有关资本市场研究的若干英文文献(1)
研究中小企业融资要参考的英文文献
研究中小企业融资要参考的英文文献在研究中小企业融资问题时，寻找相关的英文文献是获取国际经验和最佳实践的重要途径。
以下是一些值得参考的英文文献，涵盖了中小企业融资的理论背景、现状分析、政策建议以及案例研究等方面。
“Financing Small and Medium-Sized Enterprises: A Global Perspective”, by P.K. Agarwal, A.K. Dixit, and J.C. Garmaise. This book provides an comprehensive overview of the issues and challenges related to financing small and medium-sized enterprises (SMEs) around the world. It presents an analytical framework for understanding the different dimensions of SME financing and outlines best practices and policy recommendations for improving access to finance for these businesses.“The Financing of SMEs: A Review of the Literature and Empirical Evidence”, by R. E. Cull, L. P. Ciccantelli, and J. Valentin. This paper provides a comprehensive literature review on the financing challenges faced by SMEs, exploring the various factors that influence their access to finance,including information asymmetries, lack of collateral, and limited access to formal financial markets. The paper also presents empirical evidence on the impact of different financing strategies on SME performance and outlines policy recommendations for addressing these challenges.“The Role of Microfinance in SME Finance: A Review of the Literature”, by S. Hossain, M.A. Iftekhar, and N. Choudhury. This paper focuses on the role of microfinance in financing SMEs and explores the advantages and disadvantages of microfinance as a financing option for SMEs. It also outlines the potential for microfinance to play a greater role in supporting SME development in emerging markets and provides policy recommendations for achieving this objective.“The Political Economy of SME Finance: Evidence fromCross-Country Data”, by D.J. Mullen and J.R. Roberts. This paper examines the political economy of SME finance, exploring the relationship between government policies, market institutions, and SME financing constraints. Usingcross-country data, the paper finds evidence that government policies can have a significant impact on SME access to finance and that countries with better market institutions are more successful in supporting SME development. The paper provides policy recommendations for improving SME financing in different political and institutional settings.“Financing SMEs in Developing Countries: A Case Study of India”, by S. Bhattacharya, S. Ghosh, and R. Panda. This case study explores the financing challenges faced by SMEs in India and identifies the factors that limit their access to finance, including government policies, market institutions, and cultural traditions. It also presents an in-depth analysis of the various financing options available to SMEs in India, such as informal credit markets, microfinance institutions, and banks, and outlines policy recommendations for enhancing access to finance for these businesses.这些文献提供了对中小企业融资问题的多维度理解，并提供了实用的政策建议和案例研究，有助于更好地解决中小企业的融资需求。
资本信息披露外文文献
资本信息披露外文文献
根据您的要求，以下是一些关于资本信息披露的外文文献，供
参考。
1. 弗吉尼亚州立大学的研究报告：《企业的资本信息披露对投
资者的影响》。
该研究探讨了企业在资本信息披露方面的实践与效果，以及对投资者的影响。
报告提供了一些例证和建议，帮助理解
和改进资本信息披露的作用。
2. International Journal of Accounting的研究论文：《公司治理、资本信息披露和股价敏感性之间的关系》。
该论文研究了公司治理、资本信息披露和股价敏感性之间的关系，并探讨了如何通过加强资
本信息披露来提高公司治理和股价的表现。
3. 伊利诺伊大学厄巴纳-香槟分校的学位论文：《美国公司的
资本信息披露规定和实践》。
该论文回顾了美国公司的资本信息披
露规定和实践，并分析了这些规定和实践对公司绩效和投资者保护
的影响。
请注意，以上文献的引用仅供参考，具体内容可能因版权、准确性或其他因素而有所变化。
建议您直接查阅相关文献以获取更详细和准确的信息。
希望以上信息对您有所帮助。
如有任何进一步的问题，请随时向我咨询。
资本结构英文参考文献
Evaluating A Company's Capital StructureFor stock investors that favor companies with good fundamentals, a "strong" balance sheet is an important consideration for investing in a company's stock. The strength of a company' balance sheet can be evaluated by three broad categories of investment-quality measurements: working capital adequacy, asset performance and capital structure. In this article, we'll look at evaluating balance sheet strength based on the composition of a company's capital structure..A company's capitalization (not to be confused with market capitalization) describes the composition of a company's permanent or long-term capital, which consists of a combination of debt and equity. A healthy proportion of equity capital, as opposed to debt capital, in a company's capital structure is an indication of financial fitness.Clarifying Capital Structure Related TerminologyThe equity part of the debt-equity relationship is the easiest to define. In a company's capital structure, equity consists of a company's common and preferred stock plus retained earnings, which are summed up in the shareholders' equity account on a balance sheet. This invested capital and debt, generally of the long-term variety, comprises a company's capitalization, i.e. a permanent type of funding to support a company's growth and related assets.A discussion of debt is less straightforward. Investment literature often equates a company's debt with its liabilities. Investors should understand that there is a difference between operational and debt liabilities - it is the latter that forms the debt component of a company's capitalization - but that's not the end of the debt story.Among financial analysts and investment research services, there is no universal agreement as to what constitutes a debt liability. For many analysts, the debt component in a company's capitalization is simply a balance sheet's long-term debt. This definition is too simplistic. Investors should stick to a stricter interpretation of debt where the debt component of a company's capitalization should consist of the following: short-term borrowings (notes payable), the current portion of long-termdebt, long-term debt, two-thirds (rule of thumb) of the principal amount of operating leases and redeemable preferred stock. Using a comprehensive total debt figure is a prudent analytical tool for stock investors.It's worth noting here that both international and U.S. financial accounting standards boards are proposing rule changes that would treat operating leases and pension "projected-benefits" as balance sheet liabilities. The new proposed rules certainly alert investors to the true nature of these off-balance sheet obligations that have all the earmarks of debt. (To read more on liabilities, see Off-Balance-Sheet Entities: The Good, The Bad And The Ugly and Uncovering Hidden Debt.) Is there an optimal debt-equity relationship?In financial terms, debt is a good example of the