ТРАНСФОРМАЦІЯ ТЕОРІЇ СТРУКТУРИ КАПІТАЛУ В УМОВАХ ЦИФРОВОЇ ЕКОНОМІКИ
Анотація
У статті досліджено еволюцію та трансформацію теорії структури капіталу в умовах цифрової економіки. Метою є узагальнення класичних і сучасних підходів та визначення впливу цифровізації, фінтеху і нових інституційних умов на фінансові рішення компаній. Розглянуто основні положення класичних теорій та їх обмеження в цифровому середовищі. Показано, що цифрові платформи, розвиток фінтеху, нематеріальні активи, ШІ та зниження трансакційних витрат змінюють уявлення про оптимальну структуру і вартість капіталу. Особливу увагу приділено впливу цифровізації на доступ до фінансування, інформаційну асиметрію, ризик-менеджмент та нові форми капіталу (токенізовані активи, альтернативне та вбудоване фінансування). Обґрунтовано доцільність переходу до динамічних, поведінкових та резильєнтних моделей, що враховують нестабільність цифрового середовища.
Посилання
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Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance and takeovers. American Economic Review. Vol. 76, No. 2. P. 323–329.
Baker, M., Wurgler, J. (2002). Market timing and capital structure. The Journal of Finance. Vol. 57, No. 1. P. 1–32.
Berger, A. N., Udell, G. F. (1998). The information content of small business finance: Bank loan collateral, loan guarantees, and the life cycle hypothesis. Journal of Banking & Finance. Vol. 22, No. 6–8. P. 613–637.
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Stewart, T. A. (1997). Intellectual Capital: The New Wealth of Organizations. New York : Doubleday, 328 p.
Chen, Y., Shen, L., Bian, Y., Zhang, X. (2023). Effects of digital transformation on dynamic capital structure adjustment: evidence from China. Systems. Vol. 11, No. 7. Article 330. DOI: 10.3390/systems11070330 (accessed May 28, 2025).
Niu, Y., Wang, S., Wen, W., Li, S. (2023). Does digital transformation speed up dynamic capital structure adjustment? Evidence from China. Pacific Basin Finance Journal. Vol. 79. Article 102299. DOI: 10.1016/j.pacfin.2023.102299 (accessed May 28, 2025).
Li, J., Li, Z. (2025). Mechanisms of corporate digital transformation on asymmetric capital structure adjustment– в the mediating role of information asymmetry and financial stability. Heliyon. Vol. 11. No. 3: e41745. DOI: 10.1016/j.heliyon.2025.e41745 (accessed November 28, 2025).
Xue, Y., Zhang, X. (2024). Digital transformation and corporate capital structure: Evidence from China. Pacific Basin Finance Journal. Vol. 84:102299. DOI: 10.1016/j.pacfin.2024.102299 (accessed November 28, 2025).
Ktit, M. A., Abu Khalaf, B. (2025). Does digital transformation reflect the adjustment of capital structure? Journal of Risk and Financial Management (MDPI). Vol. 18. No. 4:168. DOI: 10.3390/jrfm18040168 (accessed November 30, 2025).
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management. Vol. 17, No. 1. P. 99–120.
Friede, G., Busch, T., Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment. Vol. 5, No. 4. P. 210–233. DOI: 10.1080/20430795.2015.1118917 (accessed November 30, 2025).
Minsky, H. P. (1986). Stabilizing an Unstable Economy. New Haven ; London: Yale University Press, 296 p
Schwab, K. (2016). The Fourth Industrial Revolution. Geneva : World Economic Forum, 172 p.
Goldfarb, A., Tucker, C. (2019). Digital Economics. Journal of Economic Literature. vol. 57, issue 1, p. 3–43.
Easley, D., O’Hara, M. (2004). Information and the Cost of Capital. The Journal of Finance. Vol. 59. No. 4. p. 1553–1583. URL : https://doi.org/10.1111/j.1540-6261.2004.00672.x (accessed November 30, 2025).
Wu, J., Yang, K., Song, F. (2025). Reconfiguring Capital Structures Through Digital R&D: Mechanisms and Empirical Insights. International Review of Economics & Finance. Vol. 104(C). DOI: 10.1016/j.iref.2025.104610 (accessed November 27, 2025).
Nahapiet, J., Ghoshal, S. (1998). Social capital, intellectual capital, and the organizational advantage. Academy of Management Review. Vol. 23. No. 2. P. 242–266. DOI: 10.5465/amr.1998.533225 (accessed November 27, 2025).
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