The volume and structure of capital j. Capital structure of the enterprise. Financial capital structure and financial risk

Introduction

Chapter 1. Capital of the enterprise. Capital structure in the enterprise.

Chapter 2. Own and borrowed capital.

2.1. Equity. Sources of formation equity capital.

2.2. Borrowed capital. Sources of debt capital formation.

Chapter 3. Fixed and working capital.

Conclusion.

Introduction.

The fundamental basis for understanding capital as a category with a complex economic, philosophical and legal nature in classical political economy was laid by the English economist W. Petty in the second half of the 17th century. A characteristic feature of his research was that he first began to study property relations in the internal relationship with the production relations of people in the process social production... It was on these premises that the classical approach to economic theory based on the concept of capital circulation and the creation of a surplus product. A. Smith, long before D. Ricardo and K. Marx, substantiated the basic principles of the emergence, formation and functioning of capital.

As the founder of classical political economy, A. Smith wrote: “As soon as in the hands of private individuals capital begins to accumulate, some of them, naturally, tend to use it in order to employ hardworking people, whom they supply with materials and means of subsistence in the hope of obtaining profit from the sale of the products of their labor or from what these workers added to the value of the processed materials. ”

Later, exploring the issues of capital and developing the ideas of A. Smith, D. Ricardo in his scientific works made significant progress in the study of the rate of return on capital and capital redistribution.

Even more holistic, systems approach to the study of capital was reflected in the works of K. Marx, F. Engels. The approaches of materialistic dialectics, skillfully used by Karl Marx in the study of processes economic development society, despite the significant labor intensity due to the fact that the issue of studying capital under the prism of dialectics must be considered from the fundamental positions of the theory of value, with a high degree of abstraction in repeated movements from analysis to synthesis and vice versa, which required the researcher to carefully study the contradictions in the essence of the object of research and its relationship with the subjects of economic relations. Thus, with the help of this method of cognition, it is possible to provide a systematic approach in determining and assessing the relationships and interdependencies of economic development processes, to form a systemic understanding of the organic unity of research objects in the theory of capital.

To date, such a multifaceted phenomenon as capital has given rise to many not contradicting each other's definitions, aimed at describing the basic properties and essence of capital.

The word “capital”, used to designate the subject of this study, comes from the Latin “capitalis”, meaning main, main. It should be noted that representatives of different economic schools associated with capital very different concepts: value that brings surplus value (A. Smith, D. Ricardo, K. Marx); part of the wealth involved in the production process (E. Boehm-Bawerk, P. Sraffa); accumulated wealth (F. Wieser, I. Fisher, J.S. Mill); monetary value reflected in the accounts of firms (J.R. Hicks); the aggregate of equity and equity capital in private enterprises, etc. That is why there is no single definition of capital in modern economic literature, but in practice there are many different interpretations of it.

However, the most meaningful of all the known approaches to capital is its definition, which belongs to one of the founders of classical political economy, K. Marx, who wrote: presented in things and gives this thing a specific social character ”.

It is also quite obvious that capital includes all forms of existence of assets (natural wealth, means of production, finance). That is, capital manifests itself both as a material substance and as a production relation, which, together with labor, is the main factor in the production and development of society. To this it must be added that the specified substance can be considered as capital only if it shows the ability to generate income and recover its initial value.

Chapter 1. Capital of the enterprise. Capital structure in the enterprise.

The capital structure is the factor that has a direct impact on the financial condition of the enterprise - its long-term solvency, income, profitability. Evaluation of the structure of sources of funds of the enterprise is carried out by both internal and external users of accounting information. External users (banks, investors, lenders) assess the change in the share of the company's own funds in the total amount of sources of funds in terms of financial risk when concluding transactions. The risk increases with the decrease in the share of equity capital. Internal analysis capital structure is associated with the assessment of alternative options for financing the activities of the enterprise. In this case, the main selection criteria are the conditions for attracting borrowed money, their price, degree of risk, possible directions of use, etc.

The capital of an enterprise can be considered as a set of means of production, represented in monetary valuation, which, when labor and entrepreneurial initiative are applied to them, can bring surplus value, that is, it is a value that has the ability to recover the advanced, invested amount and self-growth in the presence of favorable conditions for this process ... Capital also needs to be viewed as property that transfers its value to the product of labor and generates income in the production process.

Capital can be classified according to various criteria:
1. By affiliation distinguish between: equity and borrowed capital.

· Own - characterizes the total value of the enterprise's funds, owned by him on the basis of ownership.

· Debt capital includes cash or other property values attracted on a repayable basis to finance the development of the enterprise.

2. By investment object distinguish: fixed and working capital:

· Fixed capital is that part of the capital used, which is invested in all types of non-current assets, and not only in fixed assets.

· Working capital is a part of the capital invested in the working capital of the enterprise.

3... Depending on the purpose of use distinguish: productive, loan, speculative.

Productive - characterizes the funds that are invested in the assets of the enterprise for the implementation economic activity.

Loan capital - characterizes the funds that are used in the implementation process investment activities enterprises.

· Speculative - is used in the process of carrying out speculative financial transactions, i.e. in transactions based on the difference in purchase and sale prices.

4. By the form of being in the process of circulation: capital in monetary, productive, commodity form.
In the process of constant circulation there is a transformation of the monetary form of capital into circulating and non-circulating assets, i.e. into a productive form, then productive capital takes a commodity form in the process of production of goods, works or services. As the manufactured goods are sold, there is a gradual transition to money capital. Simultaneously with the change in forms, the movement of capital is accompanied by a change in its total value.

In this term paper capital will be considered by 2 criteria: by ownership of capital and by the object of investment.

