| Does a financial leverage determine the cost of debt?
The case of Slovenia | Da li finansijski leveridž odre|uje cenu duga?
Slovenački slučaj |
| Management, [pdf] | Menadžment, [pdf] |
| ID: 7.2008.49-50.5 Number: 49-50 Volume: XIII Month: 12 Year: 2008 UDC: 005.915 347.72028(497.1) [tmx] [bow] |
Primož Dolenc
Institution: University of Primorska, Faculty of management Koper | Primož Dolenc
Institucija: Univerzitet Primorska, Fakultet za menad`ment u Kopru |
Igor Stubelj
Institution: University of Primorska, Faculty of management Koper | Igor Stubelj
Institucija: Univerzitet Primorska, Fakultet za menad`ment u Kopru |
Abstract
The capital (debt and equity) is the essential part of corporations’ (long-term) financing; it is one of production
factors. Capital, either debt or equity is scarce and is therefore not a free commodity. Due to higher risk equity
capital is usually a more expensive source of financing that debt capital. In capital budgeting decisions managers
could be stimulated to finance a portion of the total capital needs of the company with debt capital at expected
lower costs. The use of debt capital tends to lower weighted average cost of capital, but induces an additional risk:
due to fixed obligations that come together with debt financing, the company becomes more risky. We denote
companies that use debt capital as financial leveraged companies. Higher the financial leverage, higher the risk of
the company and higher (in normal terms) the cost of debt. The aim of the presented research was establish and
analyze the relationship between financial leverage and costs of debt financing in Slovenian publicly traded corporations.
Due to the lack of primary data on cost of debt, we estimated the cost of debt using two different
methodologies and involved regression analysis to analyze the relationship between the two variables. We used
linear regression function to establish the relationship between the variables and used also selected controlling to
eliminate the time and cluster dimension of the data. With the presented analysis we could not find a statistically
significant relationship that we were seeking, but some ending results gives impulse for future work. | Apstrakt
Projektno finansiranje kao način finansiranja projekata, primenjuje se danas u visoko razvijenim zemljama, ali i u
zemljama u razvoju, za finansiranje kapitalno intezivnih investicionih projekata. To ukazuje na njegovu superiornost
u poređenju sa direktnim investiranjem, i drugim oblicima ulaganja, te ga čini atraktivnim i aktuelnim vidom finansiranja
projekata. Projektnim finansiranjem mobilišu se sredstva za finansiranje industrijskih i infrastrukturnih projekata
u različitim privrednim granama iz privatnog i javnog sektora, u cilju unapređenja nivoa kvaliteta, efikasnosti
i efektivnosti ulaganja. Povećanjem broja investitora u Republici Srbiji, i razvojem potreba za unapređenjem i izgradnjom
infrastrukture, ukazala se potreba i za projektnim finansiranjem, koje se ne zasniva samo na sagledavanju
poslovanja preduzeća u prethodnom periodu, već se bavi i sagledavanjem opravdanosti i efektima ulaganja u sam
projekat. Istovremeno, u Republici Srbiji su stvoreni zakonski okviri za realizaciju ovoga vida finansiranja. Shodno
tome, ovaj vid finansiranja posebno bi doprineo unapređenju procesa finansiranja izgradnje infrastrukturnih projekata
kao što su ulaganja u sektor energetike, transporta, navodnjavanja, meliorizacije, telekomunikacija, prerade i koriš}
enja nafte i gasa, projekte obrazovanja i zdravstvene zaštite, ali i unapređenju ulaganja u projekte poslovanja i
podrške poslovanju, kao što su ulaganja u poslovne i stambene jedinice. Radom se želi ukazati na potencijale projektnog
finansiranja, kao modaliteta finansiranja koji može doprineti unapređenju ekonomskog razvoja. |
| Pages: 39-47 | Strane: 39-47 |