A JÖVEDELMEZŐSÉG ÉS A TŐKESZERKEZET ÖSSZEFÜGGÉSEI A VÁLLALKOZÁSOKNÁL

As a consequence of the expressive changes in global economy those happen from the end of 20th century the structure of the national economy’s sectors internally the structure of the ventures changes also. The (capital) resource gap is said to be the most common obstacle to development and growth by the small- and medium-size enterprises. In the course of the research of corporate capital structure we’ve come to the conclusion that the characteristic method of solving the (capital) resource gap is the use of external capital, internally the most dominant was bank credit and trade credit. However the biggest part of the trade credit comes not from regular operating in the market, but is the consequence of the growth of gridlock, and the slackening solvency. Our model calculations for the relationship of the weighted average cost of capital (the profit-earning capacity of the assets) and the financial leverage prove that most of the enterprises don’t give proper attention to the basic principles of financing (profit-earning capacity, safety, elasticity, liquidity). If the use of external capital sources is not in proportion to the profit-earning capacity of the enterprise, the slackening of capital efficiency reduces the self financed capacity even more, so it increases the financial and the operating leverage, worsen its negative effects. The choice of the financing strategy is conscious only at a few enterprises, so negative effects coming from the difference between the terms structures of the assets and resources appear more than the positive.