UTICAJ STRUKTURE KAPITALA NA VRIJEDNOST AMERIČKIH I SRPSKIH FIRMI
Journal Title: EMC Review: Časopis za ekonomiju i tržišne komunikacije - Year 2018, Vol 8, Issue 1
Abstract
Prema teore mi Modigliani-Miller, vrijednost kompanije ne zavisi od strukture kapitala (odnos duga prema kapitalu). Provjerili smo teoremu na dva fi nansijska tržišta, jednom globalnom i jednom regionalnom. U istraživanju smo koristili višestruki linearni regresioni model, panel model i VAR. Teorema nije izdržala empirijsku provjeru na fi nansijskim tržištima Sjedinjenih Američkih Država i Republike Srpske. Vrijednost američkih i srpskih fi rmi nije indiferentna na kretanje u strukturi kapitala. Rast duga u odnosu na kapital u SAD i Republici Srpskoj smanjuje vrijednost fi rmi, tj. vrijednost PE racia. Inverzni odnos između strukture kapitala i vrednosti kapitala je ekonomski logičan i očekivan, jer rast zaduženosti povećava rizik likvidnosti i solventnosti. Rast zaduženosti utiče na smanjenje tražnje za akcijama kompanija i smanjenje vrijednosti fi rme, odnosno smanjenje PE racia.
Authors and Affiliations
Dragan S. Jović
Keywords
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- EP ID EP611050
- DOI 10.7251/EMC1802244J
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