Rohanova Hanna, PhD in Economics, Associate Professor of the Department of Finance, Teaching-Scientific Institute of Economics and Management, National University of Food Technologies, Kyiv, Ukraine

ORCID ID: 0000-0003-3758-9675
e-mail: hanna.rohanova@gmail.com

Kotliarova Maria, student, Teaching-Scientific Institute of Economics and Management, National University of Food Technologies, Kyiv, Ukraine

ORCID ID: 0000-0002-8944-6150
e-mail: maria.kotlyarova.1326@gmail.com

Analysis and Optimization of the Capital Structure of Enterprise

Abstract. Introduction. Optimization of capital structure is an important stage of strategic analysis of enterprise capital, which is to determine the ratio between the value of equity and the value of borrowed funds, which achieves maximum efficiency of the enterprise while maintaining financial stability.

Purpose. The purpose of this work is to find ways to optimize the capital structure of the enterprise while minimizing its value and compliance with financial stability. To achieve thе goal, the following scientific tasks are identified: to analyze the composition, structure and dynamics of the capital structure; to carry out the coefficient analysis of financial stability; analyze the turnover of current liabilities and explore the pace of their change; assess the dynamics of the weighted average cost of capital over three years and determine the optimal capital structure by two criteria: minimizing the weighted average cost of capital and ensuring financial stability. While looking for solution of the tasks, the general scientific methods of cognition were used: logical method, method of induction and deduction, methods of comparison, analysis and synthesis, method of generalization, graphic method, general and special methods and techniques of financial analysis.

Results. The object of the study was the capital structure of Superadded Liability Company “Yagotinsky Butter Plant”. During the study period 2018-2020 there was a deterioration in the financial stability of the enterprise, a decrease in economic and financial profitability.

Conclusions. Modeling the capital structure allowed to choose a specific option: the minimum weighted average cost of capital while ensuring the financial stability of the company is achieved when the company does not use bank loans, and the share of current liabilities is 69% of the balance sheet currency. Prospects for further research are to identify the interaction of effective structure of capital with the synchronism of formation of balanced-in-size cash flows of the enterprise over time.

Keywords: financial leverage effect, optimization, weighted average cost of capital, capital structure, finance of enterprise, financial stability, financial analysis, food industry.

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