ªí®®—¬∑’Ë¡’º≈μàÕ‚§√ß √â“߇ߑπ∑ÿπ¢Õß∫√‘…—∑®¥∑–‡∫’¬π„πμ≈“¥À≈—°∑√—æ¬å SET 100FACTORS AFFECTING CAPITAL STRUCTURE OFLISTED COMPANIES IN SET 100

ªí®®—¬∑’Ë¡’º≈μàÕ‚§√ß √â“߇ߑπ∑ÿπ¢Õß∫√‘…—∑®¥∑–‡∫’¬π

„πμ≈“¥À≈—°∑√—æ¬å SET 100

FACTORS AFFECTING CAPITAL STRUCTURE OF LISTED COMPANIES IN SET 100

Received: 22 January, 2021 Revised: 10 March, 2021 Accepted: 17 March, 2021

»‘√—μπå ·®âß√—°…å °ÿ≈*, «‘≈“  «‘∂’‰æ√**, ‡°√’¬ß®‘μμ‘ «‘√—μπå***, ¢—μ쑬“ ©“¬“æ—π∏ÿå****

Sirat Jangruxsakul*, Wilas Witheeprai**, Kriangchitti Wirat***, Khattiya Chayapan****

‰μ√√ߧå ∑ÕßÀ—μ∂“****, æ—∑∏π—π∑å ‡æ™√‡™‘¥™Ÿ******

Trairong Thonghattha****, Pattanant Petchchedchoo******

*π—°»÷°…“À≈—° Ÿμ√∫√‘À“√∏ÿ√°‘®¥ÿ…Æ’∫—≥±‘μ «‘∑¬“≈—¬∫√‘À“√∏ÿ√°‘®π«—μ°√√¡·≈–°“√∫—≠™’

¡À“«‘∑¬“≈—¬∏ÿ√°‘®∫—≥±‘μ¬å

*Ph.D. Candidate, Doctor of Business Administration, College of Innovative Business and Accountancy (CIBA), Dhurakij Pundit University (DPU), E-Mail: sirat.jan@dpu.ac.th

**π—°»÷°…“À≈—° Ÿμ√∫√‘À“√∏ÿ√°‘®¥ÿ…Æ’∫—≥±‘μ «‘∑¬“≈—¬∫√‘À“√∏ÿ√°‘®π«—μ°√√¡·≈–°“√∫—≠™’ ’

¡À“«‘∑¬“≈—¬∏ÿ√°‘®∫—≥±‘μ¬å

**Ph.D. Candidate, Doctor of Business Administration, CIBA, DPU, E-Mail: 627191030004@dpu.ac.th

***π—°»÷°…“À≈—° Ÿμ√∫√‘À“√∏ÿ√°‘®¥ÿ…Æ’∫—≥±‘μ «‘∑¬“≈—¬∫√‘À“√∏ÿ√°‘®π«—μ°√√¡·≈–°“√∫—≠™’

¡À“«‘∑¬“≈—¬∏ÿ√°‘®∫—≥±‘μ¬å

***Ph.D. Candidate, Doctor of Business Administration, CIBA, DPU, E-Mail: Kwcleaning.ltd@gmail.com

****π—°»÷°…“À≈—° Ÿμ√∫√‘À“√∏ÿ√°‘®¥ÿ…Æ’∫—≥±‘μ «‘∑¬“≈—¬∫√‘À“√∏ÿ√°‘®π«—μ°√√¡·≈–°“√∫—≠™’

¡À“«‘∑¬“≈—¬∏ÿ√°‘®∫—≥±‘μ¬å

****Ph.D. Candidate, Doctor of Business Administration, CIBA, DPU, E-Mail: Khattiyachayapan@ gmail.com

*****π—°»÷°…“À≈—° Ÿμ√∫√‘À“√∏ÿ√°‘®¥ÿ…Æ’∫—≥±‘μ «‘∑¬“≈—¬∫√‘À“√∏ÿ√°‘®π«—μ°√√¡·≈–°“√∫—≠™’

¡À“«‘∑¬“≈—¬∏ÿ√°‘®∫—≥±‘μ¬å

*****Ph.D. Candidate, Doctor of Business Administration, CIBA, DPU, E-Mail: 637191030004@dpu.ac.th

******√ÕßÕ∏‘°“√∫¥’ “¬ß“π«‘™“°“√ ¡À“«‘∑¬“≈—¬∏ÿ√°‘®∫—≥±‘μ¬å

∫∑§—¥¬àÕ

°“√°”À𥂧√ß √â“߇ߑπ∑ÿπ∑’Ë¥’ àߺ≈μàÕ¡Ÿ≈§à“°‘®°“√∑’ˇæ‘Ë¡¡“°¢÷Èπ ß“π«‘®—¬©∫—∫π’È®÷ß

»÷°…“‡°’ˬ«°—∫ªí®®—¬∑’Ë¡’º≈μàÕ‚§√ß √â“߇ߑπ∑ÿπ¢Õß∫√‘…—∑∑’ËÕ¬Ÿà„π¥—™π’ SET 100 ¢Õß μ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ ‰¥â·°à ¢π“¥  ‘π∑√—æ¬å¡’μ—«μπ  ¿“æ§≈àÕß( ‘π∑√—æ¬å) °“√

‡μ‘∫‚μ §«“¡ “¡“√∂„π°“√∑”°”‰√ º≈°√–∑∫®“°ª√–‚¬™πå∑“ß¿“…’  ¿“æ§≈àÕß(‡ß‘π ¥)

°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π °”‰√ ·≈–‚§√ß √â“ß ‘π∑√—æ¬å ‚¥¬‡°Á∫¢âÕ¡Ÿ≈∑ÿ쑬¿Ÿ¡‘®“°

∫√‘°“√√–∫∫¢âÕ¡Ÿ≈μ≈“¥À≈—°∑√—æ¬åÕÕπ‰≈πå „π√–À«à“ߪï 2560 - 2562 ´÷Ëß°‘®°“√®¥

∑–‡∫’¬π„πμ≈“¥À≈—°∑√—æ¬å∑’ˇªìπμ—«Õ¬à“ß 100 °‘®°“√ ®”π«π¢âÕ¡Ÿ≈∑’˧√∫∂â«π 216 ¢âÕ¡Ÿ≈

º≈≈—æ∏宓°°“√«‘‡§√“–Àå À —¡æ—π∏å (Pearson Correlations) ·≈–°“√«‘‡§√“–Àå°“√∂¥∂Õ¬

æÀÿ§Ÿ≥ (Multiple Regressions) æ∫«à“ ¢π“¥ °“√‡μ‘∫‚μ ·≈–º≈ª√–‚¬™πå∑“ß¿“…’ ¡’§«“¡

 —¡æ—π∏凙‘ß∫«°°—∫‚§√ß √â“߇ߑπ∑ÿπ „π¢≥–∑’Ë  ‘π∑√—æ¬å∑’Ë¡’μ—«μπ  ¿“æ§≈àÕß §«“¡ “¡“√∂

„π°“√∑”°”‰√ ·≈–°√–· ‡ß‘π ¥°“√¥”‡π‘πß“π ¡’§«“¡ —¡æ—π∏凙‘ß≈∫°—∫‚§√ß √â“߇ߑπ∑ÿπ

§” ”§—≠: ‚§√ß √â“߇ߑπ∑ÿπ, ¥—™π’ SET 100, μ≈“¥À≈—°∑√—æ¬å, °“√«‘‡§√“–Àå À —¡æ—π∏å,

°“√«‘‡§√“–Àå°“√∂¥∂Õ¬æÀÿ§Ÿ≥

Abstract

The proper determination of capital structure has certainly affected the higher corporate value. Thus, this leads to the study of factors influencing on the capital structure of companies listed in the index of SET 100 upon the Stock Exchange of Thailand (SET). These factors comprise size, tangible assets, liquidity of assets, growth, profitability, effect of tax benefits, liquidity of cash, operating cash flow, earning and asset structure, respectively. The secondary data were collected from an online database of SET between 2017 and 2019. This listed companies on the Stock Exchange of 100 examples, the number of complete information 216 data. Results analyzed by statistical methods of Pearson correlations and multiple regressions demonstrate that size, growth and effect of tax benefits have a positive correlation on the capital structure, while tangible assets, liquidity, profitability and operating cash flow have a negative correlation on the one.

