OPTIMIZATION AND EFFECTIVE MANAGEMENT OF THE JOINT STOCK COMPANY CAPITAL STRUCTURE

Abstract

The article examines scientific approaches to determining the essence of an enterprise's capital and its structure. The capital of the enterprise represents the total value of resources in all their forms (monetary, material, intangible), which are formed and used in the process of financial and economic activity of the enterprise with the aim of obtaining income to ensure extended reproduction. The assessment of the capital structure involves determining the ratio of own and borrowed financial resources used in the economic activity of the enterprise and the ratio between non-current and current assets, which makes it possible to more reliably assess the effectiveness of the financial management of the enterprise and determine ways to optimize capital. Depending on the ratio of own and borrowed funds in joint-stock companies, three main types of capital structures are distinguished: capital with a high degree of own funds; capital with a high degree of leveraged capital; balanced capital, in which the company has a rational balance between own and borrowed capital. The main factors that determine the capital structure are determined, in particular, the industry specifics of the business, the level of profitability of the enterprise; financial and commodity market conditions; stage of the life cycle of the enterprise; tax burden; degree of concentration of share capital. The methods of optimizing the capital structure of the enterprise are singled out, which include: optimization of the capital structure according to the criterion of maximizing the level of projected financial profitability; by the criterion of maximizing its value; according to the criterion of minimizing the level of financial risks. Optimization of the capital structure of domestic enterprises should be carried out with the help of the following stages: analysis of capital; assessment of factors determining the formation of the capital structure; selection of capital optimization assessment criteria; formation of the indicator of the target capital structure. Based on the conceptual principles of optimizing the capital structure of domestic joint-stock companies, the main criteria and influencing factors on the formation of the optimal capital structure of the enterprise are determined.