Диссертация (Формирование структуры капитала компаниями на развивающихся финансовых рынках), страница 29
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Результаты эмпирического тестирования динамической компромиссноймодели на данных компаний стран БРИК и Восточной ЕвропыБразилияstdrltdrtdrstdraltdratdramstdrmltdrmtdrTotal0.163*-0.06200.447***0.06490.1650.560***0.332***-0.03290.184***Lending0.152-0.03200.245**-0.03400.1110.264**0.195***-0.161*-0.0741gdpgrowt0.183**-0.1120.458***0.09670.1420.579***0.336***-0.237*0.157**infl0.167*-0.06160.272**0.04270.06820.311**0.187***-0.130-0.0375cpgdp0.138-0.07410.336***-0.03770.1280.306**0.330***-0.03350.172***def0.169*-0.03250.452***0.05280.1640.555***0.405***0.01810.232***def + Lev0.322**0.2210.322**0.09880.08160.394**0.308***-0.01280.229**0.135*-0.05820.342***0.05630.1520.501***0.318***-0.07120.140**mtb +lev0.420***0.05950.369**0.250**-0.07040.593***0.303***0.05860.217***ratio_mt0.147**-0.08620.449***0.06920.1600.544***0.332***-0.02010.183***ratio_mt+ lev0.453***0.03550.519***0.238**-0.03730.635***0.327***0.07160.273***precrisis0.0154-0.09400.427**-0.1260.1500.697***0.437***-0.1500.567***postcrisis0.284-0.04210.1020.1540.1370.0569-0.0129-0.220*-0.309**mtb205РоссияstdrltdrtdrstdraltdratdramstdrmltdrmtdrTotal-0.03570.1320.2210.1200.1470.321***0.008460.175**Lending-0.05380.1140.2250.1260.1320.329***0.0585-0.008970.448***gdpgrowt-0.01500.1570.2190.155*0.1610.316***0.0450-0.430**0.170infl-0.07560.08790.279*0.1010.09370.350***-0.005550.01700.152*cpgdp-0.04820.1070.318**0.1200.1100.369***0.01070.008650.168**def0.0169-0.06640.385***-0.04220.06610.260**-0.09520.0915def + Lev-0.01440.09040.506***-0.267**0.581*0.467***-0.06540.230***0.124-0.0138mtb-0.163*0.000489-0.0219-0.07050.0941-0.0254-0.008520.171**mtb +lev-0.06240.183*0.269**-0.03550.226-0.01890.008400.260***0.234-0.00261ratio_mt-0.165*-0.00255-0.00573-0.08930.0734-0.00133-0.02470.170**ratio_mt+ lev-0.06800.1140.166-0.04730.208-0.06060.006550.262***0.227-0.005660.0902precrisis0.1440.2480.09120.454**0.1010.428**0.283**0.3480.675***postcrisis-0.202**-0.01630.0183-0.159*0.1080.0373-0.0171-0.09730.106206ИндияstdrltdrtdrstdraltdratdramstdrmltdrmtdrTotal0.301***0.301***0.621***0.568***0.182*0.08840.186***0.164***0.0422Lending0.274***0.274***0.594***0.567***0.121-0.009970.164***0.106**-0.110gdpgrowt0.296***0.296***0.624***0.560***0.178*0.1000.193***0.195***0.156*infl0.288***0.288***0.603***0.537***0.174*0.09580.191***0.160***0.0813cpgdp0.300***0.300***0.575***0.549***0.178*0.1140.182***0.130***0.0798def0.306***0.306***0.636***0.551***0.201**0.07870.203***0.176***0.0762def + Lev0.513***0.513***0.791***0.482***0.395***0.226*0.395***0.384***0.174mtb0.274***0.274***0.621***0.527***0.180*0.08550.186***0.164***0.0431mtb +lev0.480***0.480***0.714***0.481***0.368***0.257**0.378***0.374***0.137ratio_mt0.275***0.275***0.625***0.552***0.199**0.08430.185***0.161***0.0404ratio_mt+ lev0.490***0.490***0.694***0.484***0.367***0.255**0.380***0.372***0.133precrisis0.250**0.250**0.674***0.618***-0.219-0.1090.290***0.177***0.0712postcrisis0.371***0.371***0.2320.466***0.141-0.06330.0940-0.07260.0514207КитайstdrltdrtdrstdraltdratdramstdrmltdrmtdrTotal0.584***0.527***0.354**0.389***0.479***0.431***-0.262***0.287***-0.00421Lending0.580***0.528***0.363**0.431***0.471***0.374***-0.248***0.1010.00594gdpgrowt0.579***0.535***0.377**0.434***0.476***0.352***-0.273***0.178-0.0101infl0.622***0.519***0.359**0.380***0.476***0.436***0.189*0.1220.0131cpgdp0.558***0.532***0.346**0.410***0.484***0.412***-0.162*0.207*0.156**def0.576***0.518***0.270**0.404***0.479***0.381***-0.209**0.309***0.0107def + Lev0.509***0.619***0.252**0.443***0.665***0.431***-0.438***-0.06420.132mtb0.358***0.454***0.2360.356***0.289***-0.310**-0.264***0.203*-0.0194mtb +lev0.224***0.569***0.248*0.402***0.608***-0.460***-0.1710.0835ratio_mt0.333***0.399***0.1870.280**0.221***0.08920.436***-0.196**0.274**-0.0262ratio_mt+ lev0.216***0.593***0.212*0.320***0.608***0.0834-0.480***-0.1400.0959precrisis0.534***0.379**0.1990.2050.516***0.379**-0.2540.753***-0.224postcrisis0.460***0.571***0.546**0.433**0.364***0.269-0.356***-0.0429-0.00659208ВосточнаяЕвропаstdrltdrtdrstdraltdratdramstdrmltdrmtdrTotal0.04990.266**0.296***0.313***0.304**0.416***-0.113-0.006710.0346Lending0.2060.003700.1440.401***-0.1710.557***-0.225**-0.338**-0.159gdpgrowt0.09990.265**0.397***0.324***0.302**0.449***-0.121-0.04890.00737infl0.05100.270**0.341***0.308***0.301**0.359***-0.08200.1150.140*cpgdp0.04710.262**0.297***0.295***0.301**0.357***-0.114*0.03480.0518def-0.203*0.2040.395***0.1400.252*0.304***-0.133-0.1310.133def + Lev0.09690.460**0.386***0.474***0.1840.499***-0.261***-0.569***0.0551mtb-0.009650.328**0.272***0.374***0.384**0.364***-0.114-0.005190.0337mtb +lev0.352***0.331*0.327*0.529***0.274*0.508***-0.362***-0.322**0.0371ratio_mt-0.003200.314**0.274***0.355***0.349**0.362***-0.118*0.009550.0365ratio_mt+ lev0.362***0.334*0.318*0.496***0.251*0.518***-0.360***-0.325**0.0369precrisis-0.747*-0.002970.1100.676***0.08570.586***0.369-0.01730.217postcrisis0.06190.355**0.362***0.01880.403**0.170-0.118-0.003000.0278209Приложение 12.
