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Substantiating the Theoretical Foundations for the Management of the Enterprise’s Capital Structure
Kovalova O. M.

Kovalova, Olena M. (2019) “Substantiating the Theoretical Foundations for the Management of the Enterprise’s Capital Structure.” Business Inform 12:14–20.
https://doi.org/10.32983/2222-4459-2019-12-14-20

Section: Economic Theory

Article is written in Ukrainian
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UDC 330.14.01:658.1

Abstract:
The article is aimed at substantiating the theoretical foundations for the management of the enterprise’s capital structure, which involves studying of the essential features, factors, principles and structural elements of this concept. Regarding the theoretical-methodical plane, the article researches scientific approaches to defining the essence of the concept of «capital structure» of enterprise. The definition of the enterprise’s capital structure has been clarified, which differs from the existing ones by its complex character, combining the purpose, elements and conditions of the enterprise’s capital formation. The factors that determine the structure of the enterprise’s capital, as well as the factors that require accounting to protect against the impact of systematic and specific risks in the process of ensuring the financial-economic security of enterprise, are characterized. The principles of capital formation are systematized, constituting the basis for the further classification of the enterprise’s capital with the management purpose of optimizing its structure and achieving a sufficient quality proportion in the distribution of its main elements, i.e.: equity and borrowed capital. Emphases are placed in defining equity capital through the prism of accounting, economic and legal approaches. The main features in the research process of the definition of borrowed capital are allocated, allowing to emphasize the more efficient use of equity in the attraction of borrowed capital, although this leads to an increase in financial risks, and in perspective to threats to the financial condition in the absence of activities to optimize the enterprise’s capital structure. A promising direction for further research is the consideration of financial engineering instruments in the context of the use of borrowed capital in the financial-economic activities of enterprise.

Keywords: capital, capital structure, equity capital, borrowed capital, financial-economic security, financial-economic activity.

Fig.: 2. Tabl.: 3. Bibl.: 21.

Kovalova Olena M. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Accounting, Analysis and Audit, Odesa Polytechnic National University (1 Shevchenko Ave., Odesa, 65044, Ukraine)
Email: [email protected]

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