4.1 Introduction .......................................................................................................................... 31
4.2 Population of analysis ........................................................................................................... 31
4.3 Unit of study .......................................................................................................................... 31
4.4 Sampling technique .............................................................................................................. 31
4.5 Data collection ...................................................................................................................... 32
4.6 Data analysis ......................................................................................................................... 32
4.6.1 Descriptive statistics ..................................................................................................... 32
4.6.2 Regression analysis ....................................................................................................... 33
4.6.3 Defining the dependent variables ................................................................................. 35
4.6.4 Defining the explanatory variables ............................................................................... 35
4.6.5 Hypothesis testing process ........................................................................................... 36
5 Chapter five - Presentation and analysis of results ...................................................................... 37
5.1 Introduction .......................................................................................................................... 37
5.1.1 Descriptive statistics ..................................................................................................... 37
5.1.2 Unit root test ................................................................................................................. 38
5.2 Research hypothesis one: capital structure is irrelevant as per MM1 ................................. 39
5.2.1 The irrelevance of capital structure in some of the industries sampled in the study .. 39
5.2.2 Summary of results ....................................................................................................... 45
5.3 Research hypothesis two: does the debt-to-equity ratio differ among industries listed on the JSE 52
5.4 Research hypothesis three: is the industry debt-to-equity ratio persistent ........................ 52
5.4.1 Results presentation ..................................................................................................... 53
.......................................................................................................................................................... 53
5.4.2 Summary of results ....................................................................................................... 57
5.5 Research hypothesis four: there is a relationship between debt-to-equity ratio and profitability, size, asset tangibility and tax shield ............................................................................. 58
5.5.1 The variables that affect the capital structure of some of the industries sampled in this study 58
5.5.2 Summary of results ....................................................................................................... 63
5.6 Research hypothesis five: is there a difference among industries in terms of reliance on long-term debt ....... 64
5.6.1 Results presentation ..................................................................................................... 65
5.6.2 Summary of results ....................................................................................................... 69
6 Chapter six – Summary of the findings and Conclusion ............................................................... 70