Obligacje w strukturze kapitału przedsiębiorstw deweloperskich notowanych na GPW

Content Provider	Semantic Scholar
Author	Gostkowska-Drzewicka, Magdalena
Copyright Year	2014
Abstract	The purpose of this article is to examine the share of bonds in the capital structure of real estate development companies listed on the WSE. Implementation of such formulated purpose required the application of statistical methods and measures of capital structure. The study covers the years 2007–2013, i.e. the period since the creation of WIG-developers, a sub-sector index includes companies belonging to the real estate development industry. 80% of development companies listed on the WSE assumed the role of bond issuers. The funds raised by these issuances were a source of total assets financing from 9.5% to 12.2%. Despite many advantages, the bonds as a financial instrument, can be a source of serious difficulties, especially in a period of decline in real estate prices and the problems of their sales. As a result, corporate profits can fall 106 Magdalena Gostkowska-Drzewicka to a level that makes it impossible to service the debt timely. It should be emphasized that the high level of the debt under issued bonds to market capitalization combined with a systematic increase in this indicator, among other things, could be the symptom of serious financial troubles, even bankruptcy.
Starting Page	801
Ending Page	814
Page Count	14
File Format	PDF HTM / HTML
Alternate Webpage(s)	http://www.fmc.home.pl/upload/news/pdf_news_1395621676.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article