Диссертация (1138744), страница 28
Текст из файла (страница 28)
Детерминанты целевого уровня долговойнагрузки в 2008-2010 годах.БразилияVARIABLEStangibilproflnsalesgrowth2008stdr-0.0927(0.0601)0.0180(0.120)0.0239***(0.00830)-0.0184(0.0866)ndt2009stdr2010stdr2008ltdr2009ltdr2010ltdr-0.0333(0.157)-0.00797(0.0176)-0.0527(0.0993)0.0524(0.0597)-0.591***(0.136)0.0503(0.0496)-0.0538(0.225)-0.0252(0.0510)-0.641**(0.288)-0.00638*(0.00368)0.104(0.109)0.0198**(0.00825)-0.153*(0.0864)0.0183(0.0124)1.143*(0.655)-0.00223(0.0107)-0.0487(0.315)-0.375***(0.115)-0.269*(0.147)-0.0193**(0.00754)0.434(0.362)0.266(0.399)assetunibod_indemaj_12008tdr2009tdr2010tdr-0.332***(0.0532)0.0544(0.0521)-0.0834(0.237)-0.366(0.318)-0.0123**(0.00364)0.599***(0.0499)2.825***(0.189)-0.836***(0.0407)-0.114***(0.0161)-0.118***(0.0235)0.0100(0.0130)1.300*(0.689)-0.00858(0.0116)0.362(0.348)0.347(1.027)-0.222(0.154)riskassetutiConstantObservationsR-squaredStandarderrors inparentheses*** p<0.01,** p<0.05, *p<0.10.312***(0.0727)0.240***(0.0684)0.128***(0.0357)0.191**(0.0773)0.151(0.109)0.334***(0.104)0.596***(0.0310)0.282**(0.115)0.409***(0.110)340.267340.212300.157340.512320.216300.169120.993320.167330.102196VARIABLEStangibilproflnsalesgrowth2008stdra-0.181*(0.0907)0.398**(0.160)-0.0287**(0.0110)0.0711(0.121)ndtassetuni2009stdra2010stdra2008ltdra0.0691(0.247)0.0214(0.154)0.0522(0.106)-0.846***(0.211)-0.0252**(0.0119)0.685(0.570)0.639(0.628)-0.00430(0.00729)0.832**(0.316)-0.300(0.860)0.0911**(0.0433)0.00247(0.0128)-0.244*(0.141)2009ltdra2010ltdra-0.0765(0.343)0.141(0.102)-0.263(0.373)0.000647(0.0170)1.293(0.789)0.861(0.871)-0.438**(0.179)bod_inde0.00142(0.0170)-0.224(0.737)-1.007***(0.246)0.242*(0.112)-0.118**(0.0426)2008tdra2009tdra2010tdra-0.479**(0.228)0.0474***(0.0157)0.547**(0.263)2.499***(0.883)-0.706***(0.227)0.0380(0.398)-0.256(0.436)-0.0147(0.0191)1.866*(0.916)1.352(1.010)-0.0246(0.0159)0.575(0.478)1.949(1.409)maj_1risk0.428***(0.109)0.428***(0.108)-1.851**(0.672)0.131***(0.0368)0.292***(0.0762)340.517340.186180.833340.530340.225180.764340.404340.168330.3022008mstdr2009mstdr2010mstdr2008mltdr2009mltdr2010mltdr2008mtdr2009mtdr2010mtdr-0.0860(0.0646)-0.218(0.129)-0.0204**(0.00893)-0.0207(0.0932)0.0584**(0.0267)-0.0910(0.129)-0.00284(0.00691)0.444(0.360)assetutiConstantObservationsR-squaredStandard errorsin parentheses*** p<0.01, **p<0.05, p<0.1VARIABLEStangibilproflnsalesgrowthndt-0.444***(0.0812)-0.00773*(0.00371)0.0119(0.155)-0.508(0.440)assetunibod_inderisk-0.109**(0.0504)0.609***(0.135)-0.198**(0.0901)0.496***(0.170)0.564***(0.163)1.126***(0.136)0.743***(0.173)0.912***(0.160)-1.457***(0.268)0.0392**(0.0185)-0.342(0.308)-0.575(1.041)-0.676**(0.267)0.0863(0.0791)-0.598(0.388)0.0131(0.0210)1.518(1.087)-1.269***(0.401)0.00129(0.0145)0.00977(0.426)3.724**(1.335)-0.339*(0.185)-1.745***(0.314)0.0246(0.0217)-0.398(0.362)-1.042(1.217)-0.705**(0.313)-1.498**(0.560)assetutiObservationsR-squaredStandard