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Register a new userDeterminants of Financial Structure Decision: Evidence from Syria Companies subject to the supervision of Syrian Commission on Financial Markets and Securities (2007 -2011)
العوامل المُحددة لقرار الهيكل المالي في الشّركات المساهمة العامة دراسة ميدانية على الشّركات الخاضعة لإشراف هيئة الأوراق والأسواق المالية السّوريّة للفترة (2007-2011)
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قُصي علي عمَّار( باحث )
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تناول هذا البحث مُحددات قرار الهيكل المالي في الشّركات المُساهمة العامة، من خلال دراسة حالة الشّركات المساهمة الخاضعة لإشراف هيئة الأوراق و الأسواق المالية السّورية، بالتّركيز على الفترة بين عاميّ 2007-2011. و ذلك لمعرفة فيما إذا كان قرار الشّركات المساهمة العامة السّورية المتعلق بالهيكل المالي ينسجم مع نتائج الدِّراسات السّابقة. و يتمثل الهدف الرئيس لهذا البحث في دراسة العلاقة بين العوامل المُحددة للهيكل المالي مثل: حجم الشّركة؛ و عمر الشّركة؛ و الربحية؛ و مخاطر الأعمال؛ و السيولة؛ و معدل النمو المتوقع؛ و هيكل الأصول؛ و هيكل ملكية الشّركة؛ و الضرائب (كمتغيرات مستقلة)، و بين نسبة المديونية كمقياس للهيكل المالي في الشّركات محل الدراسة. و لتحقيق هدا الهدف، اعتمد الباحث أولاُ على المدخل الاستنباطي لصياغة فروض الدراسة، و من أجل اختبار العلاقات المُفترضة بين متغيرات البحث تمّ استخدام نموذج الانحدار الخطي المتعدد للسلسلة الزمنية المقطعية. و كانت أهم النتائج التي توصلت إليها الدراسة: بلغت نسبة المديونية في الشّركات المساهمة العامة السّورية حوالي (48%)، و هي نسبة منخفضة مقارنة مع مثيلاتها في العديد من الدول، مثل: الولايات المتحدة، و ألمانيا، و دول شرق آسيا، حيث تجاوزت النسبة (80%). كما أشارت نتائج الدّراسة، إلى وجود علاقة إيجابية ذات دلالة إحصائية بين الهيكل المالي للشركات المساهمة العامة السّورية و كل من حجم الشّركة؛ و ربحيتها؛ و هيكل ملكيتها؛ عند مستوى المعنوية (5%). و من ناحية أخرى، أن العلاقة بين الهيكل المالي للشركات المساهمة العامة السّورية، و كل من سيولة الشّركة؛ و مخاطرها؛ و هيكل أصولها؛ هي علاقة سلبية ذات دلالة إحصائية عند مستوى المعنوية (5%). و أخيراً، لم تُقدم نتائج الدّراسة أية أدلة على وجود علاقة بين الهيكل المالي و كل من عمر الشّركة؛ و معدل النّمو المتوقع؛ و معدل الضّريبة.
The aim of this study is to explore the determinants of the capital structure in Joint Stock Companies that subject to the supervision of Syrian Commission on Financial Markets and Securities, focusing on the period (2007-2011). The research try to explore whether the decision of the firms concerning the financial leverage is in conformity with the patterns proclaimed in previous studies. The study summarized the relation between the accountancy indicators and financial structure of the Joint Stock Companies in Syria by using multi-regression analysis. The study included the following independent variables: size; age; profitability; volatility; liquidity; growth prospects; tangibility; ownership structure; and taxes. On the other hand, the leverage ratio represented the variable related to the company’s financial structure. The study concluded that the leverage ratio in the Syrian companies is about (48%). In addition, the study concluded a statistically significant positive relationship (at 5% significance level) between the financial structure of Syrian companies and all of the company's size; profitability; and ownership structure. The study also found that there is a significant negative relationship (at 5% significance level) between the financial structure of Syrian companies and all of the company's volatility; liquidity; and tangibility. Finally, no evidence has been provided by the study about the relationship between financial structure and all of the company's life; the expected growth; and the company's tax.
References used
AHMADIMOUSAABAD, A. ; ANUAR, M. ; SOFIAN, S. ; JAHANZEB, A. Capital Structure Decisions and Determinants: An Empirical Study in Iran. International Research Journal of Applied and Basic Sciences, Vol. 5, N. 7, 2013, 891-896
AWAN, A.G. ; AMIN, M. S. Determinants of Capital Structure. European Journal of Accounting Auditing and Finance Research Vol. 2, N.9, 2014, 22-41
Berk, A. Drivers of Leverage in Slovenian Blue-Chip Firms and Stock Performance Following Substantial Debt Increases. Post-Communist Economies, Vol. 18, Issue 4, 2006, 479-494
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