proverbial two-edged sword. Astute use of leverage (debt) increases the amount of financial resources available to a company for growth and expansion. The assumption is that management can earn more on borrowed funds than it pays in interest expense and fees on these funds. However, as successful as this formula may seem, it does require that a company maintain a solid record of complying with its various borrowing commitments. (For more stories on company debt loads, see When Companies Borrow Money, Spotting Disaster and Don't Get Burned by the Burn Rate.)A company considered too highly leveraged (too much debt versus equity) may find its freedom of action restricted by its creditors and/or may have its profitability hurt as a result of paying high interest costs. Of course, the worst-case scenario would be having trouble meeting operating and debt liabilities during periods of adverse economic conditions. Lastly, a company in a highly competitive business, if hobbled by high debt, may find its competitors taking advantage of its problems to grab more market share.Unfortunately, there is no magic proportion of debt that a company can take on. The debt-equity relationship varies according to industries involved, a company's line of business and its stage of development. However, because investors are better off putting their money into companies with strong balance sheets, common sense tells us that these companies should have, generally speaking, lower debt and higher equitylevels.Capital Ratios and IndicatorsIn general, analysts use three different ratios to assess the financial strength of a company's capitalization structure. The first two, the so-called debt and debt/equity ratios, are popular measurements; however, it's the capitalization ratio that delivers the key insights to evaluating a company's capital position.The debt ratio compares total liabilities to total assets. Obviously, more of the former means less equity and, therefore, indicates a more leveraged position. The problem with this measurement is that it is too broad in scope, which, as a consequence, gives equal weight to operational and debt liabilities. The same criticism can be applied to the debt/equity ratio, which compares total liabilities to total shareholders' equity. Current and non-current operational liabilities, particularly the latter, represent obligations that will be with the company forever. Also, unlike debt, there are no fixed payments of principal or interest attached to operational liabilities.The capitalization ratio (total debt/total capitalization) compares the debt component of a company's capital structure (the sum of obligations categorized as debt + total shareholders' equity) to the equity component. Expressed as a percentage, a low number is indicative of a healthy equity cushion, which is always more desirable than a high percentage of debt. (To continue reading about ratios, see Debt Reckoning.)Additional Evaluative Debt-Equity ConsiderationsCompanies in an aggressive acquisition mode can rack up a large amount of purchased goodwill in their balance sheets. Investors need to be alert to the impact of intangibles on the equity component of a company's capitalization. A material amount of intangible assets need to be considered carefully for its potential negative effect as a deduction (or impairment) of equity, which, as a consequence, will adversely affect the capitalization ratio. (For more insight, read Can You Count On Goodwill? and The Hidden Value Of Intangibles.)Funded debt is the technical term applied to the portion of a company's long-termdebt that is made up of bonds and other similar long-term, fixed-maturity types of borrowings. No matter how problematic a company's financial condition may be, the holders of these obligations cannot demand payment as long the company pays the interest on its funded debt. In contrast, bank debt is usually subject to acceleration clauses and/or covenants that allow the lender to call its loan. From the investor's perspective, the greater the percentage of funded debt to total debt disclosed in the debt note in the notes to financial statements, the better. Funded debt gives a company more wiggle room. (To read more on financial statement footnotes, see Footnotes: Start Reading The Fine Print.)Lastly, credit ratings are formal risk evaluations by credit-rating agencies - Moody's, Standard & Poor's, Duff & Phelps and Fitch –of a company's ability to repay principal and interest on debt obligations, principally bonds and commercial paper. Here again, this information should appear in the footnotes. Obviously, investors should be glad to see high-quality rankings on the debt of companies they are considering as investment opportunities and be wary of the reverse.ConclusionA company's reasonable, proportional use of debt and equity to support its assets is a key indicator of balance sheet strength. A healthy capital structure that reflects a low level of debt and a corresponding high level of equity is a very positive sign of investment quality.To continue learning about financial statements, read What You Need To Know About Financial Statements and Advanced Financial Statement Analysis.。
国际金融市场参考文献
国际金融市场参考文献引言：国际金融市场作为全球经济体系的重要组成部分，在全球化和经济发展的背景下，发挥着日益重要的作用。
为了更好地理解和分析国际金融市场，研究者们广泛运用了各种研究方法和理论框架。
本文将就国际金融市场的参考文献进行探讨，以帮助读者更好地了解和研究这一领域。
一、经典文献：1. Robert C. Merton (1973) - "The Theory of Rational Option Pricing"本文被公认为是金融衍生品定价理论的奠基之作，对金融市场的研究产生了深远的影响。
通过对期权定价的理论研究，Merton提出了一种基于风险中性概率的期权定价模型，为金融市场的理论研究和实践应用提供了重要的理论基础。
2. Eugene F. Fama (1970) - "Efficient Capital Markets: A Review of Theory and Empirical Work"本文系统地回顾了关于有效资本市场理论的研究成果，提出了信息效率市场假说。
该假说认为，在有效市场中，资产的价格会反映所有可获取的信息，投资者无法通过分析已有信息来获得超额利润。
这一假说对金融市场的理论研究和实践应用产生了重要的影响。
二、实证研究文献：1. John Y. Campbell, Andrew W. Lo, and Craig MacKinlay (1997) - "The Econometrics of Financial Markets"该书综合了金融市场中的实证研究成果，包括股票、债券和外汇市场等。
通过运用计量经济学的方法，作者们对金融市场的波动性、收益率预测和市场效率等问题进行了深入研究，为金融市场的实证分析提供了重要的参考。
2. Andrei Shleifer and Robert W. Vishny (1997) - "The Limits of Arbitrage"该文研究了市场的套利机会是否会被有效利用，以及套利行为对市场效率的影响。
国外有关资本结构的文献综述
国外有关资本结构的文献综述以下是一些国外关于资本结构的文献综述：1. Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance, and the theory of investment. The American economic review, 48(3), 261-297.这篇经典的文献提出了“Modigliani-Miller定理”，论证了资本结构对公司价值的影响，并认为公司的价值不受资本结构的影响。
