ปัจจัยลักษณะของบริษัทที่มีความสัมพันธ์กับโครงสร้างเงินทุนของบรรษัทภิบาลในตลาดหลักทรัพย์แห่งประเทศไทย

Abstract

The purpose of this study is to examine relationship between firm characteristics and capital structure of CG rating companies in the stock exchange of Thailand. These firm characteristics include CG rating, firm size, tangibility, profitability, growth, non-debt taxes shield and liquidity. Data were collected from companies listed in SET which have CG rating scores ranging from three to five during 2017 to 2019. The total of 885 samples were used for data analysis. Multiple regression analysis was used to investigate the relationship firm characteristics and capital structure. The results indicate that firm size is positively related to debt ratio but tangibility, profitability and liquidity are negatively related to debt ratio. However, CG rating, growth and non-debt taxes shield are not related to debt ratio. The results show that CG rating companies with large size tend to finance with more debt and CG rating companies with high tangible, high profitability and high liquidity tend to finance with less debt.