Chapter 2. Own and borrowed capital.

2.1. Equity. Sources of equity capital formation.

Cash capital, i.e. capital, expressed in monetary form, consists of the funds that support the activities of the enterprise, which are usually divided into own and borrowed... There is also another type of capital, which is called real, i.e. existing in the form of means of production. But it will be more interesting for us to consider the money capital at the enterprise, then we will consider its structure. (table 1)

Enterprise cash.

In foreign practice financial analysis the ratio of debt and equity capital is one of the key and is considered as a way to assess the risk for the lender.

Equity the enterprise represents the value (monetary value) of the property of the enterprise, which is wholly in its ownership. In accounting, the amount of equity capital is calculated as the difference between the value of all property on the balance sheet, or assets, including amounts unclaimed from various debtors of the enterprise, and all the liabilities of the enterprise at a given point in time.

Capital structure of the company(Corporate Capital Structure) - the ratio of the components of the capital of the corporation. Decisions aimed at changing the existing capital structure of a company are called capital restructuring.

Distinguish between the concepts of "financial structure" and "capital structure". The concept of financial structure is broader and includes all sources of funding for a corporation, incl. short-term. When analyzing the capital structure, we are only talking about own funds and long-term debt capital.

The capital structure (capital gearing) is one of the most important valuation indicators, characterizing the ratio of the amount and. This indicator is used when determining the level of the enterprise, when managing the effect, when calculating and in other cases.

The optimal (target) one is the structure of the company's capital that achieves the maximum value of the corporation in the financial market at the minimum price of capital. To determine the optimal capital structure, the formula for the Weighted Average Cost of Capital is used, which follows from the MM models.

The founders of the theory of capital structure and the authors of the famous Modigliani-Miller theorem (MM theorem) and its modifications are the American economists F. Modigliani and M. Miller.

the existence of an efficient capital market, which provides for a level playing field for all entities;
free information and absence of transaction costs;
the possibility of raising funds by corporations on the basis of the issue of two types of securities: ordinary and (with a risk-free rate);
no costs associated with bankruptcy;
the possibility of equalizing the cost of the corporation's capital due to the flow of capital;
expected cash flows are perpetual annuities, that is, income growth is not expected;
no taxes.

Theorem MM-1... The cost of a corporation's capital does not depend on its capital structure and is determined by the capitalization rate of expected income in firms of its class. The main proof of Theorem MM-1: the cost of capital of firms of the same class with the same capital structure should be equal. If the value ratio is violated, then an arbitration process arises that restores equilibrium. This means that the investor buys securities of corporations with a higher market value and sells corporations with a lower market value. As a result of arbitrage operations, the market value of securities of this class of corporations is leveled.

Theorem MM-2... The cost of capital is determined by three factors: the required rate of return on the company's assets (p k), the cost of corporate debt (D j), and the debt / equity ratio (D j / S j). Thus, the return on the common stock of a company that is using is a linear function of financial leverage.

Theorem MM-2 does not consider an abstract firm, but a leveraged firm that uses bond issues to finance development. In formalized form, the expected earnings per share is determined by the formula:

I j = p k + (p k - r) * D j / S j,

where:
i j- expected earnings per share;
p k- the required return on capital;
r- premium for financial risk;
D j- the debt of the corporation;
S j- the share capital of the corporation.

Theorem MM-3... The minimum return on investment in a corporation cannot be lower than the return on equity of the corporation. Theorem MM-3 determines the freedom of choice of sources of financing for a corporation. According to the authors of the theorem, the average cost of capital is the level of capitalization of the unleveraged flow in a given class of firms. In the early 1960s, the American economist G. Donaldson put forward the concept of subordination, or the sequence of sources for the formation of a company's capital structure, which consists in the fact that in the process of forming the capital structure, one should adhere to a certain sequence of using certain sources of financing. This concept is known as hierarchy theory. Its essence is revealed in the observance of a number of rules by the corporation in the process of forming the capital structure of the corporation, namely:

the corporation, first of all, must use internal sources of financing - and;
when determining the share in net profit, the corporation should take into account its investment plans and future cash flows;
in the short term, there are certain restrictions on the adjustment of the amount of dividend payments by general meeting shareholders;
to expand investment, the corporation, depending on real cash flows, can create additional internal funds (for example, the so-called "financial barrier" in the form of securities that can be quickly sold) or sell outdated real assets;
the corporation can use external sources of financing only in the absence of opportunities to increase internal sources;
the sequence of using external sources should be as follows:
1. bank loans;
2. issue of debt instruments;
3. issue of shares;
The cautious attitude towards the issue of shares is due to a number of reasons, namely:
- a possible decrease in the price of shares;
- the emergence of aggressive shareholders;
- excess of costs associated with the placement of shares in comparison with the placement of bonds.

Corporate capital structure issues are reflected in the scientific works of Stuart Myers - the theory of asymmetric information; James A. Mirrley, William Wickrey - the fundamental theory of motivation in the context of asymmetric information; George A. Akerlof, Michael A. Spence, Joseph E. Stiglitz - analysis of markets in terms of asymmetric information.

According to the theory of asymmetric information, the information field influences the making of financial decisions, and the price of securities depends on the information available to investors about the financial condition of the company. At the same time, the completeness and quality of information about the financial condition of the company, which is owned by managers and investors, can differ significantly.

Due to the existence of asymmetric information, corporations give preference to maintaining a certain reserve lending potential, which provides for the failure to achieve a critical level of financial leverage. This leads to the formation of such a structure of funding sources, which allows, if necessary, to attract borrowed funds on fairly favorable terms.

Capital- these are the means that a business entity has to carry out its activities with the aim of making a profit.

