The Effect of the Financial Instruments and Cash Flow Onthe Return on Securities of the Listed Companies in Stock Exchange of Thailand

Abstract

          The objective of this research was to study the effect of the financial instruments and cash flow on the return on securities of the listed companies in stock exchange of Thailand. The total number of 393 pieces of data has been gathered from the database of 131 listed companies in the Stock Exchange of Thailand since 2018 through 2020. Independent variables were financial instruments consisted of financial assets and financial liabilities. Cash flow is consisted of the cash flows from operating activities, investing activities and from financing activities. The dependent variable is the return on securities stocks, consisting of market price per value ratio of high-dividend yielding stocks and the ratio of a share price to earnings per share used for statistical analysis, preliminary data analysis with descriptive statistics as well as hypothesis testing with multiple regression analysis.
          According to the research, it reveals that the financial liabilities have a positive effect on the share price-earnings ratio and the cash flow from operating activities. Additionally, it has a positive effect on the market price per value ratio while having negative effect on the dividend yield. As the result, the cash flow from investing activities affects the market rate on the account value and that the cash flow from procurement activities also negatively affects the share price-earnings ratio.