Keywords: Capital Structure, Index of SET 100, Stock Exchange of Thailand, Correlation Analysis, Multiple Regression Analysis

∫∑π”

°‘®°“√§«√∫√‘À“√ß“π„π∑ÿ°Ê ¥â“π„Àâ¡’ª√– ‘∑∏‘¿“æ‡æ◊ËÕ √â“ߺ≈ª√–‚¬™πå Ÿß ÿ¥„Àâ

·°àºŸâ∑’Ë¡’ à«π‰¥â à«π‡ ’¬¢Õß°‘®°“√Õ¬à“߬—Ë߬◊π „π à«π¢Õß°‘®°√√¡¥â“π°“√‡ß‘π§«√°”Àπ¥

‚§√ß √â“ß∑“ß°“√‡ß‘π„Àâ‡À¡“– ¡‡æ◊ËÕ„Àâ°“√¥”‡π‘πß“π„π·μà≈–ΩÉ“¬‡ªìπ‰ªÕ¬à“ß√“∫√◊Ëπ·≈–

 àߺ≈„Àâ¡Ÿ≈§à“¢Õß°‘®°“√‡æ‘Ë¡¢÷Èπ´÷Ë߇ªìπ°“√ √â“ߺ≈ª√–‚¬™πå„Àâ°—∫ºŸâ¡’ à«π‰¥â à«π‡ ’¬¢Õß°‘®°“√

·μàªí®®—¬∑’Ë°‘®°“√§«√æ‘®“√≥“„π°“√°”À𥂧√ß √â“ß∑“ß°“√‡ß‘π¡’À≈“°À≈“¬ªí®®—¬‰¡à«à“®–

‡ªìπº≈°“√¥”‡π‘πß“π  ¿“æ§≈àÕß  ‘π∑√—æ¬å¡’μ—«μ𠧫“¡‡ ’Ë¬ß œ≈œ ¢Õß°‘®°“√ ∂÷ß·¡â«à“

∑ƒ…Æ’∑’ˇ°’ˬ«¢âÕß®–‡ πÕ«à“§ÿ≥≈—°…≥–‡©æ“–¢Õß°‘®°“√ àߺ≈μàÕ°“√μ—¥ ‘π„®°”Àπ¥

‚§√ß √â“ß∑“ß°“√‡ß‘π∑’ˇÀ¡“– ¡·≈– “¡“√∂™à«¬‡æ‘Ë¡º≈ª√–‚¬™πå¢Õß°‘®°“√‰¥â ·μà∑ƒ…Æ’

μ—«·∑π (Agency Theory) ·≈–∑ƒ…Æ’°“√®—¥À“μ“¡≈”¥—∫ (Pecking Order Theory) °≈—∫¡’

¢âÕ‡ πÕ¥â“π∑‘»∑“ßÕ‘∑∏‘æ≈¢Õߧÿ≥≈—°…≥–¢Õß°‘®°“√μàÕ°“√°”À𥂧√ß √â“ß∑“ß°“√‡ß‘π∑—Èß

‡À¡◊Õπ·≈–·μ°μà“ß°—𠇙àπ ∑—Èß Õß∑ƒ…Æ’‡ πÕ«à“ ‘π∑√—æ¬å¡’μ—«μπ¡’Õ‘∑∏‘æ≈∑“ß∫«°μàÕ°“√

¡’Àπ’È ‘π  à«π§«“¡‡ ’ˬߡ’Õ‘∑∏‘æ≈∑“ß≈∫μàÕ°“√¡’Àπ’È ‘πμ√ß°—π ·μà∑—Èß Õß∑ƒ…Æ’¡’¢âÕ‡ πÕ

∑’Ë¢—¥·¬âß°—π‡°’Ë¬«°—∫Õ‘∑∏‘æ≈¢Õߺ≈°“√¥”‡π‘πß“π·≈– ¿“æ§≈àÕßμàÕ‚§√ß √â“ß∑“ß°“√‡ß‘π

‚¥¬∑ƒ…Æ’μ—«·∑π‡ πÕ«à“º≈°“√¥”‡π‘πß“π·≈– ¿“æ§≈àÕß¡’º≈∫«°μàÕ°“√¡’Àπ’È ‘π  à«π∑ƒ…Æ’°“√®—¥À“μ“¡≈”¥—∫‡ πÕ«à“ º≈°“√¥”‡π‘πß“π·≈– ¿“æ§≈àÕß¡’º≈≈∫μàÕ°“√¡’

Àπ’È ‘𠇪ìπμâπ (Kraus & Litzenberger, 1973; Myers & Majluf, 1984; Tudose, 2012) πÕ°‡Àπ◊Õ®“°¢âÕ‡ πÕ®“°∑ƒ…Æ’∑’Ë¡’∑—Èß Õ¥§≈âÕß·≈–¢—¥·¬âß°—π·≈â« º≈°“√«‘®—¬‡°’ˬ«°—∫

‚§√ß √â“ß∑“ß°“√‡ß‘π∑’˺à“π¡“‰¥â¢âÕ √ÿª§àÕπ¢â“ßÀ≈“°À≈“¬ ¥—ßπ—Èπ°“√«‘®—¬π’È®÷߇πâπ»÷°…“

§ÿ≥≈—°…≥–∑’ËÀ≈“°À≈“¬¢Õß∏ÿ√°‘®∑’Ë¡’º≈μàÕ‚§√ß √â“ß∑“ß°“√‡ß‘π ‚¥¬∑”°“√»÷°…“¢âÕ¡Ÿ≈®“°

°‘®°“√®¥∑–‡∫’¬π„πμ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ ¥—™π’ SET100 ∑’Ë ‰¡à Õ ¬Ÿà„π°≈ÿà¡

Õÿμ “À°√√¡∏ÿ√°‘®°“√‡ß‘π ´÷Ëß°‘®°“√¥—ß°≈à“«Õ¬Ÿà¿“¬„μâ°“√°”°—∫¥Ÿ·≈‚¥¬°Æ√–‡∫’¬∫¢Õß¿“§

√—∞Õ¬à“߇¢â¡ß«¥ ·≈–‡ªìπ°‘®°“√∑’Ë¡’¢âÕ¡Ÿ≈º≈°“√¥”‡π‘πß“π„πªï æ.». 2560 - æ.». 2562

«—μ∂ÿª√– ß§å°“√«‘®—¬

‡æ◊ËÕ»÷°…“§ÿ≥≈—°…≥–¢Õߢπ“¥∏ÿ√°‘®  ‘π∑√—æ¬å¡’μ—«μπ  ¿“æ§≈àÕß( ‘π∑√—æ¬å)

°“√‡μ‘∫‚μ §«“¡ “¡“√∂„π°“√∑”°”‰√ º≈°√–∑∫®“°ª√–‚¬™πå∑“ß¿“…’  ¿“æ§≈àÕß(‡ß‘π ¥)

°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π °”‰√·≈–‚§√ß √â“ß ‘π∑√—æ¬å ∑’Ë àߺ≈μàÕ‚§√ß √â“߇ߑπ∑ÿπ

∑∫∑«π«√√≥°√√¡∑’ˇ°’ˬ«¢âÕß

°“√∑∫∑«π«√√≥°√√¡∑’ˇ°’ˬ«¢âÕß°—∫‚§√ß √â“ß∑“ß°“√‡ß‘π ª√–°Õ∫¥â«¬ 2 ª√–‡¥Áπ À≈—° §◊Õ 1) μ—«·ª√∑’ˇ°’ˬ«¢âÕß°—∫‚§√ß √â“߇ߑπ∑ÿπ ·≈– 2) °√Õ∫·π«§‘¥°“√«‘®—¬

1. μ—«·ª√∑’ˇ°’ˬ«¢âÕß°—∫‚§√ß √â“߇ߑπ∑ÿπ

1.1 ‚§√ß √â“߇ߑπ∑ÿπ (Capital structure) ‚§√ß √â“߇ߑπ∑ÿπ‡ªìπªí®®—¬∑’Ë  ”§—≠ ”À√—∫°“√μ—¥ ‘π„®¢Õß°‘®°“√®¥∑–‡∫’¬π„πμ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ ‡π◊ËÕß®“°

°‘®°“√‰¥â√—∫º≈°√–∑∫‚¥¬μ√ß®“°°“√μ—¥ ‘π„®¥—ß°≈à“« °“√°”À𥂧√ß √â“ß∑’ˇÀ¡“– ¡‡ªìπ  ‘Ëß∑’Ë ”§—≠¢Õß°≈¬ÿ∑∏å∑“ß°“√‡ß‘π¢Õß°‘®°“√„π°“√æ‘®“√≥“μ—¥ ‘π„®‡°’ˬ«°—∫‚§√ß √â“߇ߑπ∑ÿπ (Velnampy & Niresh, 2012) ´÷Ëß„π°“√μ—¥ ‘π„®∑“ß°“√‡ß‘π∑’Ë ”§—≠∑’Ë ÿ¥∑’Ë°‘®°“√μâÕ߇≈◊Õ°

