Tiểu luận tài chính doanh nghiệp LÝ THUYẾT CẤU TRÚC VỐN CỦA MM

Tiểu luận tài chính doanh nghiệp LÝ THUYẾT CẤU TRÚC VỐN CỦA MM Modigliani và Miller (MM) cho là chính sách cổ tức không quan trọng trong các thị rường vốn hoàn hảo, và các quyế định tài trợ cũng h ng ạo thành vấn đề trong các thị rường hoàn hảo. heo “Định Đề ” rất nổi tiếng của hai ông, một doanh nghiệp không thể ha đổi tổng giá trị các chứng khoán của mình b ng cách phân chia các dòng tiền thành các dòng tiền khác nhau:

ĐẠI HỌC KINH TẾ TP HCM VIỆN ĐÀO TẠO SAU ĐẠI HỌC - - BÀI THUYẾT TRÌNH TCDN CHƯƠNG 14: LÝ THUYẾT CẤU TRÚC VỐN CỦA MM H N C I THIỆN: CHẠY M HÌNH N T C Đ NG ĐẾN HI U U H ẠT Đ NG CỦA C C C NG TY PHI TÀI CH NH NI M YẾT TRÊN HOSE Giảng viên: Ts Nguyễn Thị Un Un Nhóm thuyết trình: Nguyễn Thị Thu Hương Ngô Thị Thanh Nga Nguyễn Thị Kim Tuyến hạm Trần Anh Vũ Lớp: TCDN Ngày - K22 Tp HCM, 09-2013 CHƯƠNG 14: LÝ THUYẾT CẤU TRÚC VỐN CỦA MM Giảng viện: TS Nguyễn Thị Uyên Uyên Danh sách nhóm thuyết trình: N N ị N ễ ị N – Đ : 0903.707.969) H Nguyễn Thị Kim Tuyến Phạm Trầ A : C NN Vũ – K22 Phần trình bày thành viên: ế Nội dung Thành viên t I Đị đề I Đị đ đề II ề N giá giảng viên Nguyễn Thị Kim Tuyến II & III Đá ị N Công việc thành viên: Mô tả công việc ế Thành viên thực Nội d đị đề I (Phần I) Nguyễn Thị Kim Tuyến Nộ d đ đề II (Phần II) Nguyễn Thị Nộ d q đ m truyền th ng (Phần III) Ngô Thị Thanh Nga Tổng hợp H Ngô Thị Thanh Nga Phạm Powerpoint ầ A Vũ ầ A Vũ Mô tả công việc g i d G c Thành viên thực C C Nguyễn Thị N Kế q ế ổ ễ H ị ế Ngô Thị Thanh Nga ợ C ầ A Vũ MỤC LỤC CHƯƠNG 14: L THUY T C U TR C V N C A MM MỤC TIÊU ĐỊ Trang ĐỀ I C A MM Trang 1.1 Các giả định Trang 1.2 Quy luật bảo tồn giá trị - Trang 1.3 Lập luận mua bán song hành - Trang 1.4 Nội dung lập luận chứng minh định đề I Trang 1.5 Ý nghĩa định đề I Trang 10 ĐỊ ĐỀ II C A MM Trang 11 2.1 Định đề II MM - Trang 11 2.2 Đánh đổi rủi ro lợi nhuận Trang 13 Q A Đ ỂM TRUYỀN TH NG - Trang 15 3.1 Chi phí sử dụng vốn bình qn gia quyền - Trang 15 3.2 Quan điểm truyền thống - Trang 15 3.3 Vi phạm định đề MM, bất hoàn hảo hội - Trang 19 TỔNG K T Trang 20 PH N C I THI N: Q Đ Đ Đ A Giới thiệu đề tài Trang 21 1.1 Lý chọn đề tài Trang 21 1.2 Mục tiêu nghiên cứu Trang 21 1.3 Phương pháp nghiên cứu - Trang 21 1.4 Ý nghĩa nghiên cứu - Trang 21 1.5 Bố cục nghiên cứu Trang 22 Những chứng thực nghiệm nợ tác động đến hiệu hoạt động doanh nghiệp - Trang 22 hương pháp nghiên cứu - Trang 23 3.1 Mơ hình - Trang 23 3.2 Mô tả kỹ biến Trang 24 3.3 Dữ liệu Trang 25 ết uả Trang 26 4.1 Mô tả số liệu thống kê tổng quát biến - Trang 26 4.2 Ma trận tương quan biến Trang 27 4.3 Kết hồi quy - Trang 27 Kết luận - Trang 35 A - Trang 36 B I NGHIÊN C U G C Trang 37 CHƯƠNG 14: LÝ THUY T C U TRÚC V N C A MM A MỤC TIÊU ƯƠ 14: - Định đề I: Làm rõ quan điểm MM: giá trị doanh nghiệp độc lập với cấu trúc vốn, nghĩa giá rị oanh nghiệp c ụng nợ ng với giá rị oanh nghiệp h ng ụng nợ đ rong giả định MM đ , cần làm rõ giả định, đồng thời tìm hiểu quy luật bảo tồn giá trị lập luận mua bán song hành; dựa ba yếu tố này, chứng minh định đề I MM - Định đề II: Làm rõ nội ung định đề : Khi doanh nghiệp sử dụng nợ mức v a phải tỷ suất sinh lợi t vốn cổ phần ăng ương ứng với ỷ ệ nợ rên vốn cổ phần Khi doanh nghiệp gia ăng nợ có chuyển đổi rủi ro t cổ đ ng ang cho rái chủ - Quan điểm truyền thống: r nh giải h ch quan điểm ru ền hống r ng có tỷ lệ nợ vốn cổ phần làm tối thiểu h a WACC, đ điểm cấu trúc vốn tối ưu N D ƯƠ 14: Modigliani Miller (MM) cho sách cổ tức khơng quan trọng thị rường vốn hoàn hảo, quyế định tài trợ h ng ạo thành vấn đề thị rường hoàn hảo heo “Định Đề ” tiếng hai ông, doanh nghiệp khơng thể đổi tổng giá trị chứng khốn b ng cách phân chia dịng tiền thành dòng tiền khác nhau: giá trị doanh nghiệp xác định b ng tài sản thực, khơng phải b ng chứng khốn mà doanh nghiệp phát hành Như cấu trúc vốn h ng iên quan đến giá trị doanh nghiệp quyế định đầu doanh nghiệp định sẵn Khi xem xé “Lý hu ết cấu trúc vốn MM”, chúng a c ập cấu trúc vốn b ng cách cho quyế định đầu cố định giả định sách cổ tức khơng liên quan đến vấn đề phân tích ĐỊ ĐỀ I C A MM 1.1 Các giả định: Lý thuyết cấu trúc vốn MM dựa giả định quan rong au đâ : hị rường cạnh tranh hoàn hảo:  Giả định muốn nói r ng việc mua án chứng hoán xả c ng mộ hời điểm, c ẵn người án người mua, h ng ốn chi ph Ý nh m hỗ trợ cho lập luận mua bán song hành chỗ muốn nói r ng việc mua bán song hành diễn nhanh chóng đ giá cổ phiếu khơng bị tác động chi phí; giả định muốn nhắc đến quy luật bảo tồn giá trị chỗ chi phí sử dụng vốn phát hành cổ phần b ng với chi phí sử dụng vốn sử dụng lợi nhuận giữ lại  Trên thực tế, có nhà đầu lớn có khả chi phối giá chứng khoán Giả định nh m hỗ trợ cho quy luật mua bán song hành nh m giải thích chênh lệch giá cổ phiếu công ty có sử dụng nợ khơng có sử dụng nợ nợ tạo nên ảnh hưởng nhà đầu  Trong thực tế, thông tin bất cân xứng xuất chi ph chi ph đại diện Giả định nà muốn n i r ng việc mua án ong hành iễn nhanh ch ng  C nghĩa với giả định nà h nhà đầu cá nhân c hể va đầu có lợi nhuận giống oanh nghiệp, khơng quan tâm đến doanh nghiệp có sử dụng nợ hay khơng sử dụng nợ, không tranh mua, tranh bán, đ không tác động đến giá cổ phiếu Giả định nà nh m n i ên r ng nợ h ng ác động đến hu nhập hoạ động oanh nghiệp, n i cách hác nợ phi rủi ro, giả định nà cho hấ r ng qu ế định đầu hiệu quả, định tài trợ không tác động đến giá trị doanh nghiệp * kinh doanh, nghĩa oanh nghiệp rong c ng mộ ngành h c c ng mức độ rủi ro ới giả định nà , qu ế định đầu h ng ảnh hưởng đến cấu rúc vốn Giả định cố định rủi ro kinh doanh, rủi ro tài chính, MM giả định khơng có rủi ro trường hợp xem xét hai định đề chương * nghiệp c ế Giả định nà nh m oại ụng đ n ài ch nh ợi ch ấm chắn huế oanh ên cạnh giả định rên, MM c n ập uận ựa rên qu ập uận mua án ong hành: uậ ảo ồn giá rị 1.2 Quy luật bảo tồn giá trị: Quy luật muốn nói r ng định tài trợ không tác động đến giá trị doanh nghiệp giá trị tài sản bảo tồn dù tài sản đ tài trợ b ng cấu trúc vốn nào, tài trợ b ng nợ hay vốn cổ phần, nợ ngắn hạn hay nợ dài hạn, tài trợ b ng lợi nhuận giữ lại hay tài trợ b ng