Český finanční a účetní časopis 2008(1):99-102 | DOI: 10.18267/j.cfuc.263

K diskuzi o optimalizaci a determinantech kapitálové struktury podniku

Josef Valach
Prof. Ing. Josef Valach, CSc. - profesor; Katedra financí a oceňování podniku, Fakulta financí a účetnictví, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67, Praha 3; <kfop@vse.cz>.

The paper briefly summarizes different capital structure theories of firms. It also informs about the results of last analyses dealing with capital structure rate of debt determinants. It arrives at a conclusion, that these analyses confirm necessity of multi-criteria access to choice of capital structure: besides cost of capital minimization must be take into consideration especially size and structure of assets, dynamics of profit and other factors.

Keywords: Capital structure theories; Determinants of capital structure; Optimum capital structure.
JEL classification: G30

Published: March 1, 2008  Show citation

ACS AIP APA ASA Harvard Chicago Chicago Notes IEEE ISO690 MLA NLM Turabian Vancouver
Valach, J. (2008). K diskuzi o optimalizaci a determinantech kapitálové struktury podniku. Czech Financial and Accounting Journal, 2008(1), 99-102. doi: 10.18267/j.cfuc.263
Download citation
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Open full article

    References

    1. Bauer, P. (2004): Determinants of Capital Structure: Empirical Evidence from the Czech Republic. Finance a úvěr, 2004, roč. 54, č. 1-2, s. 2-21.
    2. Block, S. B. - Hirt, G. A. (1994): Foundation of Financial Management. Homewood, Irwin, 1994.
    3. Chaplinsky, S. - Niehaus G. (1990): The Determinants of Inside Ownership and Leverage. University of Michigan, Working Paper Series, 1990.
    4. Durand, D. (1952): Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement. In: Conference on Research in Business Finance. New York, National Bureau of Economic Research, 1952, s. 215-247.
    5. Kamath, R. R. (1997): Long-Term Financing Decisions: Views and Practices of Financial Managers of NYSE Firms. The Financial Review, 1997, roč. 32, č. 2, s. 331356. Go to original source...
    6. Modigliani, F. - Miller, M. H. (1958): The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 1958, roč. 48, č. 3, s. 261-297.
    7. Modigliani, F. - Miller, M. H. (1963): Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review, 1963, roč. 53, č. 3, s. 433-443.
    8. Myers, S. C. - Majluf, N. S. (1984): Corporate Financing and Investment Decisions when Firms have Information the Investor Do not Have. Journal of Financial Economics, 1984, roč. 13, č. 2, s. 187-221. Go to original source...
    9. Titman, S. - Wessels, R. (1988): The Determinants of Capital Structure Choice. Journal of Finance, 1988, roč. 43, č. 1, s. 1-19. Go to original source...
    10. Weill, L. (2004): What Determines Leverage in Transition Countries. Finance a úvěr, 2004, č. 5-6, s. 234-242.

    This is an open access article distributed under the terms of the Creative Commons Attribution 4.0 International License (CC BY 4.0), which permits use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.


    Return to the content