OPTIMIZATION OF CAPITAL STRUCTURE AS A CONDITION FOR ENSURING FINANCIAL STABILITY OF THE ENTERPRISE

Keywords: financial stability, target capital structure, capital structure optimization, financial leverage, operational and financial leverage, return on capital, weighted average cost of capital

Abstract

In the article essence of optimization of capital structure is investigational as an important condition of providing of financial firmness of enterprise. Functioning of subjects of menage in the modern economic terms of competition and increase of financial risks require permanent effective control after financial results and level of financial firmness. The formed capital structure is the base factor of influence on the level of financial firmness and source of efficiency of activity of enterprise and increase of the combined cost of business that predetermines actuality and practical meaningfulness for the domestic enterprises of determination of methods of optimization of capital structure. Within the framework of the put aim intercommunication of capital of enterprise structure is educed with his financial firmness, essence of concept "optimization of capital structure" is exposed, it is found out, that the index of having a special purpose capital structure is determined on every enterprise individually on the basis of criteria of optimization and taking into account the having a special purpose reference-points of development of enterprises, description is given to the methods of optimization of capital structure and methodology over of their calculation is brought. The worked out classification of methods of adjusting of capital structure became a research result on three groups of methods and with working out in detail of every group on the criterion of optimization. On the basis of the educed and systematized advantages and lacks of the considered methods of adjusting of capital structure, expediency of application is reasonable at forming of the most rational capital of a few methods structure simultaneously with the aim of taking into account of criterion of maximization of profitability of property asset and increase of level of financial firmness of enterprise. The prospects of further researches in this direction are grounds of methodology of analysis of efficiency of management of capital a structure with the use of index of EVA.

References

1. Blank, I.A. (2002). Upravlenie formirovaniem kapitala [Capital formation management]. Kyiv : Nika-Tsentr, Elha [in Russian].
2. Breili, R., & Maiers, S. (1997). Printsypy korporativnykh finansov [Principles of corporate finance]. (N.N. Baryshnikova, Trans). Moscow: Olimp-Biznes [in Russian].
3. Brihkhem, Yu., & Erkhardt, M. (2009). Finansovyi menedzhment [Financial management] (10th ed). Saint Petersburg: Piter [in Russian].
4. Vysotska, I.B., & Komarychyna, V.V. (2013). Optymizatsiia struktury kapitalu pidpryiemstva z metoiu pidvyshchennia yoho finansovoi bezpeky [Optimization of the capital structure of the enterprise in order to increase its financial security].
Naukovyi visnyk NLTU Ukrainy – The Scientific Bulletin of UNFU, 23.1, 224-230 [in Ukrainian].
5. Donchenko, T.V. (2010). Teoretychni osnovy formuvannia mekhanizmu upravlinnia finansovoiu stiikistiu pidpryiemstva [Theoretical bases of formation of the mechanism of management of financial stability of the enterprise]. Visnyk Khmelnytskoho natsionalnoho universytetu – Bulletin of Khmelnytsky National University, 1, 23-27 [in Ukrainian].
6. Ivko, A.V. (2011). Kompleksnyi pokaznyk optymalnoi tsilovoi struktury kapitalu pidpryiemstva [A comprehensive indicator of the optimal target capital structure of the enterprise]. Yevropeiskyi vektor ekonomichnoho rozvytku – European vector of economic development, 2 (11), 105-110 [in Ukrainian].
7. Kvasnytska, P.C. (2005). Instrumentarii ta metody optymizatsii tsilovoi struktury kapitalu pidpryiemstva [Tools and methods for optimizing the target capital structure of the enterprise]. Ekonomist – Economist, 5, 73-75 [in Ukrainian].
8. Kovalenko, L.O., & Remnova, L.M. (2005). Finansovyi menedzhment [Financial management]. Kyiv: Znannia [in Ukrainian].
9. Podolska, V.O., & Yarish, V.O. (2007). Finansovyi analiz [Financial analysis]. Kyiv: Tsentr navchalnoi literatury [in Ukrainian].
10. Sinitsyn, O.D. (2016). Optymizatsiia struktury kapitalu korporatsii za kryteriiamy vartosti kapitalu, rivnem finansovykh ryzykiv ta rentabelnosti na osnovi finansovoho leverydzhu [Optimization of the capital structure of corporations according to the criteria of cost of capital, level of financial risks and profitability based on financial leverage]. Ekonomika i orhanizatsiia upravlinnia – Economics and organization of management, 4(24), 352-362 [in Ukrainian].
11. Uolsh, K. (2000). Kliuchevye pokazateli menedzhmenta [Key management indicators]. Moscow: Delo [in Russian].
12. Khelfert, E. (1996). Tekhnika finansovoho analiza [Financial analysis Techniques]. (L.P. Belykh, Trans). Moscow: Audit, YUNITI [in Russian].
13. Shcherban, O.D., Nasibova, O.V., & Sukhorukov, R.V. (2017). Metody rehuliuvannia ta optymizatsii struktury kapitalu pidpryiemstva [Methods of regulation and optimization of the capital structure of the enterprise]. Ekonomika ta derzhava – Economy and state, 12, 82-88. Retrieved from http://www.economy.in.ua/pdf/12_2017/19.pdf [in Ukrainian].
14. 14 Entoni, R., & Ris, Dzh. (1993). Uchet: situatsyi i primery [Accounting: situations and examples]. (A.M. Petrachkova, Trans). Moscow: Finansy i statistika [in Russian].
Published
2021-03-25
How to Cite
Goncharova, V., & RadevaО. (2021). OPTIMIZATION OF CAPITAL STRUCTURE AS A CONDITION FOR ENSURING FINANCIAL STABILITY OF THE ENTERPRISE. Bulletin of Zaporizhzhia National University. Economic Sciences, (1 (49), 34-38. https://doi.org/10.26661/2414-0287-2021-1-49-06