OPTIMAL CAPITAL STRUCTURE AS A FACTOR OF GROWTH OF EFFICIENCY OF COMPANY ACTIVITY

Abstract

This article is devoted to issues related to improving the efficiency of the oil company through the formation of an optimal capital structure. For the Russian economy, this issue is particularly relevant, since Russian capital markets are in an unbalanced state. If we talk about equity, the problem in this area is confirmed by stock indices falling against the backdrop of negative macroeconomic factors. If we talk about the borrowed capital market, then inflationary processes have a strong impact on the increase in interest rates, which also makes it difficult for Russian companies to effectively raise capital. Justification of the optimal capital structure. The calculations used the local CAPM model of Damodaran. With its help, the beta coefficient of equity for all levels of debt is determined, the profitability at different levels of debt is calculated. The expected return on equity and borrowed funds is calculated for each level of debt. Based on the received, a debt level was selected that provides the minimum value of the weighted average cost of capital. The studies also used the APV maximization method. The present value of the debt and the present value of financial instability are calculated, the tax shield for each level of debt is calculated. The results obtained by the two methods practically do not differ from each other, since various assumptions are used in the models. In general, according to the calculation results, the optimal capital structure for the analyzed company was revealed.