Analýza vlivu zadlužení na hodnotu společností v energetickém sektoru

This thesis examines capital structure as a primary determinant of enterprise value, with a specific focus on the energy sector. The research is grounded in the sector’s high capital intensity, which necessitates the utilization of external financing to facilitate large-scale investment projects. The primary objective of this study is to evaluate and quantify the impact of leverage on the market value of a selection of European energy companies. The empirical section assesses whether the capital market accepts high debt levels as an inherent consequence of capital-intensive operations or, conversely, interprets leverage as a risk factor that negatively affects firm value. The analysis was conducted using multiple linear regression on a sample of 89 European energy companies. The results demonstrate a statistically significant positive effect of debt on enterprise value, as measured by the EV/EBITDA multiple. These findings suggest that within the energy sector, investors perceive higher leverage as a strategic tool for financing growth and utilizing tax shields rather than a threat to corporate stability. The study provides practical insights relevant to the financial management of companies operating within the energy industry.