caerCentral Asian Economic ReviewCentral Asian Economic Review2789-43982789-4401Университет Нархозcaer-234Research ArticleФИНАНСЫ И АНАЛИЗFINANCE AND ANALYSISКАПИТАЛ ҚҰРЫЛЫМЫНЫҢ ДЕТЕРМИНАНТТАРЫ: ҚАЗАҚСТАННЫҢ МҰНАЙ ЖӘНЕ ГАЗ ӨНЕРКӘСІБІН ЗЕРТТЕУTHE DETERMINANTS OF CAPITAL STRUCTURE: A STUDY OF OIL AND GAS INDUSTRY IN KAZAKHSTANАдамбековаА. А.AdambekovaA. A.

доктор экономических наук, профессор

Doctor of Economic science, Professor

КокееваС.KokeyevaS.

PhD student

Университет НархозКазахстанNarxoz UniversityKazakhstan201828082018044656Copyright © Адамбекова А.А., Кокеева С., 20182018Адамбекова А.А., Кокеева С.Adambekova A.A., Kokeyeva S.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/234

В данной статье автор оценивает детерминанты структуры капитала и их влияния на принятие решения о финансовой структуре. Исследование также проливает свет на оценку структуры и степени пригодности компаний нефтегазового сектора. В настоящей работе проверяется обоснованность теорий компромисса и порядка распределения капитала для компаний нефтегазовой отрасли Казахстана, котирующихся на Казахстанской фондовой бирже.

Purpose – to test the impact of capital structure changes on value of the company and how different factors may influence, directly or inversely, the debt and equity components of capital structure and to test the validity of the trade-off and pecking order theories of capital structure for Oil and Gas sector industry in Kazakhstan.Methodology – synthesis, statistic and correlation-regression analysis of data.Originality/value – optimization of capital structure allows to find the place in the competitive market. One of the conditions for creating a financial stability is to create an optimal capital structure. Therefore, the volume of effective management of the company, making the right decision about the amount of the loan.Findings – in Kazakhstan, Oil and Gas sector companies make new investment and capital structure decisions according to Pecking Order Theory.

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