2. Myers, S. C. (1984). The capital structure puzzle. The Journal of finance, 39(3), 575-592.这篇文章提出了“资本结构之谜”，探讨了为什么不同公司的资本结构存在差异，并提出了相关的理论解释。
3. Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The journal of finance, 50(5), 1421-1460.这篇文章通过国际数据的分析，探讨了不同国家和行业的公司资本结构的差异，并提出了一些相关的解释和结论。
4. Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1-37.这篇文章综述了过去的研究，讨论了影响公司资本结构决策的各种因素，并提出了一些可靠的结论。
5. Graham, J. R., & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of financial economics, 60(2-3), 187-243.这篇文章通过对大量实证研究的综述，总结了公司资本结构的理论和实践，并提出了一些建议和结论。
关于经济的外文文献
关于经济的外文文献1."Capital in the Twenty-First Century" by Thomas Piketty（《21世纪的资本》 - 托马斯·皮凯蒂）2."Freakonomics: A Rogue Economist Explores the Hidden Side of Everything" by Steven D.Levitt and Stephen J.Dubner （《怪诞经济学：一个叛逆经济学家揭示一切的隐藏面》 - 史蒂文·D·列维特和斯蒂芬·J·邓纳）3."The Wealth of Nations" by Adam Smith（《国富论》 - 亚当·斯密）4."Nudge: Improving Decisions About Health, Wealth, and Happiness" by Richard H.Thaler and Cass R.Sunstein （《推动力：关于健康、财富和幸福的决策改进》 - 理查德·H·塞勒和卡斯·R·桑斯坦）5."Thinking, Fast and Slow" by Daniel Kahneman（《思考，快与慢》 - 丹尼尔·卡尼曼）6."The Great Transformation: The Political and Economic Origins of Our Time" by Karl Polanyi（《伟大转型：我们时代的政治与经济起源》 - 卡尔·波兰尼）7."The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle" by Joseph A.Schumpeter（《经济发展理论：对利润、资本、信用、利息和商业周期的探究》 - 约瑟夫·A·熊彼特）8."The End of Poverty: Economic Possibilities for Our Time" by Jeffrey D.Sachs（《贫困的终结：我们时代的经济可能性》 - 杰弗里·D·萨克斯）9."Development as Freedom" by Amartya Sen（《自由发展》 - 阿马蒂亚·森）。
资本结构中英文对照外文翻译文献
中英文对照外文翻译(文档含英文原文和中文翻译)The effect of capital structure on profitability : an empirical analysis of listed firms in Ghana IntroductionThe capital structure decision is crucial for any business organization. The decision is important because of the need to maximize returns to various organizational constituencies, and also because of the impact such a decision has on a firm’s ability to deal with its competitive environment. The capital structure of a firm is actually a mix of different securities. In general, a firm can choose among many alternative capital structures. It can issue a large amount of debt or very little debt. It can arrange lease financing, use warrants, issue convertible bonds, sign forward contracts or trade bond swaps. It can issue dozens of distinct securities in countless combinations; however, it attempts to find the particular combination that maximizes its overall market value.A number of theories have been advanced in explaining the capital structure of firms. Despite the theoretical appeal of capital structure, researchers in financial management have not found the optimal capital structure. The best that academics and practitioners have been able to achieve are prescriptions that satisfy short-term goals. For example, the lack of a consensus about what would qualify as optimal capital structure has necessitated the need for this research. A better understanding of the issues at hand requires a look at the concept of capital structure and its effect on firm profitability. This paper examines the relationship between capital structure and profitability of companies listed on the Ghana Stock Exchange during the period 1998-2002. The effect of capital structure on the profitability of listed firms in Ghana is a scientific area that has not yet been explored in Ghanaian finance literature.The paper is organized as follows. The following section gives a review of the extant literature on the subject. The next section describes the data and justifies the choice of the variables used in the analysis. The model used in the analysis is then estimated. The subsequent section presents and discusses the results of the empirical analysis. Finally, the last section summarizes the findings of the research and also concludes the discussion.Literature on capital structureThe relationship between capital structure and firm value has been the subject of considerable debate. Throughout the literature, debate has centered on whether there is an optimal capital structure for an individual firm or whether the proportion of debt usage is irrelevant to the individual firm’s value. The capital structure of a firm concerns the mix of debt and equity the firm uses in its operation. Brealey and Myers (2003) contend that the choice of capital structure is fundamentally a marketing problem. They state that the firm can issue dozens of distinct securities in countless combinations, but it attempts to find the particular combination that maximizes market value. According to Weston and Brigham (1992), the optimal capital structure is the one that maximizes the market value of the firm’s outstanding shares.Fama and French (1998), analyzing the relationship among taxes, financing decisions, and the firm’s value, concluded that the debt does not concede tax b enefits. Besides, the high leverage degree generates agency problems among shareholders and creditors that predict negative relationships between leverage and profitability. Therefore, negative information relating debt and profitability obscures the tax benefit of the debt. Booth et al. (2001) developed a study attempting to relate the capital structure of several companies in countries with extremely different financial markets. They concluded thatthe variables that affect the choice of the capital structure of the companies are similar, in spite of the great differences presented by the financial markets. Besides, they concluded that profitability has an inverse relationship with debt level and size of the firm. Graham (2000) concluded in his work that big and profitable companies present a low debt rate. Mesquita and Lara (2003) found in their study that the relationship between rates of return and debt indicates a negative relationship for long-term financing. However, they found a positive relationship for short-term financing and equity.Hadlock and James (2002) concluded that companies prefer loan (debt) financing because they anticipate a higher return. Taub (1975) also found significant positive coefficients for four measures of profitability in a regression of these measures against debt ratio. Petersen and Rajan (1994) identified the same association, but for industries. Baker (1973), who worked with a simultaneous equations model, and Nerlove (1968) also found the same type of association for industries. Roden and Lewellen (1995) found a significant positive association between