errors-4.026**(1.587)0.167*(0.0964)-0.616(0.467)0.0106(0.0249)1.830(1.297)-1.733***(0.472)-0.0133(0.0173)-0.0562(0.504)4.110**(1.559)-0.0541**(0.0228)0.0553**(0.0221)maj_1Constant-5.331**(1.751)-3.627*(2.022)0.338***(0.0782)0.128*(0.0631)0.0640***(0.0193)0.127**(0.0425)340.272320.316180.859-0.100*(0.0561)0.420**(0.169)0.192(0.189)0.270*(0.134)0.634***(0.188)0.362(0.228)0.422**(0.160)340.591320.182300.570340.547320.278300.539197in parentheses*** p<0.01, **p<0.05, * p<0.1РоссияVARIABLEStangibilproflnsales200820092010200820092010200820092010stdrstdrstdrltdrltdrltdrtdrtdrtdr-0.0389(0.0384)-0.778***(0.283)0.00939(0.00952)-0.0285(0.263)-0.234***(0.0862)-0.330***(0.107)0.00989(0.0121)0.00338(0.186)-0.0376(0.0548)-1.083***(0.193)-0.00369(0.0142)0.414(0.434)-0.238***(0.0625)-0.412***(0.0859)-0.00402(0.00972)-0.864***(0.121)-0.0104(0.00837)0.205(0.281)1.135***(0.261)-0.811*(0.397)0.104***(0.0353)-0.156***(0.0528)-0.563***(0.156)-0.00646(0.00538)0.237(0.144)0.793***(0.220)0.365***(0.0729)0.242***(0.0758)0.170***(0.0451)-0.0423(0.0671)0.0957(0.0898)0.205**(0.0855)0.344***(0.0914)0.435***(0.108)0.309***(0.0952)500.494380.837440.388490.137380.254380.213490.300360.552440.349growthndtriskassetutibod_inde0.120(0.0829)0.0151*(0.00806)0.0289(0.118)0.147(0.149)0.0470(0.154)0.0102(0.0106)0.113(0.354)0.0536(0.332)-1.278***(0.329)0.00385(0.0113)0.279(0.304)1.428***(0.463)-0.103**(0.0449)0.125*(0.0660)assetunimaj_1ConstantObservationsR-squaredStandard errorsin parentheses*** p<0.01, **p<0.05, * p<0.1VARIABLEStangibilproflnsalesgrowth200820092010200820092010200820092010stdrastdrastdraltdraltdraltdratdratdratdra-0.374***(0.138)-0.407**(0.172)0.0160(0.0195)-0.0138(0.299)-0.0222(0.0838)-1.196***(0.296)0.00108(0.0218)0.968(0.663)-0.437***(0.105)-0.522***(0.129)-0.00381(0.0146)-0.117(0.224)ndt-1.082***(0.160)-0.00162(0.0116)0.750**(0.336)0.836**(0.311)-0.987***(0.322)-0.00817(0.0111)0.772**(0.302)1.241***(0.452)0.203***(0.0426)0.193***(0.0551)0.105(0.0966)0.0193*(0.0106)0.0572(0.152)-0.0781(0.194)0.0239*(0.0128)-0.933**(0.358)0.0152(0.0124)0.0856(0.332)0.993*(0.505)-1.921***(0.522)0.00710(0.0180)0.860*(0.491)2.234***(0.734)riskassetuti0.136***(0.0419)0.195**(0.0895)bod_indeassetunimaj_1198ConstantObservationsR-squaredStandarderrors