caerCentral Asian Economic ReviewCentral Asian Economic Review2789-43982789-4401Университет Нархозcaer-200Research ArticleТЕОРИЯ И МЕТОДОЛОГИЯTHEORY AND METHODOLOGY OF ECONOMIC SCIENCEТЕОРИЯ СТРУКТУРЫ КАПИТАЛАTHE THEORY OF CAPITAL STRUCTUREАдамбековаА. А.AdambekovaA. A.

Доктор экономических наук, профессор

г. Алматы

Doctor of Economic Sciences, Professor

Almaty

КокееваС. Э.KokeyevaS. E.

Докторант PhD

г. Алматы

PhD student

Almaty

АО «Университет Нархоз»КазахстанNarxoz UniversityKazakhstan20182810201805-63343Copyright © Адамбекова А.А., Кокеева С.Э., 20182018Адамбекова А.А., Кокеева С.Э.Adambekova A.A., Kokeyeva S.E.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://caer.narxoz.kz/jour/article/view/200

Цель исследования – обсудить различные теории, которые позволяют объяснить определение оптимальной структуры капитала. Привести краткий обзор каждого типа моделей и их взаимосвязи друг с другом. Обобщить и обсудить полученные исследователями результаты, сопоставить их с имеющимися доказательствами.Методологию исследования – для решения задач исследования использовались общенаучные и общеэкономические методы анализа.Оригинальность/ценность работы – проведен анализ научно-теоретических воззрений о выборе и оптимизации структуры капитала. Рассматриваются теории структуры капитала, основанные на агентских издержках и асимметричной информации. Для каждого типа моделей приводится краткий обзор исследованных работ и их взаимосвязь друг с другом.Результаты исследования – несмотря на доказательства, представленные в отношении теорий структуры капитала, не существует модели, которая убедительно проверяла бы многие конкурирующие теории по оптимальной структуре капитала. Теории в основном базировались на исследованиях по решениям о структуре капитала на крупномасштабных отраслях промышленности. В связи с чем, необходимо провести комплексное исследование действия данных теорий на примере малых и средних предприятий, для получения более глубоких знаний в этой области.

Purpose – to discuss the various theories that help to explain the definition of optimal capital structure. Give a brief overview of each type of models and their relationship with each other. Summarize and discuss the results obtained by the researchers, compare them with the available evidence.Methodology – general scientific and general economic methods of analyses were used to solve the problems of the study.Originality/value – the paper analyzes the scientific and theoretical views on the choice and optimization of capital structure. Paper surveys capital structure theories based on agency costs and asymmetric information. For each type of model, a brief overview of the papers surveyed and their relation to each other is provided. The central papers are described in some detail, and their results are summarized and followed by a discussion of related extensions.Findings – many researchers have approached the study of optimal corporate capital structure.Unfortunately, there has been little consensus among researchers on what the optimal capital structure is. However, it is important to synthesize the literature on capital structure and where possible, to relate the literature to known empirical evidence. In recent years, SMEs are one of the major contributors of growth in developing countries. A comprehensive study on capital structure determinants of SMEs must be provide insightful knowledge in this area.

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The authors declare that there are no conflicts of interest present.