Abstract Capital structure refers to the delicate balance between equity and debt that a company uses to finance its assets. It is typically expressed as a debt-to-equity or debt-to-capital ratio, with the components usually located on the right side of the company’s balance sheet. Capital structure can exert great influence on the company’s risk profile and ability to leverage its operations. For this reason, the authors conducted an investigation of the capital structure of 16 joint stock companies listed on the Zagreb Stock Exchange comprising CROBEX, the equity index of Croatia for a three-year period starting in 2015 and ending in 2017. The study demonstrates that many CROBEX-listed companies are very risk averse and choose to remain debt-free. Some are, however, starting to discover the potential offered by financial leverage and have slowly started adjusting their capital structure. In conclusion, capital structure is slowly becoming an issue worthy of discussion on the corporate agendas in Croatia.

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分析各行业的资本结构：来自克罗地亚的证据

摘要资本结构是指公司用来为其资产融资的股本与债务之间的微妙平衡。它通常表示为负债对权益比率或负债对资本比率，其组成部分通常位于公司资产负债表的右侧。资本结构可对公司的风险状况和杠杆作用产生重大影响。因此，作者对在萨格勒布证券交易所上市的16家股份公司的资本结构进行了调查，其中包括CROBEX，这是克罗地亚的股票指数，为期三年，从2015年开始，到2017年结束。研究表明，许多在CROBEX上市的公司非常厌恶风险，因此选择保持无债务状态。但是有些是 开始发现财务杠杆提供的潜力，并逐渐开始调整其资本结构。总之，资本结构正逐渐成为值得在克罗地亚公司议程上讨论的问题。