The relationship between asset management efficiency and debt management efficiency with stock valuation assessment in the stock exchange of Thailand SET100 index

Abstract

This aim of this research was to study the relationship between asset management efficiency and debt management efficiency and the valuation of stocks of 100 companies listed on the Stock Exchange of Thailand SET100 during 2020 - 2022. The independent variables included debtor turnover ratio, inventory turnover ratio, fixed asset turnover ratio, Total asset turnover ratio, debt-to-total asset ratio and debt-to-equity ratio. The research reconducted a study on stock valuation by measuring the value based on the dividend yield ratio. The study also examined the market price to net profit ratio and the market price to book value ratio. The data were analyzed by using statistical tests such as descriptive statistics analysis, correlation coefficient analysis, and multiple regression equation analysis. The results of the study found that the total assets turnover ratio and the debt-to-equity ratio were significantly related to the dividend yield ratio, statistical significant at the .01 level. There was a significant relationship between the debt-to-total-assets ratio and the dividend yield ratio, statistically significant at the .05 level. The market price to net profit ratio significantly influenced the inventory ratio at the .01 level. The inventory ratio and total asset turnover ratio were significantly related to the market price to book value ratio, statistically significant at the .01 level. The debt-to-equity ratio was significantly related to the market price-to-book value ratio at the level of .05.