Branch Standards as the Method of Optimizing of Capital Structure

摘要

This article is about the problem of optimizing of the capital structure of the concrete firm and about the possibility to use the passive way of optimizing of this capital structure on the basis of the so-called branch standards.Branch standards are defined as some average indebtedness that the firms are trying to follow.There are a lot of theories available,but the final process of optimizing of the capital structure of the concrete firm is very complicated and it is necessary to cope with a lot of application problems.Besides traditional theory,none of the further theories offer some concrete recommended optimal indebtedness.For that reason,the possibility to optimize the capital structure based on the passive way is represented besides other things by the so-called branch standards.The aim of this article is to judge if it is possible to identify this average indebtedness in different branches and in different countries and continue in the previous researches of the author.The hypothesis was stated that it is possible only in selected branches in selected countries as it was stated also in previous researches of the author.The research is realized in the five selected branches,Pharmacy,Furniture Production,Wood(Forest)Production,Water Supply,and Air Transport in the Czech Republic and in the USA.Data for the years 2008-2016 were obtained from the system Albertina Data at the University of Economics in Prague and from web pages of Prof.Aswath Damodaran in the USA.There were identified so-called branch standards in the Czech Republic for the branch Pharmacy with the indebtedness(45%),Furniture Production with the indebtedness(54%),Water Supply with the indebtedness(30-35%),Wood(Forest)Products with the indebtedness(40%),and Air Transport with the indebtedness(70-75%).There are also identified so-called branch standards in the USA for the branches Pharmacy 34%,Furniture Production 40%and Water Supply 50%–55%.The values were verified by the data for the year 2016 and the so-called branch standards were confirmed excluding the branch Air Transport in the Czech Republic and for the branch Water Supply in the USA.The branches Pharmacy and Furniture Production show small differences.