inparentheses*** p<0.01,** p<0.05, *p<0.1VARIABLEStangibilproflnsalesgrowth0.500***(0.115)0.221**(0.0956)0.254**(0.101)0.00892(0.0821)0.0531(0.0978)0.194*(0.104)0.608***(0.147)0.657***(0.166)0.446***(0.163)490.572430.738440.426490.119470.074440.222490.247360.423440.377200820092010200820092010200820092010mstdrmstdrmstdrmltdrmltdrmltdrmtdrmtdrmtdr-0.933***(0.218)-1.087***(0.167)0.0517*(0.0274)-0.474(0.285)0.0750(0.0508)-0.840***(0.179)-0.00896(0.0132)0.824*(0.407)-0.118**(0.0425)-1.563***(0.235)0.00360(0.00843)0.171(0.215)0.147(0.137)0.0627(0.169)0.0189(0.0194)0.0964(0.295)-0.896***(0.282)-0.940***(0.221)0.122***(0.0372)-0.116(0.396)0.0783(0.0895)-0.683**(0.333)-0.0209(0.0251)1.571**(0.755)-0.203(0.125)-3.803***(0.682)-0.00885(0.0240)0.814(0.625)ndtrisk-0.214(0.284)0.0220(0.0207)0.161(0.604)-0.302(0.557)-2.405***(0.480)-0.0176(0.0173)0.606(0.442)0.455(1.108)1.544***(0.420)-4.569***(1.633)assetuti-0.178*(0.0921)bod_indeassetunimaj_1ConstantObservationsR-squaredStandarderrors inparentheses*** p<0.01,** p<0.05, *p<0.1-0.896***(0.241)-0.303**(0.129)0.741***(0.215)-0.600**(0.282)0.280***(0.100)0.238***(0.0763)-0.0210(0.145)0.201(0.173)0.608***(0.140)260.722350.547250.774470.076420.165290.5470.232(0.284)0.408***(0.139)0.599***(0.204)0.935***(0.200)260.583350.508250.658199ИндияVARIABLES2008stdrtangibilproflnsalesgrowthndt-0.265**(0.112)0.00142(0.00738)-0.0557(0.137)-0.480(0.600)ObservationsR-squaredStandard errorsin parentheses*** p<0.01, **p<0.05, * p<0.1VARIABLEStangibilproflnsalesgrowth-0.00168(0.0338)-0.334**(0.141)-0.00526(0.00812)0.0535(0.236)2010stdr-0.322**(0.126)0.00394(0.00755)0.104(0.186)-0.419(0.597)2008ltdr2009ltdr0.197***(0.0731)-0.612***(0.136)0.0199**(0.00964)-0.0971(0.190)0.0844**(0.0398)-0.649***(0.166)0.00763(0.00957)-0.446(0.278)2010ltdr-0.822***(0.163)-0.00823(0.00976)-0.634**(0.240)1.948**(0.772)2008tdr2009tdr0.173**(0.0707)-0.932***(0.130)0.0122(0.00827)-0.277(0.181)0.0783*(0.0425)-1.015***(0.172)-0.000297(0.00937)-0.421(0.298)ConstantObservationsR-squaredStandarderrors inparentheses*** p<0.01,** p<0.05, *p<0.1-1.153***(0.159)-0.00464(0.0101)-0.516**(0.230)1.482**(0.737)0.137**(0.0519)0.0283**(0.0119)0.0851(0.0523)-0.0363**(0.0168)0.0774(0.0613)0.0777***(0.0274)0.182***(0.0662)-0.0303*(0.0154)0.246***(0.0676)0.214***(0.0585)0.295***(0.0716)0.334***(0.0664)700.083620.165620.172690.479620.479620.477700.568620.489620.4992008stdra2009stdra2010stdra2008ltdra2009ltdra2010ltdra2008tdra2009tdra-0.285***(0.107)-0.194(0.201)-0.0131(0.0142)-0.174(0.281)-0.134***(0.0500)-0.497**(0.209)-0.0147(0.0120)0.00990(0.346)-0.0589(0.0556)-0.327(0.248)0.0147(0.0141)1.028***(0.319)0.383***(0.0954)-0.835***(0.179)0.0227*(0.0127)-0.0531(0.251)0.179***(0.0588)-0.608**(0.246)0.0114(0.0142)-0.0743(0.407)0.127**(0.0545)-0.984***(0.228)-0.0200(0.0136)-0.778***(0.182)0.146(0.117)-0.788***(0.214)0.0181(0.0136)-0.142(0.298)0.0455(0.0674)-1.105***(0.282)-0.00331(0.0162)-0.0644(0.466)0.0723***(0.0247)0.484***(0.0892)0.245***