Efekt dźwigni finansowej jako sposób na podwyższenie stopy zwrotu z kapitału zainwestowanego
Financial Leverage Effect as a Way to Increase the Return on Invested Capital

Summary/Abstract: Purpose – This article aims to analyse the impact of the use of foreign capital to finance investment projects in the energy sector on return on equity. Design/methodology/approach – Methodology of acceptance in the development takes into account the analysis of the literature and the use of case study method. Findings – Considering the variety of sources of financing investment projects should analyze the impact of foreign capital on the profitability of the capital invested (own). In the present case as the optimal structure of the capital necessary to finance selected investment financing eighty percent of foreign capital, and twenty percent of the equity. So that the return on equity compared to variant financed solely with equity has doubled. Moreover, return on invested capital is greater than the weighted average cost of capital. Originality/value – Proper selection of the sources of financing of investment projects in the energy sector is a very important aspect when planning investments. The use of foreign capital to finance investment increases the rate of return on capital invested. Which may have an impact on the further development of the company and increase market share, since the investment will bring higher profits. During the analysis of financial leverage should also pay attention to the degree of financial leverage, operating and connected. Because sensitivity analysis of these aspects allows you to analyse future scenarios.

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