Comparative analysis of capital structure of Ukrainian, Polish and German enterprises
Journal Title: Економіка: реалії часу - Year 2016, Vol 1, Issue 23
Abstract
The article dwells upon the analysis of capital structure of enterprises at different levels of capital market development. The author identified capital structure peculiarities of Ukrainian, Polish and German enterprises by comparing their capital structures in aggregate and grouped according to type of economic activity and size. The study identified that German and Ukrainian enterprises had a high level of financial leverage whereas Polish enterprises maintained a balance between debt and equity financing during the analyzed period. High financial leverage of German enterprises was caused by developed bank lending market which is not the case for Ukrainian enterprises, high financial leverage of which was the result of a lack of internal sources of finance due to low level of retained earnings. The author throws light on important peculiarity of Ukrainian enterprises, which is a low level of long term financing comparing to Polish and German enterprises. This feature along with insufficient level of reserve capital is treated to be the main area of concern of the management of Ukrainian enterprises. The author did not identify common relations between capital structure and industry for all analyzed countries except trade and building industries which were characterized by a high level of current liabilities in their capital structure regardless of the level of capital market development.
Authors and Affiliations
Viktoriia Grinchenko
Keywords
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