In the initial works of economists, capital was considered as the main wealth, the main property.

In the process of economic activity, there is a constant capital turnover: consistently, he changes the monetary form to the material one, which in turn changes, taking various forms of products, goods and others, in accordance with the conditions of the organization's production and commercial activity, and, finally, capital again turns into money, ready to start a new circuit.

Funds supporting the activities of an enterprise are usually divided into own and borrowed funds.

Equity the enterprise represents the value (monetary value) of the property of the enterprise, which is wholly in its ownership.

In accounting, the amount of equity capital is calculated as the difference between the value of all property on the balance sheet, or assets, including amounts unclaimed from various debtors of the enterprise, and all the liabilities of the enterprise at a given point in time. (Asset-liability)

The equity capital of an enterprise is made up of various sources: charter, or reserve, capital, various contributions and donations, profits that directly depend on the results of the enterprise.

Borrowed capital - this is capital that is attracted by the enterprise from outside in the form of loans, financial assistance, amounts received on collateral, and other external sources for a specific period, under certain conditions under any guarantees.

Equity and reserves include invested capital and accumulated profit.

Invested capital is the capital invested by the owner (authorized capital, additional capital, earmarked income). Equity capital of the enterprise - retained earnings, reserve capital, various funds.

Accumulated profit- this is the profit, net of taxes and dividends, which the company earned in the previous and present period.

Enterprise equity management is one of the main tasks of the company's financial managers.

The size of the company's equity capital is one of the most important indicators of work efficiency; it is at the expense of its equity capital that the company can increase the volume and quality of its products.

The equity capital of the company is created at the time of the establishment of the company. The increase in the company's equity capital can occur at the expense of the company's profits and the attraction of borrowed funds.

One of the main indicators of the efficiency of equity capital management of an enterprise is profitability, which can determine the effectiveness of various areas of the enterprise. Profitability of products determines the receipt of profit after taking into account the cost of production, profitability of sales is defined as the ratio of profit from sales to revenue, excluding taxes and other fees, and profitability of assets determines the ratio between book and net profit to the average value of the assets of the enterprise.

Debt capital in the capital structure of an enterprise consists of short-term and long-term liabilities.

long term duties- these are loans and borrowings with a maturity of more than a year.

short-term obligations- these are liabilities with a maturity of less than 1 year (for example, short-term loans and borrowings, accounts payable).

Many businesses are forced to raise debt capital in order to ensure the ability of the company to operate. Unlike working with your own funds, debt capital management has a number of features.

When attracting debt capital, the management of the enterprise, first of all, must assess the possibilities of using the data Money, since, on the one hand, the borrowed capital allows you to significantly expand the scale of the business, and on the other, the borrowed capital should bring profit to the company after interest is paid to investors.

Equity management must be carried out on the basis of a certain strategy, which should not only describe how the funds will be spent, but also take into account the risks that may arise when using the funds received.

Equity capital management also implies strict control financial activities company, thanks to which, perhaps, an entrepreneur will be able to pay off his debts in more short time or, conversely, to attract even more funds. If the company has raised borrowed capital by issuing securities, information on the financial activities of the enterprise should be published in open sources of information.

The effectiveness of the company's equity capital management is determined by a number of economic indicators, which include both different types of costs and different types of profits that the company will receive in a certain period of time.

The structure of sources of formation of assets (funds) is represented by the main components: equity capital and borrowed (borrowed) funds.

Equity(SK) organization as a legal entity in general view is determined by the value of the property owned by the organization. These are the so-called net assets organizations. They are defined as the difference between the value of property (active capital) and borrowed capital. Of course, equity capital has a complex structure. Its composition depends on the organizational and legal form business entity.

Equity capital consists of authorized, additional and reserve capital, retained earnings and target (special) funds (Fig. 1).

Share capital is the equity capital of the joint stock company (JSC). A joint-stock company is an organization whose authorized capital is divided into a certain number of shares. JSC participants (shareholders) are not responsible for the company's obligations and bear the risk of losses associated with its activities, within the value of their shares.

Authorized capital at the same time, it is a set of contributions (calculated in monetary terms) of shareholders to the property when creating an enterprise to ensure its activities in the amount determined constituent documents... Due to its stability, the authorized capital covers, as a rule, the most illiquid assets, such as land leases, the cost of buildings, structures, equipment.

A special place in the implementation of the guarantee of the protection of creditors takes Reserve capital , the main task which consists in covering possible losses and reducing the risk of creditors in the event of a deteriorating economic situation. The reserve capital is formed in accordance with the procedure established by law and has a strictly targeted purpose. In a market economy, it acts as an insurance fund created to compensate for losses and protect the interests of third parties in case of insufficient profit from the enterprise before the authorized capital is reduced

The Civil Code of the Russian Federation provides for the requirement that, starting from the second year of the enterprise's activity, its authorized capital should not be less than net assets. If this requirement is violated, then the company is obliged to reduce (re-register) the authorized capital, bringing it in line with the amount of net assets (but not less than the minimum value).

The formation of the capital reserve is mandatory for joint stock companies, its minimum size should not be less than 15% from the authorized capital.

Unlike the reserve capital, formed and in accordance with the requirements of the legislation, reserve funds created voluntarily are formed exclusively in the manner prescribed by the constituent documents or the accounting policy of the enterprise, regardless of organizational and legal forms of its ownership.

The next element of equity capital is Extra capital, which shows the increase in the value of property as a result of revaluations of fixed assets and construction-in-progress of the organization, made by decision of the government, received funds and property in the amount of their excess over the value of the shares transferred for them, and more.

