DOI: 10.11118/978-80-7509-820-7-0295

IDENTIFICATION OF THE ASSETS AND CAPITAL STRUCTURE OF FOREST ENTERPRISES IN SLOVAK CONDITIONS

Iveta HAJDÚCHOVÁ, Stanislava KRIŠŤÁKOVÁ

Long-term observations indicate that the impact of climate changes is adversely affecting the forest ecosystems, it changes the structure of forest stands, their tree species composition and the quality of wood raw material. Due to this fact, it is also possible to expect a change in the forestry enterprises efficiency. Forest enterprises can increase the efficiency by increasing their profits that is by revenue growth or costs reduction. This is quite problematic due to the high proportion of incidental fellings and the low average monetizing in recent years. The goal of this paper is to clarify some specifics which affect the management efficiency on forest land, assets and capital structure of forest enterprises efficiency and possible increasing of foreign sources funding, to enhance the forest enterprises efficiency. Our research is based on the rules of optimal financing and the relationship between profitability and debt on the principle of decomposition of profitability and leverage effect. The results of the paper identified an issue that forest enterprises losing an opportunity for development and economic growth because of the lack of foreign investments and foreign capital. Furthermore, an implementation of modern technologies is also insufficient, which means enterprises losing a competitive advantage.

Klíčová slova: efficiency, financing, forest enterprises debt, profitability

stránky: 295-303, Publikováno: 2021, online: 2021