vốn cổ phần phát hành Ở đây, MM vận dụng quy luật với ý nghĩa thị rường vốn hoàn hảo, giá kết hợp nợ vốn cổ phần b ng với giá chúng tính riêng lẻ Nếu có hai dịng tiền A B, giá A + B b ng giá A cộng với giá B Trong phần này, không kết hợp tài sản mà phân chia tài sản Và nguyên tắc cộng giá trị rong rường hợp ngược lại Chúng ta chia dịng tiền thành nhiều phần nh , giá trị phần luôn b ng tổng số giá trị t ng phần (phải đảm bảo r ng khơng có phần bị mấ rong chia nh dòng tiền) Quy luậ nà áp dụng vào việc lựa chọn phát hành cổ phần ưu đãi, cổ phần hường hay kết hợp hai loại Quy luật ngụ ý r ng, lựa chọn khơng quan trọng, giả dụ thị rường cạnh tranh hoàn hảo miễn việc lựa chọn không ảnh hưởng đến ch nh ách đầu ư, va nợ kinh doanh Nếu tổng giá trị “miếng ánh” vốn cổ phần (kết hợp cổ phần ưu đãi cổ phần hường) cố định, người chủ sở hữu doanh nghiệp (các cổ đ ng hường) không cần biết miếng ánh nà cắt hế Quy luậ nà áp ụng vào hỗn hợp chứng khoán nợ doanh nghiệp phát hành Việc lựa chọn nợ dài hạn so với ngắn hạn, c đảm bảo so với h ng đảm bảo, nợ cấp cao so với nợ cấp thấp, nợ chuyển đổi so với nợ không chuyển đổi được, tất h ng c ác động tổng giá trị doanh nghiệp Kết hợp tài sản phân chia tài sản h ng ác động đến giá trị miễn chúng h ng ác động đến lựa chọn nhà đầu Khi chúng a cho hấy r ng cấu trúc vốn h ng ác động đến lựa chọn, c nghĩa chúng a giả định cơng ty cá nhân vay với lãi suất phi rủi ro Khi điều nà đúng, cá nhân c hể tháo gỡ đổi cấu trúc vốn doanh nghiệp 1.3 Lập luận mua bán song hành MM hỗ trợ cho lý thuyết họ b ng lập luận r ng quy trình mua bán song hành ngăn ch n việc doanh nghiệp ương đương c giá rị thị rường khác có cấu trúc vốn khác Mua bán song hành (arbitrage) quy trình mua bán lúc chứng khoán loại (ha ương đương) thị rường hác để hưởng lợi chênh lệch giá Các giao dịch mua bán song hành không rủi ro Giả dụ có hai doanh nghiệp ngành khác chỗ c đ n y tài (tức có sử dụng nợ cấu trúc vốn), h ng c đ n y tài (tức khơng sử dụng nợ cấu trúc vốn) Nếu lý thuyế MM h ng đúng, c ng h ng dụng nợ gia ăng giá rị thị rường b ng cách đưa nợ vào cấu trúc vốn Nhưng cổ đ ng h ng để c ng hưởng lợi t việc MM cho r ng nhà đầu cá nhân tự va đầu Các cổ đ ng đổ cấu trúc vốn riêng mà khơng tốn chi ph để nhận mức lợi nhuận Vì cổ đ ng ẽ khơng có ác động tín hiệu t việc đổi cấu trúc vốn doanh nghiệp t khơng sử dụng nợ sang có sử dụng nợ MM cho r ng rong rường hợp doanh nghiệp không sử dụng nợ chuyển sang có sử dụng nợ làm cho giá cở phần ăng h cổ đ ng c hể bán cổ phần giá cao doanh nghiệp dùng quy trình mua bán song hành vay mua cồ phần doanh nghiệp không sử dụng nợ c giá hấp Như vậ , nhà đầu dụng đ n y tài cá nhân cho đ n y tài doanh nghiệp Kết nhà đầu gia ăng hu nhập cho m nh mà h ng gia ăng rủi ro MM cho r ng quy trình mua bán song hành tiếp tục diễn đến giá doanh nghiệp có sử dụng nợ bị kéo xuống b ng giá doanh nghiệp không nợ Qu r nh nà nhanh đến mức giá trị doanh nghiệp có nợ b ng với giá trị doanh nghiệp không nợ 1.4 Nội dung lập luận chứng minh Định Đề I MM: Nội dung: T giả định việc dựa Quy luật bảo tồn giá trị mua bán song hành, MM kết luận r ng giá trị thị rường doanh nghiệp độc lập với cấu trúc vốn doanh nghiệp đ rong hị rường cạnh tranh hoàn hảo khơng có thuế thu nhập doanh nghiệp Nghĩa giá t củ nh nghiệp c ng nợ ằng giá t nh nghiệp h ng ng nợ, o đ , oanh nghiệp h ng hể gia ăng giá rị đổi cấu rúc vốn Đâ ch nh nội dung Định đề I MM ng cách Ví dụ 1: Chúng ta xem xét hai doanh nghiệp: doanh nghiệp U doanh nghiệp L Hai doanh nghiệp hoạ động ngành, khác cấu trúc vốn Doanh nghiệp U không sử dụng đ n y tài Doanh nghiệp L có sử dụng đ n y tài Hai doanh nghiệp có mức thu nhập hoạ động (EBIT) môi rường thuế Chứng minh: Giá trị doanh nghiệp U = Giá trị doanh nghiệp L thông qua hai rường hợp Mộ rường hợp nhà đầu h ng dụng đ n y tài tự tạo mà sử dụng đ n y tài doanh nghiệp rường hợp lại nhà đầu dụng đ n y tài tự tạo Gọi V: Giá trị doanh nghiệp D: Giá trị nợ hay trái phiếu doanh nghiệp phát hành E: Giá trị vốn cổ phần doanh nghiệp Ta có: VU = EU V L = EL + D L rường hợp 1: Nhà đầu c ng đầu 1% vào oanh nghiệp U doanh nghiệp L ▪ Đầu 1% vào oanh nghiệp U (đầu 1% cổ phiếu doanh nghiệp U) Đầu 0,01VU Thu nhập 0,01 EBIT rong điều kiện khơng có thuế, khơng sử dụng nợ vay, khơng có cổ phần ưu đãi nên thu nhập cổ đ ng doanh nghiệp U EBIT ▪ Đầu 1% vào oanh nghiệp L (nắm giữ 1% trái phiếu 1% cổ phiếu doanh nghiệp L) Nợ Vốn cổ phần Tổng cộng Đầu 0,01DL 0,01EL 0,01(DL + EL)= 0,01VL Thu nhập 0,01 Lãi vay 0,01(EBIT-Lãi vay) 0,01 EBIT International Journal for Management Science and Technology (IJMST) Vol 1; Issue Capital Structure and Performance: Evidence from Listed Non-Financial Firms on Nairobi Securities Exchange (Nse) Kenya Maniagi Gerald Musiega (corresponding author) Masters Student Jomo Kenyatta University of Agriculture and Technology Kakamega campus Mwalati Solomon Chitiavi Masters Student Jomo Kenyatta University of Agriculture and Technology Kakamega campus Dr Ondiek B Alala Lecturer Accounting and Finance School of Human Resource and Development Jomo Kenyatta University of Agriculture and Technology Kakamega campus Dr Musiega Douglas Director Jomo Kenyatta University of Agriculture and Technology Kakamega campus Ruto Rueben Lecturer Economics Jomo Kenyatta University of Agriculture and Technology Kitale Campus Kakamega campus Abstract This paper examine the relationship between a firms capital structure and performance among a sample of 30 companies listed on NSE whose data for 5yrs period 2007-2011 was available has been selected The study uses six performance measures return on asset (ROA), return on Equity(ROE) , earning per share (EPS) dividend payout (DPO) Market price to book ratio of stock As dependent variable and capital structure measures short term debt to asset ratio, (STDA), long term debt to asset ratio (LTDA) and total debt to asset ratio (TDA) as independent variable Size of the firm taken as natural logarithm of sales was considered as a moderating is variable The result using model I indicate that there a significant correlation between TA of a firm and LTDA