Additional capital can be used to increase the authorized capital, repay the balance sheet loss for the reporting year, and also be distributed among the founders of the enterprise and for other purposes. At the same time, the procedure for using the additional capital is determined by the owners, as a rule, in accordance with the constituent documents when considering the results of the reporting year.

Another type of equity capital appears in business entities - retained earnings. Retained earnings - net profit (or part of it) not distributed in the form of dividends among shareholders (founders) and not used for other purposes. Usually, these funds are used to accumulate property of an economic entity or replenish it working capital in the form of free sums of money, that is, at any time ready for a new turnover.

Trust (special) funds are created from the net profit of an economic entity and must serve for specific purposes in accordance with the charter or the decision of shareholders and owners. These funds are a form of retained earnings. In other words, it is retained earnings with a strictly targeted purpose.

Equity may include two main components: invested capital, that is, capital invested by the owners in the enterprise; and accumulated capital - capital created in the enterprise in addition to what was originally advanced by the owners.

Invested capital includes the par value of ordinary and preferred shares, as well as additionally paid (in excess of the par value of shares) capital. This group usually includes values received free of charge. The first component of the invested capital is presented in the balance sheet of Russian enterprises authorized capital, the second - additional capital (in terms of the received share premium),

Accumulated capital is reflected in the form of items arising from the distribution of net profit (reserve capital, accumulation fund, retained earnings, other similar items). Despite the fact that the source of the formation of individual components of the accumulated capital is net profit, the goals and procedure for the formation, the directions and possibilities of using each of its items differ significantly. These articles are formed in accordance with the legislation, constituent documents and accounting policies

Equity capital is characterized by the following main positive features:

1. Ease of attraction, since decisions related to an increase in equity capital (especially due to internal sources of its formation) are made by the owners and managers of the enterprise without the need to obtain the consent of other economic entities.

2. More high ability generating profits in all areas of activity, because when using it, it does not require the payment of interest in all its forms.

3. Security financial sustainability development of the enterprise, its solvency in the long term, and, accordingly, reducing the risk of bankruptcy.

Sources of equity capital formation:

Internal sources - Net profit of the enterprise, Depreciation deductions.

External - Property revaluation fund, Income from property lease

At the same time, it has the following disadvantages:

1. Limited volume of attraction, and hence the possibility of a significant expansion of the operating and investment activities of the enterprise during periods of favorable market conditions at certain stages of its life cycle.

2. High cost in comparison with alternative borrowed sources of capital formation.

3. An unused opportunity to increase the return on equity ratio by attracting borrowed funds financial resources, since without such involvement it is impossible to ensure the excess of the financial profitability ratio of the enterprise over the economic one.

Thus, an enterprise using only its own capital has the highest financial stability (its autonomy coefficient is equal to one), but limits the pace of its development (since it cannot provide the formation of the required additional volume of assets during periods of favorable market conditions) and does not use financial opportunities to increase the return on invested capital

Borrowed capital(ZK) represents a part of the value of the property of the organization acquired on account of the obligation to return to the supplier, bank, other lender money or values equivalent to the value of such property.

In the structure of borrowed capital, there are short-term and long-term borrowed funds, accounts payable (attracted capital).

Structure borrowed capital:

Long-term borrowed funds- these are loans and borrowings received by the organization for a period of more than a year, the maturity of which does not come earlier than in a year.

These include: tax credit arrears; debt on issued bonds; debts for financial assistance provided on a repayable basis, etc. Loans and borrowings attracted on a long-term basis are used to finance the acquisition of durable property.

Short-term borrowed funds- liabilities, the maturity of which does not exceed one year. Among these funds, one should highlight the current accounts payable, which arises as a result of commercial and other current settlement transactions. It includes: salary arrears to personnel; arrears to the budget and extra-budgetary funds for obligatory payments; advances received; advance payment for orders and products; debt to suppliers and other types of debt.

Short-term loans and borrowings and accounts payable are the sources of the formation of current assets.

Raising borrowed funds is a fairly common practice. On the one hand, this is a factor in the successful functioning of the enterprise, which contributes to the rapid overcoming of the shortage of financial resources, testifies to the confidence of creditors and ensures an increase in the profitability of its own funds.

On the other hand, the company exchanges financial liabilities (especially if the level of interest on the loan is high). Attraction of borrowed funds is widely practiced with an aggressive financing policy.

In general, business entities using credit are in a more advantageous position than companies relying only on their own capital.

Despite the payment for the loan, the use of the latter provides an increase in the profitability of the enterprise.

Debt capital is characterized by the following positive features:

1. Sufficiently broad opportunities for attracting, especially with a high credit rating of the enterprise, the presence of a pledge or guarantee of the guarantor.

2. Ensuring the growth of the financial potential of the enterprise, if necessary, a significant expansion of its assets and an increase in the growth rate of the volume of its economic activity.

3. Lower cost in comparison with equity capital due to the provision of the "tax shield" effect (removal of the cost of servicing it from the taxable base when paying income tax).

4. The ability to generate an increase in financial profitability (return on equity ratio).

At the same time, the use of borrowed capital has the following limitations:

1. The use of this capital generates the most dangerous financial risks in the economic activity of the enterprise - the risk of a decrease in financial stability and loss of solvency. The level of these risks increases in proportion to the growth in the share of the use of borrowed capital.

2. Assets formed at the expense of borrowed capital generate a lower (other things being equal) rate of return, which decreases by the amount of interest paid on a loan in all its forms (interest for a bank loan; leasing rate; coupon interest on bonds; bill interest for commodity credit, etc.).

3. High dependence of the cost of borrowed capital on fluctuations in the financial market. In some cases, with a decrease in the average interest rate on the market, the use of previously received loans (especially on a long-term basis) becomes unprofitable for an enterprise due to the availability of cheaper alternative sources of credit resources.