(0.0345)0.345***(0.0838)0.0761***(0.0197)0.315***(0.109)-0.0550**(0.0221)0.103(0.0797)-0.138***(0.0406)0.243**(0.0986)0.337***(0.104)0.511***(0.0964)0.107**(0.0465)0.588***(0.113)-1.284***(0.258)-0.00296(0.0155)0.0434(0.381)1.204(1.224)0.0434*(0.0243)0.659***(0.107)700.233630.510620.281700.561630.429620.428700.254630.285620.339ndtassetuti2010tdr0.0602**(0.0233)0.109*(0.0562)assetutiConstant2009stdr2010tdra2002008mstdrVARIABLEStangibil2009mstdr0.108(0.113)-0.416**(0.208)-0.00793(0.0132)0.258(0.289)proflnsalesgrowth0.241**(0.0935)-0.604***(0.198)-0.0113(0.0120)0.0908(0.353)-0.418(0.952)0.0988***(0.0347)0.171**(0.0780)700.137610.208ndtassetutiConstantObservationsR-squaredStandard errors inparentheses*** p<0.01, **p<0.05, * p<0.12010mstdr2008mltdr2009mltdr2010mltdr0.00656(0.00482)-0.0278(0.0199)0.000418(0.00119)-0.0205(0.0159)0.545***(0.131)-1.009***(0.247)0.0276(0.0175)0.0620(0.346)0.141**(0.0677)-1.011***(0.279)-0.00376(0.0161)-0.763(0.467)0.00188(0.00918)-0.0572*(0.0304)0.0746(0.110)-0.0927**(0.0459)0.290**(0.113)600.103700.516610.4392008mtdr2009mtdr2010mtdr0.648***(0.150)-1.523***(0.276)0.00391(0.0176)0.164(0.384)0.209**(0.0845)-1.499***(0.337)-0.0116(0.0184)-0.476(0.584)0.0196(0.0151)-0.143**(0.0624)-0.00270(0.00373)-0.112**(0.0498)0.0462**(0.0179)0.345***(0.124)0.387***(0.142)0.0373(0.0288)600.195700.558610.421600.183-0.138***(0.0427)-0.00365(0.00271)-0.0639(0.0627)0.175(0.204)КитайVARIABLEStangibilproflnsalesgrowth2008stdr2009stdr2010stdr2008ltdr2009ltdr2010ltdr2008tdr2009tdr2010tdr0.0319(0.0630)-0.625***(0.136)0.00179(0.00681)-0.143(0.230)0.000827(0.0441)-0.499***(0.147)-0.00751(0.00784)-0.462(0.301)-0.0104(0.0430)-0.374**(0.165)0.000992(0.00785)-0.238(0.190)0.100*(0.0578)-0.243**(0.116)0.0194***(0.00677)0.00459(0.195)-0.00547(0.0353)-0.335**(0.133)0.0232***(0.00650)-0.503*(0.255)0.0612*(0.0323)-0.198(0.151)0.0251***(0.00663)0.149(0.152)0.201***(0.0743)-0.814***(0.161)0.00870(0.00804)-0.0820(0.272)0.0262(0.0560)-0.757***(0.187)0.00417(0.00996)-0.698*(0.382)-0.299(0.581)-0.690***(0.194)0.0328***(0.00826)-0.145(0.184)1.436***(0.288)-0.212**(0.100)1.045***(0.295)-0.239**(0.119)0.843**(0.358)1.219***(0.366)-0.340***(0.128)0.692*(0.365)ndtrisk1.194***(0.304)assetuniassetuti0.0687***(0.0203)0.0804***(0.0197)0.0888***(0.0202)0.0743***(0.0261)bod_indeConstantObservationsR-squaredStandarderrors