LTDA had a positive correlation with ROE and EPS which is insignificant and a weak, while a negative correlation with ROA which is significant PBR and DPO is negative and weak form STDA had a positive correlation with ROE, DPO and PBR while negative with ROA and EPS TDA had a negative relationship with ROA and EPS but with a positive correction with ROE, DPO and PBR When using model II where size of a firm had been factored in, showed a strong positive correlation with the capital structure proxies which is significant Size also has an impact by reversing the correlation of TDA with PBR and DPO from negative correlation increasing to positive while that of TDA with ROE from positive to negative Thus firms on NSE appear to use less debt in there capital structure making many firms to pay less interest Thus not increasing the risks the firm may be exposed to as debt tend to reduce performance Pecking order hypothesis takes preference Key words: capital structure, financial leverage, financial performance, 1.0 Introduction Capital structure of a firm is the mix of debt, equity and other sources of finance that management of a firm uses to finance its activities Different firms use different proportion or mix A firm may adopt to use all equity or all debt All equity is preferred by investors as ISSN: 2320-8848(O.)/2321-0362(P.) Page April, 2013 International Journal for Management Science and Technology (IJMST) Vol 1; Issue they are not given conditions on the type of investment and usage of funds from providers All debt is preferred by investors in a country where debt interest is tax deductible Firms use a mix of debt and equity in various proportions in order to maximize the overall market value of the firm Abor (2007) The Nairobi Securities Exchange formerly Nairobi Stock was constituted as a voluntary association of stock brokers under the society act In 1990, a trading floor and secretariat was set up at the IPS building, before moving to the Nation Centre Nairobi in 1994 Over the past decade, the securities exchange has witnessed numerous changes, automating its trading in September 2006 and in 2007 making it possible for stockbrokers to trade remotely from their offices, doing away with the need for dealers to be physically present on the trading floor Trading hours were also increased from two to six Moving to Westlands in the environs of Nairobi symbolically marked the end of an era where the market was owned and run by stockbrokers Daily nation (19th Jan 2013) Nairobi Securities Exchange together with Uganda securities exchange and Dares-laam stock exchange memorandum of understanding lead to formation of east Africa securities exchange in 2006 Automated trading system ATS was introduced in 2006 making significant steps in capital markets in providing liquidity Nairobi Securities Exchange aims at supporting trading clearing settlement of equities debt derivatives and other associated instruments It is mandated to list companies on the securities exchange and enables investors to trade in securities of companies thus its charged with the health of Securities Exchange It’s regulated by Capital Markets Authority The Nairobi Securities Exchange companies are grouped in the following ten sectors Agricultural Sector, Automobiles & Accessories, Banking, Commercial & Services, Construction &Allied Sector, Energy & Petroleum, Insurance, Investment, Manufacturing & Allied and Telecommunication & Technology In Kenya a developing country debt interest is tax deductible The use of all debt to finance the operations of a firm will be advantage on one side as debt interest will be tax and on the other side the firm will be under the control of creditor in order to control their stake in the The use of debt capital increases agency cost between shareholders and debt holders Many researchers still disagree on factors that significantly affect firms capital structure, hence determination of optimal capital structure is a difficult task that go beyond many theories though many researchers agree that the economic and institutional environment in which the firms operate significantly affect the capital structure of a firm Owolabi and Inyang (2013) A appropriate capital structure should be profitable to the firm to enable it meet its obligations when due, and should be flexible so as to adjust to various challenges in economic conditions 1.1 Statement of the problem Capital structure is one of the contentious issues in finance Various theories have been put forward by researchers to justify the existence of optimal capital structure of a firm It is infact a puzzle The theories have been developed to try to unearth the financing preferences managers may have in selecting a particular capital structure Abor (2007) Different nations have different tax regulations and culture Suh (2008) hence the results of one nation may not apply to other nations as the interactions between various variables may not be the same ISSN: 2320-8848(O.)/2321-0362(P.) Page April, 2013 International Journal for Management Science and Technology (IJMST) Vol 1; Issue Hence Kenya a developing nation require such a research to enable managers and investors to undertake prudent investment decisions as researches in this area are only centered on developed nations 1.2 Research objectives i To determine the effect of long term debt/ asset ratio on performance of non- financial firms on NSE ii To determine the relationship if any between short term debt/ asset ratio and performance of non- financial firms on NSE iii To determine the effect of total debt/ asset ratio on performance of non- financial firms on NSE 1.3 Research questions i Does long term debt/ Asset ratio has an effect on performance of non-financial firms listed on Nairobi Securities Exchange? ii Is there any relationship between short term debt/ asset ratio and performance of nonfinancial firms listed on Nairobi Securities Exchange? iii Do total debt/ Asset ratio have an effect on performance of non-financial firms on Nairobi Securities Exchange? 