20.500.12556/DKUM-91793 Kapitalska struktura slovenskih javnih podjetij v različnih industrijah Capital structure of slovenian public companies in different countries Kapitalska struktura je ključni dejavnik finančne stabilnosti in rasti podjetja, saj vpliva na njegovo vrednost, donosnost in odpornost na tveganja. Iskanje pravega ravnovesja med lastniškim in dolžniškim kapitalom ni enostaven proces, temveč zahteva prilagajanje dinamičnim tržnim razmeram in panogi kot tudi prihodnjih sprememb. Čeprav teorije kapitalske strukture ponujajo različne pristope, praksa kaže, da optimalna odločitev ni univerzalna za vsa podjetja, temveč rezultat tehtnega premisleka o stroških financiranja, tveganjih in dolgoročnih ciljih podjetja. Razumevanje naštetih dejavnikov omogoča podjetjem sprejemanje premišljenih finančnih odločitev, ki krepijo njihovo konkurenčnost, vrednost in rast. V magistrski nalogi predstavimo in podrobno opišemo pojem kapitalske strukture ter povprečnega tehtanega stroška kapitala (WACC) in vse komponente, potrebne za izračun. Nato na primerih slovenskih javnih podjetjih implementiramo teoretični vidik analize kapitalske strukture glede na preteklo poslovanje (2019-2023) in izračunamo sedanjo ter optimalno kapitalsko strukturo in WACC. Kapitalsko strukturo smo analizirali s kazalnikom dolga in kazalnikom finančnega vzvoda. Prvi nam prikaže stopnjo celotnega dolga v celotnih sredstvih, slednji pa razmerje med komponentama kapitala. Strošek lastniškega kapitala smo izračunali z metodo določanja cen dolgoročnih naložb (CAPM), strošek dolžniškega kapitala pa smo izračunali s pomočjo sintetične bonitetne ocene, ki določa premijo za kreditno tveganje. Capital structure is a fundamental determinant of a company's financial stability and growth, as it affects its value, profitability, and resilience to risk. Striking the right balance between equity and debt financing is a complex process that requires continuous adaptation to dynamic market conditions, industry-specific factors, and future developments. While capital structure theories offer various frameworks, practical experience indicates that no universal solution exists for all companies. Instead, the optimal choice depends on a thorough assessment of financing costs, risk exposure, and the company’s long-term strategic objectives. A comprehensive understanding of these factors enables firms to make well-informed financial decisions that enhance their competitiveness, market value, and sustainable growth. This master's thesis provides an in-depth examination of capital structure and the weighted average cost of capital (WACC), including all its underlying components. The theoretical framework is then applied to an analysis of Slovenian publicly traded companies, assessing their capital structure in the context of historical performance (2019–2023). We calculate both the current and optimal capital structure, as well as WACC, using empirical data. The analysis employs key financial indicators such as the debt ratio, which reflects the proportion of total debt in a firm's total assets, and the financial leverage ratio, which measures the relationship between equity and debt financing. The cost of equity is estimated using the Capital Asset Pricing Model (CAPM), while the cost of debt is determined through a synthetic credit rating approach, which defines the credit risk premium. Kapitalska struktura optimalna kapitalska struktura CAPM WACC slovenska javna podjetja Capital structure optimal capital structure CAPM WACC Slovenian public companies true true false J. Topič Slovenski jezik Angleški jezik Magistrsko delo/naloga 2025-02-06 13:10:55 2025-04-02 12:14:42 2025-04-03 03:07:59 0000-00-00 00:00:00 2025 0 Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 658.14 231154947 MAG_Topic_Jaka_2025.pdf MAG_Topic_Jaka_2025.pdf 1 1A4C5A0FFB5B52F4575C9ED858208E91 c1ccaa474c122f67b89f183bd9b475dd4386cc3817e84d2253fb7e08b17dcee2 0c603f2b-fff6-11ef-82d0-00155d000105 https://dk.um.si/Dokument.php?lang=slv&id=189249 Ekonomsko-poslovna fakulteta 0 0 0