新西蘭懷卡托大學(xué)管理學(xué)院金融系系主任Krishna Reddy博士在浙江財(cái)經(jīng)大學(xué)金融學(xué)院進(jìn)行了企業(yè)資本結(jié)構(gòu)的不同大洲的決定因素：前、中、后的全球金融危機(jī)的相關(guān)講座。講座的主要內(nèi)容如下：

    本研究探討公司資本結(jié)構(gòu)之前，期間和全球金融危機(jī)之后。企業(yè)杠桿率和債務(wù)水平的企業(yè)特征的影響，使用企業(yè)的樣本來(lái)自27個(gè)國(guó)家審查，代表世界各大洲。我們的研究結(jié)果表明，公司的資本結(jié)構(gòu)是在同一個(gè)大陸國(guó)家相似，但跨洲不同。我們的研究結(jié)果還表明，資本結(jié)構(gòu)是相似的企業(yè)特征，如資產(chǎn)有形性，盈利能力，企業(yè)規(guī)模，成長(zhǎng)機(jī)會(huì)，流動(dòng)性和股價(jià)表現(xiàn)的影響。我們的發(fā)現(xiàn)與資本結(jié)構(gòu)的預(yù)測(cè)theoryand我們的研究結(jié)果表明，在全球金融危機(jī)期間，企業(yè)提高杠桿率的收益下降，股市動(dòng)蕩加劇一致。該公司的特點(diǎn)對(duì)杠桿率的影響，也受到了金融危機(jī)。企業(yè)規(guī)模對(duì)公司杠桿率，而有形資產(chǎn)，盈利的波動(dòng)性和非債務(wù)稅盾顯著影響被忽略不計(jì)。在金融危機(jī)期間，盈利能力和成長(zhǎng)機(jī)會(huì)，對(duì)公司影響力較弱的影響。杠桿公司流動(dòng)性的影響，在亞洲國(guó)家變得更強(qiáng)，但不顯著美國(guó)和歐洲。股價(jià)表現(xiàn)也無(wú)論是在與危機(jī)后產(chǎn)生對(duì)企業(yè)的杠桿作用更強(qiáng)的影響力。

    Krishna Reddy博士是新西蘭懷卡托大學(xué)管理學(xué)院金融系系主任。他在位于新西蘭漢密爾頓的懷卡托大學(xué)完成了博士學(xué)位的學(xué)習(xí)。Reddy博士早年曾經(jīng)在銀行工作，并有數(shù)年時(shí)間致力于打理自己的公司。他現(xiàn)在是高級(jí)公司金融學(xué)、公司理論與政策以及個(gè)人理財(cái)規(guī)劃三門課程的負(fù)責(zé)人。Reddy博士的研究領(lǐng)域主要包括公司治理、公司市場(chǎng)、資本架構(gòu)、個(gè)人金融、市場(chǎng)有效性、互惠基金績(jī)效等。Reddy博士曾經(jīng)在Economic Modelling, International Review of Economics and Finance, International Journal of Managerial Finance, Managerial Finance, Governance: An International Journal of Policy, Administrators, and Institutions等期刊上發(fā)表過(guò)文章。

    原文：This study examines firm capital structure before, during, and after the global financial crisis. Firm leverage and the influence of firm characteristics on debt levels are examined using a sample of firms from 27 countries, representing all continents in the world. Our results indicate that firm capital structure is similar for countries on the same continent but different across continents. Our results also suggest that capital structure is influenced by similar firm characteristics, such as asset tangibility, profitability, firm size, growth opportunities, liquidity, and share price performance. Our findings are consistent with the predictions of capital structure theoryand our results show that during the global financial crisis, firms increased leverage as earnings declined and equity markets became more volatile. The influence that firm characteristics have on leverage was also affected by the financial crisis. Firm size had significant influence on firm leverage whilst asset tangibility, earnings volatility, and non-debt tax shields were insignificant. During the financial crisis, profitability and growth opportunities had weaker influence on firm leverage. The influence of firm liquidity on leverage became stronger in the Asian countries but are insignificant for America and Europe. Share price performance also exerted stronger influence on firm leverage both during and after the crisis.