Capital structure is the problem regularly approached in theoretical and empirical studies; however it does not give any consensus whether the growing use of loan capital leads to increase or decrease in the efficiency of company's performance. Many of the empirical researches evidenced that the capital structure has a significant negative impact on the efficiency of corporate performance; some studies showed a positive relationship. The results of our research confirmed the results of first studies: all the selected ratios of capital structure negatively correlated with the efficiency of the company's performance. Since it was established a significant relationship, we conclude that the performance efficiency is related to debt level to a large extent. Moreover, the capital raised in this way did not condition more effective performance and is not associated with the implementation of fast-track, profitable projects, that would allow these companies to ensure the growth of performance efficiency.
In this paper, methods of valuation of restructuring impact on company's financial results are analysed. Such analysis is important as attention to restructuring is growing; however scientific literature does not present a single methodology for estimation of restructuring impact on value of a company and its performance results. There are analysed following valuation methods: traditional indicators of performance measurement (financial ratios), cash flow methods, value based methods, and cash flow return on investment. It was found that most of methods refer to profit (use accounting data) or cash flow (are based on forecasts, therefore often difficult to calculate and unreliable). The most of advantages have traditional performance evaluation methods (financial ratios) and one of value based methods (EVA); therefore they are the most suitable to estimate impact of restructuring on value of a company and its performance results.
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