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The Factors that Determine the Capital Structure of Domestic Enterprises in Changing Economic Conditions
Kovalchuk N. О., Fedoruk Y. I.

Kovalchuk, Natalia О., and Fedoruk, Yulia I. (2020) “The Factors that Determine the Capital Structure of Domestic Enterprises in Changing Economic Conditions.” Business Inform 4:364–370.
https://doi.org/10.32983/2222-4459-2020-4-364-370

Section: Finance, Money Circulation and Credit

UDC 336.647./648

Abstract:
The article is aimed at researching the factors influencing the capital structure of domestic enterprises in the current economic environment. The existing scientific approaches to the definition of factors that determine the structure of capital are generalized, and on this basis it is clarified which of them now take place in the formation of sources of financing in domestic enterprises, including through analysis of statistical information on the capital structure of enterprises of Ukraine. Specific factors influencing the capital structure of domestic enterprises in terms of external and domestic, manufacturing, economic and organizational activities are provided. Given the changing economic conditions, domestic enterprises need to pay special attention to internal factors, as the influence on external factors and the legislative restrictions on the formation of financial resources of Ukrainian enterprises on the part of enterprises is limited. The main factors that can be influenced by an enterprise, and which significantly affect the ratio between different sources of financial resources, are: dividend policy, the mentality of owners and managers, use of production capacities, level of forecasting and the capability to respond quickly to external threats and challenges. Domestic enterprises should form a capital structure depending on the type of economic activity, organizational-legal form, and changing conditions of Ukrainian economy, constantly monitoring changes in these factors and making adjustments in the implementation of activities. It is worth looking for a compromise between profitability and riskiness, choosing the optimal ratio between own and borrowed capital, promptly responding to the existing challenges.

Keywords: capital structure, optimization of capital structure, liabilities of Ukrainian economic entities, profitability, risk.

Tabl.: 1. Bibl.: 9.

Kovalchuk Natalia О. – Candidate of Sciences (Economics), Associate Professor, Assistant, Department of Public and Corporate Finance and Financial Intermediation, Yuriy Fedkovych Chernivtsi National University (2 Kotsiubynskoho Str., Chernivtsi, 58012, Ukraine)
Email: [email protected]
Fedoruk Yulia I. – Student, Yuriy Fedkovych Chernivtsi National University (2 Kotsiubynskoho Str., Chernivtsi, 58012, Ukraine)
Email: [email protected]

List of references in article

Berenda, N. I., Redziuk, T. Yu., and Vorona, K. V. “Upravlinnia strukturoiu kapitalu pidpryiemstva“ [Management of the Capital Structure of the Enterprise]. Naukovyi visnyk Uzhhorodskoho natsionalnoho universytetu, vol. 1, no. 19 (2018): 14-18.
Derzhavna sluzhba statystyky Ukrainy. http//www.ukrstat.gov.ua
Dryha, S. H. “Dysproportsii v strukturi kapitalu pidpryiemstva ta yikh vplyv na finansovi pokaznyky roboty pidpryiemstva“ [Disparities in the Capital Structure of the Enterprise and Their Impact on the Financial Performance of the Enterprise]. Molodyi vchenyi, no. 8 (48) (2017): 441-445.
Kovalchuk, N. O., and Railian, Yu. S. “Kontseptualni zasady optymizatsii struktury kapitalu vitchyznianykh pidpryiemstv“ [Conceptual Principles of Optimizing the Capital Structure of Domestic Enterprises]. Ekonomichnyi prostir, no. 117 (2017): 161-171.
Kovalchuk, N. O. et al. “Modeling of the optimal structure of meat processing enterprises“. Financial and credit activity: problems of theory and practice, vol. 4 (31) (2019): 270-278.
Ponomaryov, D. E. “Kapital pidpryiemstva: sutnist ta analiz formuvannia i vykorystannia“ [Enterprise Capital: Essence and Analysis of Formation and Use]. Investytsii: praktyka ta dosvid, no. 5 (2016): 53-58.
Stoliarov, V. F., and Ostrovetskyi, V. I. “Osnovni faktory formuvannia struktury finansovoho kapitalu pidpryiemstva“ [The Main Factors in Forming the Structure of Financial Capital of the Enterprise]. Ekonomichnyi visnyk Donbasu, no. 2 (44) (2016): 87-94.
Shvets, Yu. O., and Kuznetsova, A. V. “Osoblyvosti upravlinnia strukturoiu kapitalu promyslovoho pidpryiemstva v umovakh kryzy“ [Features of Capital Management of an Industrial Enterprise in a Crisis]. Naukovyi visnyk Khersonskoho derzhavnoho universytetu. Seriia: ekonomichni nauky, no. 35 (2019): 77-81.
Shcherban, O. D., and Nevdachyna, O. I. “Teoretychni aspekty vyznachennia sutnosti ta struktury kapitalu pidpryiemstva“ [Theoretical Aspects of Determining the Nature and Structure of Enterprise Capital]. Pryazovskyi ekonomichnyi visnyk, no. 3 (14) (2019): 284-289.

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