profitability and total debt as a percentage of the total buyout-financing package in their study on leveraged buyouts. Champion (1999) suggested that the use of leverage was one way to improve the performance of an organization.In summary, there is no universal theory of the debt-equity choice. Different views have been put forward regarding the financing choice. The present study investigates the effect of capital structure on profitability of listed firms on the GSE.MethodologyThis study sampled all firms that have been listed on the GSE over a five-year period (1998-2002). Twenty-two firms qualified to be included in the study sample. Variables used for the analysis include profitability and leverage ratios. Profitability is operationalized using a commonly used accounting-based measure: the ratio of earnings before interest and taxes (EBIT) to equity. The leverage ratios used include:. short-term debt to the total capital;. long-term debt to total capital;. total debt to total capital.Firm size and sales growth are also included as control variables.The panel character of the data allows for the use of panel data methodology. Panel data involves the pooling of observations on a cross-section of units over several time periods and provides results that are simply not detectable in pure cross-sections or pure time-series studies. A general model for panel data that allows the researcher to estimate panel data with great flexibility and formulate the differences in the behavior of thecross-section elements is adopted. The relationship between debt and profitability is thus estimated in the following regression models:ROE i,t =β0 +β1SDA i,t +β2SIZE i,t +β3SG i,t + ëi,t (1) ROE i,t=β0 +β1LDA i,t +β2SIZE i,t +β3SG i,t + ëi,t (2) ROE i,t=β0 +β1DA i,t +β2SIZE i,t +β3SG i,t + ëi,t (3)where:. ROE i,t is EBIT divided by equity for firm i in time t;. SDA i,t is short-term debt divided by the total capital for firm i in time t;. LDA i,t is long-term debt divided by the total capital for firm i in time t;. DA i,t is total debt divided by the total capital for firm i in time t;. SIZE i,t is the log of sales for firm i in time t;. SG i,t is sales growth for firm i in time t; and. ëi,t is the error term.Empirical resultsTable I provides a summary of the descriptive statistics of the dependent and independent variables for the sample of firms. This shows the average indicators of variables computed from the financial statements. The return rate measured by return on equity (ROE) reveals an average of 36.94 percent with median 28.4 percent. This picture suggests a good performance during the period under study. The ROE measures the contribution of net income per cedi (local currency) invested by the firms’ stockholders; a measure of the efficiency of the owners’ invested capital. The variable SDA measures the ratio of short-term debt to total capital. The average value of this variable is 0.4876 with median 0.4547. The value 0.4547 indicates that approximately 45 percent of total assets are represented by short-term debts, attesting to the fact that Ghanaian firms largely depend on short-term debt for financing their operations due to the difficulty in accessing long-term credit from financial institutions. Another reason is due to the under-developed nature of the Ghanaian long-term debt market. The ratio of total long-term debt to total assets (LDA) also stands on average at 0.0985. Total debt to total capital ratio(DA) presents a mean of 0.5861. This suggests that about 58 percent of total assets are financed by debt capital. The above position reveals that the companies are financially leveraged with a large percentage of total debt being short-term.Table I.Descriptive statisticsMean SD Minimum Median Maximum━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ROE 0.3694 0.5186 -1.0433 0.2836 3.8300SDA 0.4876 0.2296 0.0934 0.4547 1.1018LDA 0.0985 0.1803 0.0000 0.0186 0.7665DA 0.5861 0.2032 0.2054 0.5571 1.1018SIZE 18.2124 1.6495 14.1875 18.2361 22.0995SG 0.3288 0.3457 20.7500 0.2561 1.3597━━━━━━━━━━━━━━━━━━━━━━━━━━━━━Regression analysis is used to investigate the relationship between capital structure and profitability measured by ROE. Ordinary least squares (OLS) regression results are presented in Table II. The results from the regression models (1), (2), and (3) denote that the independent variables explain the debt ratio determinations of the firms at 68.3, 39.7, and 86.4 percent, respectively. The F-statistics prove the validity of the estimated models. Also, the coefficients are statistically significant in level of confidence of 99 percent.The results in regression (1) reveal a significantly positive relationship between SDA and profitability. This suggests that short-term debt tends to be less expensive, and therefore increasing short-term debt with a relatively low interest rate will lead to an increase in profit levels. The results also show that profitability increases with the control variables (size and sales growth). Regression (2) shows a significantly negative association between LDA and profitability. This implies that an increase in the long-term debt position is associated with a decrease in profitability. This is explained by the fact that long-term debts are relatively more expensive, and therefore employing high proportions of them could lead to low profitability. The results support earlier findings by Miller (1977), Fama and French (1998), Graham (2000) and Booth et al. (2001). Firm size and sales growth are again positively related to profitability.The results from regression (3) indicate a significantly positive association between DA and profitability. The significantly positive regression coefficient for total debt implies that an increase in the debt position is associated with an increase in profitability: thus, the higher the debt, the higher the profitability. Again, this suggests that profitable firms depend more on debt as their main financing option. This supports the findings of Hadlock and James (2002), Petersen and Rajan (1994) and Roden and Lewellen (1995) that profitable firms use more debt. In the Ghanaian case, a high proportion (85 percent)of debt is represented by short-term debt. The results also show positive relationships between the control variables (firm size and sale growth) and profitability.Table II.Regression model