4. The complexity of the procedure for attracting (especially on a large scale), since the provision of credit resources depends on the decision of other business entities (creditors), in some cases requires appropriate third-party guarantees or collateral (while guarantees of insurance companies, banks or other business entities are provided, usually on a paid basis).

Thus, an enterprise using borrowed capital has a higher financial potential for its development.

With a slight increase in the share of borrowed funds, the cost of borrowed capital remains unchanged or even decreases (a positive assessment of the corporation attracts investors and a larger loan is cheaper), and starting from a certain level D * / V, the cost of borrowed capital grows.

Since the weighted average cost of capital is determined from the cost of equity and borrowed capital and their weights (WACC = kd D / V + ks (V-D) / V), with an increase in the debt ratio WАСС to a certain level D * decreases and then begins to grow. The change in the cost of capital with an increase in the debt ratio is shown in Fig. 5 [4, p.

The traditional approach assumes that a corporation with borrowed capital (up to a certain level) is valued higher in the market than a firm without long-term borrowed funds.

Equity is the total value of all funds of the enterprise that it owns. It includes the following main components:

authorized capital - the property basis for the functioning of the company, i.e. initial capital formed at the time of its creation;
additional capital - various types of receipts in the company's equity capital;
reserve capital - the share of funds allocated from profit to cover losses and losses;
retained earnings, which is the main source of accumulation of the company's property.

Debt capital - the total number of funds or other property values attracted on a repayable basis for investing in the development of the company's activities. This includes bank and commercial loans, leasing, factoring, forfeiting, bond issues and franchising.

Real capital

This form means material, i.e. natural, the personification of capital. Fixed capital includes buildings, tools, transport, equipment. Only the fixed assets of the company, which represent its significant share, are mistakenly attributed to it.

Fixed capital is a broader concept, since it includes construction in progress and long-term investments. The company's working capital is aimed at ensuring a separate production cycle and payments wages employees. These are raw materials, finished goods, semi-finished products.

The duration of the use of fixed capital is determined by a significant period (from 1 year to several tens of years). Consumption working capital occurs to the fullest extent in one production cycle.

Capital structure of the company

This concept does not imply the structure and classification of assets, but the organization of ownership of capital, i.e. to whom and to what extent it belongs. Capital structure plays a fundamental role in making management decisions for the whole company. According to this, the following are distinguished:

Individual capital. It is actually owned by one physical or entity, while deciding all questions regarding the company independently;
Collective capital. It is owned by several persons, each of whom has access to the management of the company.
Collective capital, in turn, is also divided into two categories: equity and equity.

Equity capital - the totality of the company's assets, which consists of parts (shares) owned by the owners and equally valued. It is characterized by a small number of owners with significant shares (in percentage).

The share capital is formed by issuing shares. It is divided into a large number of shares owned by many owners.

In the form of a joint-stock company, the owners of capital have an insignificant share in comparison with the total amount of the company's capital, therefore they do not have the right to take part in its management. In this case, capital is not the basis for doing business, but is one of its tools. The shareholding form implies the initial appearance of the enterprise, and after that the capital, which acts as a borrowed one.

The enterprise in its economic activity is largely determined by the structure of its capital. The concept of capital structure is one of the basic and most discussed in the arsenal. theoretical foundations cash flow management. This is due to the fact that the theoretical concept of the capital structure forms the basis for choosing a number of strategic directions for the financial development of an enterprise, ensuring an increase in its market value, i.e. has a fairly wide area of practical use.

Consideration of the concept of capital structure determines the need to concentrate its main theoretical provisions on the following points:
1. Concept " capital structure"is controversial and therefore requires a clear determination. In its most general form, this concept is characterized by all foreign and domestic economists as the ratio of equity and debt capital of an enterprise. At the same time, when considering both equity and debt capital of an enterprise, individual economists various specific content is embedded.

Initially, the concept of "capital structure" was considered solely as the ratio of the company's own authorized (shareholder) and long-term debt capital used by the enterprise. Based on this interpretation of the content of this concept, almost all classical theories capital structures are built on the study of the ratio in its composition of the proportion of issued shares (representing equity capital) and bonds (representing borrowed capital). This approach to characterizing the concept of capital structure, based on the allocation of only long-term (permanent) types of it, is inherent in many modern economists.

As the base for the practical use of the concept of capital structure expanded, a number of economists suggested expanding the composition of the borrowed capital under consideration, complementing it different kinds short-term bank loan. They substantiated the need for such an expansion of the concept of "capital structure" by the increasing role of bank credit in financing the economic activities of enterprises and by the widespread practice of restructuring its short-term types into long-term ones.

At the present stage, a significant part of economists is inclined to believe that the concept of "capital structure" should consider all types of both equity and debt capital of an enterprise. At the same time, the composition of equity capital should consider not only its initially invested volume (share, share or individual capital, which forms the authorized capital of the enterprise), but also its part accumulated in the future in the form of various reserves and funds, as well as the newly formed profit expected to be reinvested. ("retained earnings"). Accordingly, the borrowed capital should be considered in all forms of its use by the enterprise, including financial leasing, commodity (commercial) credit of all types, internal payables ("accrual accounts") and others.

This interpretation of the concept of "capital structure" allows you to significantly expand the scope of practical use of this theoretical concept in the financial activities of an enterprise for the following reasons:

it allows you to study the features and develop appropriate recommendations not only for large companies, but also for medium and small enterprises, whose access to the long-term capital market is extremely limited (most of such enterprises in a transitional economy do not use forms of long-term capital borrowing);
with this interpretation, the theoretical basis of the concept of capital structure is fully synchronized with the concept of the cost of capital, which makes it possible to comprehensively use their tools in order to increase the market value of an enterprise;
the considered interpretation of the concept of capital structure makes it possible to closely link in the study the efficiency of its use with the efficiency of using the assets in which it is invested. In this case, the role of the capital structure in ensuring the growth of the efficiency of using the total assets of the enterprise can be eliminated.

