Įmonės finansinio sverto sprendimams įtaką darančių veiksnių tyrimas

LTStraipsnyje, apibendrinus daugelio teoretikų įmonių finansinio aprūpinimo darbus, pateikiami trijų Lietuvos pramonės šakų įmonių pavyzdžiu atlikto tyrimo rezultatai. Rezultatai įgalina nustatyti priklausomybių egzistavimą tarp pramonės šakos finansinio sverto koeficientų (pasirinktas skolos koeficientas bei ilgalaikės skolos koeficientas) ir palūkanų normos, infliacijos lygio, bendro vidinio produkto kitimo rodiklių, taip pat tarp skolos koeficiento ir įmonės dydžio, akcijai tenkančių pajamų bei turto pelningumo rodiklių. Straipsnyje pateikiama tyrimo rezultatų analizė ir apibendrinimai, apibūdinantys įmonės veiklos finansavimo struktūrą. [Iš leidinio]

ENThe modern combined financial instruments are necessary in order to solve the problems of the contemporary firm management. In previous times established traditions of the firm are not applied today. Until Lithuania regained its independence, the firms in Lithuania as well as in many postsocial states had received financial resources for the expansion of activities in the centralised form. Therefore, there was no need to solve the strategical decisions of the financial supply. The main task of the financial management is to form such a capital structure which would help to achieve the goals of an enterprise. This problem was not considered an important one in earlier times. The managers of the firms in the developing markets do not have experience in the search and the effective employment of the financial resources. This is caused by the fact that the market has been formed just recently and it is not active in those countries. Today extremely globalised markets and competition prevail so Lithuania and its economic subjects try to integrate into the modern world system. Enterprises can achieve success if their activities are transformed according to the experience of the developed markets. It is necessary to expand and modernise production and ensure a quality of goods in order to achieve good results, and this process requires a large amount of the capital investment. The difficulties the firms face are the need money, the way to get the resources for investments, either by equity or debt and the way to escape the risks which might cause the financial distress.The formation of the financial management strategy causes disagreement of various influence groups (shareholders, managers, debtors, etc.) that try to achieve their goals. This article presents the study of different factors research in order to determine the strategic decisions. The choice of financial leverage is the urgent scientific problem. The results of research show that level of financial leverage and its obtaining influencing factors can be different among various countries, various industries, and among separate firm in industry. The research in Lithuania includes the analysis of firm in three industries: food and drinks industry; textile industry; chemistry industry. This research spreads to purpose that the greatest influence on the debt rate and the long - term debt rate in food and drinks industry has the inflation and the change of interest rate; in textile and chemistry industries –inflation and the change of gross domestic product. This analysis of growing and stable companies ("Švyturys" and "Utenos trikotažas") confirm the main proposition of agency theoretic framework that between financial leverage and growing opportunities exists negative relationship. Finally, we can maintain that the macroeconomics factors have more influence on the financial leverage choice decisions in the developing market countries than the specific internal factors of the firm. [text from author]