Wpływ emisji obligacji korporacyjnych na wartość dodaną przedsiębiorstwa
Journal Title: "Finanse" Czasopismo Komitetu Nauk o Finansach PAN - Year 2017, Vol 10, Issue 1
Abstract
The purpose of this paper is to attempt to estimate the impact of corporate bond issue on the economic added value of an enterprise (EVA). The research data were obtained from the financial statements of companies listed on the Warsaw Stock Exchange, issuing corporate bonds and their reports published on Catalyst. The analyzes were conducted for 67 companies, all of which issued corporate bonds on the Catalyst in 2015. The study used factor analysis and analysis of stepwise backward polynomial regression. During the study it was confirmed that the corporate financing of corporate bonds should be differentiated according to their purpose, ie. to finance long-term and short-term assets. The issue of corporate bonds affects the economic added value of an enterprise, with certain restrictions on the level of corporate indebtedness. The positive impact of corporate bonds on the creation of added value of the company was shown up to 25% of corporate debt in the corporate financial structure.
Authors and Affiliations
Piotr Bajak
Keywords
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