Expleinary basis of enterprise capital structure management


  • Альона Гончаренко

Abstract

Annotation. In the management system of the enterprise one of the main places belongs to the management system of capital structure. It is responsible for finding sources to ensure the activities of the enterprise and the formation of ways to effectively use resources to achieve strategic goals. The formation of an effective mechanism for financing the activities of enterprises requires the improvement of theoretical and practical aspects related to the management of enterprise capital as a set of its financial resources. The purpose of the study is to determine the components of the explanatory basis for managing the capital structure of enterprises. The article considers the components of the explanatory basis of the capital structure of enterprises, which are a set of theoretical foundations and tools that are used to optimize the capital structure. The author explores the features of the term "capital" depending on the stages of development of economic thought. The approaches of different groups of scientists to the components of the capital structure are considered. The role of intellectual capital in the effective operation of the enterprise along with other production factors is determined. The views of scientists on the positioning of the components of total capital in the coordinates of the external and internal environment of enterprises are systematized. The paper notes that one of the components of the explanatory basis are theories of capital structure, which reflect the multifaceted interpretation of the essence of this object. Based on this, the components of the explanatory basis of capital structure management in terms of compromise theory, agency theory, information cost theory, contract cost theory, market tracking theory and explanations of capital structure management were formulated. The results of the study of the essence of capital structure management should become a theoretical basis for the scientific idea of its explanatory basis, to promote the further development of the theory of capital structure. The article proposes approaches to the capital structure management system that will maximize the efficiency of economic activity and ensure stable economic growth.

Keywords: capital structure, capital structure management, explanatory basis, explanatory basis of capital structure management

Published
2020-12-01
How to Cite
Гончаренко, А. (2020). Expleinary basis of enterprise capital structure management. Adaptive Management: Theory and Practice. Series Economics, 9(18). https://doi.org/10.33296/2707-0654-9(18)-15