√–À«à“ßÀπ’È ‘π·≈– à«π¢ÕߺŸâ∂◊ÕÀÿâπ∑ÿπ (Glen & Pinto, 1994) ‚¥¬æ∫«à“Õ—μ√“ à«πÀπ’È ‘π μàÕ à«π¢ÕߺŸâ∂◊ÕÀÿâπ·≈–Õ—μ√“ à«πÀπ’È ‘πμàÕ ‘π∑√—æ¬å´÷ËßÕ—μ√“ à«π¥—ß°≈à“«‡ªìπ°“√· ¥ß∂÷ß  —¥ à«π‡ß‘π∑ÿπ¢Õß°‘®°“√∑’Ë¡“®“°Àπ’È ‘π ‡¡◊ËÕ‡∑’¬∫°—∫ à«π¢ÕߺŸâ∂◊ÕÀÿâπ·≈– ‘π∑√—æ¬å (Ghosh

& Moon, 2010)

1.2 ¢π“¥∏ÿ√°‘® (Size) ß“π«‘®—¬®”π«π¡“° æ∫«à“¢π“¥¢Õß°‘®°“√¡’§«“¡

 —¡æ—π∏凙‘ß∫«°μàÕ‚§√ß √â“߇ߑπ∑ÿπ¢Õß°‘®°“√ ‚¥¬ Liang, Liu, Troy, and Chen (2020)

™’È·®ß«à“°‘®°“√¢π“¥„À≠à∑’Ë¡’°“√≈ß∑ÿπ®”π«π¡“° ·≈–‰¡à¡’·π«‚πâ¡∑’Ë®–≈â¡≈–≈“¬

®– “¡“√∂ √â“ßÀπ’È ‰¥â¡“°¥â«¬μâπ∑ÿπ∑’ËμË”°«à“°‘®°“√¢π“¥‡≈Á° „π¢≥–∑’Ë °‘®°“√¢π“¥„À≠à

¡—°¡’§«“¡Õ ¡“μ√¢ÕߢâÕ¡Ÿ≈√–À«à“ߺŸâ∂◊ÕÀÿâπ°—∫·À≈à߇ߑπ∑ÿπ®“°¿“¬πÕ° ∑”„Àâ°‘®°“√¢π“¥

„À≠à∑’ËÕÕ°μ√“ “√∑ÿπÕ“®‰¥âº≈‡™àπ‡¥’¬«°—π°—∫°‘®°“√¢π“¥‡≈Á°  àߺ≈„Àâ¢π“¥¢Õß°‘®°“√

¡’§«“¡ —¡æ—π∏凙‘ß≈∫°—∫‚§√ß √â“߇ߑπ∑ÿπ

1.3  ‘π∑√—æ¬å∑’Ë¡’μ—«μπ (Tangibility) ·≈–‚§√ß √â“ß ‘π∑√—æ¬å (Asset Structure)  ‘π∑√—æ¬å∑’Ë¡’μ—«μπ “¡“√∂„™â‡ªìπÀ≈—°ª√–°—π„π°“√°àÕÀπ’È ‰¥â (Liang et al., 2020) ‚¥¬

 ‘π∑√—æ¬å∑’Ë¡’μ—«μπ¡’§«“¡ —¡æ—π∏凙‘ß∫«°°—∫‚§√ß √â“߇ߑπ∑ÿπ¢Õß°‘®°“√ ‡π◊ËÕß®“°°‘®°“√∑’Ë¡’

 —¥ à«π ‘π∑√—æ¬å∂“«√¡“°¡’·π«‚πâ¡∑’Ë®–¡’μâπ∑ÿπ„π°“√°àÕÀπ’ÈμË” „π¢≥–∑’Ë∫“ß∑ƒ…Æ’‡ πÕ«à“

°‘®°“√∑’Ë¡’ ‘π∑√—æ¬å∑’Ë¡’μ—«μπ®”π«π¡“°®–∑”„Àâ§à“¢Õß°“√ÕÕ°μ√“ “√∑ÿπ≈¥≈߇π◊ËÕß®“°°“√

≈ß∑ÿπÕ“®¡’§«“¡‡ ’ˬߡ“° Õ’°∑—Èß¡Ÿ≈§à“¢Õß ‘π∑√—æ¬å∂“«√¡’§«“¡ —¡æ—π∏凙‘ß∫«°°—∫

μâπ∑ÿπ§ß∑’Ë·≈–§«“¡·ª√ª√«π¢Õß√“¬‰¥â„πÕπ“§μ àߺ≈„Àâ ‘π∑√—æ¬å∑’Ë¡’μ—«μπ¡’§«“¡ —¡æ—π∏å

‡™‘ß≈∫°—∫‚§√ß √â“߇ߑπ∑ÿπ¢Õß°‘®°“√

1.4  ¿“æ§≈àÕß (Liquidity) Deesomsak, Paudyal, and Pescetto (2004)

°≈à“««à“À“°°‘®°“√¡’ ¿“æ§≈àÕß Ÿß·≈–μâÕß°“√‡ß‘π∑ÿπ‡æ‘Ë¡®–„™â·À≈à߇ߑπ∑ÿπ®“°¿“¬„𠇙àπ

°”‰√ – ¡°àÕπ‡ªìπÕ—π¥—∫·√° À“°‰¡à‡æ’¬ßæÕ·≈â«®÷߇≈◊Õ°·À≈àß√–¥¡∑ÿπ®“°°“√°àÕÀπ’È·≈–

ÕÕ°Àÿâπ‡æ‘Ë¡μ“¡≈”¥—∫ ¥—ßπ—Èπ À“°°‘®°“√¡’ ¿“æ§≈àÕß∑’Ë Ÿß®–∑”„Àâ —¥ à«πÀπ’È ‘π¢Õß°‘®°“√π—ÈπμË”

1.5 °“√‡μ‘∫‚μ (Growth) °‘®°“√∑’Ë¡’Õ—μ√“°“√‡μ‘∫‚μ Ÿß®–¡’ª√– ‘∑∏‘¿“æ„π°“√

∑”°”‰√„π —¥ à«π∑’Ë Ÿß °‘®°“√°Á®–„™â·À≈à߇ߑπ∑ÿπ®“°¿“¬„π°àÕπ‡ªìπÕ—π¥—∫·√° À“°·À≈àß

‡ß‘π∑ÿπ®“°¿“¬„π‰¡à‡æ’¬ßæÕ°‘®°“√®÷ß„™â°“√ÕÕ°Àÿâπ‡æ‘Ë¡∑ÿπ¡“°°«à“°“√°àÕÀπ’È´÷Ëß Õ¥§≈âÕß

°—∫ Baker and Wurgler (2002) °≈à“««à“ „π®—ßÀ«–∑’Ë°‘®°“√¡’¡Ÿ≈§à“°‘®°“√∑’Ë Ÿß¢÷Èπ®–¡’

π‚¬∫“¬„π°“√‡≈◊Õ°·À≈à߇ߑπ∑ÿπ®“°°“√ÕÕ°μ√“ “√∑ÿπ¡“°°«à“°“√°àÕÀπ’È ·≈–ß“π«‘®—¬

„πÕ¥’μ¢Õß Adam and Goyal (2008) æ∫«à“À“°°‘®°“√¡’¡Ÿ≈§à“μ≈“¥¢Õß°‘®°“√ Ÿß°‘®°“√

¡’·π«‚πâ¡„π°“√®—¥À“·À≈à߇ߑπ∑ÿπ®“°°“√ÕÕ°Àÿâπ¡“°°«à“°“√°Ÿâ¬◊¡‡ß‘π ∂â“À“°°‘®°“√¡’Õ—μ√“

°“√‡μ‘∫‚μ Ÿß®–¡’·π«‚πâ¡«à“Õ—μ√“Àπ’È ‘π¢Õß°‘®°“√®–μË”≈ß

1.6 °”‰√ (Earning) ·≈– §«“¡ “¡“√∂„π°“√∑”°”‰√ (Profitability) Gitman and Zutter (2012) °≈à“««à“∏ÿ√°‘®∑’Ë¡’§«“¡ “¡“√∂„π°“√∑”°”‰√ Ÿß¬àÕ¡¡’°”‰√ – ¡‡ªìπ

®”π«π¡“°®÷߉¡à®”‡ªìπμâÕß¡’°“√°àÕÀπ’È®”π«π¡“° ·μà∂ⓧ«“¡ “¡“√∂„π°“√∑”°”‰√μË”®–

¡’°”‰√ – ¡πâÕ¬ ®÷ß„™â‡ß‘π∑ÿπ®“°°“√°àÕÀπ’ȇªìπ®”π«π¡“° (Rajan & Zingales, 1995)

