Εύρεση της άριστης κεφαλαιακής διάρθρωσης : μια εφαρμογή σε ένα δείγμα ελληνικών εισηγμένων επιχειρήσεων
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Keywords
Κεφαλαιακή διάρθρωση ; Βελτιστοποίηση ; Κόστος κεφαλαίου ; Capital structure ; Optimization ; Capital costAbstract
Capital structure is the mix of debt and equity capital, used by a corporation to receive funding. The choice regarding the analogy of debt and equity funds which will be decided to be used by a corporation in order to fund its activity is one of the main decisions taken by financial management. The main goal is to try to find, which is the ideal financing mix, (e.g. debt or equity capital) that maximizes the the shareholder’s market value.
In this study, first we are analytically presenting the theoretical framework behind the optimization of the capital structure of a corporation. Second, we are carrying out an empirical application on this issue, by attempting to determine the optimal capital structure of a sample of 6 large mcap Greek listed firms by using 3 methods, namely the standard and enchanced cost of capital and adjusted present value appoaches.