Finanční páka zemědělských podniků
Financial Leverage of Agricultural Enterprises

Summary/Abstract: This paper presents problems of financial structure changes of agricultural enterprises and its impact on holders’ yields. The first part of this paper analyses company indebtedness and comparison of rate of return, i. e. financial leverage. The results unambiguously refer to the growing trend of positive financial leverage when holders’ yields are greater than creditors’ yields. The trend copies return of assets indicator whose main cause is considered to be financial resources from subsidies. The second part of this paper is based on the analysis of exploited debt with fixed rate of interest on holders’ yields. Although debt financing increases on holders’ yields [4], dependence of financial leverage on height loan capital have not been proved by performed tests. Structure of loan capital is regarded to be the feature cause because loan capital includes minimum or no fixed costs. It unambiguously results from inquiry subsequently growing numbers of companies with dominant rate of holders’ yields which has not been influenced by structure of financial capital but received recources from dotation items from the EU structural funds.

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