摘要： The European Commission emphasizes that adequate access to finance is an important determinant for development of companies, especially for small and mediumsized enterprises that face different challenges during funding. According to economic importance and importance of small and medium-sized enterprises, the choice of financing methods is one of the most important decisions in business operations. Therefore, the aim of this paper is to analyze the impact of selected variables on the capital structure of small and medium-sized enterprises in Croatia. Explanation of the relationship between the capital structure and the analyzed variables can help companies to make more effective financial decisions, adapt to changing macroeconomic conditions and ultimately promote stable growth and development. For this purpose, using the estimator of the generalized method of moments in two steps, a dynamic panel model was estimated for the period from 2008 to 2017. The empirical analysis carried out has confirmed that profitability, size of the company, tangible assets and tax protection positively affect the company's capital structure. Furthermore, the analysis confirmed that liquidity and growth have a negative statistically significant impact on the capital structure of the company.
关键词：capital structure; pecking-order theory; trade-off theory; small and medium-sized enterprises.
