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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]

  • Balla, Andrea

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    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.

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    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): LIII (2006)
    Issue (Month): 7 ()
    Pages: 681-700

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    Handle: RePEc:ksa:szemle:859
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