Wpływ emisji obligacji zamiennych na strukturę kapitałową przedsiębiorstwa - empiryczna weryfikacja hipotezy zastąpienia aktywów

• Autorzy: Jakub Marszałek

Warianty tytułu

Convertible Bond Issue Impact on the Capital Structure of the Company - the Asset Substitution Hypothesis Empirical Verification

• Języki publikacji: PL

Abstrakty

W niniejszym artykule podjęto próbę oceny wpływu emisji obligacji zamiennych na strukturę kapitałową emitentów. Celem pracy jest jednak nie tylko opisanie zmian, jakie zaszły w pasywach przedsiębiorstw, ale określenie wybranych uwarunkowań tych zmian, zwłaszcza w kontekście strategicznym. Badaniu poddano zatem problem możliwości i potrzeb zaciągania długu hybrydowego w odniesieniu do posiadanej struktury aktywów i pasywów. (fragment tekstu)

EN

The article attempts to assess the impact of convertible bond issue on the capital structure of the issuer, by defining some conditions in liabilities changes. We studied the problem of the convertible debt issuance needs and possibilities related to the structure of assets and liabilities. The asset substitution hypothesis, according to which the issue of convertible bonds should be carried out under conditions of increasing the issuer's financial risk level, has been reviewed. A study of 1622 issuances from 2000-2010 suggests that company debt level is a convertible bond issue determining factor. Only when a company has high, but not extremely high level of indebtedness, the asset substitution hypothesis may be positively reviewed. (original abstract)

Słowa kluczowe

PL

Emisja obligacji; Obligacje zamienne; Struktura kapitału przedsiębiorstwa; Ryzyko finansowe

EN

Bonds issuing; Convertible bonds; Company capital structure; Financial risk

• Czasopismo: Annales Universitatis Mariae Curie-Skłodowska. Sectio H. Oeconomia
• Rocznik: 2012
• Tom: 46
• Numer: nr 4
• Strony: 559-568

Twórcy

autor

Jakub Marszałek

• Uniwersytet Łódzki

Bibliografia

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