Company Value, Real Options and Financial Leverage

被引：0

作者：

Drahovzal, O. ^{[1
]}

机构：

[1] Czech Tech Univ, Fac Elect Engn, Tech 2, Dept Econ Management & Humanities, Prague 16627 6, Czech Republic

来源：

ACTA POLYTECHNICA | 2006年 / 46卷 / 01期

关键词：

evaluation; real options; financial leverage;

D O I：

暂无

中图分类号：

T [工业技术];

学科分类号：

08 ;

摘要：

This paper deals with determining of the value of companies and financial leverage. The author tries to find the optimum debt ratio for selected companies in the Czech Republic. The method of yield option extension is used for evaluating a company. The DCFC method was selected as the yield method, due to its simplicity. The dynamic model used allows us to make changes in the debt ratio with recalculations of all parameters that depend on it. The assessment is made from two points of view: Firstly, the maximum of the total amount of financial resources, and, secondly, the maximum of the inverse sums of the ROE index and the ratio of equity to the value of the company. The values of the total debt ratio and the long-term debt ratio are shown as results.

引用

页码：21 / 23

页数：3

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