results━━━━━━━━━━━━━━━━━━━━━━━━━━━━━Profitability (EBIT/equity)Ordinary least squares━━━━━━━━━━━━━━━━━━━━━━━━━━━━━Variable 1 2 3SIZE 0.0038 (0.0000) 0.0500 (0.0000) 0.0411 (0.0000)SG 0.1314 (0.0000) 0.1316 (0.0000) 0.1413 (0.0000)SDA 0.8025 (0.0000)LDA -0.3722(0.0000)DA -0.7609(0.0000)R²0.6825 0.3968 0.8639SE 0.4365 0.4961 0.4735Prob. (F) 0.0000 0.0000 0.0000━━━━━━━━━━━━━━━━━━━━━━━━━━━━ConclusionsThe capital structure decision is crucial for any business organization. The decision is important because of the need to maximize returns to various organizational constituencies, and also because of the impact such a decision has on an organization’s ability to deal with its competitive environment. This present study evaluated the relationship between capital structure and profitability of listed firms on the GSE during a five-year period (1998-2002). The results revealed significantly positive relation between SDA and ROE, suggesting that profitable firms use more short-term debt to finance their operation. Short-term debt is an important component or source of financing for Ghanaian firms, representing 85 percent of total debt financing. However, the results showed a negative relationship between LDA and ROE. With regard to the relationship between total debt and profitability, the regression results showed a significantly positive association between DA and ROE. This suggests that profitable firms depend more on debt as their main financing option. In the Ghanaian case, a high proportion (85 percent) of the debt is represented in short-term debt.译文加纳上市公司资本结构对盈利能力的实证研究论文简介资本结构决策对于任何商业组织都是至关重要的。
资本市场运作相关外文文献翻译中英文
资本市场运作相关外文文献翻译中英文英文THE ANALYSIS OF THE IMPACT OF CAPITAL MARKETOPERATION ON INDUSTRIAL GROWTH IN NIGERIAADEGBITE ADEJARE, AZEEZ AMINATABSTRACTThis study examined the effects of capital market operation on industrial growth in Nigeria from 1981 to 2015. Secondary data were sourced from Central Bank of Nigeria (CBN) Statistical Bulletins from 1981 to 2015. Multiple regressions analysis and Pearson product moment correlation were employed to examine the relationship, and the effect of independent variables (market capitalization, Market volume, exchange rate, and All-Share index) and dependent variable (INDGRT). Findings reveals that there is a positive effect of Market capitalization on industrial growth, and economic growth (β = .0762594; .3638583; p ≤ 0.05) in Nigeria. All share index (ASI) has negative significant effect on industrial growth (β = -.0197857; p ≤ 0.05) and economic growth (β = -.2413219; p ≤ 0.05) in Nigeria. Also, exchange rate (EXCHNG) has negative significant effect on industrial growth (β =--.124867; p ≤ 0.05). It is concluded that there is a positive significant impact of capital market on industrial and economic growth in Nigeria. Exchange rate has negativeeffect on industrial growth in Nigeria. It is now recommended that government should find all means to reduce exchange rate in Nigeria so that the cost of raw materials imported by industrial sector is reduced so that it will ultimately enhance their performance. Government should also increase the liquidity of capital market in order to quench the financial thirst of the industrial sector in Nigeria.Keywords: Capital Market; Industrial growth; Economic growth; Exchange rate; NigeriaINTRODUCTIONBackground to the studyGovernments and industry raise long-term capital for financing and expanding new projects through capital market in Nigeria. If capital resources are not provided to those economic areas, especially industries where demand is growing and which are capable of increasing production and productivity, the rate of expansion of the economy often suffers. A unique benefit of the stock market to corporate entities is provision of long-term, debt financing and non-debt financial capital. Through the issuance of equity securities, companies acquire perpetual capital for development. In fact, the provision of equity capital in the market enables companies to avoid over-reliance on debt financing which ultimately improving corporate debt-to-equity ratio. Capital formation, however, can only be achieved through conscious efforts at savings mobilization andaccumulation of resources by both the public and private sectors of an economy. Financial markets generally provide avenue for savings of various tenors that are made available for utilization by various economic agents. The capital market, which is a major section of financial markets, has been identified as an institution which contributes to the socioeconomic growth and development of emerging and developed economies. This is made possible through some of the vital roles it play such as channeling resources, promoting reforms to modernize the financial intermediation capacity sector to link deficit to the surplus sector of the economy, mobilization and allocation of savings among competitive uses which are critical to local investment (Alile, 1984). Capital market also channels capital or long-term resources to firms with relatively high and increasing productivity, thus enhancing industrial expansion and growth.The scarcity of long-term capital has caused a great challenge to industrial development in Nigeria. But capital market is the driver of any economy to growth and development which is embedded with industrialization because it is essential for the long-term growth capital formation. It is crucial in the mobilization of savings and channeling of such savings to profitable self-liquidating investment. The liquidity of a stock market relates to the degree of access, which investors have in buying, and selling of stocks in such a market. The more liquid a stockmarket is, the more investors will be interested in trading in the market. The lack of adequate number of investors in the Nigerian stock market is a reflection of problem of illiquidity in the market (Usman and Adegbite 2012)). With this assertion, this study examines the extent at which Nigeria capital market has contributed immensely to industrial development in Nigeria.Objectives of the studyTo examine the effects of capital market operation on industrial growth in Nigeria.To evaluate the impact of capital market on economic growth in Nigeria.