ความสัมพันธ์ระหว่างความเชื่อมั่นของผู้บริหาร และโครงสร้างเงินทุนของบริษัทที่จดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย และตลาดหลักทรัพย์ เอ็ม เอ ไอ

Abstract

This independent study aimed to investigate relationship between managerial confidence and capital structure of companies listed on the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (MAI). In this study, sources of secondary data were financial information and company profiles presented during B.E. 2557 – B.E. 2561. Data obtained were analyzed by the Multiple Regression Analysis. In order to measure the corporate capital structure, two variables i.e. the ratio of book value of total liabilities per book value of total assets (LBV); and the ratio of book value of total liabilities per the sum of book value of total liabilities and market value of stockholders (LMV) were discussed. The findings indicated that the ratio of book value of total liabilities per book value of total assets (LBV) did not correlate with managerial confidence; but the ratio of book value of total liabilities per the sum of book value of total liabilities and market value of stockholders (LMV) did in opposite direction. This incident could imply that the capital structure of the past liabilities did not affect the managerial confidence on capital structure determination because the affordability ratio could be calculated by the book value of existing fixed assets. In the meanwhile, the debt capacity as measured by the ratio of book value of total liabilities per the sum of book value of total liabilities and market value of stockholders (LMV) affected the managerial confidence on capital structure determination. If the companies had high debt capacity, the level of managerial confidence towards debt capacity would decrease because the administrators must be aware of risks on loan interests and corporate liquidity that might affect the firm value in the future. In addition, firm size and its property, buildings, and equipment positively correlated to the capital structure. This incident implied that if a company had large firm size with a large number of properties, buildings, and equipment which could be used as collaterals for loaning. In doing so, it allowed the company to access external sources of funding, resulted to the increase of managerial confidence and the increase of ratio of total liabilities per market value of stockholders. The findings also revealed that growth opportunity and profitability of a company correlated to the capital structure negatively. This incident implied that if a company had better performance, the administrators shall work up the internal sources of financing prior to the external ones, resulted to the decrease of external debt and the decrease of ratio of total liabilities per market value of stockholders.