ความสัมพันธ์ระหว่างอัตราส่วนทางการเงิน กระแสเงินสด และมูลค่ากิจการของบริษัทที่จดทะเบียนในตลาดหลักทรัพย์ : กรณีศึกษาประเทศในกลุ่มโครงการพัฒนาเขตเศรษฐกิจสามฝ่ายอินโดนีเซีย มาเลเซีย และไทย

Abstract

This study aims to examines the relationship between financial ratios, cash flows and firm value of listed companies at capital markets: a case study of the Indonesia - Malaysia - Thailand growth triangle project development (IMT-GT). Using 99 companies, samples were 40 listed companies in Indonesia, 22 listed companies in Malaysia and 33 listed companies in Thailand. Data collection of financial ratios and cash flows in corporate annual report during 2015 to 2019, while firm value was collected by market price. The study found the positive relationship of net profit margin, return on equity, earning per share on firm value and found the negative relationship of current ratio, debt per equity, return on asset, cash flow from investing activities, cash flow from financing activities on firm value, while there were not relationship of fixed asset turnover, debt ratio, dividend payout ratio, cash flow from operating activities on firm value. In case of a separate country, the result of Indonesia found the positive relationship of earnings per share on firm value. Malaysia found the positive of return on equity and earnings per share on firm value, while there were negative relationship of debt to asset ratio and return on asset on firm value. Thailand found the positive relationship of return on equity and profit margin on firm value, while there were negative relationship of cash flows from investing and cash flow from financing activities on firm value.