¥—ßπ—Èπ ∏ÿ√°‘®∑’Ë¡’‚§√ß √â“߇ߑπ∑ÿπ∑’ˇæ‘Ë¡¢÷Èπ¬àÕ¡¡’μâπ∑ÿπ¢Õ߇ߑπ∑ÿπ∑’ËμË”≈ß ∑”„À⧫“¡ “¡“√∂

„π°“√∑”°”‰√ Ÿß¢÷Èπ ®÷ß àߺ≈„À₧√ß √â“߇ߑπ∑ÿπ¡’§«“¡ —¡æ—π∏凙‘ß∫«°°—∫§«“¡ “¡“√∂

„π°“√∑”°”‰√ ·μà∂â“∏ÿ√°‘®∑’Ë¡’Õ—μ√“Àπ’È ‘π¡“°°«à“√–¥—∫Àπ’È ‘π ≥ ‚§√ß √â“߇ߑπ∑ÿπ∑’Ë

‡À¡“– ¡®– àߺ≈„À₧√ß √â“߇ߑπ∑ÿπ¡’§«“¡ —¡æ—π∏凙‘ß≈∫°—∫§«“¡ “¡“√∂„π°“√∑”°”‰√

(Tongkong & Jantarakolica, 2013)

1.7 º≈°√–∑∫®“°ª√–‚¬™πå∑“ß¿“…’ (Tax shields effects) Deesomsak et al. (2004) °≈à“««à“ ‚§√ß √â“߇ߑπ∑ÿπ∑’Ë¥’π—Èπ®–μâÕߧ”π÷ß∂÷ߺ≈ª√–‚¬™πå Ÿß ÿ¥„π°“√°àÕÀπ’È

·≈–§«“¡‡ ’ˬßμàÕ°“√≈â¡≈–≈“¬ À“°°‘®°“√®—¥À“·À≈à߇ߑπ∑ÿπ¥â«¬°“√°àÕÀπ’È μâπ∑ÿπ∑“ß°“√

‡ß‘π∑’ˇ°‘¥¢÷Èπ°‘®°“√ “¡“√∂𔉪‡ªìπ§à“„™â®à“¬‡æ◊ËÕ≈¥À¬àÕπ„π¿“√–¿“…’ DeAngelo and Masulis (1980) º≈ª√–‚¬™πå∑’ˉ¥â§◊Õ °“√‡ ’¬¿“…’∑’ËπâÕ¬≈ß ·μà∑”„Àâ°‘®°“√¡’·π«‚πâ¡

¢ÕßÕ—μ√“Àπ’È ‘π∑’Ë Ÿß¢÷Èπ ·μà„π¢≥–‡¥’¬«°—π Michaelas, Chittenden, and Poutziouris (1999) °≈à“««à“ À“°°‘®°“√ “¡“√∂ª√–À¬—¥¿“…’‰¥â®“°°“√°àÕÀπ’È ‘π ‰¡à«à“®–‡ªìπ„π√Ÿª·∫∫

¥Õ°‡∫’Ȭ®à“¬ §à“‡ ◊ËÕ¡√“§“·≈–§à“μ—¥®”Àπà“¬‡ªìπμâπ °‘®°“√°Á®–‡≈◊Õ°®—¥À“·À≈à߇ߑπ∑ÿπ®“°

°“√°àÕÀπ’È¡“°°«à“°“√ÕÕ°Àÿâπ‡æ‘Ë¡∑ÿπ

1.8 °√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π (Operating cash flow) ·μà≈–°‘®°“√

®–°”Àπ¥ —¥ à«π√–À«à“ß·À≈à߇ߑπ∑ÿπ·≈–°√–· ‡ß‘π ¥·μà≈–ª√–‡¿∑·μ°μà“ß°—π´÷Ëߢ÷ÈπÕ¬Ÿà

°—∫ ¿“æ·«¥≈âÕ¡¢Õß°‘®°“√ (√«ßΩπ „® ¡ÿ∑√, 2558) √–¥—∫°“√∂◊Õ§√Õ߇ߑπ ¥∑’ˇÀ¡“– ¡

°—∫°‘®°“√ ‚¥¬°√–· ‡ß‘π ¥¡’§«“¡ ”§—≠μàÕ°“√μ—¥ ‘π„®°“√≈ß∑ÿπ¢Õß°‘®°“√‡æ◊ËÕ„À⇰‘¥º≈

μÕ∫·∑π∑’Ë¥’„πÕπ“§μ °‘®°“√∑’Ë¡’‡ß‘π ¥ Ÿß°«à“¬àÕ¡¡’ ‚Õ°“ ≈ß∑ÿπ Ÿß°«à“°‘®°“√∑’Ë¡’‡ß‘π ¥ πâÕ¬°«à“ (Habib, 2011;  ÿ√°‘® §”«ß»åªïπ, 2559) °√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π

®– –∑âÕπ„Àâ‡ÀÁ𧫓¡ “¡“√∂„π°“√¥”‡π‘πß“π¢Õß°‘®°“√„π°“√°àÕ„À⇰‘¥°√–· ‡ß‘π ¥

∑’ˇ撬ßæÕ‡æ◊ËÕ®à“¬™”√–Àπ’È°Ÿâ¬◊¡

2. ∑∫«√√≥°√√¡Õ‘∑∏‘æ≈√–À«à“ßμ—«·ª√∑’ˇ°’ˬ«¢âÕß°—∫‚§√ß √â“߇ߑπ∑ÿπ

°“√∑∫∑«π«√√≥°√√¡∑’Ë»÷°…“Õ‘∑∏‘æ≈√–À«à“ßμ—«·ª√∑’ˇ°’ˬ«¢âÕß°—∫‚§√ß √â“߇ߑπ∑ÿπ æ∫«à“ Õ‘∑∏‘æ≈√–À«à“ßμ—«·ª√¡’∑—Èß„π∑‘»∑“ß∫«° ≈∫ ·≈–‰¡à¡’Õ‘∑∏‘æ≈ ¥—ßμ“√“ß∑’Ë 1 ∑—Èßπ’È  √ÿªº≈°“√∑∫∑«π«√√≥°√√¡ ¥—ßπ’È

μ“√“ß∑’Ë 1 ∑∫∑«π«√√≥°√√¡Õ‘∑∏‘æ≈√–À«à“ßμ—«·ª√∑’ˇ°’ˬ«¢âÕß°—∫‚§√ß √â“߇ߑπ∑ÿπ

μ—«·ª√ °“√§”π«≥ º≈ Õâ“ßÕ‘ß

¢π“¥∏ÿ√°‘® (Size) ≈Õ°“√‘∑÷¡∏√√¡™“μ‘ + Benkraiem and Gurau (2013);

¢Õß ‘π∑√—æ¬å∑—ÈßÀ¡¥ Chakrabarti and Chakrabarti (2019);

Khan, Bashir, and Islam (2020) - Kester (1986); Titman and Wessels

(1988)

 ‘π∑√—æ¬å∑’Ë¡’μ—«μπ  ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π + Aulov‡ and Hlavsa (2013); Ebrahim, (Tangibility) À“√¥â«¬ ‘π∑√—æ¬å√«¡ Girma, Shah, and Williams (2014);

Lemma and Negash (2014); Mateev, Poutziouris, and Ivanov (2013);

Ukaegbu and Oino (2014)

- Al-Hunnayan (2020); Khan et al. (2020)  ¿“æ§≈àÕß  ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π + Bradley, Jarrell, and Kim (1984); Kaur (Liquidity) μàÕÀπ’È ‘πÀ¡ÿπ‡«’¬π and Rao (2009)

- Ozkan (2001); Udomsirikul,

Jumreornvong, and Jiraporn (2011)

°“√‡μ‘∫‚μ √“§“ÀÿâπμàÕ¡Ÿ≈§à“Àÿâπ + Omran and Pointon (2009)

(Growth) ∑“ß∫—≠™’ (P/BV) - Kaur and Rao (2009); Nunkoo and Boateng (2010)

§«“¡ “¡“√∂ º≈μÕ∫·∑π ‘π∑√—æ¬å: - Baskin (1989); Griner and Gordon

„π°“√∑”°”‰√ ROA (1995); Shyam-Sunder and Myers

(Profitability) (1999)

+/- Dammon and Senbet (1988); Givoly, Hayn, Ofer, and Sarig (1992)

μ—«·ª√ °“√§”π«≥ º≈ Õâ“ßÕ‘ß

º≈°√–∑∫®“° Õ—μ√“ à«π¢Õß§à“‡ ◊ËÕ¡ + Bradley et al. (1984); Malenya, Olweny, ª√–‚¬™πå∑“ß¿“…’ √“§“μàÕ ‘π∑√—æ¬å√«¡ Mutua, and Mukanzi (2017);

(Tax shields Lei (2020)

effects) - Nasution, Siregar, and Panggabean

(2017)