(iii) To determine the relationship between Capital market, Industrial and Economic growth in NigeriaLITERATURE REVIEWCapital market, Industrial Development, and Economic growth in NigeriaThe Nigeria capital market is sub-divided into primary and secondary markets. New securities are issued in the primary market and companies issuing these securities receive the proceeds for the sale. The secondary market provides a forum for the sale of existing securities by one investor to another investor. Thus, the efficient functioning of the market paves way for the primary market by making investors morewilling to purchase new securities in anticipation of selling such in the secondary market. These securities are the major instrument used to raise funds at the capital market. Capital market according to Akingboungbe (1996) is a market where medium to long-term finance can be raised.). Ekezie (2002) asserted that capital market is the market for dealings (that is, Lending and Borrowing) in longer-term loan-able funds. The development of the capital market and apparently the stock market provides opportunities for greater funds mobilization, improved efficiency in resource allocation and provision of relevant information for appraisal (Inanga and Emenuga, 1997).Mbat (2001) describes capital market as a forum through which long-term funds are made available by the surplus to the deficit economic units. It must, however be noted that although all the surplus economic units have access to the capital market, not all the deficit economic units have the same easy access to it. The restriction on the part of the borrowers is meant to enforce the security of the fund provided by the lenders. In order to ensure that lenders are not subjected to undue risk, borrowers in the capital market need to satisfy certain basic requirement. Companies can finance their operations by raising funds through issuing equity (ownership) or debenture bond. Securities are structured to mature in period of years from the medium to the long-term of usually between five and twenty-five years. Capital market offers access to a variety offinancial instruments that enable economic agents to pool, price and exchange risk. It encourages savings in financial form. This is very essential for government and other institutions in need of longterm funds and for suppliers of long-term funds (Nwankwo, 1991).Industrialization has been paid optimum attention to and various development economists have described it to be the prime mover of the economy and potent factor in the development process. Industrialization enhances rapid growth in developing countries such as Nigeria. Industrialization is the system of production that has arisen from the steady development study and use of scientific knowledge. It is based on the division of labour and on specialization and uses mechanical, chemical and power aids in production. All viable, efficient and effective industries must be listed in Nigerian capital market, and their performance can also be measured through the capital market. According to Adewuyi and Olowokere (2011) Capital market has a great impact on the development of Nigeria economy; it promotes an efficient and provides opportunities for investment diversification. The improved delivery and settlement processes has reflected positively on the liquidity of the capital market, as well as put the Nigerian stock market on the same pedestal with some of the leading international stock exchanges. The automation of the clearing, depository and settlement system and the transition to Automated Trading System (ATS) have enhance theopportunity for price discovery in our market and raised overall market efficiency. In the same vein, automation has made our capital market truly international and emerging market, giving the nation a strong and dynamic capital market, which can be relied upon by foreign investors for efficient portfolio management. Moreover, industrialisation is very germane to the development of any nation most especially the underdeveloped ones. Manufacturing activity can only flourish in a good investment climate with the following features in place :physical infrastructure ,financial markets and creation of the enabling environment for investment and determine the opportunities and incentives for firms to invest productively, create job and expand business (Malik,Teal and Baptist 2004). Well-functioning financial markets are an important ingredient for promoting economic growth. Developed financial markets allow access of firms to new markets, and help to promote greater competition, innovation and productivity in the economy. Even when faced with profitable investment opportunities, many firms lack the resources to exploit these. With financial markets unwilling to lend, investment decisions of firms become more dependent on internally generated cash flow or resources from family, friends and the informal sector (Malik,Teal and Baptist 2004).METHODOLOGYMethod of data collectionSecondary data was used in this study. The relevant data were sourced from the Central Bank of Nigeria (CBN) statistical Bulletin from 1981 to 2015. The variables for which data were sourced include: industrial growth, Market capitalisation, All-Share index, market volume, Exchange rate, and Gross Domestic Product from 1981 to 2015.Method of Data AnalysisRegression analysis technique was used to measure the effect of independent variables (Market capitalisation, All-Share index, Market volume and Exchange rate) on dependent variable (Industrial growth). While Pearson product moment correlation was used to measure the relationship between a dependent variable (Industrial growth) and independent variables (Market capitalisation, All-Share index, Market volume and Exchange rate).Model specificationTwo models were employed in this study. The first model examined the effects of the capital market on Industrial growth in Nigeria. Industrial growth was the explained variable while the explanatory variables are market capitalization, real exchange rate, and All-Share index. The second model examined the effects of the capital market on Economic growth in Nigeria. Gross Domestic Product (GDP) was the explained variable while the explanatory variables are market capitalisation, All-Share index, and market volume.Table 2 shows the effect of capital market on Industrial growth in Nigeria, 1% increase in all share index (ASI) reduces industrial growth (INDGRT) by 0.19%, this shows that there is a negative insignificant