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A tőkestruktúra empirikus vizsgálata a magyar és az osztrák tőzsdén jegyzett vállalatok körében
[An empirical investigation of the capital structure of Austrian and Hungarian listed companies]

Author

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  • Cziráki, Péter

Abstract

Modigliani és Miller híres "irrelevanciatétele" óta számos elméleti és empirikus írás próbálja megmagyarázni, miként alakítják a vállalatok a tőkestruktúrájukat. Empirikus vizsgálatok többféle módszerrel végezhetők, de mindenképpen figyelmet kell szentelni bizonyos, elsősorban módszertani jellegű problémáknak, amelyek a végeredményt esetleg torzíthatják. A tanulmány egy egyszerű modellel azt igyekszik bemutatni, hogy mennyiben különböznek, és mennyiben hasonlítanak a magyar és az osztrák tőzsdéken jegyzett nagyvállalatok tőkeszerkezettel kapcsolatos döntései. A szerző arra a következtetésre jut, hogy mindkét ország tőzsdei nagyvállalatainak tőkeszerkezete magyarázható a szakirodalomban leírt - szokásosnak mondható - változókkal, viszonylag elfogadható, 30-34 százalékos magyarázó erő mellett. A magyar vállalatok esetében a jövedelmezőség, az osztrák cégek esetében leginkább a növekedési ráta befolyásolja az áttételt. Az eredmények azt mutatják, hogy a hierarchiaelméletet a vizsgált országokban valamivel jobban magyarázza a nagyvállalatok tőkestruktúráját, mint a választásos megközelítés. Összességében, úgy tűnik, a két országban valamelyest eltérő a tőzsdén jegyzett vállalatok finanszírozási magatartása, melynek oka további vizsgálatot igényel. Journal of Economics Literature (JEL) kód: G32.

Suggested Citation

  • Cziráki, Péter, 2007. "A tőkestruktúra empirikus vizsgálata a magyar és az osztrák tőzsdén jegyzett vállalatok körében [An empirical investigation of the capital structure of Austrian and Hungarian listed companies]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 703-715.
    • Handle: RePEc:ksa:szemle:929
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    References listed on IDEAS

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    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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