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首页> 外文期刊>Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis >Corporate life cycle as determinant of capital structure in companies of Czech automotive industry
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Corporate life cycle as determinant of capital structure in companies of Czech automotive industry

机译：企业生命周期是捷克汽车行业公司资本结构的决定因素

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摘要

The issue of capital structure choice belongs to fundamental strategic financial decisions. A variety of potential determinants was suggested by theoreticians; however, the corporate life cycle was considered of peripheral importance, and thus the relationship between corporate life stages and capital structure was investigated only exceptionally. Both concepts were in the meantime developed separately. Recently, it has appeared that the aforementioned relation has become a subject of increased interest of the researches as a way to better understanding of how the corporate funding is changing in the course of time. The main objective of this paper is to investigate the impact of corporate life cycle on the capital structure of companies. For the purpose of the article quantitative research is used. The sample consists of fifty companies belonging to NACE division 29, manufacture of motor vehicles, trailers and semi-trailers. The data come from financial statements of the chosen companies and mostly cover a period since their start-up till year 2010. First, the method based on cash flow patterns is applied for the identification of firm’s life cycle. Next, the methods of descriptive statistics and the hypothesis test about a population proportion are used. The paper explores the relationship between capital structure and corporate life cycle. The empirical study is performed to support theoretical findings.
机译：资本结构选择问题属于基本的战略财务决策。理论家提出了各种潜在的决定因素。但是，企业生命周期被认为是至关重要的，因此，企业生命周期与资本结构之间的关系仅作了特殊的研究。同时，这两个概念是分别开发的。近来，似乎上述关系已经成为研究中越来越感兴趣的主题，作为更好地了解企业资金随着时间变化的方式。本文的主要目的是研究公司生命周期对公司资本结构的影响。为了本文的目的，使用了定量研究。样本包括NACE第29部门的50家公司，这些公司生产机动车辆，拖车和半拖车。数据来自所选公司的财务报表，大部分涵盖了从成立到2010年的一段时间。首先，基于现金流模式的方法用于确定公司的生命周期。接下来，使用描述性统计方法和关于人口比例的假设检验。本文探讨了资本结构与企业生命周期之间的关系。进行实证研究以支持理论发现。

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