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Моделирование Влияния долговой нагрузки на эффективность деятельности субъектов предпринимательства
The objective of this article is to analyze efficiency of business entities. This research examines the impact of capital structure on financial effectiveness of firm which characterizes its ability to reach goals related to the maximization of profit and/or value of the company for shareholders. The research is based on the indicator «return on assets» (ROA) which is the most commonly used efficiency measure.
With the use of the financial reporting data of economic entities of a number of Russian sectors of economy over the period from 2011 to 2014 several hypotheses about the impact of capital structure and some set of addition variables on financial effectiveness were tested by use of econometric modeling. Several models of panel data with various sets of independent variables were specified and estimated. Inflation data was also taken into the account. Also possible emergence of an endogeneity in data was considered for values of some indicators are formed simultaneously at the end of the reporting period. As a result, the authors obtained the quantitative characteristics reflecting degree of negative impact of a share of debt in total passive on the return on assets, and checked hypotheses of influence of the share of short-term and long-term debts on ROA. Distinctions on the scale of influence of branch accessory of assets on their profitability were also revealed.