华沙证券交易所肉类行业上市企业的资本成本与资本结构&关于估值问题的讨论

IF 0.9 Q4 AGRICULTURAL ECONOMICS & POLICY Zagadnienia Ekonomiki Rolnej Pub Date : 2018-12-21 DOI:10.30858/zer/100703
Tomasz Pawlonka, J. Franc-Dąbrowska
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引用次数: 2

摘要

资本成本是评估企业融资来源有效利用的一个重要参数。这也是一项能够间接验证公司长期业务运营的基本目标&价值增长的措施。到目前为止,无论是在理论上还是在实践中,都还没有建立起完全透明的股权成本评估模型。因此,对公司资本成本和价值的估计在很大程度上是主观的。这项研究——使用caPM模型及其可接受的参数——证明了所应用方法的稳定性和准确性。对波兰肉类行业的公司来说,估算资本成本具有特殊意义。由于波兰加入欧盟,以及必须适应西欧标准和进一步整合,这些实体(在调查的几年里)不得不增加投资支出,无论是在纵向还是横向。有利于发展的活动需要改变资金来源,因此也需要改变资本结构。关于“更安全”但更昂贵的股权,或“更便宜”但不太稳定的外国(利息)资本的困境至今仍未解决。关键词:金融,资本成本,农业公司。Jel代码:G3、G21、Q1。农业经济学问题Zagadnienia Ekonomiki Rolnej 4(357)2018,80-102 p-ISSN 0044-1600
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CAPITAL COST AND CAPITAL STRUCTURE OF BUSINESSES IN THE MEAT INDUSTRY LISTED ON THE WARSAW STOCK EXCHANGE – A DISCUSSION ABOUT THE PROBLEM OF VALUATION
the cost of capital is an important parameter in the assessment of efficient use of sources for business financing. this is also a measure enabling the indirect verification of the basic aim of the company’s long-term business operations – an increase in value. so far, not fully transparent model of evaluating the cost of equity, both in theory and practice, has been developed. as a result, estimations concerning the cost of capital and value of companies are to a large extent subjective. the research – using the caPM model together with its accepted parameters – proves the stability and precision of the applied methodology. estimating the cost of capital is of special significance in companies from the Polish meat industry. these entities (in the years under investigation) were obliged to increase investment expenditures as a result of Poland’s accession to the european union and the necessity to adjust to western-european standards and further consolidation – both in the vertical and horizontal dimensions. Pro-developmental activities required changes in sources of finance and as a result – changes in capital structure. the dilemma concerning “safer” yet more expensive equity, or “cheaper” yet less stable foreign (interest) capital remains unsolved to this day. keywords: finance, cost of capital, agricultural companies. Jel codes: G3, G21, Q1. Problems of Agricultural Economics Zagadnienia Ekonomiki Rolnej 4(357) 2018, 80-102 p-ISSN 0044-1600
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