Importance The system of funding sources is sensitive to the impact of environmental factors. Under macroeconomic instability, the risk of attracting and using external sources of finance increases. Therefore, the urgency of the problem to optimize the capital structure of enterprises, taking into account the risks of external sources of financing increases. Objectives The solution to the problem implies the identification of maximum number of parameters associated with the variety of potentially available funding sources. The study aims to justify the possibility to optimize the capital structure of an enterprise subject to the risk of external funding sources. Methods The study relies on principles and methods of systems approach, logical and comparative analyses, and the Harrington's desirability function method. We performed a computational procedure for the level of risks of external funding sources over 2006–2013 based on the calculation of the integrated index on the Harrington's desirability scale. Results We substantiate the possibility of optimizing the capital structure of enterprises, taking into account the risk of external sources of their financing. The findings may be useful when choosing the optimal capital structure by enterprises. Conclusions The method of calculating the integrated index on the Harrington's desirability scale may serve as a tool to solve practical problems related to enterprise’s capital structure optimization.
Keywords: sources, funding, capital structure, risk, desirability function
References:
Adler Yu.P., Markova E.V., Granovskii Yu.V. Planirovanie eksperimenta pri poiske optimal'nykh uslovii [Planning an experiment in finding the optimal conditions]. Moscow, Nauka Publ., 1976, 280 p.
Bezborodova T.I. Postroenie krizis-prognoznykh modelei nesostoyatel'nosti organizatsii s pomoshch'yu funktsii Kharringtona [Building the crisis-predicting models of organizations’ insolvency using the Harrington’s function]. Available at: Link. (In Russ.)
Brealey R., Myers S. Printsipy korporativnykh finansov [Principles of Corporate Finance]. Moscow, Olimp-Biznes Publ., 2008, 1008 p.
Jensen M.C., Meckling W.H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Rochester, University of Rochester, 1976. doi: 10.1016/0304-405X(76)90026-X
Ershov M.V. Valyutno-finansovye mekhanizmy v sovremennom mire (krizisnyi opyt kontsa 90-kh) [Monetary and financial mechanisms in the modern world: the crisis experience of the late 1990s]. Moscow, Ekonomika Publ., 2000, 254 p. Available at: Link. (In Russ.)
Il'in V.V., Serdyukova N.A. Sistemnyi podkhod k otsenke finansovykh riskov [A systems approach to financial risk assessment]. Finansy = Finance, 2008, no. 1, pp. 69–72.
Kapustin A.V., Astrakhantseva I.A. Kriticheskii analiz dinamicheskikh teorii struktury kapitala [A critical analysis of dynamic theories of capital structure]. Available at: Link. (In Russ.)
Lavrukhina N.V. Metody optimizatsii tseny i struktury kapitala organizatsii [Optimization techniques of cost and capital structure of the organization]. Available at: Link. (In Russ.)
Lisitsa M.I. Portfel'nyi podkhod k formirovaniyu struktury kapitala kompanii [A portfolio approach to the capital structure of the company]. Ekonomika i upravlenie = Economics and Management, 2007, no. 6, pp. 130–136.
Lutsenko S.I. Empiricheskii podkhod k ierarkhicheskoi teorii struktury kapitala [An empirical approach to the hierarchical theory of capital structure]. Korporativnye finansy = Corporate Finance, 2008, no. 3, pp. 51–55.
Adno Yu.L., Aleksandrova I.I. Mirovaya ekonomika: global'nye tendentsii za 100 let [World economy: global trends for 100 years]. Moscow, Yurist' Publ., 2003, 604 p.
Modigliani F., Miller M. Skol'ko stoit firma? Teorema MM [The Cost of Capital, Corporate Finance and the Theory of Investment]. Moscow, Delo Publ., 2001, 272 p.
Rudyk N.B. Struktura kapitala korporatsii: teoriya i praktika [The capital structure of corporations: theory and practice]. Moscow, Delo Publ., 2004, 272 p.
Lee Ch.F., Finnerty J.E. Finansy korporatsii: teoriya, metody i praktika [Corporate Finance: Theory, Methods and Applications]. Moscow, INFRA-M Publ., 2000, 346 p.
Iplaev A.G. Optimizatsiya struktury kapitala predpriyatiya v oblasti antikrizisnogo upravleniya [Optimization of the enterprise’s capital structure in the field of crisis management]. Ekonomika i menedzhment innovatsionnykh tekhnologii = Economics and Management of Innovation Technologies, 2015, no. 4-2, pp. 128–131.
Sharikova O.V. Faktory, opredelyayushchie strukturu kapitala rossiiskikh organizatsii. V kn.: Sbornik materialov 4-oi mezhdunarodnoi nauchno-prakticheskoi konferentsii: “Sovremennye problemy nauki”, 31 marta 2011 g [Factors determining the capital structure of Russian organizations. In: Proceedings of 4th International Scientific Conference Modern Problems of Science, March 31, 2011]. Tambov, TMBprint Publ., 2011, pp. 40–41.
Nezamaikin V.N., Perevalov V.P. Upravlenie strukturoi kapitala korporatsii [Managing the capital structure of the corporation]. Mikroekonomika = Microeconomics, 2011, no. 1, pp. 115–119.
Lazutina A.A. Vneshnie faktory vliyayushchie na strukturu kapitala kompanii [External factors influencing the company’s capital structure]. Mezhdunarodnyi nauchno-issledovatel'skii zhurnal = International Research Journal, 2015, no. 1-2, pp. 51–53. Available at: Link. (In Russ.)
Sysoeva E.F. [Models of optimization of organizations’ capital structure and the adaptation to modern Russian conditions]. Mezhdunarodnaya nauchno-prakticheskaya konferentsiya “Teoriya i praktika funktsionirovaniya finansovoi i denezhno-kreditnoi sistemy Rossii” [Proc. Int. Sci. Conf. Theory and Practice of Russian Financial and Monetary System’s Functioning]. Voronezh, VSU Publ., 2012, pp. 522–531.
