Ekonominės pridėtinės vertės maksimizavimu grindžiami akcinių bendrovių kapitalo struktūros formavimo sprendimai

LTReikšminiai žodžiai: EVA; Kapitalo kaina; Kapitalo struktūra; Rizika; WACC; Capital structure; Cost of capital; EVA; Risk; WACC.

ENThe article presents the methodology for joint-stock companies’ capital structure formation based on the maximization of EVA and its testing on the joint-stock companies operating in Lithuanian milk processing industry. The analysis of previous researches showed the tendency to pay increasingly more attention to value-based performance measures rather than the accounting profit when making financial decisions, including the formation of company’s capital structure. Despite the fact that most scientists consider EVA being an appropriate measure for looking target (optimal) capital structure, some studies contradict the appropriateness of this measure for long-term horizon financial decisions. The analysis in this study is implemented by using the data of joint-stock companies operating in Lithuanian milk processing industry over the period 2004-2014, data of Baltic Security Exchange Market and Moodys‘s Credit Agency. The cost of equity and debt capital is calculated by using CAPM. The equity beta for simulated capital structures is calculated using the average asset beta, and the debt beta is calculated from the financial debts and financing costs, Cohen (2007) formula of debt beta and regression analysis. EVA is calculated as the difference between NOPAT and costs of invested capital. An average EBIT, adjusted by the amount of interests for simulated capital structures, and the average capital invested during the research period are used in this study as well. The results revealed that the target capital structures of joint-stock companies operating in Lithuanian milk processing industry are different: some companies have to increase financial leverage, while the others – to reduce it in order to maximize EVA. One of the main reasons of different target capital structures is different systematic, especially business, risk. The estimation of risk is based on market data.Consequently, in case of market‘s inefficiency it is better to estimate risk by using the accounting data because NOPAT variation coefficient strongly negatively correlates with the target capital structures of the companies analysed. [From the publication]

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