ABOUT THE ESSENCE OF THE ENTERPRISE BORROWED CAPITAL

The article is devoted to the study and justification of theoretical approaches to the interpretation of borrowed capital in ensuring the enterprise development. Particular attention is paid to the interpretation of the essence of borrowed capital, it's components and characteristics. The relevance of the topic is due to the constant increase in the need for borrowed capital of enterprises for efficient operation and expansion of economic activity in the context of limited financial resources and the emergence of new forms of borrowed capital. The paper analyzed approaches of domestic and foreign scientists to the definition of the concept of «borrowed capital». The problem is considered the identifying borrowed capital with similar concepts as a result of a misunderstanding of the essence of borrowed capital and the development of it's forms, which leads to inaccurate and sometimes incorrect interpretation of this concept. The historical origin of these concepts is analyzed, definitions are delimited and their essence is highlighted. Based on the research, it is noted that the concept of «attracted capital» is a broader concept than «borrowed capital», and these concepts cannot be replaced by each other, as often happens in practice. The importance of such a comparison lies in the fact that in modern economic literature there is no clear definition of borrowed capital in relation to the funds raised, and some authors, without going into the differences of these concepts, often use them as synonyms, replacing one with another. It is concluded that borrowed capital is part of the organization's attracted capital. An organization can raise capital in different ways — either borrowed, which increases the amount of borrowed capital, or in ways that increase the amount of equity capital. The main differences of borrowed capital from equity are substantiated. A structure classification of attracted, borrowed and own capital is proposed. On the basis of a critically constructive analysis of the work of various scientists, the characteristics of borrowed capital are determined. The article examines the role of borrowed capital in ensuring the development of the enterprise, highlights it's main informative characteristics and gives the development of the concept of «borrowed capital».