The influence of the capital structure on the business results of small and medium - sized enterprises of the Republic of Croatia

Tema ovog završnog rada je „Utjecaj strukture kapitala na poslovni rezultat malih i srednjih poduzeća u Republici Hrvatskoj“. Strukturom kapitala se smatra kombinacija različitih vrijednosnica kojima se poduzeće koristi za pribavljanje kapitala koji potom služi poduzeću za daljnje financiranje. Poznato je da su mala i srednja poduzeća zbog svoje veličine specifičan sektor ekonomije i kao takva su čest predmet različitih istraživanja. Mala i srednja poduzeća imaju relativno ograničene resurse, teži pristup izvorima financiranja, ovisnija su o jednome proizvodu, posjeduju manje adekvatnu kontrolu proračuna, nedostatak ekonomije obujma, manje su birokratski nastrojena, brže reagiraju i prije će preuzeti rizik u odnosu na velika poduzeća. Način formiranja financijske i kapitalne strukture svakog poduzeća veoma je bitan čimbenik u aktivnom upravljanju izloženosti rizicima, upravljanju troškovima poduzeća, kao i ostvarenim rezultatima, a prema nekim teorijama kapitalne strukture i vrijednošću poduzeća. Problemi s kojima se pritom susreću mala i srednja poduzeća izravno utječu na razlike u strukturi financiranja.The topic of this paper is "The influence of capital structure on the business results of small and medium-sized enterprises in the Republic of Croatia". The capital structure is considered to be a combination of different values that the company uses to obtain capital that then serves the company for further financing. It is well known that small and medium-sized enterprises are a specific sector of the economy mostly due to their size and as such are often the subject of various researches. Small and medium-sized enterprises have relatively limited resources, they come across more difficulties in accessing sources of financing, oftern are more dependent on one product, have less adequate budget control, lack of economies of scale, are less bureaucratic, react more quickly and will take risks sooner than large enterprises. The way the financial and capital structure of each company is formed is a very important factor in the active management of risk exposure, management of company costs, as well as achieved results, and according to some theories, the capital structure and value of the company. The problems faced by small and medium-sized enterprises directly affect the differences in the financing structure