Optymalizacja źródeł finansowania jako czynnik wartości spółek elektroenergetycznych
Optimizing of financial sources as a factor of value of electricity companies

Summary/Abstract: This paper presents a new and unique concept determining the optimal capital structure of an entity. This model, based on certain assumptions of Damodaranan's method, was tested on chosen electricity companies. The analysis shows that the presented model enables effective planning of financing the development policy of a company. This in turn creates an opportunity to increase the value by reducing the cost of capital, and allows to mitigate the liquidity risk in the long term.

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