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Journal: International scientific journal "Internauka." Series: "Economic Sciences" (Vol.1, No. 57)

Publication Date:

Authors : ; ; ; ;

Page : 190-200

Keywords : capital; capital structure; equity; debt capital; capital structure optimization;

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The article investigates the theoretical and methodological foundations of optimizing of the enterprise capital structure. The essence of the categories «capital» and «capital structure» of the business entity is determined. A comprehensive analysis of scientific approaches to their interpretation, as well as methodical methods of optimizing the capital structure, the characteristics and components are identified are highlighted. The groups of methods of this process are studied: normative-coefficient, single-­criteria and multicriteria, their key advantages and disadvantages are considered. Normative-­coefficient methods include methods based on the use of financial ratios. When forming the capital structure, the coefficients average values in the respective industry are taken into account as a reference point. The main single-criteria searching methods for optimality in the capital formation sources structure are investigated: maximizing the financial profitabil‑ ity level using the financial leverage mechanism, minimizing the cost of capital, minimizing the financial risks level. Restrictions for finding the optimal ratio of own and borrowed funds are consolidated into an one multi-­criteria system. Based on these methods, the PE «EVROSEM» capital structure is optimized. Taking into account the problem of achieving a capital components rational proportion based on simultaneous compliance with the several optimization criteria requirements a target capital structure complex indicator based on industry affiliation is developed, which is a weighted average value with the specific weights of each method in the integral assessment of the equity and borrowed funds ratio. Prospects for changing of the PE «EVROSEM» market value when reaching a strategic capital structure are outlined, which consist in the fact that by increasing the share of own funds in their total volume, based on the economic added value mechanism, it is possible to obtain an increase in the enterprise market price.

Last modified: 2022-07-07 18:09:27