inparentheses*** p<0.01,0.0947*(0.0483)0.146**(0.0606)0.121*(0.0628)-0.0188(0.0388)-0.0116(0.0406)-0.0302(0.0418)0.0964*(0.0570)0.165**(0.0770)0.0554(0.0574)770.334630.395620.320770.380760.414740.412770.426630.415750.317201** p<0.05, *p<0.1VARIABLES2008stdratangibilproflnsalesgrowthndt-1.123***(0.238)0.000510(0.0130)-0.0142(0.337)-0.908(0.821)risk2009stdra2010stdra2008ltdra2009ltdra2010ltdra-0.116*(0.0628)-0.978***(0.240)-0.174***(0.0580)-1.178***(0.267)0.119(0.0822)-0.472***(0.157)0.0150(0.0516)-0.397**(0.194)0.0958**(0.0466)-0.251(0.218)0.00918(0.0116)-0.417(0.455)0.0199*(0.0117)-0.399(0.271)0.0203**(0.01000)-0.268(0.294)0.0293***(0.00951)-0.674*(0.372)0.0308***(0.00957)0.237(0.219)-0.110***(0.0288)-0.122***(0.0291)-0.0137(0.0594)-0.0183(0.0603)2008tdra2009tdra2010tdra-1.601***(0.250)-1.294***(0.252)-0.105*(0.0598)-1.396***(0.291)0.0378***(0.0124)-0.546(0.353)-2.157**(0.853)0.0400***(0.0121)-0.770*(0.440)-1.413*(0.733)1.091*(0.551)0.0515***(0.0114)-0.237(0.294)0.365***(0.0845)0.263***(0.0866)0.267***(0.0810)740.3551.264**(0.492)0.951*(0.488)0.135***(0.0385)0.135***(0.0357)0.126***(0.0358)0.381***(0.0804)0.257***(0.0754)0.245***(0.0765)0.0837***(0.0269)-0.227*(0.133)0.0808(0.0781)770.357760.376740.459470.516760.386740.385770.410760.3662008mstdr2009mstdr2010mstdr2008mltdr2009mltdr2010mltdr2008mtdr2009mtdr0.0491**(0.0231)-0.514***(0.112)0.000731(0.00452)-0.401***(0.113)0.191**(0.0890)-0.615***(0.179)0.0155(0.0104)-0.0676(0.300)0.0337(0.0494)-0.504***(0.186)0.0174*(0.00915)-0.418(0.362)0.0223(0.0199)-0.209**(0.0932)0.00513(0.00418)-0.124(0.0936)0.259*(0.133)-1.778***(0.293)-0.00601(0.0146)-0.381(0.486)0.0502(0.0948)-1.110***(0.311)-0.0108(0.0178)-0.318(0.653)assetuniassetutibod_indeConstantObservationsR-squaredStandarderrors inparentheses*** p<0.01,** p<0.05, *p<0.1VARIABLEStangibilproflnsalesgrowth0.000791(0.108)-1.256***(0.233)-0.00349(0.0117)-0.301(0.394)ndtrisk1.094**(0.519)assetuni-0.846***(0.205)-0.0226*(0.0121)-0.287(0.388)-0.0673(0.680)0.862*(0.441)-0.367**(0.168)2010mtdr-0.711***(0.146)0.00301(0.00582)-0.514***(0.137)-0.596(0.439)-0.481**(0.218)assetuti0.0941***(0.0312)0.0872***(0.0275)0.0348***(0.0125)0.0493(0.0597)0.0378(0.0574)0.0166(0.0267)-0.0846*(0.0467)bod_indeConstant0.248***(0.0826)0.335***(0.0918)0.0730**(0.0323)0.358***(0.0982)0.449***(0.128)0.0878**(0.0431)202ObservationsR-squaredStandarderrors inparentheses*** p<0.01,** p<0.05, *p<0.1770.319610.327690.325770.405740.339690.286770.424610.363700.3622008stdr2009stdr2010stdr2008ltdr2009ltdr2010ltdr2008tdr2009tdr2010tdrtangibil-0.116***(0.0377)-0.0112(0.0142)-0.00894(0.0133)-0.0175(0.0201)-0.0161(0.0180)-0.109**(0.0507)prof-0.158**(0.0660)-0.00897(0.00628)-0.312***(0.104)-0.0107*(0.00579)-0.131(0.155)0.0228***(0.00870)-0.314**(0.156)0.0158*(0.00909)-0.106(0.0870)0.000860(0.00874)-0.559***(0.137)0.0176**(0.00842)-0.562***(0.171)0.0112(0.00934)-0.0619(0.137)-0.121(0.209)-0.200*(0.115)-0.00314(0.00624)0.0373**(0.0179)0.0310(0.0412)0.000766(0.0706)0.00868(0.00710)-0.0595(0.155)0.236(0.304)0.0481**(0.0238)-0.138(0.191)-0.0106(0.283)-0.271(0.319)0.0172(0.0268)0.0263**(0.0109)0.0415***(0.0152)Восточная