Taking into account the considered provisions, the concept of capital structure is proposed to be formulated as follows: "The capital structure is the ratio of all forms of equity and borrowed funds used by an enterprise in the course of its economic activities to finance assets."

2. Capital structure is important role in the formation of the market value of the enterprise... This relationship is mediated by the weighted average cost of capital. Therefore, the concept of capital structure is investigated in the same theoretical complex with the concept of the cost of capital and the concept of the market value of the enterprise.

The economic mechanism of the considered relationship makes it possible to use a single interconnected system of criteria and methods in the process of managing a complex of these indicators. Using such a methodological system, it is possible to optimize the value of the capital structure at the same time to minimize its weighted average cost and maximize the market value of the enterprise.

3. In the genesis of theories of capital structure, which began to form from the middle of the XX century, stand out four main stages... These stages are associated with the formation of the following generalizing theoretical concepts:

the traditionalist concept of capital structure;
the concept of capital structure indifference;
a compromise concept of capital structure;
the concept of the conflict of interests in the formation of the capital structure.

These concepts are based on conflicting approaches to the possibility of optimizing the capital structure of an enterprise and identifying priority factors that determine the mechanism of such optimization.

4. The basis traditionalist concept provision on the possible optimization of the capital structure by taking into account the different values of its individual component parts ... The initial theoretical premise of this concept is the assertion that the cost of an enterprise's equity capital is always higher than the cost of borrowed capital.

The lower cost of borrowed capital in comparison with own capital is explained by the supporters of the traditionalist concept by differences in the level of risk of their use. So, the level of return on borrowed capital in all its forms is deterministic due to the fact that the interest rate on it is determined by the parties in advance in a fixed amount, while the level of return on equity capital is formed under conditions of uncertainty (it depends on financial results the forthcoming economic activity of the enterprise). In addition, the use of borrowed capital is, as a rule, financially secured - as such security are usually guarantees of third parties, pledge or mortgage of property. And finally, in the event of bankruptcy of an enterprise, the legislation of most countries provides for the preemptive right to satisfy claims of creditors in comparison with the right to satisfy claims of owners (shareholders, shareholders, etc.).

Based on the premise of a lower level of the cost of borrowed capital in comparison with own capital for any combination of their use, the content of the traditionalist concept of the mechanism for optimizing the capital structure of an enterprise is reduced to the following: an increase in the proportion of the use of borrowed capital in all cases leads to a decrease in the weighted average cost of capital of an enterprise, and, accordingly, to the growth of the market value of the enterprise.

Graphically, the content of this concept can be illustrated as follows (Fig. 1.13).

From the above graph it can be seen that with an increase in the share of borrowed capital used by an enterprise in the course of its economic activities, the level of the weighted average cost of capital tends to decrease, reaching its minimum value with 100% use of borrowed capital. Considering that there is an inverse relationship between the weighted average cost of capital and the market value of an enterprise, based on the graph characterizing the traditionalist concept, it can be concluded that the market value of an enterprise is maximized with 100% use of borrowed capital.

The practical use of this concept encourages the company to maximize the use of borrowed capital in its economic activities, which, under certain conditions, can lead to a loss of financial stability and even to bankruptcy. Therefore, such a one-factor model of the formation of the structure and the weighted average cost of capital of an enterprise, which forms the basis of the traditionalist concept, was reasonably criticized by many economists as oversimplified, and the condition for optimizing the indicator under consideration (100% use of borrowed capital) as unrealistic.

5. The basis concepts of indifference capital structure is provision on the impossibility of optimizing the capital structure either by the criterion of minimizing its weighted average cost, or by the criterion of maximizing the market value of the enterprise, since it does not affect the formation of these indicators. This concept was first put forward in 1958 by the American economists F. Modigliani and M. Miller (usually referred to in reference as the "concept of MM"). It examines the mechanism of formation of the capital structure and the market value of an enterprise in close connection with the mechanism of the functioning of the capital market as a whole. At the same time, in the process of substantiating this concept, the functioning of the capital market is limited by them by a number of the following conditions:

the market at all stages of its functioning and in all its segments is "perfect", which implies its complete competitiveness, wide availability of information about its market conditions for all market participants, as well as the rational nature of their behavior;
the market has a risk-free interest rate on the capital invested or transferred to the loan, which is the same for all investors and creditors in the period under review;
all enterprises operating on the market can be classified according to the level of risk of their economic activities only on the basis of indicators of the size of the expected income for the formed total assets and the degree of probability of its receipt. Risks associated with the composition of the elements of the capital used and creating a potential threat of losing part of the assets in the process of bankruptcy and liquidation (these asset losses are characterized by the term "bankruptcy costs") are not taken into account in this case;
the cost of any element of the attracted (used) capital is not related to the current system of taxation of the company's profits;
the calculation of the cost of individual elements of capital does not include the costs associated with its purchase and sale (the so-called "transaction costs" or "operating costs for the formation of capital").

Based on these basic conditions, F. Modigliani and M. Miller mathematically proved that the market value of an enterprise (and, accordingly, the weighted average cost of the capital it uses) depends only on the total value of its assets, regardless of the composition of the capital elements advanced to these assets. The starting point of this proof is their assertion that in the process of economic activity of the enterprise, its profitability is generated not by individual elements of capital, but by the assets formed by it.

