OPTIMIZATION OF THE CAPITAL STRUCTURE OF INDUSTRIAL ENTERPRISE AS A FACTOR OF ITS EFFECTIVE FUNCTIONING

Abstract

The article is devoted to the study of individual aspects of the capital structure’s management of industrial enterprises, in particular its optimization taking into account the factors of micro– and macroeconomic peculiarities of the functioning of economic entities. The essence of economic concept of capital and its structure has been considered. Existing models of capital structure management and the possibility of their application to the Ukrainian economy have been analyzed. It has been found that the methodological basis for managing the capital structure of the enterprise is a system of principles and methods of formation (development) and implementation of management decisions aimed at optimization of the capital structure in the current economic conditions. The concept of capital from the point of view of financial management is considered as a specific form of financial resources, which has been defined as a form of financial capital of an enterprise. The dependence of the efficiency and quality of capital management of the enterprise on its structure has been investigated. The concept of determination of capital in various scientific and educational methodical researches in the field of enterprise finance, financial management and economic theory have been analyzed. It is proposed to use the criterion of the optimal capital structure of the enterprise to use the indicator "weighted average cost of capital" and it has been found out that providing the optimal parameters that affect the weighted average cost of capital and the development of an appropriate system of measures can help to achieve these optimal parameters, thus the enterprise will be able to optimize its capital structure. An economic and mathematical model of optimization of capital structure of an industrial enterprise with simultaneous determination of the main strategic parameters have been constructed. Based on the application of economic and mathematical modeling tools, the way of determination and achieving optimal structure parameters of any industrial enterprise are suggested. Also, an approach to optimization of the capital structure of an industrial enterprise, which is based on the use of economic and mathematical model with the determination of the basic parameters of the enterprise functioning has been evaluated. This approach can be used in the financial management of industrial enterprises to maximize the efficiency of their operation.