Determinanty kapitálové struktury českých podniků


Ekonomika a management

Determinanty kapitálové struktury českých podniků

V roce 1958 publikovali Miller a Modigliani zcela zásadní práci pro vývoj teorie kapitálové struktury. Za určitých předpokladů, mimo jiné neexistence daní, nákladů úpadku a asymetrických informací, argumentovali nezávislost hodnoty podniku na kapitálové struktuře. Toto tvrzení v roce 1963 rozšířili o existenci daní, což následně zdůvodnilo preferenci cizího kapitálu kvůli využití efektu daňového štítu.
Jméno a příjmení autora:

Pavlína Prášilová

Rok:
2012
Ročník:
15
Číslo:
1
Strany:
89 - 104
Klíčová slova:
capital structure, financial decisions, trade-off theory, pecking order theory, regression analysis
DOI (& full text):
Anotace:
Determinants of capital structure of companies have been studied since Miller’s and Modigliani’s work was published in 1958. There was researched impact of various determinants as taxes, asymmetric…více
Determinants of capital structure of companies have been studied since Miller’s and Modigliani’s work was published in 1958. There was researched impact of various determinants as taxes, asymmetric information, return on assets and others on capital structure. With this issue are associated theories of capital structure which validity has been tested. There are two basictheories, the trade-off theory and the pecking order theory. Interesting is, that results often differ in various researches.This paper deals with determinants of capital structure within czech companies and also tries to verify the validity of capital structure theories. Specifity is, that this paper is also industryoriented, there were researched 299 companies from 6 industries. First, there was performed a background research among works of economists who are related with this topic. The research of czech companies was performed by means of multiple regression. There was surveyd impact of proportion of fixed assets, retained earnings, interest rate, return on assets, size of company, proportion of tangible assets and company age on capital structure or on long-term debt and ontotal debt of company, and level of cross-sectional impact of these determinants.Relevant results were found for one industry: the Information and communication activities. There was found a negative impact of company size and a positive impact of retained earnings on total debt. This acknowledges the trade-off theory, which was stressed by studying of standard deviations. But when is accepted a cross-sectional negative impact of return on assets on total debt, it highlights the validity of the pecking order theory. With consideration of all results and their relevance, there could be declared that both theories explain something of capital structure decisions. There could be stated the impossibility of searching any unified rule for financial decisions of companies
Sekce:
Ekonomika a management

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