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Finanszírozási szerkezet és tulajdonforma
[Financing structure and ownership form]

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Author Info

  • Ábel, István
  • Öcsi, Béla

Abstract

A vállalatok tulajdonosi szerkezetének megváltozása a piacgazdasági átmenet meghatározó folyamata. A sikeresség egyik mércéje lehet annak összehasonlítása, hogy jelenleg milyen különbségek tapasztalhatók a különféle tulajdonosi struktúrával működő vállalatok között. Tanulmányunk célja a forrásszerkezetben meglevő különbségek feltárása volt. Azt kerestük, hogy milyen faktorok magyarázzák a vállalatok tőkeáttételének, idegen forrásai összetételének, valamint hitelhez jutási lehetőségeinek eltéréseit; és ezen belül mennyire jelentős a tulajdoni szerkezet szerepe a magyarázó változók közt. Empirikus vizsgálatunk során arra a következtetésre jutottunk, hogy a piacgazdasági átmenet már 1995-ben jelentősen előrehaladt. Bár ekkor még elevenen hatottak az állami tulajdonnal kapcsolatos fenntartások, a gyakorlatban az állami és a magánvállalatok lényegében ugyanazon piac erőinek voltak alárendelve; viselkedési, valamint alkalmazkodási jellemzőik is hasonlóak voltak már. A különféle tulajdoni struktúrájú vállalatok közti, a tőkeszerkezetben meglévő különbségek jelen vannak ugyan, de egyre kevésbé meghatározók a finanszírozás terén. Az állami és a magáncégek forráshoz jutási lehetőségeiben és finanszírozási politikájában tapasztalható eltérések csökkentek.

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Bibliographic Info

Article provided by Közgazdasági Szemle Alapítvány (Economic Review Foundation) in its journal Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences).

Volume (Year): XLVI (1999)
Issue (Month): 10 ()
Pages: 888-904

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Handle: RePEc:ksa:szemle:276

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Web page: http://www.kszemle.hu

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Postal: Közgazdasági Szemle Alapítvány (Economic Review Foundation) Budapest, Budaörsi út 45., 1112, Hungary
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References

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  1. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
  2. Harris, Milton & Raviv, Artur, 1991. " The Theory of Capital Structure," Journal of Finance, American Finance Association, vol. 46(1), pages 297-355, March.
  3. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  4. Gale, Douglas & Hellwig, Martin, 1985. "Incentive-Compatible Debt Contracts: The One-Period Problem," Review of Economic Studies, Wiley Blackwell, vol. 52(4), pages 647-63, October.
  5. Begg, David & Portes, Richard, 1992. "Enterprise Debt and Economic Transformation: Financial Restructuring of the State Sector in Central and Eastern Europe," CEPR Discussion Papers 695, C.E.P.R. Discussion Papers.
  6. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  7. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  8. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-92, July.
  9. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
  10. Brito, Paulo & Mello, Antonio S., 1995. "Financial constraints and firm post-entry performance," International Journal of Industrial Organization, Elsevier, vol. 13(4), pages 543-565, December.
  11. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
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