 ¿“æ§≈àÕß ‡ß‘π ¥/Àπ’È ‘π + Bradley et al. (1984); Kaur and Rao

(Liquidity) À¡ÿπ‡«’¬π (2009)

- Mazur (2007); Pathak (2010);

Alom (2013)

°√–· ‡ß‘π ¥ °”‰√ ÿ∑∏‘®“°°“√ + Upneja and Dalbor (2001)

®“°°“√¥”‡π‘πß“π ¥”‡π‘πß“πÀ≈—ß - Mateeva et al. (2013) (Operating cash À—°¿“…’ + §à“‡ ◊ËÕ¡

flow)

°”‰√ (Earning) º≈μÕ∫·∑πμàÕ -,+/- Bistrova, Lace, and Peleckiene (2011);

ºŸâ∂◊ÕÀÿâπ: ROE Phillips and Sipahioglu (2004)

‚§√ß √â“ß ‘π∑√—æ¬å Õ—μ√“ à«π ‘π∑√—æ¬å + Chung (1993); Walsh and Ryan (1997) (Asset Structure) ∑’Ë®—∫μâÕ߉¥âμàÕ

 ‘π∑√—æ¬å√«¡

3. °√Õ∫·π«§‘¥«‘®—¬

®“°°“√∑∫∑«π«√√≥°√√¡ æ∫«à“ §ÿ≥≈—°…≥–‡©æ“–¢Õß°‘®°“√¡’Õ‘∑∏‘æ≈μàÕ°“√

°”À𥂧√ß √â“ß∑“ß°“√‡ß‘π¥—ßπ’È

¿“æ∑’Ë 1 · ¥ß°√Õ∫·π«§‘¥«‘®—¬

Capital Structure Size; Tangibility; Liquidity; Growth;

Profit Ability; Tax shields effects;

Liquidity; Cash Operating Cash Flow;

Earning; Asset Structure

➡

«‘∏’¥”‡π‘π°“√«‘®—¬

»÷°…“§ÿ≥≈—°…≥–¢Õߢπ“¥∏ÿ√°‘®  ‘π∑√—æ¬å¡’μ—«μπ  ¿“æ§≈àÕß( ‘π∑√—æ¬å) °“√‡μ‘∫‚μ

§«“¡ “¡“√∂„π°“√∑”°”‰√ º≈°√–∑∫®“°ª√–‚¬™πå∑“ß¿“…’  ¿“æ§≈àÕß(‡ß‘π ¥) °√–· 

‡ß‘π ¥®“°°“√¥”‡π‘πß“π √“¬‰¥â ·≈–‚§√ß √â“ß ‘π∑√—æ¬å∑’Ë àߺ≈μàÕ‚§√ß √â“߇ߑπ∑ÿπ

‚¥¬∑”°“√»÷°…“¢âÕ¡Ÿ≈®“°°‘®°“√®¥∑–‡∫’¬π„πμ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ ¥—™π’

SET100 ∑’ˉ¡àÕ¬Ÿà„π°≈ÿà¡Õÿμ “À°√√¡∏ÿ√°‘®°“√‡ß‘π ´÷Ëß°‘®°“√¥—ß°≈à“«Õ¬Ÿà¿“¬„μâ°“√°”°—∫¥Ÿ·≈

‚¥¬°Æ√–‡∫’¬∫¢Õß¿“§√—∞Õ¬à“߇¢â¡ß«¥ ·≈–‡ªìπ°‘®°“√∑’Ë¡’¢âÕ¡Ÿ≈º≈°“√¥”‡π‘πß“π„πªï æ.».

2560 - æ.». 2562 ∑—Èßπ’È ¢âÕ¡Ÿ≈μ—«·ª√Õ‘ √– ‰¥â·°à ¢π“¥∏ÿ√°‘®  ‘π∑√—æ¬å¡’μ—«μπ  ¿“æ§≈àÕß

°“√‡μ‘∫‚μ §«“¡ “¡“√∂„π°“√∑”°”‰√ º≈°√–∑∫®“°ª√–‚¬™πå∑“ß¿“…’  ¿“æ§≈àÕß(‡ß‘π ¥)

°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π °”‰√ ‚§√ß √â“ß ‘π∑√—æ¬å „πªï æ.». 2560 - æ.». 2562

·≈–‚§√ß √â“߇ߑπ∑ÿπ‡ªìπμ—«·ª√μ“¡ °“√»÷°…“π’È√«∫√«¡¢âÕ¡Ÿ≈∑ÿ쑬¿Ÿ¡‘ (secondary data)

®“°∫√‘°“√√–∫∫¢âÕ¡Ÿ≈μ≈“¥À≈—°∑√—æ¬åÕÕπ‰≈πå ¢Õßμ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬

(SET Market Analysis and Reporting Tool) ´÷Ëß¡’°‘®°“√®¥∑–‡∫’¬π„π°“√»÷°…“∑—Èß ‘Èπ

®”π«π 100 ·Ààßμ“¡¥—™π’ ¥—™π’ SET100 (¢âÕ¡Ÿ≈√“¬°‘®°“√/À≈—°∑√—æ¬å, 2563) ‚¥¬¡’

°“√μ√«® Õ∫À“§à“º‘¥ª°μ‘·≈–μ—¥¢âÕ¡Ÿ≈‰¡à§√∫∂â«πÕÕ° °“√«‘‡§√“–Àå¢âÕ¡Ÿ≈¥â«¬«‘∏’°“√

∑“ß ∂‘쑪√–°Õ∫¥â«¬ (1) °“√«‘‡§√“–Àå¢âÕ¡Ÿ≈‡∫◊ÈÕßμâπ¢Õßμ—«·ª√¥â«¬ ∂‘쑇™‘ßæ√√≥π“

(2) °“√«‘‡§√“–Àå À —¡æ—π∏å (Pearson Correlations) „™â„π°“√«‘‡§√“–À姫“¡ —¡æ—π∏å

√–À«à“ßªí®®—¬∑’Ë¡’§«“¡ —¡æ—π∏å°—∫‚§√ß √â“߇ߑπ∑ÿπ ·≈– (3) °“√«‘‡§√“–Àå°“√∂¥∂Õ¬æÀÿ§Ÿ≥

(Multiple Regressions) ‚¥¬«‘∏’°“√§—¥‡≈◊Õ°μ—«·ª√·∫∫ Enter Selection ‡æ◊ËÕæ‘®“√≥“

μ—«·ª√∑’Ë¡’º≈‚§√ß √â“߇ߑπ∑ÿπ (æ«ß√—μπå ∑«’√—μπå, 2543) º≈°“√«‘®—¬·≈–Õ¿‘ª√“¬º≈

1 ¢âÕ¡Ÿ≈∑—Ë«‰ª‡°’ˬ«°—∫μ—«Õ¬à“ß·≈– ∂‘μ‘æ◊Èπ∞“π¢Õßμ—«·ª√

°‘®°“√®¥∑–‡∫’¬π„πμ≈“¥À≈—°∑√—æ¬å∑’ˇªìπμ—«Õ¬à“ß 100 °‘®°“√ ®”π«π¢âÕ¡Ÿ≈

∑’˧√∫∂â«π 216 ¢âÕ¡Ÿ≈ ‚¥¬¡“®“°°≈ÿà¡Õÿμ “À°√√¡Õ —ßÀ“√‘¡∑√—æ¬å·≈–°àÕ √â“ß (18.5%)

∫√‘°“√ (24.5%)  ‘π§â“Õÿμ “À°√√¡ (2.8%) ‡°…μ√·≈–Õÿμ “À°√√¡Õ“À“√ (13.0%) ·≈–

‡∑§‚π‚≈¬’ (8.3%) ∑√—欓°√ (32.9%) ¡’§à“‡©≈’ˬ ¢π“¥∏ÿ√°‘® (Size) ‡∑à“°—∫ 10.986 Õ—μ√“ à«π ‘π∑√—æ¬å∑’Ë¡’μ—«μπ (Tangibility) ‡∑à“°—∫ 0.650  ¿“æ§≈àÕß (Liquidity CA/CL)

‡∑à“°—∫ 1.627 °“√‡μ‘∫‚μ (Growth) ‡∑à“°—∫ 3.688 §«“¡ “¡“√∂„π°“√∑”°”‰√ (Profitability)

‡∑à“°—∫ 0.222 º≈ª√–‚¬™π宓°¿“…’ (Tax shields effects) ‡∑à“°—∫ 0.046  ¿“æ§≈àÕß‡ß‘π ¥ (Liquidity: Cash) ‡∑à“°—∫ 0.388 °√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π (Operating Cash Flows) ‡∑à“°—∫ 13924.503 °”‰√ (Earning: ROE) ‡∑à“°—∫ 0.426 ‚§√ß √â“ß ‘π∑√—æ¬å (Asset Structure) ‡∑à“°—∫ 0.521 ·≈–Õ—μ√“‚§√ß √â“߇ߑπ∑ÿπ (Capital Structure) ‡∑à“°—∫ 1.286

