magistrsko delo
Bojana Vinkovič (Author), Žan Oplotnik (Mentor)

Abstract

Optimalna struktura kapitala je dejavnik poslovanja podjetja, ki ga različni ekonomisti preučujejo že več kot 50 let. V tem času so prispevali veliko različnih pogledov na tematiko strukture kapitala in preučili vrsto dejavnikov ki vplivajo na strukturo kapitala in na katere struktura kapitala vpliva. V nalogi sem predstavila vse pomembnejše teoretične pristope in opravila raziskavo povezanosti strukture kapitala z uspešnostjo poslovanja podjetij, vpliva na njihovo vrednost, lastniško strukturo ter vpliva spremembe prihodkov na spremembo zadolženosti podjetij. Raziskavo sem opravila na vzorcu podjetij v Sloveniji, ki so v obdobju 2004 – 2014 svoje delnice kotirala na Ljubljanski borzi vrednostnih papirjev. Rezultat raziskave je pokazal na močan negativen vpliv zadolženosti podjetij ter šibak pozitiven vpliv razpršene lastniške strukture na uspešnost njihovega poslovanja. Medtem ko je negativen vpliv zadolženosti podjetij na uspešnost njihovega poslovanja pričakovan in se podobni rezultati pojavljajo tudi pri raziskavah tujih ekonomistov na evropskih trgih, pri vplivu lastniške strukture na uspešnost poslovanja podjetij v tujini rezultati niso tako podobni, prav tako pa so tudi med seboj različni od države do države. Eden izmed ciljev naloge je bil tudi ugotoviti ali podjetja v Sloveniji razmišljajo o optimalni strukturi kapitala ter kakšni motivi jih pri tem vodijo. Ugotovila sem, da podjetja pri najemanju finančnih virov delujejo skladno z ugotovitvami teorije vrstnega reda, vire pa iščejo zgolj takrat, ko jih potrebujejo za svoje poslovanje ali investicije in ne zato, da bi uravnavala strukturo kapitala s ciljem doseči optimalno strukturo, ki bo povečala vrednost podjetja in minimizirala stroške kapitala.

Keywords

kapital;struktura kapitala;stroški kapitala;empirične raziskave;

Data

Language: Slovenian
Year of publishing:
Typology: 2.09 - Master's Thesis
Organization: UM EPF - Faculty of Economics and Business
Publisher: B. Vinkovič
UDC: 658.14(043.2)
COBISS: 12498716 Link will open in a new window
Views: 1147
Downloads: 180
Average score: 0 (0 votes)
Metadata: JSON JSON-RDF JSON-LD TURTLE N-TRIPLES XML RDFA MICRODATA DC-XML DC-RDF RDF

Other data

Secondary language: English
Secondary title: Capital structure and level of corporate debt as a factor of companies' value and performance with the case in selected companies in Slovenia
Secondary abstract: Optimal capital structure is a factor of the company’s operations and has been studied by various economists for more than 50 years. In this time, they have contributed a lot of different views on the topic of capital structure and examined a range of factors that have influence on capital structure and that are affected by it. In the thesis I presented all the major theoretical approaches and carried out a research about the relationship between companies’ capital structure and their performance, value, ownership structure and the impact of income changes on corporate debt changes. The research included companies in Slovenia during the period 2004 – 2014 that were listed on the Ljubljana Stock Exchange. The result of the research discovered a strong negative impact of corporate debt, and weak positive impact of dispersed ownership structure of companies on their performance. While the negative impact of companies’ corporate debt on their performance was expected and similar results appear also in the researches of foreign economists on the European markets, the impact of ownership structure on the performance of companies abroad does not show such similarity, as they are also different from one another from country to country. One of the objectives of this thesis was also to determine whether companies in Slovenia think about optimal capital structure and what their motives are in this aspect. I discovered that when searching for financial resources, companies in Slovenia act in accordance with the pecking order theory, the financial resources are engaged only in case companies need them for their business or investments, and not for adjusting the company's capital structure to the optimal which would maximize the value of the company and minimize its costs of capital.
Secondary keywords: Capital structure;optimal capital structure;trade – off theory;pecking order theory;market timing theory;costs of capital;weighted average cost of capital (WACC);costs of financial distress;agency costs;asymmetric information;transactional costs;
URN: URN:SI:UM:
Type (COBISS): Master's thesis
Thesis comment: Univ. v Mariboru, Ekonomsko-poslovna fak.
Pages: 81 str.
ID: 9136519