2.0 Literature Review This chapter highlight the common capital structure theories which include Modigliani and Miller theorem proposition I irrelevant theory, MM proposition II trade off theory ,pecking order theory, and the market timing theory The chapter also reviews relevant literature 2.1 Capital Structure Theories Irrelevant Theory The theory was put forward by Modigliani and Miller 1958 It is based on the assumptions No transactions cost, no taxes, no bankruptcy cost, equity in borrowing cost for investors, equity in access to information and no effect of debt on earnings before interest and tax The theory indicates that in a perfect market, it does not matter the capital structure mix used by the firm the value of the firm remain constant If a firm uses cheaper debt then this increases the risk of the firm consequently the stock holders will demand higher dividend to compensate them for the high risk in their investments MM theorized that market value of a firm is determined its ability to earn and the risk of its underlying assets Thus the weighted average cost of capital should remain constant MM argued that the value of a firm is not affected by capital structure but by the earning ability of the assets The assumptions made not hold in the real world hence other researchers have come up with various theories to fill the gap in real life situation Abor (2007) The trade-off theory The trade-off theory of leverage assumes that there are benefits to leverage within capital structure used until an optimal capital structure is attained The theory recognizes that (tax benefit) debt interest is tax deductible This reduces the tax liability thus increasing tax shield A high proportion of debt in a company makes it very risky for investors to invest in it This make to demand investors a high premium on stock or high dividend The theory assumes that a firm has an optimum capital structure based on trade-off between costs and benefits of using debt This theory does not explain the conservative nature of firms when using debt ISSN: 2320-8848(O.)/2321-0362(P.) Page April, 2013 International Journal for Management Science and Technology (IJMST) Vol 1; Issue finance, why leverage is consistence in most countries yet they have divergent taxation systems Popescu (2009) Firm’s optimal debt ratio is determined by a trade-off between the bankruptcy cost and tax advantage of borrowing and it is achieved at the point when the marginal present value of the tax on additional debt is equal to the increase in the present value of financial distress costs Owalobi and Anyang (2013) Pecking order theory This theory explains why internal finance is more popular than external finance and why debt is considered the best option for firms Debt finance is considered attractive, cheap and more profitable as it is considered flexible Pecking theory is based on information asymmetry If managers have more information than other parties then information costs rises Thus firms will prefer issuing shares when they are overvalued or last resort Managers will use pecking order by first using internally generated funds If more funds is required then go for cheap debt(capital with fixed interest) before equity ( capital with variable interest rate) in financing the firms activities Myers and Majluf 1984 as sighted in Popescu (2009) Market timing theory This was fronted by Baker and Wurgler (2002) article relating to capital structure to past market to book ratio According to this theory firms prefer equity when they perceive that its relative cost is low otherwise debt finance would be appropriate Firms time there equity isseus , they issue new stock when the stock price is perceived to be overvalued and buy back own shares when they are undervalued Free cash flow theory In this theory managers are forced to pay excess cash to investors as dividend to equity holders and interest to debt holders High debt ratio discipline managers and prohibits them not to invest in projects with negative NPVs making the firm profitable Jense 1976 argue that increasing leverage instills discipline in managers as they will be cautious not to make the firm insolvent Owadabi and Anyang (2013) 2.2 Review of Relevant literature Abor (2007) conducted a research on SMEs in Ghana and used 160 SMEs the results were consist with pecking order hypothesis the coefficients for performance measured by profitability were negative and significant to this was in relation to capital structure proxies measured by long term debt and short term debt This implied that internal financing increases profits hence SMEs tend to avoid using debt to finance their activities Though profitable firms tend to have better access to debt finance the need for debt finance may be lower if retained earnings are sufficient to satisfy the need Abor J (2008) researched on determinants of the capital structure of Ghanaian firms listed on the Ghana Stock Exchange (GSE) during the six-year period, 1998–2003 The results also reveal that both long-term and short-term debt ratios were negatively correlated with profitability in all the sample groups The results of this study clearly supported the pecking order hypothesis, in that profitable firms initially rely on less costly internally generated funds and subsequently look for external resources if additional funds are need ISSN: 2320-8848(O.)/2321-0362(P.) Page April, 2013 International Journal for Management Science and Technology (IJMST) Vol 1; Issue Mohammadzadeh (2011) studied firms listed on Tehran Stock Exchange and found that firms performance which is measured by (EPS & ROA) are negatively related to capital structure These findings are consistent to Zeitun and Tian (2007) and Abor (2007) who indicate firm performance is negatively related to capital structure while its not consistent with findings of Berger and Bonaccors di Patti (2006) who revealed a positive relation between firm performance and capital structure, Ngoc-Phi-Anh D & Jeremy D.