Результаты определения границ оптимального диапазона.Для показателя долговой нагрузки TDRAКитай (TDRA)(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)VARIABLESb0b1b2b3b4g0g1g2g3g4-1.793*-8.226***0.208-2.7330.551-1.382-10.54***0.468***6.764**-0.308(1.061)(2.962)(0.153)(2.903)(0.889)(0.957)(3.358)(0.143)(3.205)(0.812)604604604604604604604604604604R-squaredБразилия(TDRA)0.8850.8850.8850.8850.8850.8850.8850.8850.8850.885(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)VARIABLESb0b1b2b3b4g0g1g2g3g41.016-22.23-0.389-8.1194.360**0.810-5.859-0.393*-7.9583.268**(1.458)(14.29)(0.342)(12.17)(1.931)(1.435)(10.65)(0.226)(9.242)(1.324)ConstantObservationsConstantObservationsR-squared2652652652652652652652652652650.9380.9380.9380.9380.9380.9380.9380.9380.9380.938210Россия (TDRA)(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)VARIABLESb0b1b2b3b4g0g1g2g3g4ConstantObservationsR-squared6.35510.14-1.033-8.469-1.8141.91031.81**-0.918*-10.66*2.169(5.282)(8.639)(0.840)(11.85)(1.696)(3.351)(12.70)(0.494)(6.102)(2.395)3033033033033033033033033033030.9310.9310.9310.9310.9310.9310.9310.9310.9310.931Индия (TDRA)(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)VARIABLESb0b1b2b3b4g0g1g2g3g413.82-8.588-1.501-8.331-13.81113.214.76-13.4370.28-78.77(13.67)(7.858)(1.648)(5.593)(10.08)(85.98)(18.15)(10.30)(61.16)(58.31)5355355355355355355355355355350.9360.9360.9360.9360.9360.9360.9360.9360.9360.936(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)b0b1b2b3b4g0g1g2g3g4-3.274-2.5330.85412.57*-0.11811.20**-11.19**2.876**9.205-0.354(4.924)(3.940)(1.230)(6.468)(0.819)(4.722)(5.058)(1.122)(8.334)(0.584)Observations1,0071,0071,0071,0071,0071,0071,0071,0071,0071,007R-squared0.9350.9350.9350.9350.9350.9350.9350.9350.9350.935ConstantObservationsR-squaredVARIABLESВЕ (TDRA)Constant211Для показателя долговой нагрузки TDRКитай (TDR)(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)VARIABLESb0b1b2b3b4g0g1g2g3g4-2.418*-6.048*0.2731.1000.989-1.427*-8.215***0.363***6.424**-0.172(1.422)(3.373)(0.230)(3.890)(1.428)(0.818)(2.158)(0.105)(2.939)(0.681)560560560560560560560560560560R-squaredБразилия(TDR)0.8770.8770.8770.8770.8770.8770.8770.8770.8770.877(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)VARIABLESb0b1b2b3b4g0g1g2g3g43,116***-6,704478.4***1,890***110.9***-74.9091.566.873-186.510.46(1.220)(0)(0.347)(43.61)(0.693)(131.8)(228.1)(11.65)(378.5)(24.46)2652652652652652652652652652650.9540.9540.9540.9540.9540.9540.9540.9540.9540.954Россия (TDR)(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)VARIABLESb0b1b2b3b4g0g1g2g3g4-2,92264.81543.1-6,259-1,566-38.04**19.007.062**-96.13**-29.60***(6,633)(135.3)(1,232)(14,229)(3,543)(17.39)(12.43)(3.072)(38.21)(11.18)3013013013013013013013013013010.9320.9320.9320.9320.9320.9320.9320.9320.9320.932ConstantObservationsConstantObservationsR-squaredConstantObservationsR-squared212Индия (TDR)(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)VARIABLESb0b1b2b3b4g0g1g2g3g46,18466.10-392.48,196-3,7983.975**-1.360-0.17312.60**-1.831(0)(0)(0)(0)(0)(1.670)(2.853)(0.138)(5.520)(1.280)5175175175175175175175175175170.0970.0970.0970.0970.0970.0970.0970.0970.0970.097(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)b0b1b2b3b4g0g1g2g3g430.379.092-6.830-46.98-1.186*3.091*-4.967***-0.440-0.292-1.022(18.85)(8.623)(4.419)(42.88)(0.696)(1.694)(1.890)(0.374)(2.548)(0.650)9829829829829829829829829829820.9360.9360.9360.9360.9360.9360.9360.9360.9360.936ConstantObservationsR-squaredVARIABLESВЕ (TDR)ConstantObservationsR-squared213.