¥—ßμ“√“ß∑’Ë 2

μ“√“ß∑’Ë 2 §à“ ∂‘μ‘æ◊Èπ∞“π¢Õßμ—«·ª√„π°“√«‘®—¬

μ—«·ª√ §à“‡©≈’ˬ  à«π‡∫’ˬ߇∫π §à“μË” ÿ¥ §à“ Ÿß ÿ¥ ®”π«π

Size 10.986 1.330 8.108 14.726 216

Tangibility 0.650 0.224 0.064 0.970 216

Liquidity CA/CL 1.627 1.051 0.206 5.348 216

Growth 3.688 3.214 0.520 21.090 216

Profitability 0.222 0.393 -0.060 2.294 216

Tax shields effects 0.046 0.053 0.000 0.530 216

Liquidity: Cash 0.388 0.429 0.001 2.320 216

Operating Cash Flow 13924.503 36519.882 -15503.120 306100.340 216

Earning 0.426 0.682 -0.412 3.108 216

Asset Structure 0.521 0.235 0.031 0.947 216

º≈°“√∑¥ Õ∫§«“¡ —¡æ—π∏å¢Õßªí®®—¬∑’Ë¡’º≈μàÕ‚§√ß √â“߇ߑπ∑ÿπ º≈°“√∑¥ Õ∫

§«“¡ —¡æ—π∏å√–À«à“ßμ—«·ª√¥â«¬ Pearson Correlation æ∫«à“ μ—«·ª√¢π“¥∏ÿ√°‘®  ‘π∑√—æ¬å

∑’Ë¡’μ—«μπ °“√‡μ‘∫‚μ º≈ª√–‚¬™π宓°¿“…’ ¡’§«“¡ —¡æ—π∏凙‘ß∫«°°—∫‚§√ß √â“߇ߑπ∑ÿπ

„π¢≥–∑’Ëμ—«·ª√ ¿“æ§≈àÕß §«“¡ “¡“√∂„π°“√∑”°”‰√  ¿“æ§≈àÕß‡ß‘π ¥ ¡’§«“¡ —¡æ—π∏å

‡™‘ß≈∫°—∫‚§√ß √â“߇ߑπ∑ÿπ · ¥ß¥—ßμ“√“ß∑’Ë 3

μ“√“ß∑’Ë 3 μ“√“ß· ¥ßº≈°“√«‘‡§√“–À姫“¡ —¡æ—π∏å√–À«à“ßμ—«·ª√°—∫‚§√ß √â“߇ߑπ∑ÿπ

¥â«¬ Pearson Correlation

Size Tang. Liq. Growth Profit. Tax y: Cash O. C.F. E. Ass.St.

Capital Pearson

Struc. Correlation .289 .149 -.484 .160 -.228 .160 -.169 0.031 -0.089 -0.115 Sig. 0.000* 0.028* 0.000* 0.019* 0.001* 0.018* 0.013* 0.656 0.191 0.093 (2-tailed)

*∑’Ë√–¥—∫π—¬ ”§—≠∑“ß ∂‘쑇∑à“°—∫ 0.05

º≈°“√∑¥ Õ∫ ¥—ßμ“√“ß∑’Ë 4 ∑¥ Õ∫μ—«·ª√„π¥â“πμà“ß Ê ¡’º≈μàÕ‚§√ß √â“߇ߑπ∑ÿπ

¥â«¬«‘∏’°“√«‘‡§√“–Àå°“√∂¥∂Õ¬·∫∫ Enter æ∫«à“ μ—«·ª√∑’Ë¡’§«“¡ —¡æ—π∏åμàÕ‚§√ß √â“߇ߑπ

∑ÿπ∑“ß∫«° §◊Õ μ—«·ª√¢π“¥∏ÿ√°‘® °“√‡μ‘∫‚μ º≈ª√–‚¬™π宓°¿“…’  à«πμ—«·ª√∑’Ë¡’§«“¡

 —¡æ—π∏åμàÕ‚§√ß √â“߇ߑπ∑ÿπ∑“ß≈∫ §◊Õ §«“¡ “¡“√∂„π°“√∑”°”‰√  ¿“æ§≈àÕß  ‘π∑√—æ¬å∑’Ë

¡’μ—«μπ ·≈–°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π

μ“√“ß∑’Ë 4 · ¥ßº≈°“√∑¥ Õ∫μ—«·ª√„π¥â“πμà“ß Ê ¡’º≈μàÕ‚§√ß √â“߇ߑπ∑ÿπ¥â«¬°“√

«‘‡§√“–Àå°“√∂¥∂Õ¬æÀÿ§Ÿ≥ (Multiple Regressions) ·∫∫ Enter

Model Unstandardized Standardized

Coefficients Coefficients t Sig.

B Std. Error Beta

(Constant) -1.235 0.641 - -1.927 0.055

Size 0.362 0.053 0.530 6.788 0.000*

Tangibility -1.454 0.294 -0.359 -4.947 0.000*

Liquidity CA/CL -0.477 0.075 -0.553 -6.386 0.000*

Growth 0.065 0.016 0.231 4.083 0.000*

Profitability -0.954 0.422 -0.413 -2.259 0.025*

Tax shields effects 3.652 0.918 0.215 3.978 0.000*

Liquidity: Cash 0.283 0.152 0.134 1.863 0.064

Operating Cash Flow -6.30E-06 0.000 -0.253 -3.819 0.000*

Earning 0.445 0.233 0.334 1.907 0.058

Asset Structure -0.272 0.212 -0.070 -1.284 0.201

*∑’Ë√–¥—∫π—¬ ”§—≠∑“ß ∂‘쑇∑à“°—∫ 0.05

3.1 ¢π“¥∏ÿ√°‘® (Size) ¡’§«“¡ —¡æ—π∏凙‘ß∫«°μàÕ‚§√ß √â“߇ߑπ∑ÿπ Õ∏‘∫“¬

‰¥â«à“ °‘®°“√∑’Ë¡’¢π“¥„À≠à¡—°¡’§«“¡‰¥â‡ª√’¬∫„π°“√·¢àߢ—π∑—Èß„π·ßà¢Õß à«π·∫àßμ≈“¥ §«“¡

πà“‡™◊ËÕ∂◊Õ¢Õß°‘®°“√ ¡’º≈∑”„Àâ°‘®°“√ “¡“√∂°”À𥂧√ß √â“߇ߑπ∑ÿπ∑’Ë¡’Àπ’È ‘π‰¥â Ÿß°«à“

°‘®°“√¢π“¥‡≈Á°  Õ¥§≈âÕß°—∫º≈°“√«‘®—¬¢Õß Khan et al. (2020) ∑’Ë»÷°…“ªí®®—¬

∑’Ë¡’º≈°√–∑∫μàÕ‚§√ß √â“߇ߑπ∑ÿπ¢Õß∏𓧓√æ“≥‘™¬å„π√“™Õ“≥“®—°√´“Õÿ¥’Õ“√–‡∫’¬ æ∫«à“

¢π“¥¢Õß∏𓧓√¡’º≈‡™‘ß∫«°μàÕ‚§√ß √â“߇ߑπ∑ÿπ

3.2  ‘π∑√—æ¬å∑’Ë¡’μ—«μπ (Tangibility) ¡’§«“¡ —¡æ—π∏凙‘ß≈∫μàÕ‚§√ß √â“ß

‡ß‘π∑ÿπ Õ∏‘∫“¬‰¥â«à“ °“√¡’ ‘π∑√—æ¬å¡“°°«à“§«“¡μâÕß°“√¢Õß°‘®°“√°àÕ„À⇰‘¥‡ªìπ‡ß‘π∑ÿπ®¡

‚¥¬‰¡à°àÕ„À⇰‘¥ª√–‚¬™πå √«¡∂÷ß àߺ≈„Àâ°‘®°“√¡’ —¥ à«πμâπ∑ÿπ§ß∑’Ë Ÿß°«à“μâπ∑ÿπº—π·ª√

(operating leverage) ∑Ì“„Àâ°‘®°“√¡’§«“¡‡ ’ˬ߄π°“√¥Ì“‡π‘πß“π Ÿß¢÷Èπ·≈–§«“¡πà“‡™◊ËÕ∂◊Õ

¢Õß°‘®°“√∑’Ë≈¥≈ß ´÷Ëß Õ¥§≈âÕß°—∫ß“π«‘®—¬À≈“¬Ê ß“π«‘®—¬∑’Ë √ÿª«à“ ‘π∑√—æ¬å¡’μ—«μπ¡’