effect of All share index (ASI) on industrial growth. Also, 1% increase in Market capitalization (MCAP) increases industrial growth by 0.076%, this shows that there is positive significant effect of Market capitalization (MCAP) on industrial growth. More so, 1% increase in Market volume (MVOLM) reduces industrial growth (INDGRT) by 0.09%, this shows that there is a negative significant effect of market volume (MVOLM) on industrial growth. In the same vein, 1% increase in Exchange rate (EXCHNG) reduces industrial growth by 0.12%, this indicates that there is a negative significant effect of Exchange rate (EXCHNG) on industrial growth.The R2 coefficient is 0.7183 (71.8%) which is the coefficient of determination indicates that the explanatory variables (All share index , Market capitalization, Market volume and Exchange rate ) accounted for 71.8% of the variation that influence industrial growth, but the remaining 28.2% are for stochastic error. Given the adjusted R2 as 0.6671 (66.7%), it predicts the independence variables incorporated into this model were able to determine the effect of capital market performance on Industrial growth (INDGRT) to 71.96%. It is also indicates that capital market performance accounted for 66.7% of the variation in the influence onIndustrial growth (INDGRT).Table 3 shows the effect of capital market on economic growth in Nigeria, 1% increase in All share index (LOGASI) reduces LOGGDP by 0.24%, this shows that there is a negative significant effect of All share index (LOGASI) on Economic growth (LOGGDP). Also, 1% increases in Market volume (LOGMVOLM) reduces LOGGDP by 0.04%. This specifies that there is an inverse effect of Market volume on Economic growth (LOGGDP). Conversely, 1% increase in Market capitalization (LOGMCAP) increases LOGGDP by 0.36%, this advocates that there is a positive significant effect of Market capitalization (LOGMCAP) on Economic growth (LOGGDP) in Nigeria. More so, 1% increase in Exchange rate (LOGEXCHNG) increases GDP by 0.06%, this shows that there is a positive insignificant effect of exchange rate on Economic growth (LOGGDP).Given the R2 which is the coefficient of determination as 66.4% with high value of Adjusted R2 as 65.8%, it indicates that the independent variables incorporated into this model were able to determine the effect of capital market on economic growth in Nigeria to 65.8%. The F Probability statistic ( Prob > F = 0.0000) also confirms the significant of this model.Table 4 shows the relationship between Capital market, Industrial and Economic growth in Nigeria. The result in table 4 shows thatindustrial growth (INDGRT) has positive significant relationship with Economic growth (GDP) with the value 0.3899*, this implies that an increase in industrial growth (INDGRT) leads to increase in Economic growth (GDP) in Nigeria. All share index (ASI) also has positive significant relationship with Economic growth in Nigeria with the value of 0.9067*. This also indicates that an increase in All share index brings increase in Economic growth (GDP) in Nigeria. Also, Market V olume (MVOLUM) has positive and significant correlation with Economic growth (0.9363*) in Nigeria. This result implies that an increase in Market V olume also leads to increase in Economic growth (GDP) in Nigeria. In the same vein, Market capitalisation also has positive significant relationship with Economic growth (0.9471*) in Nigeria. In addition, Exchange rate also has positive significant relationship with Economic growth (0.8389*) in Nigeria. The table also revealed that all the predictor variables have a positive significant relationship with economic growth in Nigeria.More so, from table 4, All share index (ASI) also has positive relationship with industrial growth (INDGRT) in Nigeria with the value of 0.4029*. This also indicates that an increase in All –share index increases industrial growth (INDGRT) in Nigeria. Also, Market V olume (MVOLUM) has positive correlation with industrial growth (0.2305) in Nigeria. This result implies that an increase in Market V olume alsoincreases industrial growth (INDGRT) in Nigeria. In the same vein, Market capitalisation also has positive significant relationship with industrial growth (0.4132*) in Nigeria. In addition, Exchange rate also has positive relationship with industrial growth (0.6244*) in Nigeria. All the predictor variables have a positive significant relationship with industrial growth (INDGRT) in Nigeria with the exception of Market volume.Summary and ConclusionThis study examined the extent at which Nigeria capital market has contributed immensely to industrial growth in Nigeria, and also investigated the effects of capital market operation on Economic growth in Nigeria from 1981 to 2015. The study used multiple regression analysis technique to estimate the empirical models of the study. However, the results showed that there is a positive effect Market capitalization on industrial growth. All share index (ASI) and market volume also have negative significant on industrial growth in Nigeria. Also, exchange rate (EXCHNG) has negative significant effect on industrial growth. In addition, Market capitalization also has positive significant effect on economic growth in Nigeria. Market volume impacted economic growth negatively.Based on the findings, it is concluded that there is a positive significant effect of capital market on industrial and economic growth inNigeria. Exchange rate has negative significant effect on industrial growth in Nigeria. It is now recommended that government should find all means to reduce exchange rate in Nigeria so that the cost of raw material imported by industrial sector will be reduced which will ultimately enhance the profitability and performance of industrial sector in Nigeria. Also, Government should increase the liquidity of capital market in order to quench the financial thirst of the industrial sector in Nigeria.中文资本市场运营对尼日利亚工业增长的影响分析ADEGBITE ADEJARE，AZEEZ AMINAT摘要这项研究调查了1981年至2015年间资本市场运营对尼日利亚工业增长的影响。