(2011) examined the relationship between firm characteristics, capital structure and operational performance among a sample of 427 companies listed on the Vietnamese stock exchange during the three years 2007-2009 The results showed that both long term debt and short term debt were negatively correlated to performance shown by return on asset (ROA), but positively correlated with the long-term assets ratio (LTDA) and negatively correlated with short term ratio (STDR) Vedran S.(2012) researched on capital structure and firm performance in the Financial Sector in Australia the results showed that a significant and robust quadratic relationship between capital structure and firm performance At relatively low levels of leverage capital structure is positively correlated to performance and at relatively high levels of leverage capital structure is negatively correlated to performance This was attributed to financial distress outweighing any gains made from managerial performance Mohammad F & Jaafer M (2012) seeks to extend Abor’s (2005) in there study with sample of 39 Jordan companies reveal significantly negative relation between debt and profitability These show that an increase in debt position is associated with a decrease in profitability; thus, the higher the debt, the lower the profitability of the firm The results also show that profitability increases with control variables; size and sales growth Abdul G (2012) studied the relationship of capital structure decisions with firm performance of Pakistan firms measured by Tobin’s Q The results showed that a negative and significant relationship exists between short term debt to total assets and total debt to total assets measures of capital structure and the Tobin’s Q The relationship between long term debt to total assets and Tobin’s Q is positive whereas the control variable (firm size) shows a significantly negative relationship with the performance variable measured by Tobin’s Q, as large size firms shows inefficiency and affects the firm performance negatively Nour A (2012) studied Capital Structure and Firm Performance of Palestine firms the results indicated that firm performance is positively related to capital structure and statistically significant with total debt to total assets except Market value of equity/ Book value of equity was significant with total debt to total assets & short-term debt to total assets Iorpev L & Kwanum L (2012) found a negative and insignificant relationship between capital structure and firm performance for firms listed on Nigeria stock exchange The study concludes that statistically, capital structure represented by short-term debt to total assets (STDTA), long-term debts to total assets (LTDTA) and total debt to equity (TDE) is not a major determinant of firm performance Abor (2005) reports a positive relation beween capital structure, which measured by STD and TD, and performance over the period 19982002 in the Ghanian firms Puwanenthiren (2012) analyzed the impact of capital performance on Sri Lanka business firms The results show that performance shown by ROE and ROA have negative relationship ISSN: 2320-8848(O.)/2321-0362(P.) Page April, 2013 International Journal for Management Science and Technology (IJMST) Vol 1; Issue with capital structure at -0.104, -0.196 respectively The F and t values were 0.366, -0.605 respectively and the relationship was insignificant Thus firms which depend on debt capital pay much as debt interest Abdul G (2012) researched on the relationship of capital structure decisions with firm performance of the engineering sector of Pakistan, the results showed that financial leverage measured by short term debt to total assets (STDTA) and total debt to total assets (TDTA) had a significantly negative relationship with the firm performance measured by Return on Assets (ROA), and return on equity (ROE) had negative but insignificant relationship with leverage Firms in the engineering sector of Pakistan were largely dependent on short term debt but debts were attached with strong covenants which affected the performance of the firms Independent Variable Dependent Variable Capital structure ratios    Performance     Long term debt/ Asset ratio Short term debt/ Asset ratio Total debt/ Asset ratio   Earnings Per Share (EPS) Return on Equity (ROE) Return on Assets (ROA) Total Assets (TA) Dividend payout ratio (DPO) Market price to book ratio(PBR) Moderating variable  Size Conceptual framework Research Methodology 3.0 Introduction This chapter highlights the research design that the researcher used, the population from which the sample was chosen thus companies listed on Nairobi Securities Exchange, sampling frame and technique applied, data collection and analysis method that was run on the data collected 3.1 Research Design The researcher was empirical type of research The study was data-based research, coming up with conclusions which are capable of being verified by observation or experiment It will utilized secondary data from companies listed on Nairobi Securities Exchange website and companies’ website Audited financial statements for the companies selected were used; thus increasing the reliability and validity of the findings and conclusion ISSN: 2320-8848(O.)