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Capital structure: Micro and macroeconomic variables. The case of manufacturing companies in Ecuador

机译:资本结构:微观和宏观经济变量。厄瓜多尔制造公司的案例

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This research aims to develop and analyze a model about the explanatory factors of the capital structure through financial leverage (leverage) of manufacturing companies of Ecuador. To meet the goal has been realized a sample of 113 manufacturing companies that produce textiles for the years 2000 to 2012, the same information was obtained from the superintendency of companies of Ecuador. The methodology used is an econometric panel data model using multiple regression with random effects. The dependent variable is the LEVERAGE or financial leverage, and the independent variables are: liquidity, ROE, Net Return on assets (RNA), inflation and GDP. It will be determined by this model assumptions embedded the method of ordinary least squares (OLS) with the proposition of diverse hypotheses about the significance of each explanatory variable in the model with respect to the dependent variable. The expected results of this study are based on the relationships that determine the independent variables on the endogenous variable. The results obtained empirical evidence that mentions that the leverage depends positively on the ROE and that the relationship is negative with variable RNA, inflation and liquidity, while GDP is not statistically influence on the capital structure of enterprises.
机译:本研究旨在通过厄瓜多尔制造公司的金融杠杆(杠杆)制定和分析资本结构解释因素的模型。为了实现目标,已经实现了113家制造公司的样本,该公司在2000年至2012年生产纺织品,从厄瓜多尔公司的监管获得了相同的信息。使用的方法是使用具有随机效果的多元回归的计量计量面板数据模型。受抚养变量是杠杆或金融杠杆,独立变量是:流动性,ROE,资产净回报(RNA),通货膨胀和GDP。它将由嵌入普通最小二乘(OLS)以及关于每个解释变量的模型中的相对于因变量的意义不同的假设的命题的方法此模型假设来确定。本研究的预期结果基于确定内源变量上的独立变量的关系。所获得的结果的经验证据表明提到的杠杆正依赖于ROE和该关系是负可变RNA,通货膨胀和流动性,而GDP没有统计学上企业的资本结构影响。

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