Struktura zadłużenia spółki według priorytetu spłaty: implikacje dla wartości przedsiębiorstwa
Firm’s Debt Priority Structure: Implications for the Enterprise Value

Summary/Abstract: The choice of the capital structure of the enterprise and optimum debt composition represents one of the central problems in enterprise finance. The article analyzes the problem of debt structure from the point of view of the priority of its repayment. The reference frame is the value of the enterprise for its owners and the cost of issuing new debt. Shaping the structure of company’s indebtness according to the priority of debt repayment may be one of the tools used in shaping the company’s value and value creation for its shareholders. The strength and direction of such an influence depend i.a. on the size of debt and the enterprise’s strategy as regards the optimal moment of the implementation of a given investment project. Two strategies are discussed in the paper: (a) first-best strategy, which considers financial interests of both owners and creditors, and (b) second-best strategy, which considers the owners’ interests only. Each strategy implies another optimal debt structure; market value of the company is also different. The conflict of interests between owners and debtors affects the height of risk premium; for the debt with a higher clearance priority (and higher cost), the impact is more clearly visible. The discussion on the problem of dilution of the liability held by current creditors makes us conclude that issuing a debt with higher repayment priority leads to the biggest value loss of the claims represented by previous creditors.

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