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有关资本市场研究的若干英文文献主要包括1952 Portfolio Selection；1953 The Analysis Of Economic Time-Series-Part I-Prices；1954 Existence Of An Equilibrium For A Competitive Economy；1958 Liquidity Preference As Behavior Toward Risk；1958 The Cost Of Capital, Corporation Finance And The Theory Of Investment；1959 Portfolio Selection-Efficient Diversification Of Investments；1959 Stock-Market Patterns And Financial Analysis-Methodological Suggestions；1963 Corporate Income Taxes And The Cost Of Capital-A Correction；1964 Capital Asset Prices-A Theory Of Market Equilibrium Under Conditions Of Risk；1965 Proof That Properly Anticipated Prices Fluctuate Randomly；1965 Random Walks In Stock Market Price；1965 Security Prices, Risk, And Maximal Gains From Diversification；1965 The Behavior Of Stock Market Prices；1966 Equilibrium In A Capital Asset Market；1966 Forecasts Of Future Prices, Unbiased Markets, And Martingale Models；1969 Lifetime Portfolio Selection Under Uncertainty-The Continuous-Time Case；1969 The Adjustment Of Stock Prices To New Information1970 Efficient Capital Markets-A Review Of Theory And Empirical Work；1972 The Efficient Market Model；1973 An Intertemporal Capital Asset Pricing Model；1973 Risk Aversion And The Martingale Property Of Stock Prices；1973 The Pricing Of Options And Corporate Liabilities；1973 Theory Of Rational Option Pricing；1974 On The Pricing Of Corporate Debt-The Risk Structure Of Interest Rates；1975 On The Difference Between Internal And External Market Efficiency；1975 The Efficient Market Hypothesis And The Value Of Traditional Security Analysis；1975 Warrant Price Movements And The Efficient Market Model；1976 Efficient Capital Markets-Comment；1976 Efficient Capital Markets-Reply；1976 Optimal Speculation Against An Efficient Market；1976 The Arbitrage Theory Of Capital Asset Pricing；1978 Asset Prices In An Exchange Economy；1978 Some Practical Applications Of The Efficient-Market Concept；1979 An Intertemporal Asset Pricing Model With Stochastic Consumption And Investment Opportunities；1979 Option Pricing-A Simplified Approach；1979 Testing For A Flat Spectrum On Efficient Market Price Data；1979 The Peter Principle And The Efficient Market Hypothesis；1979 The Sensitivity Of The Efficient Market Hypothesis To Alternative Specifications Of The Market Model;1980 Back On The Track With The Efficient Markets Hypothesis；1980 Inside Information, Market Information And Efficient Markets；1980 On The Impossibility Of Informationally Efficient Markets；1981 An Integrated View Of Tests Of Rationality, Market Efficiency, And The Short-Run Neutrality Of Monetary Policy；1981 Investing With Ben Graham-An Ex Ante Test Of The Efficient Markets Hypothesis；1981 Testing The Efficiency Of The Canadian-U.S. Exchange Market Under The Assumption Of No Risk Premium；1981 The Speculative Efficiency Hypothesis；1983 A Relationship Between Regression Tests And V olatility Tests Of Market Efficiency；1983 Arbitrage, Factor Structure, And Mean-Variance Analysis On Large Asset；1984 Efficient Markets And The Professional Investor；1984 Stock Market Panics-A Test Of The Efficient Market Hypothesis；1985 An Intertemporal General Equilibrium Model Of Asset Prices；1986 Informational Efficiency And Information Subsets；1986 Noise；1986 The Efficient Market Hypothesis On Trial；1988 Permanent And Temporary Components Of Stock Prices；1989 Efficient Capital Markets And Martingales;1990 Habit Formation-A Resolution Of The Equity Premium Puzzle；1990 Predicting Stock Returns In An Efficient Market；1990 Price Reversals, Bid-Ask Spreads, And Market Efficiency；1991 Efficient Capital Markets-II；1992 Financial Market Efficiency Tests；1992 The Cross-Section Of Expected Stock Returns；1993 A Test Of Efficiency For The S&P Index Option Market Using Variance Forecasts；1993 Common Risk Factors In The Returns On Stocks And Bonds；1993 Privileged Traders And Asset Market Efficiency-A Laboratory Study；1993 Returns To Buying Winners And Selling Losers-Implications For Stock Market Efficiency；1993 Stock Markets V olatility Efficiency And Tests-A Survey；1994 Behavioral Capital Asset Pricing Theory；1994 Internal Versus External Capital Markets；1995 Measurement Of Market Integration And Arbitrage；1996 Evaluating Fund Performance In A Dynamic Market；1996 Multifactor Explanations Of Asset Pricing Anomalies；1996 The Spirit Of Capitalism And Stock-Market Prices；1997 Anomalies-The Equity Premium Puzzle；1997 Empirical Performance Of Alternative Option Pricing Models；1997 Market Efficiency, Long-Term Returns, And Behavioral Finance；1997 Measuring The Efficiency Of Capital Allocation In Commercial Banking；1997 Stock Market Efficiency And Economic Efficiency-Is There A Connection；1997 The Limits Of Arbitrage；1998 Market Efficiency, Long-Term Returns, And Behavioral Finance；1998 Nonparametric Efficiency Testing Of Asian Stock Markets Using Weekly Data;2000 Information, Nonexcludability, And Financial Market Structure；2000 Is The Stock Market Overvalued；2000 Rational Markets-Yes Or No-The Affirmative Case；2000 The Efficient Market Hypothesis；2001 A Surprising Development-Tests Of The Capital Asset Pricing Model And The Efficient Market Hypothesis In Turkey'S Securities Markets；2002 Market Timing And Capital Structure；2003 A Survey Of Behavioral Finance；2003 Modeling And Forecasting Realized V olatility；2003 The Efficient Market Hypothesis And Its Critics；2004 The Capital Asset Pricing Model-Theory And Evidence；2004 The Efficiency Of Canadian Capital Markets-Some Bank Of Canada Research；2005 Are Emerging Financial Markets Efficient-Some Evidence From The Models Of The Thai Stock Market；2005 Reflections On The Efficient Market Hypothesis-30 Years Later；2006 A Dynamic Characterization Of Efficiency；2006 An Alternative Definition Of Market Efficiency And Some Comments On Its Empirical Testing；2006 An Empirical Test Of The Efficiency Hypothesis On The Renminbi Ndf In Hong Kong Market；2006 Simulating Stock Returns Under Switching Regimes-A New Test Of Market Efficiency；2007 On The Importance Of Clean Accounting Measures For The Tests Of Stock Market Efficiency；2007 Weak Form Efficiency In Indian Stock Markets；2008 A Note On The Use Of Moving Average Trading Rules To Test For Weak Form Efficiency In Capital Markets；2008 Measuring The Functional Efficiency Of Capital Markets；2008 Testing Downside Risk Efficiency Under Market Distress；2009 Empirical Evidence On Indian Stock Market Efficiency In Context Of The Global Financial Crisis；2009 Testing The Predictability And Efficiency Of Securitized Real Estate Markets；2009 Testing The Semi-Strong Form Efficiency Of Indian Stock Market With Respect To Information Content Of Stock Split Announcement-A Study In It Industry。