/2321-0362(P.) Page 10 April, 2013 International Journal for Management Science and Technology (IJMST) Vol 1; Issue 3.2 Sample Size And Selection Criteria The population of NSE listed non-financial firms stand at 50 companies A stratified sampling technique was used because of the nature of the study The study was limited to all listed non-financial firms and those that were selected had to have complete data The sample for the study consisted of 30 companies listed on Nairobi Securities Exchange NSE for the period of five years from 2007-2011 which is about 60% Companies that were not listed in the NSE for the duration of the five year were left out of the sample In this research financial companies have been excluded the reason being that financial companies operate under different regulation rules the central bank of Kenya beside the companies act cap 486 The sample included companies from the following eight sectors Agricultural Sector, Automobiles and Accessories, Commercial and Services, Construction and Allied Sector, Energy and Petroleum, Insurance, Investment Manufacturing and Allied Telecommunication and Technology Table Percentage of Samples Selected Company category Total no of companies Sample 57 75 67 80 4 75 33 50 56 2 50 50 Agricultural Sector Automobiles and Accessories Commercial and Services Construction and Allied Sector Energy and Petroleum Insurance Investment Manufacturing and Allied Telecommunication and Technology TOTAL Percentage 60 3.3 Data Collection The data was taken from reliable sources to ensure the reliability of the study Secondary data was collected from various databases to undertake the analysis Audited income statements, balance sheets and cash flow statements was collected from the Nairobi Securities Exchange limited and companies’ website Variables used Market Price to Book Value (Kshs.) = Market Capitalization Net Assets Value Return on assets = Net income (profit after tax) Total assets Earnings per Share = Earnings Attributable to Shareholders Number of outstanding Shares ISSN: 2320-8848(O.)/2321-0362(P.) Page 11 April, 2013 International Journal for Management Science and Technology (IJMST) Vol 1; Issue Pay Out - Ratio = Dividend per Share Earnings per Share Return on Equity = Net income (profit after tax) Equity Long term debt to asset = long term debt Assets short term debt to asset = short term debt Assets Total debt to asset = total debt Assets Model Regression equations a) b) c) d) e) f) Y ROE = a + b 1LTDA + b2STDA + b TDA + e Y ROA = a + b1 LTDA + b2STDA + b TDA + e Y DPO = a + b1 LTDA + b2STDA + b TDA + e Y EPS = a + b1 LTDA + b2STDA + b TDA + e Y TA = a + b1 LTDA + b2STDA + b 3TDA + e Y PBR = a + b1 LTDA + b2STDA + b 3TDA + e Short term debt/ Asset ratio SDTA Total debt/ Asset ratio TDA Long term debt/ Asset ratio LTDA as independent variable and ROA Return on Assets, Return on Equity (ROE) Total Assets (TA), Dividend payout ratio (DPO) Market Price to Book (PBR) and E is the error term.b1 b2 b3 are regression coefficients and a is a constant Introducing moderating variable size factor the regression equations above will be Model Regression equations (size as a factor) g) h) i) j) k) Y ROE= a + b2 LTDA,SZ+ b3STDA, ,SZ + b TDA,SZ + e Y ROA= a + b2 LTDA, SZ + b3STDA, SZ + b TDA, SZ + e Y DPO = a + b2 LTDA, SZ + b3STDA, SZ + b TDA, SZ + e Y EPS= a + b2 LTDA, SZ + b3STDA, SZ + b TDA, SZ + e YPBR = a + b2 LTDA, SZ + b3STDA, SZ + b TDA, SZ + e Where SZ is the size of the firm which is represented by natural logarithm of sales of the firm Data Analysis and Discussions Table descriptive analysis table VARIABLES MINIMUM MAXIMUM MEAN ROE ROA -73.0 -0.08 96.30 92.99 17.7592 9.8359 ISSN: 2320-8848(O.)/2321-0362(P.) Page 12 STD VARIANCE DEVIATION 17.6568 311.7634 10.8045 116.7369 April, 2013 International Journal for Management Science and Technology (IJMST) Vol 1; Issue DPO EPS TA PBR LTDA STDA TDA -768.13 -46.76 166.505E6 0.15 0.00 0.00 0.01 122.69 100.5 617.0E9 7.79 2.64 2.76 3.87 23.9745 7.8694 296.1E8 1.6545 0.2264 0.3255 0.5166 59.3364 11.8849 764.8586E8 1.3788 0.2264 0.2783 0.3814 3520.801 141.2508 5.85E21 1.901 0.0049 0.0774 0.1455 Analysis of the Descriptive statistics From the above table it is noted that all variables have positive mean Both for capital structure proxies and performance The mean value of ROE (17.76), ROA (9.84) and DPO (23.97) indicate that Kenyan companies listed on the NSE by considering inflation rate have a good performance and the fact that the price to book value PBV (1.65) greater than This indicates that the share prices of the firm on the NSE are overvalued Capital structure proxies of Kenyan companies listed on the NSE LTDA mean value (22.64%), STDA mean value (32.55%) and TDA mean value (51.66%) show that Kenyan firms not heavily rely on debts to finance their activities this shows that the Kenyan companies could be financing their activities through retained earnings The companies on the NSE tend to use pecking order theory where firms use internally generated funds to finance activities which is cheap if more finance is required they resort to cheap debt (capital with fixed interest) before moving to capital with variable interest (equity) Table Correlations during 2007-2011 ROE ROA DPO EPS TA PBR LTDA STDA TDA ROE 512** -.199 351 411* 584** -.386* 204 -.210 ROA DPO EPS TA 063 169 PBR LTDA STDA TDA 1 149 319 439* 194 127 690** 117 076 511** 230 082 262 334 080 689** -.206 -.199 -.219 -.149 -.264 -.128 166 -.272 1 181 342 535** ** Correlation is significant at the 0.01 level (2 tailed) *correlation is significant at the 0.05 level (2 tailed) Table establishes correlation according to person matrix between capital structure proxies represented by LTDA, STDA and TD against performance proxies shown by RAO, ROE, TA, EPS, DPO and PBR The variable LTDA measures the long term debt to asset ratio The results show that its positively correlated (0.511**) with TA and the significant at 95% confidence level this shows firm on NSE acquire debt based on the value of asset a firm has ISSN: 2320-8848(O.)/2321-0362(P.) Page 13 April, 2013 International Journal for Management Science and Technology (IJMST) Vol 1; Issue LTDA shows a negative correlation with ROA (-0.386*) and this is significant at 99% confidence level, this is consistent with Abdul G (2012) but a weak negative correlation with DPO (-0.206) PBR (-0.199) This is consistent with Mohammadzadeh (2012) who reported a negative correlation between capital structure and ROA for companies listed on Tehran stock exchange The variable STDA measures short term debt to asset ratio, the result shows it is negatively correlated to ROA (-0.204) and EPS (-0.219) its consistent with Puwanenthiren (2012), Ngoc-Phi-Anh D.