Bìznes Inform (Mar 2018)
The Structure of the Enterprise Capital: a Systematization of Theoretical Approaches in the Context of Financial Architecture of Enterprise
Abstract
The basic element of the financial architecture of enterprise is the structure of capital along with the structure of ownership and corporate management. The article is aimed at systematizing the theories of capital structure in the context of their use as a methodological base for the formation of financial architecture of enterprise. Analyzing the fundamental theory of the structure of capital by Modigliani-Miller, it is determined, what restrictions have formed the basis for the development of modern theories. The static and the dynamic theories have been allocated. Within terms of each group of the systematized theories, their key limitations and arguments on formation of the optimal structure of capital have been defined. On the basis of the carried out systematization, the factors influencing the formation of structure of capital of enterprise have been grouped as: static – external and internal, dynamic – external and internal. The considered theories have been grouped on the basis of how they are consistent with the key elements of the financial architecture of enterprise – capital structure and corporate management. The results of this research form the methodological basis for analyzing the formation of financial architecture of enterprises of the national economy.
