摘要
本研宄旨在鉴定融资组合对约旦工业公司市值的影响,其通过制定
数学模型来解释融资组合对该等公司市值的影响。为达成本研究的
目标,自70家安曼证券交易所上市的工业企业中选择20家约旦工
业公司样本。样本占2009-2014年时期期间研宄群体的27%。该研
究使用简单的线性回归和多元回归测试研宄的假设。结果表明,融
资组合对约旦工业企业具有统计显着性水平(必0.05)的显着性影
响,且表明财产,资金,储备,借款人资金和长期贷款对约旦工业
公司的市值具有统计显着性影响,而留存收益,短期贷款对约旦工
业企业的市值没有影响。鉴于该等结果,本研究提出了一系列建议,
包括:融资利益和激活其作用作为变量对该等公司的市值具有影响,
且分析师、管理者和投资者等必须引起关注
1 Abstract
This study aimed to identify the inpact of finance mix on the market value of
Jordanian industrial conpanies through the formulation of a mathematical model to
explain the impact of finance mix on the market value of the conpanies. To achieve
the objective of the study, a sanple of (20) Jordanian industrial companies, which are
listed on the Amman stock exchange out of (70) an industrial corporations , was
selected. The sanple accounted for (27%) of the study population during the time
period between (2009-2014). The study used a simple linear regression and mult^le
regression testing the hypotheses of the study. The results showed that there is a
significant effect with statistical significance level (a<0.05) for a finance mix on the
market value of industrial corporations of Jordan, and showed that the property
finance, capital, reserves, borrower fUnding and long-term loans have impact with
statistical significant on the market value of Jordanian industrial coirpanies, and
retained earnings,short-term loans have no effect on the market value of industrial
enterprises of Jordaa
In light of these results the study came out a set of recommendations including:
interest of finance mix and activating tts role as a variable has an effect in the market
value of the cortpanies, and must be given an interest by analysts and administrators
and investors alike.
2 Contents
Chapter 1: Background and importance of the study
1.1 Introduction1.2 The problem and questions of the study1.3 Objectives of the study1.4 Importance of the study1.5 Hypotheses of the studyChapter 2 rTheoretical framework and previous studies
2.1 Theoretical Framework2.2 Previous studies
27
2.3 Term of study
33
Chapter 3: Methodology and Design
3.1 Methodology of the study
35
3.2 Study Community
35
3.3 Study Sample
35
3.4 Study Procedures
37
3.5 Study Tools
37
3.6 Study Variables
38
3.7Descrq)tion of study variables
38
3.8 Statistical Processing
40
Chapter 4: Presentation of results, discussion and recommendation
4.1 Study model
43
4.2Display results
44
4.3 Results
49
4.4 Recommendation
50
References
51
Supplement
56
3 LIST OF TABLES AND FIGURES
TABLES:
1- Names of industrial companies represented
for the sample of the study
36
2- Descriptive statistics for the study variables
for the period (2009-2014)
39
3- Correlations Matrix
41
4- The results Multivariate test between independent
variables
42
5- The results linear regression analysis test
to test the study hypothesis
44
6- The Results of the regression analysis to examine
the effect of independent variables(financial mix)
on the market value of Jordanian industrial
companies
45
7- The results linear regression analysis test to
test the hypothesis of the first sub-study
46
8- The results of the regression analysis to examine
the effect of independent variables (asset financing)
on the market value of Jordanian industrial
companies
47
9- The results linear regression analysis test for
the second sub-hypothesis test
48
4 10- The results of the regression analysis to
examine the effect of independent variables
(borrower financing)on the market value of
Jordanian industrial companies
48
FIGURES
1- ftmding mix for companies2-market value for companies
24
3-The model is prepared by the researcher based
on previous studies
43
4-impakt funding mix on market value
49
5 List of Supplements
1- Jordanian Industrial Companies
56
2- The financial mix of the sample companies
for the period (2009-2014)
60
3- Annual closing prices for sample study companies
67
6 The impact of finance mix on the market value of Jordanian
industrial companies
7 Chapter I
The background and importance of the study
1.1 introduction:
Industrial companies fece significant challenges both tocally and internationally,
which is reflected on the performance of these companies,through the impact of
financial decisions on these companies, and accordingly varies the behavior of
cotryanies to choose the method of financing and that influence is clearly on the
corrpanys performance.
The conpanys decision to finance major financial decisions for the public
shareholding companies, concept of capital structure and its contents process is very
important for managers regardless of the field theyre working with (2006Pattenden).
The concept financing structure also refers to all types of ftmding sources used to
finance the company&39;s total assets, which is so different from the capital structure
whose elements Permanent financing for the company, which includes property
rights, tong-term loans, from here, the capital structure of the company is part of the
structure funding which consists of the capital structure and the structure of short-
termBab ilities( Y ahyao ui,2002).
The financing structure formula is the outcome of the interrelationshq) between the
tax benefits that you organization as a result of rising debt and the risk of
bankrvptcy, which prefer to use the funding through the issuance of shares, and its
impact on the profitability of the company, where it became a question of funding
structure between short and long-term funding sources, and the funding sources
borrowed and the acquire in the company＊s fUnding are common to all installations
(Yu,2006).
The flinding decision is a difficult deciskm and not a simple as this decision is linked
to the funds, which represent the power of reaction and the strength of the
implementatbn is unlimited, so we find that everyone is keen on the money whether
8 it＊s acquired or invested, Money is power derived from actual ability, which is why
the responsibility taken to be linked to senior management (Khudairi, 2001).
There are various types of sources of funding available to businesses and take many
rankings vary from one researcher to another according to the awaited target of
classification, there are those who depend on proprietary standard, and thus
differentiate between o
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