Financial Sustainability and Value of Joint-Stock Companies from Food Industry in Central and Eastern Europe

S. Zabolotnyy, Natalia Wasilewska, M. Wasilewski
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引用次数: 2

Abstract

The research presents the analysis of relations between financial sustainability and value of joint-stock companies from food industry in Central and Eastern Europe. Increase of volume of assets, shareholders’ equity and revenues demonstrated an improvement of financial sustainability and resulted in growing valuations of companies in the study period. Sample business entities achieved relatively high liquidity and profitability that proved their financial sustainability in terms of risk and return. At the same time rising operating profit margins and liquidity ratios determined higher enterprise value of joint-stock companies. This emphasized a positive relation between enterprise value and financial sustainability. Joint-stock companies demonstrated a robust capital structure with a minor decrease of corporate debt in 2011-2015. However changes in sources of financing could provoke a trade-off between financial sustainability and enterprise value. According to a regression model factors positively influencing enterprise value included revenue, cash and cash equivalents, operating profit, current liabilities and shareholder’s equity. Stimulating revenue and increasing operating profit as well as maintaining higher cash balances improves financial sustainability while debt extension can significantly deteriorate continuity of business.
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中欧和东欧食品工业股份公司的财务可持续性及其价值
本研究分析了中欧和东欧食品工业股份公司财务可持续性与价值的关系。在研究期间,资产规模、股东权益和收入的增加表明财务可持续性的改善,并导致公司估值的增长。样本企业实体实现了较高的流动性和盈利能力,证明了它们在风险和回报方面的财务可持续性。同时,营业利润率和流动资金比率的上升,决定了股份公司的企业价值的上升。这强调了企业价值与财务可持续性之间的正相关关系。2011-2015年,股份制公司的资本结构稳健,公司债务略有下降。然而,融资来源的变化可能会在财务可持续性和企业价值之间引起权衡。根据回归模型,正向影响企业价值的因素包括收入、现金及现金等价物、营业利润、流动负债和股东权益。刺激收入和增加营业利润以及保持较高的现金结余可以改善财务可持续性,而债务延期则会严重恶化业务的连续性。
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发文量
5
审稿时长
8 weeks
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