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在巴基斯坦的债务期限结构的因素

时间:2016-03-05 17:12来源:www.ukthesis.org 作者:英国论文网 点击联系客服: 客服:Damien

在巴基斯坦的债务期限结构的因素
Determinants Of Debt Maturity Structures In Pakistan


企业融资的决定观察到两个主要感兴趣的领域。除了债务与股本的决策。债务期限的因素也有同样的重要性。最优资本结构理论认为企业可以通过许多方式来调整加班目标债务比率。其中包括使用不同混合的股权,债务和混合型证券。在发达市场,公司可以很容易地按优化债务期限结构的要求选择短期或长期债务。而不受到可用性的债务类型银行业和资本市场发达国家的竞争力。不幸的是,公司在发展中国家不太幸运。因为欠发达的资本市场和不稳定的利率,公司在发展中国家通常很难使用长期债务。除了显而易见的原因,需要了解哪些因素影响发展中国家的债务期限结构的选择就像巴基斯坦和巴基斯坦的上市公司是如何选择之间的长期和短期债务。丰富的文献实证资本结构决策而不是在债务期限结构。有需要的丰富债务期限结构研究不仅从方法论的角度,也从角度详细的包括分析各个国家的大型数据集,尤其是发展中国家。这项研究还有助于通过所有相关实证文献的动态面板数据模型。假设公司债务的期限结构迅速变化。

迅速的流动性和折现率对经济有重大的影响。变化影响了经济的发展和增长,以及机构的性能。流动性问题引起的违约率的增加和折现率增加了金融部门的不良贷款。都有显著地影响性能。


The decision made in corporate finance observed two main areas of interest. Besides the debt versus equity decision making. The factors of debt maturity also had the same importance. Optimal capital structure theories suggest many ways in which firms can adjust overtime to target debt ratio. Among these include the use of different mixes of equity, debt and hybrid securities. In developed markets, firms can easily choose between short or long term debts as per the requirement of optimal debt maturity structure. Which were not constrained by the availability of either type of debt as the banking industry and capital markets both developed and competitive. Unfortunately, firms operating in developing countries were not much lucky. Because less developed capital markets and instable interest rates, firms in developing countries usually find difficult to use long term debt. Besides the obvious reason, there was a need to know what factors influence the debt maturity structure choice in developing country like Pakistan and how listed firms in Pakistan made choices between long term and short term debt. The empirical literatures were rich on capital structure decisions but not on debt maturity structure. There was a need of to enrich the research on the debt maturity structures not only from the methodological standpoint but also from the view of including detailed analysis of large data sets of individual countries, especially developing ones. The study also contributes to empirical literature by using all relevant models of dynamic panel data. The assumptions that firm swiftly change the maturity structures of the debt.(责任编辑:anne)



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