Taking into account the outlined prerequisites, the content of the concept of the mechanism for the formation of the weighted average cost of capital of an enterprise, put forward by F. Modigliani and M. Miller, boils down to the following: the market value of an enterprise (and, accordingly, the weighted average cost of its capital) does not depend on the capital structure. The content of this concept is graphically illustrated in Fig. 1.14.

As can be seen from the above graph, the growth in the share of borrowed capital in its total amount does not lead to a corresponding decrease in the level of the weighted average cost of capital, despite the fact that the level of the cost of borrowed capital is much lower than the level of the cost of equity capital. Comparison of this graph with the one considered earlier (Fig. 1.13) shows that the concept of F. Modigliani and M. Miller, in their conclusions, is completely opposed to the traditionalist concept of capital structure. While fundamentally correct in the context of the constraints put forward by the authors, the concept of independence of the mechanism for the formation of the weighted average cost of capital and the market value of an enterprise from its structure is only theoretical and private, which is incompatible with the situation of the formation of a capital structure by an enterprise in real practice. Therefore, this concept is considered only as a fundamental mechanism for assessing the market value of an enterprise in the conditions of a perfect market functioning under unrealistic practical restrictions (no taxation of profits; neglect of risks associated with bankruptcy costs; neglect of operating costs for the formation of individual elements of capital, etc.).

In their further studies, having removed a number of the put forward restrictions, the authors of this concept were forced to admit that the mechanism for forming the market value of an enterprise is in a certain connection with the structure of its capital.

6. The basis compromise concept capital structure is a provision that it is formed under the influence of a number of contradictory conditions that determine the ratio of the level of profitability and the risk of using the company's capital, which in the process of optimizing its structure must be taken into account by means of an appropriate compromise of their complex impact. This concept, based on the studies of M. Miller, H. De Angelo, R. Masiulis, J. Warner and some other modern economists, includes a number of real conditions for the functioning of the economy and the market in the mechanism of formation of the capital structure, which were not taken into account in the previous concepts. The content of these conditions is as follows:

a really functioning economy cannot but take into account the factor of taxation of profits, which significantly affects the formation of the value of individual elements of capital, and, consequently, its structure. So, in the practice of most countries, the cost of servicing debt (borrowed capital) is subject to deduction in whole or in part from the profit tax base. In this regard, the cost of borrowed capital at the expense of the "tax shield" (" tax corrector") is always lower, ceteris paribus, than the cost of equity. Accordingly, the increase in the use of borrowed capital to certain limits (not generating the risk of an increase in the threat of bankruptcy of the enterprise) causes a decrease in the level of the weighted average cost of capital;
in the process of assessing the value of individual elements of capital, the risk of bankruptcy of the enterprise associated with the imperfect structure of the capital being formed must be taken into account. With an increase in the proportion of borrowed capital in all its forms, the likelihood of bankruptcy of the enterprise increases. The economic behavior of creditors in this case is associated with two alternatives - either to reduce the volume of loans provided to the enterprise on the same conditions (a decrease in the share of borrowed capital will cause an increase in the weighted average cost of capital and a decrease in the market value of the enterprise), or to demand a higher level of income from the enterprise on the capital provided on credit (which will also lead to an increase in its weighted average cost and a decrease in the market value of the enterprise). With any of the considered alternatives, the possibilities of attracting borrowed capital by an enterprise at a higher cost are not unlimited. There is an economic boundary for attracting debt capital at its increasing cost, at which this cost (caused by the risk of bankruptcy of the enterprise) increases to such an extent that it absorbs the effect achieved by the tax advantage of its use. In this case, the cost of the company's borrowed capital and its weighted average cost will be equal to the cost of equity capital attracted by the company from internal and external sources. Having crossed this level of the cost of borrowed capital, the company loses economic incentives to attract it;
the cost of individual elements of capital, from external sources, includes not only the costs of servicing it in the process of use, but also the initial costs of attracting it ("operating costs of capital formation"). These operating expenses should also be taken into account in the process of assessing both the cost of individual elements of capital and the weighted average cost, and therefore in the formation of the capital structure.

Taking into account the conditions considered, the content of the compromise concept of the capital structure boils down to the fact that in a really functioning economy and capital market, this indicator is formed under the influence of many factors that have the opposite direction of impact on the market value of the enterprise. These factors in their total impact form a certain ratio of the level of profitability and the risk of using the capital of the enterprise with its different structure. The level of profitability of the capital used forms the indicator of its weighted average cost, taking into account the operating ("transaction") costs of raising its individual elements in the capital market. The risk level of the capital used forms an indicator of the share of borrowed capital in its total amount, which generates, at certain values, the threat of bankruptcy of the enterprise.

Graphically, the essence of the compromise concept of the formation of the capital structure can be fundamentally presented in the following form (Fig. 1.15).

As can be seen from the above graph, the weighted average cost of capital of an enterprise changes its tendencies at certain stages associated with an increase in the share of borrowed capital used.

At the first stage, while the share of borrowed capital is in a risk-free zone (it does not start generating threats of bankruptcy), its growth causes a noticeable decrease in the weighted average cost of capital (on the graph - in the segment AB).

At the second stage, with a relatively low threat of bankruptcy, causing a low increase in the cost of borrowed capital, an increase in its share is accompanied by a relative stabilization of the weighted average cost of capital (on the graph - on the segment of BV).

At the third stage, with a significant increase in the threat of bankruptcy and a corresponding increase in the cost of borrowed capital, an increase in the proportion of its use causes an even higher increase in the weighted average cost of capital (on the graph - on the segment C D).

