Kapitalo struktūros įtakos įmonių veiklos finansiniams rodikliams analizė
Analysis of Capital Structure Influence on Company Activities Financial Indexes
Subject(s): Social Sciences
Published by: VšĮ Šiaulių universiteto leidykla
Keywords: Capital structure; risk; yield and solvency indicators; influence.
Summary/Abstract: The problems of companies’ insolvency is associated with capital structure, i. e. size of loan capital. It is important for companies to manage loan capital and have no problems of insolvency. Finding overall influence on financial index groups is a complicated task. There is no certainy what index groups have most influence on capital structure and what index groups correlate with capital structure negatively or positively. It is complicated for companies to choose capital structure because they do not know how changes in capital structure influence the results of company activities. The paper analyses the influence of capital structure on financial indicators of enterprises. Manufacturing (SC „Sanitas“, SC „Snaigė“, SC „Pieno žvaigždės“ and SC „Rokiškio sūris“) and service (SC „Pramprojektas“, SC „TEO.LT“, SC „Klaipėdos jūrų laivininkystės kompanija“, SC „Limarko laivininkystės kompanija“) enterprises were analysed and the influence of their capital structure was compared. In the first part of the conception of capital structure and its characteristic indicators were analysed. Correlation between capital structure, financial indicators and risk were also studied. Analysis of capital structure influence on service and manufacturing enterprises yield and solvency indicator results indicated that enterprises working with a bigger amount of loan capital have difficulties in geting good yield indicators, and also reducing long-term and short-term solvency indicators. In both service and manufacturing enterprises there were many cases when a relation between loan and own capital was growing the indicators of selling yield had a tendency to decrease. Capital structure and short-term solvency indicators in service enterprises correlated negatively. Positive correlation with long-term solvency indicators was noticeable. Correlation between risk and capital structure was sufficiently strong because the derived correlation coefficients was big.
- Issue Year: 2008
- Issue No: 1(17)
- Page Range: 138-149
- Page Count: 12
- Language: Lithuanian