ASSESSMENT OF THE IMPACT OF THE CAPITAL STRUCTURE OF ENTERPRISES ON THE LEVEL OF THEIR FINANCIAL STABILITY

Introduction. Many enterprises of Ukraine face the task of improving their financial condition. Solving this task at the present time is complicated by many circumstances that are external to the enterprises and caused by the difficult macroeconomic situation of the state under the conditions of conducting large-scale military operations. At the same time, as business practice shows, the financial condition of companies is largely determined by internal factors. In particular, this applies to such a parameter of the financial condition of enterprises as their financial stability. This stability largely depends on how well-founded the credit policy of the companies is. First of all, this policy concerns the determination of the rational share of loans in the capital structure of enterprises. However, the procedure for such determination should be based on a preliminary assessment of the impact of the capital structure of enterprises on the level of their financial stability. Therefore, there is a need to conduct this assessment. Purpose. The purpose of the study is to assess the impact of the capital structure of enterprises on the level of their financial stability. Materials and methods. The research materials are: 1) the works of scientists devoted to the assessment and management of the financial stability of enterprises; 2) data given in the reports of the investigated enterprises. In the process of carrying out the research, the following scientific methods were used: theoretical generalization (when determining the essence of financial stability of companies); economic and mathematical modeling (to build a model for assessing the impact of the capital structure of enterprises on the level of their financial stability); economic analysis (when approving the developed theoretical and methodological principles); logical generalization of results (when formulating conclusions). The results. The essence of the financial stability of enterprises has been clarified, under which it is proposed to understand the ability of business entities to fulfill their obligations to creditors in a timely manner and in full in the event of a certain deterioration in the conditions for such fulfillment. The relative nature of financial stability of companies is substantiated. An indicator for evaluating this stability is proposed. A model for assessing the influence of the share of loan capital in the total capital of enterprises on the level of their financial stability has been built. This model was tested on a sample of industrial enterprises of Ukraine. This test showed that, in general, the growth of the share of loan capital in the total capital of enterprises reduces the level of their financial stability. At the same time, under certain conditions, in particular, with sufficiently high profitability of companies, even with a large share of loans in the capital structure, enterprises can be characterized by adequate financial stability. Discussion. Further research requires the development of the model built in this article for assessing the impact of the capital structure of enterprises on the level of their financial stability by more fully taking into account the risk factor of possible bankruptcy of companies.