º≈≈∫μàÕ¡Ÿ≈§à“∫√‘…—∑ (Basu, Paeglis, & Rahnamaei, 2016; O’Brien, David, Yoshikawa,

& Delios, 2014)  Õ¥§≈âÕß°—∫°“√»÷°…“∏ÿ√°‘®¢π“¥°≈“ß·≈–¢π“¥¬àÕ¡„π 7 ª√–‡∑»¢Õß

∑«’ª¬ÿ‚√ª æ∫«à“  ‘π∑√—æ¬å¡’μ—«μπ¡’º≈≈∫μàÕÀπ’È ‘π√–¬– —Èπ (Mateeva et al., 2013) ·≈–

°“√»÷°…“°‘®°“√®¥∑–‡∫’¬π„πμ≈“¥À≈—°∑√—æ¬å¢Õß À√—∞Õ‡¡√‘°“ æ∫«à“  ‘π∑√—æ¬å¡’μ—«μπ

¡’º≈≈∫°—∫Àπ’È ‘π√«¡ (Dang, Kim, & Shin, 2014)

3.3  ¿“æ§≈àÕß (Liquidity CA/CL) ¡’§«“¡ —¡æ—π∏凙‘ß≈∫μàÕ‚§√ß √â“߇ߑπ∑ÿπ Õ∏‘∫“¬‰¥â«à“ ‡¡◊ËÕ°‘®°“√¡’ ¿“æ§≈àÕß Ÿß®–¡’Àπ’È ‘ππâÕ¬ ‡π◊ËÕß®“°¡’‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π‡æ’¬ßæÕ μàÕ§«“¡μâÕß°“√„™âß“π ¥—ßπ—Èπ ‡¡◊ËÕ°‘®°“√¡’ ¿“æ§≈àÕ߇撬ßæÕ °‘®°“√®÷߉¡à®”‡ªìπμâÕß

°àÕÀπ’È ‘π√–¬– —Èπ‡æ‘Ë¡¢÷Èπ º≈°“√«‘®—¬π’È Õ¥§≈âÕß°—∫º≈°“√«‘®—¬¢Õß Arosa, Richie and Schuhmann (2014); Aulov‡ and Hlavsa (2013); Fauver and McDonald (2015); Gottardo and Maria Moisello (2014) °‘®°“√∑’Ë¡’ ¿“æ§≈àÕß Ÿß§«√®–¡’Àπ’È ‘ππâÕ¬ ·μà°‘®°“√¡’∑’Ë  ¿“æ§≈àÕߧàÕπ¢â“ß Ÿß°Á§«√‡≈◊Õ°√–¥¡∑ÿπ¥â«¬°“√°àÕÀπ’È ‚¥¬‡©æ“–Àπ’È ‘π√–¬– —Èπ ‡π◊ËÕß®“°

°‘®°“√ “¡“√∂™”√–§◊π‡ß‘π°Ÿâ ‰¥â‡¡◊ËÕ°‘®°“√¡’°√–· ‡ß‘π ¥Õ‘ √–‡æ’¬ßæÕ

3.4 °“√‡μ‘∫‚μ (Growth) ¡’§«“¡ —¡æ—π∏凙‘ß∫«°μàÕ‚§√ß √â“߇ߑπ∑ÿπ Õ∏‘∫“¬

‰¥â«à“°‘®°“√∑’Ë¡’°“√‡μ‘∫‚μ Ÿß®–¡’¡Ÿ≈§à“¢Õß°‘®°“√ Ÿß¢÷Èπ  àߺ≈∑’Ë¥’μàÕ‚§√ß √â“߇ߑπ∑ÿπ¢

Õß°‘®°“√„π°“√π”‡ß‘π‰ª≈ß∑ÿπ·≈–¢¬“¬°‘®°“√ ´÷Ëߢ—¥·¬âß°—∫ß“π«‘®—¬¢Õß Alipour, Mohammadi, and Derakhshan (2015) ∑’Ëæ∫«à“°“√‡μ‘∫‚μ¡’§«“¡ —¡æ—π∏凙‘ß≈∫μàÕ°“√

°àÕÀπ’ȇπ◊ËÕß®“°°‘®°“√∑’Ë¡’§«“¡‡μ‘∫‚μ¡—°®–„™â·À≈à߇ߑπ∑ÿπ®“°¿“¬„π¡“°°«à“¿“¬πÕ°

3.5 §«“¡ “¡“√∂„π°“√∑”°”‰√ (Profitability) ¡’§«“¡ —¡æ—π∏凙‘ß≈∫μàÕ

‚§√ß √â“߇ߑπ∑ÿπ Õ∏‘∫“¬‰¥â«à“ ∂â“°‘®°“√¡’°“√∑”°”‰√‰¥â¡“°®–¡’·π«‚πâ¡∑’Ë®–„™â‡ß‘π∑ÿπ®“°

·À≈àßÀπ’È ‘ππâÕ¬≈ß ·À≈à߇ߑπ∑ÿπ¿“¬„π (°”‰√ – ¡) ¡’¡“°æÕ∑’Ë„™â≈ß∑ÿπ„π°‘®°“√·≈–

 Õ¥§≈âÕß°—∫º≈ß“π¢Õß Myers and Majluf (1984) ∑’ËÕâ“ß∂÷ߧ«“¡ —¡æ—π∏凙‘ß≈∫√–À«à“ß

§«“¡ “¡“√∂„π°“√∑”°”‰√·≈–√–¥—∫Àπ’È ‘π

3.6 º≈ª√–‚¬™πå∑“ß¿“…’ (Tax shield effect) ¡’§«“¡ —¡æ—π∏凙‘ß∫«°

μàÕ‚§√ß √â“߇ߑπ∑ÿπ Õ∏‘∫“¬‰¥â«à“°“√«“ß·ºπ°“√„™âº≈ª√–‚¬™π宓°¿“…’¡’μàÕ°”‰√ ÿ∑∏‘∑’ˇæ‘Ë¡

¢÷Èπ àߺ≈„Àâπ—°≈ß∑ÿπ¿“¬πÕ°‡ÀÁπ‡ªìππ—¬ ”§—≠„π°“√„Àâ‡ß‘π≈ß∑ÿπ √«¡∂÷ßÀ“° “¡“√∂

ª√–À¬—¥¿“…’‰¥â®“°°“√°àÕÀπ’È ‘π °‘®°“√°Á®–‡≈◊Õ°®—¥À“·À≈à߇ߑπ∑ÿπ®“°°“√°àÕÀπ’È¡“°°«à“

°“√ÕÕ°Àÿâπ´÷Ëß Õ¥§≈âÕß°—∫ (Michaelas et al., 1999) μâπ∑ÿπ∑“ß°“√‡ß‘π∑’ˇ°‘¥®“°°“√°àÕÀπ’È

 “¡“√∂𔉪‡ªìπ§à“„™â®à“¬‡æ◊ËÕ≈¥À¬àÕπ¿“…’‰¥â ·≈– Ali Ahmed and Hisham (2009) À“°°‘®°“√ “¡“√∂∫√‘À“√‡ß‘π∑ÿπÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ°Á®–‡ªìπ°“√μàÕ¬Õ¥∏ÿ√°‘®∑”„Àâ —¥ à«π

¢Õß°“√°àÕÀπ’È¡’§«“¡§«“¡ —¡æ—π∏å°—∫ª√–‚¬™πå∑“ß¿“…’

3.7 °√–· ‡ß‘π ¥°“√¥”‡π‘πß“π (Operating Cash Flows) ¡’§«“¡ —¡æ—π∏å

‡™‘ß≈∫μàÕ‚§√ß √â“߇ߑπ∑ÿπ Õ∏‘∫“¬‰¥â«à“‡π◊ËÕß®“°ß∫°√–· ‡ß‘𠥧◊Õ¢âÕ¡Ÿ≈∑’Ë –∑âÕπº≈°“√

¥”‡π‘πß“π·≈– ¿“æ§≈àÕߢÕß°‘®°“√ √«¡∂÷ߧ«“¡ “¡“√∂„π°“√™”√–Àπ’È¡“°°«à“°“√· ¥ß

¢âÕ¡Ÿ≈°“√ √â“ߺ≈°”‰√À√◊Õ¡Ÿ≈§à“°‘®°“√ ¢≥–∑’Ë°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π “¡“√∂

Õ∏‘∫“¬°√–· ‡ß‘𠥄πÕπ“§μ‰¥â¥’°«à“¥â“πÕ◊Ëπ Ê  Õ¥§≈âÕß°—∫ Livnat and Zerowin (1990) æ∫«à“ °√–· ‡ß‘π ¥®“°°“√≈ß∑ÿπ‰¡à¡’§«“¡ —¡æ—π∏å·≈–‰¡à “¡“√∂Õ∏‘∫“¬º≈