(2011) but positively correlated to ROE (0.230) TA (0.314) DPO (0.264) and BPR (0.166) though not significant This is consistent with Abor (2008), Mohammadzadeh 2012 who reported that BPR positively correlated to capital structure proxies though insignificant TDA variable measures total debt to asset ratio ,the results shows that capital structure proxy TDA is weakly negatively correlated to ROA (-0.210) EPS (-0.144) DPO (-0.128) PBR (0.272) this implies that firms on NSE avoid the use of debt to finance their activities as it leads to lower performance This is inconsistent with Abor (2005) This partly could be attributed to the period 2007 the country experienced post-election violence this might have made lenders fear to lend on long term basis hence restrictive covenants to long term debts Table 4a regression results for EPS,DPO &PBR EPS Independent variable Coeffic ient Constant 12.46 3.316 LTDA 86 377 STDA -.152 -.599 555 TDA -.097 - 365 DURBIN WATSON F TEST ADJUSTED R2 STD ERROR T statistic s DPO sig VIF Coeffi cient 003 T statisti cs PBR sig VIF Coeffic ient - 15.18 4.082 000 - 1.432 011 05 96 1.772 472 1.986 718 1.491 -.38 - 1.546 71 T statisti cs Sig 15.965 5.197 0000 1.432 077 370 714 1.432 058 1.772 480 2.078 o48 1.772 030 1.491 134 1.491 -.555 -2.295 2.171 1.188 1.52 501 -.054 1.798 076 2.399 126 5.61355 ISSN: 2320-8848(O.)/2321-0362(P.) 5.55716 Page 14 Vif 4.59016 April, 2013 - International Journal for Management Science and Technology (IJMST) Vol 1; Issue Table 4b Regression result for ROA, ROE & TA ROA ROE Independent variable Coeffic ient t statistic s sign VIF Constant 16.134 6.090 000 - LTDA -.491 -2.377 STDA -.379 TD 185 DURBIN WATSON F TEST ADJUSTED R2 STD ERROR Coeffic t ient statisti cs TA sig n Coeff icient t statistic s - 9.201 4.559 8.805 3.304 025 1.432 263 1.184 247 1.432 63 -1.647 112 1.772 395 1.597 122 1.722 438 2.163 160 512 1.941 -.219 -.845 003 VIF 406 1.941 3.461 Sig VIF n 000 002 040 -.116 -.546 1.457 1.813 1.562 2.510 135 1.002 0.000 5.74 3.9584 3.9816 590 329 3.01537 Variance inflation factor (VIF) Variance inflation factor is the undesirable situation where the correlations among the independent variables strong, it refers to actual disparity percentage to total disparity among variables Mohammad (2012) If this factor is less than then there is no multi-collinearity problem From the above tables 4a & b all the regression models have a VIF less than hence no multicollinearity problem indicating the disparity is small Durbin Watson It is a test statistic that is used to detect the presence of autocorrelation (a relationship between factors test autocorrelation among regression models) if the value is less than then there is no auto correlation problem Alsaeed (2005) If the value is substantially less than then there is evidence of positive serial correlation if less than 1.0, there may be cause for alarm Form tables 4a & b Durbin Watson values for ROA (1.457), ROE (1.831), TA (1.562), EPS (2.171), DPO (1.188) & PBR (1.52) This shows there is no autocorrelation problem on the regression models The relationship between TA with capital structure shown by R2 coefficient of determination is 0.329 that is only 32.9% of variance in the capital structure (LTDA STDA and TDA) can be accounted by TA For ROA with capital structure shown by R coefficient of determination is 0.135 that is only13.5% of variance in the capital structure (LTDA STDA and TDA) can be accounted by ROA For PBR the relationship with capital structure shown ISSN: 2320-8848(O.)/2321-0362(P.) Page 15 April, 2013 1.432 1.772 1.941 International Journal for Management Science and Technology (IJMST) Vol 1; Issue by R2 coefficient of determination is 0.126 that is only 12.6% of variance in the capital structure (LTDA STDA and TDA) can be accounted by PBR The final equations shall be: a) b) c) d) e) f) Y ROE = 8.8 + 263LTDA + 395STDA - 219TDA Y ROA = 16.134 -.491LTDA - 379STDA + 185TDA Y DPO = 15.18 + 011LTDA + 472STDA - 38 TDA Y EPS =12.46 + 86LTDA - 1525STDA - 097TDA Y TA = 9.201 + 631LTDA + 438STDA - 116TDA Y PBR = 15.965 + 771 LTDA + 48STDA + 555TDA Table Correlation Analysis Model II Equations During 2007-2011 ROA ROA ROE TA EPS DPO PBR LTDsz STDsz TDAsz ROE 512** -.199 351 411* 584** -.374* -.224 -.225 TA EPS DPO PBR 063 169 LTDsz STDsz TDAsz 1 149 319 439* 194 127 690** 244 076 686** 273 202 535** 703** 097 689** -.051 -.070 -.151 -.073 331 144 150 -.097 1 300 544** 780** ** Correlation is significant at the o.o1 level (2 tailed) *correlation is significant at the 0.05 level (2 tailed) Table correlation analysis taking size of the firms as a moderating variable (size is taken to be represented by natural logarithm of sales) the correlation matrix between performance and capital structure proxies show that capital structure proxies LTDsz (0.686**) TDsz (0.703** & STDAsz (.535**) have a strong positive correlation with TA and for each it’s significant at 99% confidence level This implies that with a firm’s size as a factor firms on NSE acquire debt based on the value of the asset thus use it as collateral The results show that LTDsz proxy of capital structure is positively correlated to ROA, though weak form LTDsz show weak negatively correlated to DPO -0.551 PBR -0.071, STDsz and TDsz show a weak negative correlation to ROA and EPS relate positive correlation to both DPO and PBR ISSN: 2320-8848(O.)/2321-0362(P.) Page 16 April, 2013 International Journal for Management Science and Technology (IJMST) Vol 1; Issue Table 6a Regression results for performance and capital structure proxies (size as a moderator) ROA ROE TA Independe nt variable Coeffici ent t statistic s Sig n VIF Coeffi cient T statisti cs Constant 12.602 6.8762 000 - 9.935 5.641 000 LTDAsz -.402 -.1829 079 1.502 256 STDAsz -.252 -.856 400 2.702 376 TDAsz 190 569 DURBIN 1.353 WATSON F TEST 1.704 ADJUSTE 068 D R2 STD 4.10937 ERROR 574 3.490 -.230 -.668 1.846 1.132 Sign VIF - Coeffic ient T statis tics sign VI F 10.365 9.826 000 - 268 1.502 450 3.077 005 1.502 1.241 226 2.702 108 552 586 2.702 374 1.68 2.095 105 3.490 510 3.490 1.164 017 14.753 587 3.94873 2.36497 Table 6b Regression results for performance and capital structure proxies (size as a moderator) EPS DPO Independent variable Coeffic ient t statistic s sign Constant 10.476 4.270 000 LTDAsz 161 STDAsz -.190 TDAsz -.012 Durbin Watson 684 -.603 -.033 VIF - PBR Coeffic t ient stati stics Sign 12.769 000 5.13 VIF Coeff icient t statis tics Sign - 14.221 6.645 000 1.502 500 1.502 -.055 -.249 806 1.502 082 367 552 2.702 6601 2.041 051 2.702 603 2.021 974 -.326 -.973 3.490 -.612 -1.805 083 3.490 2.021 1.184 34 717 054 1.421 41 1.711 1.462 -.065 068 046 5.6418 58051 4.79788 F Test Adjusted R2 Std Error ISSN: 2320-8848(O.)