[论文解读] Effect of Short-Term Debt on Financial Growth of Non-Financial Firms Listed at Nairobi Securities Exchange

David Haritone Shikumo, Oluoch Oluoch+1 more|RePEc: Research Papers in Economics|Oct 1, 2020

Working Capital and Financial Performance被引用 4

一句话总结

本研究利用面板数据模型，分析2008年至2017年期间在内罗毕证券交易所（NSE）上市的45家非金融企业短期债务对财务增长的影响。研究发现，短期债务对每股收益（EPS）增长和市值增长均具有显著且积极的影响，分别解释了其变异性的45.99%和25.6%，支持其在提升企业价值方面的作用。

ABSTRACT

A significant number of the non-financial firms listed at Nairobi Securities Exchange (NSE) have been experiencing declining financial performance which deter investors from investing in such firms. The lenders are also not willing to lend to such firms. As such, the firms struggle to raise funds for their operations. Prudent financing decisions can lead to financial growth of the firm. The purpose of this study is to assess the effect of short-term debt on financial growth of non-financial firms listed at Nairobi Securities Exchange for a period of ten years from 2008 to 2017. Financial firms were excluded because of their specific sector characteristics and stringent regulatory framework. The study is guided by Agency Theory and Theory of Growth of the Firm. Explanatory research design was adopted. The target population of the study comprised of 45 non-financial firms listed at the NSE for a period of ten years from 2008 to 2017. The study conducted both descriptive statistics analysis and panel data analysis. The result indicates that, short term debt explains 45.99% and 25.6% of variations in financial growth as measured by growth in earnings per share and growth in market capitalization respectively. Short term debt positively and significantly influences financial growth measured using both growth in earnings per share and growth in market capitalization. The study recommends that, the management of non-financial firms listed at Nairobi Securities Exchange to employ financing means that can improve the earnings per share, market capitalization and enhance the value of the firm for the benefit of its stakeholders.

研究动机与目标

• 评估短期债务对在内罗毕证券交易所上市的非金融企业财务增长的影响。
• 应对内罗毕证券交易所上市企业财务表现下滑及投资者信心下降的问题。
• 考察短期债务是否可作为战略性融资工具以提升企业价值和利益相关者收益。
• 以代理理论和企业成长理论作为分析的理论基础。

提出的方法

• 对2008年至2017年间在内罗毕证券交易所上市的45家非金融企业样本进行了描述性统计和面板数据分析。
• 研究采用固定效应模型，估算短期债务与财务增长指标之间的关系。
• 财务增长通过两个代理变量衡量：每股收益（EPS）增长率和市值增长率。
• 分析控制了企业特定特征，并使用稳健标准误以确保推断的可靠性。
• 由于金融行业在监管和运营方面具有特殊性，因此排除了金融企业。
• 代理理论和企业成长理论作为理论框架，指导了模型构建与结果解释。

实验结果

研究问题

• RQ1 短期债务在多大程度上影响在内罗毕证券交易所上市的非金融企业的财务增长？
• RQ2 在2008–2017年期间，短期债务如何影响内罗毕证券交易所上市企业的每股收益增长？
• RQ3 短期债务对同一组企业市值增长有何影响？
• RQ4 短期债务是否对以财务绩效指标衡量的企业价值创造具有统计上显著且积极的影响？

主要发现

• 短期债务解释了在内罗毕证券交易所上市的非金融企业每股收益（EPS）增长率45.99%的变异。
• 短期债务解释了2008–2017年期间市值增长率25.6%的变异。
• 短期债务与每股收益增长之间存在正向且统计显著的关系，表明短期融资有助于提升盈利能力和收益表现。
• 对市值增长率的正向且显著影响表明，短期债务有助于企业价值提升和投资者信心增强。
• 研究结果支持将短期债务作为战略性融资工具，以改善企业绩效和利益相关者价值。
• 本研究结论认为，合理运用短期债务可显著促进在内罗毕证券交易所上市的非金融企业的财务增长。