μÕ∫·∑πμà“ß Ê ¢Õß°‘®°“√‰¥â àߺ≈„Àâπ—°≈ß∑ÿπ¿“¬πÕ°‡ÀÁπ‡ªìππ—¬ ”§—≠„π°“√„Àâ‡ß‘π≈ß∑ÿπ  √ÿªº≈°“√»÷°…“

® “ ° ° “ √ »÷ ° … “ ªí ® ®— ¬ ∑’Ë ¡’ § « “ ¡  — ¡ æ— π ∏å °— ∫ ‚ § √ ß   √â “ ß ‡ ß‘ π ∑ÿ π ¢ Õ ß ∫ √‘ …— ∑ „ π μ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ ·μà‰¡à√«¡∫√‘…—∑∑’ˇªìπ ∂“∫—π∑“ß°“√‡ß‘π ∑’ËÕ¬Ÿà„π SET 100

´÷Ë߇ªìπÀÿâπ∑’Ëπà“≈ß∑ÿπ Ÿß ÿ¥ 100 Õ—π¥—∫·√° ‚¥¬‡°Á∫¢âÕ¡Ÿ≈∑ÿ쑬¿Ÿ¡‘®“°∫√‘°“√√–∫∫¢âÕ¡Ÿ≈μ≈“¥

À≈—°∑√—æ¬åÕÕπ‰≈πå ¢Õßμ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ (SET Market Analysis and Reporting Tool) „π™à«ß√–À«à“ߪï æ.». 2560 - 2562 ®“°°“√«‘‡§√“–Àå À —¡æ—π∏å (Pearson Correlations) ·≈–°“√«‘‡§√“–Àå°“√∂¥∂Õ¬æÀÿ§Ÿ≥ (Multiple Regressions) æ∫«à“ ¢π“¥

°“√‡μ‘∫‚μ ·≈–º≈ª√–‚¬™πå∑“ß¿“…’ ¡’§«“¡ —¡æ—π∏凙‘ß∫«°°—∫‚§√ß √â“߇ߑπ∑ÿπ „π¢≥–∑’Ë  ‘π∑√—æ¬å∑’Ë¡’μ—«μπ  ¿“æ§≈àÕß §«“¡ “¡“√∂„π°“√∑”°”‰√ ·≈–°√–· ‡ß‘π ¥°“√¥”‡π‘πß“π

¡’§«“¡ —¡æ—π∏凙‘ß≈∫°—∫‚§√ß √â“߇ߑπ∑ÿπ

º≈≈—æ∏套߰≈à“« Õ¥§≈âÕßμ“¡∑ƒ…Æ’°“√®—¥À“μ“¡≈”¥—∫ °≈à“«§◊Õ ∫√‘…—∑∑’Ë¡’¢π“¥„À≠à

¡’°“√‡μ‘∫‚μ¡“°¢÷Èπ ·≈–‰¥â√—∫º≈ª√–‚¬™πå∑“ß¿“…’ ®– “¡“√∂„™â·À≈à߇ߑπ∑ÿπ¿“¬„𠇙àπ

‡ß‘π ¥ À√◊Շߑπ≈ß∑ÿπ√–¬– —Èπ ‡æ◊ËÕ∑”°“√≈ß∑ÿπμà“ß Ê ‰¥â „π∑“ßμ√ß°—π¢â“¡ ∫√‘…—∑∑’Ë¡’

 ¿“æ§≈àÕß §«“¡ “¡“√∂„π°“√∑”°”‰√ Ÿß ¡’·π«‚πâ¡∑’Ë®–°àÕÀπ’ÈπâÕ¬‡π◊ËÕß®“°¡’·À≈àß∑ÿπ

®“°¿“¬„π„Àâ „™â  à«π°√–· ‡ß‘π ¥°“√¥”‡π‘πß“πÕ“®‰¡à “¡“√∂‚πâ¡πâ“«π—°≈ß∑ÿπ

®“°¿“¬πÕ°„Àâ‡ÀÁπ¡Ÿ≈§à“‰¥â ·≈–°“√∑’Ë∫√‘…—∑¡’ ‘π∑√—æ¬å∑’Ë¡’μ—«μπ¡“°‡°‘π‰ªÕ“® àߺ≈„Àâ μâπ∑ÿπ§ß∑’Ë Ÿß¢÷Èπ¥â«¬

∑—Èßπ’È º≈≈—æ∏宓°°“√«‘‡§√“–Àå æ∫«à“ °”‰√·≈–‚§√ß √â“ß ‘π∑√—æ¬å ‰¡à¡’§«“¡

 —¡æ—π∏å°—∫‚§√ß √â“߇ߑπ∑ÿπ¢Õß∫√‘…—∑∑’ËÕ¬Ÿà„π¥—™π’ SET 100 ¢Õßμ≈“¥À≈—°∑√—æ¬å·Ààß ª√–‡∑»‰∑¬ Õ∏‘∫“¬‰¥â«à“ ∫√‘…—∑Õ“®„™â‡ß‘π∑ÿπ®“° à«π¢ÕߺŸâ∂◊ÕÀÿâπÕ¬Ÿà·≈â« (∑»æ√ ¥“√“‚æ∏‘Ï

·≈– ÿ¿“ ∑Õߧß, 2563) ‚¥¬‰¡àæ‘®“√≥“°”‰√À√◊Õ‚§√ß √â“ß ‘π∑√—æ¬å„π°“√°àÕÀπ’ȇæ‘Ë¡

´÷Ëß Õ¥§≈âÕßμ“¡∑ƒ…Æ’°“√®—¥À“μ“¡≈”¥—∫∑’Ë∫√‘…—∑®–‡≈◊Õ°„™â·À≈à߇ߑπ∑ÿπ®“°¿“¬„π°àÕπ

¿“¬πÕ°

¢âÕ‡ πÕ·π–„π°“√«‘®—¬§√—Èßπ’È

ß“π«‘®—¬„π§√—Èßπ’È ¡’¢âÕ®”°—¥¢ÕߢâÕ¡Ÿ≈®“°°‘®°“√®¥∑–‡∫’¬π„πμ≈“¥À≈—°∑√—æ¬å

·Ààߪ√–‡∑»‰∑¬ ¥—™π’ SET100 ∑’ˉ¡àÕ¬Ÿà„π°≈ÿà¡Õÿμ “À°√√¡∏ÿ√°‘®°“√‡ß‘π ¥—ßπ—Èπ º≈ß“π«‘®—¬

∑’ˉ¥âºŸâ∑’Ë®–π”º≈ß“π«‘®—¬„π§√—Èßπ’È ‰ª„™â ®÷ߧ«√æ‘®“√≥“§«“¡‡À¡“– ¡°—∫ª√–‡¿∑∏ÿ√°‘®

¢âÕ‡ πÕ·π–„π°“√«‘®—¬§√—ÈßμàÕ‰ª

°“√»÷°…“§√—ÈßμàÕ‰ª§«√¥”‡π‘π°“√»÷°…“‡™‘ߧÿ≥¿“æ ‚¥¬»÷°…“‡®“–≈÷°‡æ◊ËÕ„Àâ

§âπ§«â“·≈–§âπæ∫μ—«·ª√„À¡à Ê ∑’Ë®– “¡“√∂Õ∏‘∫“¬°“√‡ª≈’ˬπ·ª≈ߢÕß‚§√ß √â“ß°“√‡ß‘π

¢Õß°‘®°“√∑’Ë®¥∑–‡∫’¬π„πμ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ ‚¥¬°“√ —¡¿“…≥凙‘ß≈÷°

ºŸâ¡’ª√– ∫°“√≥å¥â“π°“√‡ß‘π°—∫°‘®°“√„πμ≈“¥À≈—°∑√—æ¬å°àÕπ∑’Ë®–∑”°“√ √ÿªμ—«·ª√„À¡à Ê

·≈–∑”°“√‡°Á∫¢âÕ¡Ÿ≈‡æ◊ËÕ∑¥ Õ∫Õ’°§√—Èß ·≈–§«√√«∫√«¡¢âÕ¡Ÿ≈μ—«·ª√ª√–‡¿∑Õ—μ√“ à«π

∑“ß°“√‡ß‘π·≈–∑”°“√∑¥ Õ∫∑“ß ∂‘μ‘Õ¬à“ßÕ◊Ëπ‡æ‘Ë¡

∫√√≥“πÿ°√¡

∑»æ√ ¥“√“‚æ∏‘Ï, ·≈– ÿ¿“ ∑Õߧß. (2563). º≈°√–∑∫‚§√ß √â“߇ߑπ∑ÿπ∑’Ë¡’º≈μàÕ§«“¡

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