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Analiza strukture kapitala poduzeća na osnovi kunskog i deviznog duga

Author

Listed:
  • Martin Pintarić

    (Hrvatska narodna banka, Hrvatska)

Abstract

Analizom podataka monetarne statistike HNB-a na razini poduzeća o kunskom i deviznom dugu kod domaćih banaka i pokazatelja poslovanja poduzeća iz Fine uglavnom su potvrđena teorijska predviđanja vremenski promjenjivih čimbenika strukture kapitala. Pritom se teorija kompromisa pokazala kao prevladavajuća jer su utvrđene očekivane veze zaduženosti s veličinom, rastom imovine, poreznim zaklonom kamata i likvidnosti. S druge strane, negativna veza profitabilnosti i zaduženosti upućuje na teoriju hijerarhije financijskih izbora. Pozitivan utjecaj kolaterala na zaduženost, koji predviđaju obje teorije, također je potvrđen. Veličine procijenjenih koeficijenta jasno upućuju na zamjetno veću povezanost kunskog duga s kratkoročnim financiranjem i deviznog duga s dugoročnim financiranjem. Što se tiče kumulativnog utjecaja, rezultati upućuju na zaključak da su čimbenici strukture kapitala u razdoblju od kraja 2010. do 2018. godine djelovali na smanjenje svih oblika zaduženosti. Pritom se ističe doprinos čimbenika na smanjenje kunske zaduženosti, posebno kratkoročne, dok je kumulativni utjecaj na deviznu zaduženost bio višestruko manji.

Suggested Citation

  • Martin Pintarić, 2020. "Analiza strukture kapitala poduzeća na osnovi kunskog i deviznog duga," Istraživanja 58, Hrvatska narodna banka, Hrvatska.
    • Handle: RePEc:hnb:istraz:58
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    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • 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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