Financial Constraints versus Financial Flexibility: What Drives Zero-Debt Puzzle in Emerging Markets?

  • Denis V. Iliasov Национальный исследовательский университет «Высшая школа экономики», Москва, Россия
  • Maria S. Kokoreva Национальный исследовательский университет «Высшая школа экономики», Москва, Россия http://orcid.org/0000-0001-5919-2332

Аннотация

Данное исследование сфокусировано на пробелах в теории формирования структуры капитала, касающихся мотивов выбора нулевого уровня долга. На выборке компаний из 21 страны с развивающимися рынками капитала за период с 2010 по 2015 г. мы проследили, что выбор политики структуры капитала обусловлен в первую очередь мотивом финансовой гибкости. Вторым по значимости мотивом являются финансовые ограничения. Мы определили, что основными детерминантами выбора нулевого долга являются возможности роста, бизнес-риск, доходность компании и наличие у компании денежных средств. Наши результаты показали, что компании с нулевым долгом зачастую малого размера, менее прибыльные, более рисковые и располагают высокими денежными ресурсами. Нами установлено, что внутрикорпоративные факторы более значимы при выборе нулевого долга, чем макроэкономические условия.

Ключевые слова:

финансовые ограничения, финансовая гибкость, нулевой долг, структура капитала

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Опубликован
2018-10-19
Как цитировать
Iliasov, D. V., & Kokoreva, M. S. (2018). Financial Constraints versus Financial Flexibility: What Drives Zero-Debt Puzzle in Emerging Markets?. Российский журнал менеджмента, 16(3), 407–434. https://doi.org/10.21638/spbu18.2018.305
Раздел
Теоретические и эмпирические исследования