/2321-0362(P.) Page 17 VIF April, 2013 2.702 3.490 International Journal for Management Science and Technology (IJMST) Vol 1; Issue From the results table 6a & b Model II the VIF values are less than hence no multi collinearity problem, also the Durbin Watson factors are less than hence no autocorrelation problem From the results table 6a & b The relationship between TA with capital structure shown by R2 coefficient of determination is 0.587 that is only 58.7% of variance in the capital structure moderate by size (LTDAsz STDAsz and TDAsz) can be accounted by TA while the remaining 41.3% by other factors no considered For ROA with capital structure shown by R2 coefficient of determination is 0.068 that is 6.8% of variance in the capital structure (LTDAsz STDAsz and TDAsz) can be accounted by ROA For PBR the relationship with capital structure shown by R2 coefficient of determination is 0.046 that is only 4.6% of variance in the capital structure (LTDAsz STDAsz and TDAsz) can be accounted by PBR The final equations shall be: a) b) c) d) e) f) Y ROE = 9.935 + 251LTDA + 376STDA + 230TDA Y ROA = 12.602 -.402LTDA - 252STDA + 190TDA Y DPO = 12.769 -.055LTDA + 6601STDA - 323 TDA Y EPS =10.476 + 16LTDA - 190STDA - 012TDA Y TA = 10.365 + 45LTDA + 108STDA + 374TDA Y PBR = 14.22 + 082 LTDA + 603STDA - 612TDA Conclusion The research aims to explore the relationship between capital structure and performance of firms listed on Nairobi securities exchange A sample of 30 companies was selected for the period 2007-2011 Analysis was performed using both descriptive statistics and inferential by applying linear regression analysis Firms listed on Nairobi securities exchange have adopted pecking order hypothesis deu to undeveloped debt market and the restrictive covenants associated with long term debt, this makes long term debts expensive hence making firms borrow less Most firms prefer to finance their activities by using short term debts From the results the total assets was positively correlated to capital structure proxies and it was significant this indicate that long term debts was utilized by large firms that had large assets which could be used to act as collateral for securing the loans Further research should be conducted on Kenyan market on financial firms to check consistency with the results Also other market based measures should be applied so as to test the relationship of performance and capital structure to give more insight on the state of affairs on Kenyan case Recommendation The researcher recommends the following  Firms should consider using optimal capital structure, that is the appropriate debtequity mix so as to meet there obligation when due to avoid chances of bankruptcy and make the firms profitable  Political stability is an important factor in the debt-equity market it determines the firms performance regardless of size and financial base The researcher recommends ISSN: 2320-8848(O.)/2321-0362(P.) Page 18 April, 2013 International Journal for Management Science and Technology (IJMST) Vol 1; Issue that the political wheel of the government should aim at stability for better performance  Inflation and exchange ratio greatly affect performance of listed firms thus government should control inflation to hedge listed firms against losses  Incentives and goodwill to investors and firms on NSE is essential to accelerate growth and performance References  Abdul G (2012) The relationship of capital structure decisions with firm performance: A study of the engineering sector of Pakistan International Journal of Accounting and Financial Reporting ISSN 2162-3082 Vol 2, No  Abor J & Biekpe N (2007) How we explain the capital structure of SMEs in subSaharan Africa? Evidence from Ghana Journal of Economic Studies Vol 36 No 1, 2009 pp 83-97  Abor J (2008) Determinants of the Capital Structure of Ghanaian Firms AERC Research Paper 176 African Economic Research Consortium, Nairobi  Iorpev, L & Kwanum, I (2012) Capital Structure and Firm Performance: Evidence from Manufacturing Companies in Nigeria International Journal of Business and Management Tomorrow Vol No  Mohammad F & Jaafer M (2012) The Relationship between Capital Structure and Profitability International Journal of Business and Social Science Vol No 16  Mohammadzadeh H (2012) Capital Structure and Firm Performance; Evidence from Tehran Stock Exchange 2011 Conference Islamic Azad University, Marand, Iran  Ngoc-Phi-Anh D & Jeremy D.(2011) Firm Characteristics, Capital Structure and Operational Performance: a Vietnamese Study APEA 2011 Conference Pusan National University, Busan, Korea  Nour A.(2012) Capital Structure and Firm Performance; Evidence from Palestine Stock Exchange Journal of Money, Investment and Banking ISSN 1450-288X Issue 23  Owolabi, S & inyang,U (2013) International Pragmatic Review and Assessment of Capital Structure Determinants Kuwait Chapter of Arabian Journal of Business and Management Review Vol 2, No.6  Popescu L.& Visinescu S.(2009) A review of the capital structure theories Research Paper  Puwanenthiren P (2012) Capital Structure and Financial Performance: Evidence from Selected Business Companies in Colombo Stock Exchange Sri Lanka Journal of Arts, Science & Commerce E-ISSN 2229-4686  Vedran S.(2012) Capital Structure and Firm Performance in the Financial Sector: Evidence from Australia Asian Journal of Finance & Accounting ISSN 1946-052X Vol 4, No ISSN: 2320-8848(O.)/2321-0362(P.) 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