témavezető: Szemán Judit
helyszín (magyar oldal): Miskolci Egyetem helyszín rövidítés: ME
A kutatási téma leírása:
The issue of corporate financing has been of wide scientific interest since the 1960s. Modigliani-Miller's famous writing started the debate about whether the value of the company is determined only by the cash flow generated by the assets, or whether the owner's value is influenced by the company's capital structure, the ratio of external and own sources among the sources. The most important question raised was whether there is an optimal capital structure with which the company can maximize its market value.
The research question is the examination of the factors influencing the development of the company's capital structure. The factors influencing the capital structure decision can be divided into two groups: The macro- factors are the factors determining the operational environment of the company, which appear as a capability for the company, the company cannot influence them directly. Corporate factors are those that arise from the company's capabilities and the company's strategic goals, and thus the company can influence their development.
Expected results may also be of interest to business professionals. An understanding of the role of micro-factors is necessary for the development of a conscious financing policy, and by reducing the cost of capital, it can help maximize company value. Not a single theory has exclusive importance in the evolution of the capital structure, but several theories have real content. Recognizing this can help in determining the relevant factors, so that company managers can recognize how certain business decisions affect the financing policy.
A téma nemzetközi relevanciájának indoklása: (300-400 karakter)
A library of literature relating to corporate capital structure is primarily derived
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