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A Magyarországon működő nem pénzügyi vállalkozások forrás- és tőkeszerkezetének empirikus vizsgálata, 1995-2003
[An empirical examination of the resource and capital structure of non-financial firms in Hungary, 1995-2003]

Author

Listed:
  • Sinkovics, Alfréd
  • Némethné Gál, Andrea

Abstract

E cikk a vállalkozási pénzügyek egyik legizgalmasabb problémájával, a vállalkozások forrás- és tőkeszerkezetének formálására-formálódására ható külső és belső tényezőkkel foglalkozik. A Magyarországon működő nem pénzügyi, társas vállalkozások forrás- és tőkeszerkezete 1995-2003 között drasztikusan átalakult. A hosszú lejáratú forrásokon belül jelentősen és folyamatosan csökkent a saját tőke hányada, és e csökkenést nem ellensúlyozó módon növekedett a hosszú lejáratú idegen források részaránya. Ezzel párhuzamosan a saját tőkén belül jelentősen visszaesett a jegyzett, illetve törzstőke aránya, és többszörösére nőtt az eredménytartalék. A forrásszerkezet egészén belül pedig jelentősen növekedett a rövid lejáratú külső források, elsősorban banki források aránya, s ezzel a vállalkozási szféra rövid lejáratú eladósodása is. Az adatbázis vizsgálata azt igazolta, hogy a forrás- és tőkeszerkezet e tendenciáit leíró pénzügyi mutatók rendkívül szorosan korrelálnak mind a saját tőke, mind a befektetett tőke, mind az eszközök megtérülésével, a vállalkozások nyereségtermelő képességével, és a kapott eredmények alapján elmondható, hogy a vállalkozások a tulajdonosi érdeknek megfelelő finanszírozási politikát folytattak. Journal of Economic Literature (JEL) kód: G32.

Suggested Citation

  • Sinkovics, Alfréd & Némethné Gál, Andrea, 2007. "A Magyarországon működő nem pénzügyi vállalkozások forrás- és tőkeszerkezetének empirikus vizsgálata, 1995-2003 [An empirical examination of the resource and capital structure of non-financial firm," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 350-375.
    • Handle: RePEc:ksa:szemle:911
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    References listed on IDEAS

    as
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    3. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-275, May.
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    More about this item

    JEL classification:

    • 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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