Purpose

There is a wealth of literature on the financing structure of a company. For this reason, the authors considered it useful to present a theoretical and empirical literature review of classical and new theories of the financial structure. The purpose of this study is to realize on a panel of 15 nonfinancial Moroccan companies listed on the Casablanca Stock Exchange, over a period of 11 years.

Design/methodology/approach

The results obtained indicate that only a few variables from financial theory have an important role in the financing policy of Moroccan companies. The authors have presented the positive role of size and self-financing on the debt ratio. The analysis of the effects of profitability shows in this study that it is negative related on the debt ratio which asserts the predictions of the pecking order theory. Also, the age of the company and the growth opportunities explain the level of indebtedness.

Findings

Econometric analysis is used to ascertain the nature of the financial structure of listed companies. For this purpose, a large number of companies listed on the Casablanca stock exchange were used.

Originality/value

The authors have presented the positive role of size and self-financing on the debt ratio. Regarding the influence of profitability, this analysis shows that it is negative related on the debt ratio which asserts the predictions of the pecking order theory. Also, the age of the company and the growth opportunities explain the level of indebtedness.

中文翻译：

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摩洛哥上市公司的层级融资与财务结构现实

目的

关于公司融资结构的文献有很多。因此，作者认为对金融结构的经典和新理论进行理论和实证文献综述是有用的。本研究的目的是在 11 年的时间里对在卡萨布兰卡证券交易所上市的 15 家非金融摩洛哥公司进行研究。

设计/方法论/途径

获得的结果表明，只有少数金融理论变量对摩洛哥公司的融资政策具有重要作用。作者提出了规模和自负盈亏对债务比率的积极作用。本研究对盈利能力影响的分析表明，盈利能力与负债率呈负相关，证实了融资优序理论的预测。此外，公司的历史和增长机会也解释了债务水平。

发现

计量经济学分析用于确定上市公司财务结构的性质。为此，使用了大量在卡萨布兰卡证券交易所上市的公司。

原创性/价值

作者提出了规模和自负盈亏对债务比率的积极作用。关于盈利能力的影响，本分析表明，其与负债率呈负相关，证实了融资优序理论的预测。此外，公司的历史和增长机会也解释了债务水平。