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Tőkeszerkezeti döntések - empirikus elemzés a magyar feldolgozóipari vállalatokról 1992-2001 között
[Decisions affecting capital structure - an empirical analysis of Hungarian manufacturing firms in 1992-2001]

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  • Balla, Andrea

Abstract

A tanulmány a magyar feldolgozóipari vállalatok tőkeszerkezeti sajátosságaival foglalkozik az 1992-2001 közötti periódusban. A tanulmány első része röviden bemutatja a tőkeszerkezet átváltási, ügynök- és hierarchiaelméleteit, illetve a tőkeszerkezeti döntést befolyásoló tényezőkkel kapcsolatos empirikus eredményeket; a második rész a piacgazdasági átalakulás időszakának tőkeszerkezeti döntéseit is magyarázó mutatókat taglalja; a harmadik rész empirikus elemzéssel keresi a magyar feldolgozóipari vállalatok tőkeszerkezetre vonatkozó döntéseinek legáltalánosabb jellemzőit. A szerző arra a következtetésre jut, hogy a magyar feldolgozóipari vállalatok tőkeszerkezetében meghatározó aránya a rövid lejáratú forrásoknak volt, míg a hosszú lejáratú tőkeforrásoknak rendkívül alacsony a súlya. A tanulmány fő következtetése szerint a vállalatok tőkeszerkezettel kapcsolatos döntései nem magyarázhatók egyetlen teoretikus megközelítéssel. Az átváltási, az ügynök- és a hierarchiamodellek egymást kiegészítve magyarázzák a feldolgozóipari vállalatok tőkeszerkezeti döntéseinek egyes jellemzőit, tehát átfogó módon egyik modell sem érvényesül. Journal of Economics Literature (JEL) kód: G32.

Suggested Citation

  • Balla, Andrea, 2006. "Tőkeszerkezeti döntések - empirikus elemzés a magyar feldolgozóipari vállalatokról 1992-2001 között [Decisions affecting capital structure - an empirical analysis of Hungarian manufacturing firms i," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 681-700.
    • Handle: RePEc:ksa:szemle:859
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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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