ЕвропаVARIABLESlnsalesgrowthndtassetutiassetuni0.0857*(0.0449)0.108**(0.0471)-0.0211(0.0199)riskConstant0.200***(0.0447)0.150***(0.0381)0.128***(0.0407)0.0446(0.0483)-0.00944(0.0564)0.0300(0.0605)0.277***(0.0595)0.148***(0.0508)0.196***(0.0609)ObservationsR-squaredStandarderrors inparentheses*** p<0.01,** p<0.05, *p<0.11610.1431230.1671130.1491610.0171100.1081020.1231610.0341620.1041130.1222008stdra2009stdra2010stdra2008ltdra2009ltdra2010ltdra2008tdra2009tdra2010tdra-0.332***(0.0567)-0.321***(0.0983)-3.16e-05(0.00943)0.0439(0.206)0.0562**(0.0237)-0.741***(0.174)0.00160(0.00969)0.121(0.349)0.0696***(0.0243)-0.642***(0.212)0.0155(0.0123)-0.00647(0.0330)0.135**(0.0534)0.0644(0.0926)0.0133(0.00888)0.109(0.194)0.0961***(0.0316)-0.856***(0.236)0.0297**(0.0130)0.0699(0.476)0.0964***(0.0284)-0.897***(0.246)0.0293**(0.0134)0.0345(0.0385)0.0850***0.137***0.0276*0.0401**VARIABLEStangibilproflnsalesgrowthndtassetuti-0.215(0.181)0.0281**(0.0110)-0.00687(0.358)0.00752(0.535)0.0618**-0.362*(0.183)0.0181*(0.0101)0.0519(0.0315)-0.00549(0.383)-0.358***(0.120)0.0202(0.0124)0.121(0.267)-1.340***(0.465)0.0388***0.0344*203(0.0165)(0.0254)(0.0142)-0.155**(0.0647)Constant0.416***(0.0669)0.276***(0.0635)0.311***(0.0823)ObservationsR-squaredStandarderrors inparentheses*** p<0.01,** p<0.05, *p<0.11670.3751240.3621030.302assetuni(0.0155)(0.0278)0.110**(0.0489)(0.0135)(0.0184)0.0801(0.0630)0.0393(0.0684)0.134**(0.0609)0.456***(0.0843)0.444***(0.0835)0.438***(0.0875)1670.1111360.1261560.0971680.1251240.2041140.2202009mtdr2010mtdrriskVARIABLEStangibilproflnsalesgrowth2008mstdr-0.173**(0.0801)-0.496***(0.140)-0.0264**(0.0133)0.136(0.291)ndtassetuti2009mstdr-0.547***(0.160)-0.0188*(0.00980)0.469(0.329)-0.641*(0.371)0.0674***(0.0232)2010mstdr0.0524**(0.0232)-0.0940(0.158)0.0216**(0.00823)-0.129(0.347)2008mltdr2009mltdr2010mltdr0.0501(0.0715)-0.340***(0.123)-0.00963(0.0319)-0.419*(0.234)-0.0386(0.0417)-0.534*(0.271)0.00821(0.0123)-0.0891(0.269)0.0329**(0.0130)0.574(0.469)0.0159(0.0151)1.178*(0.611)0.0166*(0.00970)2008mtdr-0.693***(0.171)-0.0114(0.0173)-0.0142(0.372)-1.388**(0.648)-1.057***(0.249)0.000229(0.0153)0.435(0.514)-0.675(0.579)-0.0678(0.0466)-0.717**(0.309)-0.0111(0.0164)1.006(0.709)-0.104***(0.0341)assetuni0.191**(0.0820)riskConstant0.422***(0.0950)0.340***(0.0591)-0.784**(0.337)0.280***(0.0569)ObservationsR-squaredStandard errorsin parentheses*** p<0.01, **p<0.05, * p<0.11610.1741620.174980.1880.138(0.0839)0.120(0.0855)0.0970(0.0983)0.610***(0.113)0.424***(0.0922)0.427***(0.104)1610.0541230.128870.2021610.1341620.136980.177204Приложение 11.
![](https://s.studizba.com/z.php?f=/templates/si/i/noavatar.png&w=100&h=100&t=1"){kind=avatar}