The point of compromise, presented on the graph (TC), determines the optimal capital structure of the enterprise in the position corresponding to the minimum value of the weighted average cost of capital. At the same time, the modern compromise theory of capital structure determines the possibility of forming a compromise point on any segment of the weighted average cost of capital curve, depending on the attitude of owners and managers to the acceptable level of risk. With careful (conservative) economic behavior (mentality), the compromise point can be chosen much to the left of the one presented on the chart, and vice versa - with risky (aggressive) economic behavior, such a point can be chosen much to the right. In other words, the level of profitability and risk in the process of forming the capital structure, serving as a criterion for its optimization in each specific case, is chosen by the owners or managers of the enterprise independently.

7. Basis conflict of interest concepts the formation of the capital structure makes a provision on the difference in interests and the level of awareness of owners, investors, creditors and managers in the process of managing the efficiency of its use, the equalization of which causes an increase in the value of its individual elements.

This makes certain adjustments to the process of optimizing the capital structure according to the criterion of its weighted average cost (and, accordingly, the market value of the enterprise). The authors of certain theoretical provisions of this concept - M. Gordon, M. Jen-sen, W. Meckling, D. Galey, R. Mazulis, S. Myers and some other modern economists, - without fundamentally changing the essence of the compromise concept, allowed to significantly expand the area its practical use through the study of individual factors.

The essence of the concept of the conflict of interests of the formation of enterprise capital is the theory of asymmetric information, signaling, monitoring costs and some others.

Asymmetric information theory based on the fact that the capital market cannot be completely perfect in all its aspects and during the entire period of its forthcoming functioning, even in the most economically developed countries... A really functioning market, due to its imperfection (lack of "transparency"), forms inadequate ("asymmetric") information for its individual participants about the prospects for the development of an enterprise. This, in turn, gives rise to an unequal assessment of the upcoming level of profitability and risk of its activities, and, accordingly, the conditions for optimizing the capital structure. The asymmetry of information is manifested in the fact that the managers of the enterprise receive more complete information on the aspect under consideration than its investors and creditors. If the latter had the same complete information as the managers of the enterprise, they would have the opportunity to more correctly form their requirements for the level of return on the capital provided to the enterprise. And this, in turn, would make it possible to optimize the capital structure in accordance with the real financial condition enterprise and the real prospects for its development.
Signaling theory("signal theory"), being a logical development of the theory of asymmetric information, is based on the fact that the capital market sends investors and creditors appropriate signals about the prospects for the development of an enterprise based on the behavior of managers in this market. With favorable development prospects, managers will try to satisfy the additional need for capital by attracting borrowed funds (in this case, the expected additional income will belong exclusively to the former owners and will create conditions for a significant increase in the market value of the enterprise). With unfavorable development prospects, managers will try to satisfy the additional need for financial resources by attracting equity capital from external sources, that is, by expanding the circle of investors, which will make it possible to share with them the amount of future losses. The theory of signaling in the context of asymmetric information allows investors and lenders to better justify their decisions to provide capital to an enterprise (albeit with a certain "lag lag"), which is reflected accordingly in the formation of its structure.
Monitoring Cost Theory("theory of control costs *) is based on the difference in interests and the level of awareness of the owners and creditors of the enterprise. Creditors, providing the enterprise with capital, in the conditions of asymmetric information, require it to be able to exercise their own control over the efficiency of its use and ensure the return. creditors try to pass on control to the owners of the enterprise by including them in the interest rate for the loan. The higher the share of borrowed capital, the higher the level of such monitoring costs (costs of control). In other words, monitoring costs (like bankruptcy costs) tend to an increase with an increase in the share of borrowed capital, which leads to an increase in the weighted average cost of capital, and, accordingly, to a decrease in the market value of the enterprise. should be taken into account in the process of optimizing its structure.

8. Modern theories of capital structure form a fairly extensive methodological toolkit for optimizing this indicator at each specific enterprise. The main criteria for such optimization are:

an acceptable level of profitability and risk in the activities of the enterprise; minimization of the weighted average cost of capital of the enterprise;
maximizing the market value of the enterprise.

The priority of specific criteria for optimizing the capital structure is determined by the company independently. Based on this, we can conclude: there is no single optimal capital structure, not only for different enterprises, but even for one enterprise at different stages of its development.

9. The optimization process involves the establishment of a target capital structure. The target capital structure is understood as the ratio of the company's own and borrowed financial resources, which makes it possible to fully ensure the achievement of the selected criterion for its optimization. The specific target capital structure provides a given level of profitability and risk in the activities of the enterprise, minimizes its weighted average cost or maximizes the market value of the enterprise. The indicator of the target capital structure of an enterprise reflects the financial ideology of its owners or managers and is included in the system of strategic target standards for its development.

10. The target capital structure indicator is changeable over time and therefore requires periodic adjustments. A number of economists explain this dynamism only by the theoretical basis chosen for its establishment, dividing all modern theories of capital structure into static (theories of the compromise concept) and dynamic (theories of the concept of conflict of interests). This interpretation of the dynamism of the capital structure indicator seems to us to be erroneous. The dynamism of the target capital structure is determined not by the theoretical approach chosen as a methodological toolkit, but by the dynamism of specific factors considered by any theory of capital structure. Thus, the basis of the theories of the compromise concept (attributed by economists to static) are such factors as the interest rate, the level of taxation of profits, the level of operating costs for raising capital and some others, which are very changeable in dynamics (the dynamism of these factors is especially high in a transitional economy. period).

Taking into account the foregoing, the following conclusion can be drawn: the dynamism of the target capital structure indicator does not depend on the theoretical approach underlying the methodological tools for its establishment, but is determined by the variability of the system of factors that directly influence it (the system of such factors is discussed in the corresponding section).