BUSINESS INFORM №12-2015

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Section: Economics of Enterprise
UDC 330.111.4:330.114-047.44:334.78
Grinchenko V. O.
Factors Influencing the Capital Structure of Corporate Enterprises (p. 230 - 238)
The article is aimed at determining the capital structure of the Ukrainian corporate enterprises together with the factors that cause influence upon it. The article identifies approaches by various scientists to the significance as well as direction of relationship of the main factors with its capital structure. The obtained values of the indicators of capital structure for a sample of Ukrainian enterprises, corporate rights of which are circulating in the stock markets, were calculated and analyzed. A vertical analysis of elements of capital structure of Ukrainian corporate enterprises has been carried out. It has been determined that the selected Ukrainian corporate enterprises are securing their activities by means of both own and the borrowed funds equally, and that in the structure of the leveraged funding sources a significant preponderance of short-term funding versus long-term can be traced. A five-factors regression model of capital structure has been built using the method of least squares. As have been identified, there is a significant positive relationship between growth opportunities of enterprise and the level of borrowed capital as well as a significant negative relationship between profitability and the level of borrowed capital. It has been determined that such indicators as company size, structure of assets and liquidity do not have any substantial connection with the capital structure of the enterprises, which have been analyzed.
Keywords: capital structure, factors influencing capital structure, financial leverage, econometric models, regression analysis, method of least squares
Tabl.: 8. Bibl.: 15.

Grinchenko Viktoriia O. – Assistant, Department of Corporate Finance and Controlling, Kyiv National Economic University named after Vadym Hetman (54/1 Beresteiskyi Ave., Kyiv, 03057, Ukraine)
Email: [email protected]

Article is written in Ukrainian
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Reference to this article:
Grinchenko, Viktoriia O. (2015) “Factors Influencing the Capital Structure of Corporate Enterprises.” Business Inform 12:230–238.

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