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A tőkestruktúra és a piaci érték közötti kapcsolat a hazai kis- és középvállalati szektorban
[The relationship between capital structure and market value in the domestic small and medium-sized enterprise sector]

Author

Listed:
  • Takács, András

Abstract

Az általánosan elfogadott megközelítés szerint optimálisnak az a tőkestruktúra tekinthető, amelyben a vállalat pénzügyi teljesítménye, illetve piaci értéke a potenciálisan elérhető maximális szinten van. Kutatási kérdésünk az, hogy ez az állapot mekkora sajáttőke-arány mellett következik be. E téren továbbra sem alakult ki egységes álláspont, a kutatási eredmények régiónként, iparáganként, vállalattípusonként is jelentős eltéréseket mutatnak. Jelen tanulmány a meglévő nemzetközi és hazai szakirodalmat egy hazai kis- és közepes méretű vállalatokra irányuló vizsgálattal kívánja bővíteni egy 921 céget tartalmazó minta adatai alapján. Az eredmények rávilágítanak, hogy a hagyományos tőkestruktúra-elméletekben leírt, az idegen tőke igénybevételéből származó előnyök, értéknövelő hatások a vizsgált hazai kis- és középvállalatok esetében nem figyelhetők meg, és a legnagyobb piaci érték teljes önfinanszírozás (100 százalékos tőkeerősség) mellett realizálódik. Az elemzés további fontos eredménye, hogy a tőkeerősség emelkedése nemcsak a saját tőke teljes piaci értékét, hanem a statisztikai létszám egységére jutó sajáttőke- értéket, azaz a vállalat értékteremtési hatékonyságát is javítja.

Suggested Citation

  • Takács, András, 2024. "A tőkestruktúra és a piaci érték közötti kapcsolat a hazai kis- és középvállalati szektorban [The relationship between capital structure and market value in the domestic small and medium-sized ente," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 915-929.
    • Handle: RePEc:ksa:szemle:2202
    DOI: 10.18414/KSZ.2024.9.915
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    References listed on IDEAS

    as
    1. András Takács & József Ulbert & Andrew Fodor, 2020. "Have investors learned from the crisis? An analysis of post-crisis pricing errors and market corrections in US stock markets based on the reverse DCF model," Applied Economics, Taylor & Francis Journals, vol. 52(20), pages 2208-2218, April.
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    More about this item

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • 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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