关于企业资产结构与财务绩效业绩关系有关 的外文文献翻译：资本结构对罗马尼亚上市公司财务绩效的影响.pdf

Available online at ScienceDirect Procedia Economics and Finance 32 ( 2015 ) 1314 – 1322 Emerging Markets Queries in Finance and Business The impact of capital structure on financial performance in Romanian listed companies Sorana Vătavua,* a West University of Timişoara, J.H.Pestalozzi Street, No. 16, 300115, Timişoara, Romania Abstract This research aims to establish the relationship between capital structure and financial performance in 196 Romanian companies listed on the Bucharest Stock Exchange and operating in the manufacturing sector, over a period of eight-years (2003-2010). The analysis is based on cross sectional regressions. The capital structure indicators refer to long-term debt, short-term debt; total debt and total equity, while return on assets and return on equity are the performance proxies. Previous studies indicate asset tangibility, tax, risk, liquidity and inflation as capital structure determinants in Romanian manufacturing companies. As long as these factors have an important impact on financing decisions, they will be included in the analysis as they are expected to also influence performance. Results indicate that performance in Romanian companies is higher when they avoid debt and operate based on equity. However, it seems that manufacturing companies do not have sufficient internal funding to undertake profitable investments and do not use their assets effectively. During times of increased taxes and inflation profitable companies di