FEATURES OF MANAGEMENT OF THE CAPITAL STRUCTURE OF ENTERPRISES IN UKRAINE

Анотація

The article discusses the features of managing the capital structure of enterprises, which is the ratio between their borrowed and own funds. One of the main factors in the optimality of the capital structure is to ensure the improvement of the performance of the enterprise, namely the increase in the return on equity. It has been established that to analyze the impact of the capital structure of an enterprise on the level of return on equity, the effect of financial leverage is used. Its main elements are the tax corrector, differential and leverage. The essence and interrelation of the differential and leverage of the effect of financial leverage, which can be influenced by the enterprise itself, are considered. It has been established that an increase in the leverage of financial leverage leads to a decrease in its differential. Calculation of the financial leverage effect differential is based on the determination of the weighted average price of borrowings. The expediency of taking into account the cost of accounts payable for goods, which arises as a result of a commodity loan, is substantiated when determining the weighted average price of borrowed capital. It is defined as the conversion into an annual interest rate of the amount of the price discount provided, subject to early payment for the shipped goods. It has been established that, in addition to accounts payable for goods, when calculating the weighted average price of borrowed capital, it is necessary to take into account the cost of a bank loan, financial leasing, issue of bonds and internal accounts payable. An analysis of the capital structure of Ukrainian enterprises was carried out and it was found that the main source of their financing is borrowed capital. Also, studies of the relationship between the financial leverage of Ukrainian enterprises and the level of their solvency and financial stability were carried out. The coverage ratio was chosen as the main indicator of solvency, and the autonomy ratio was chosen as the main indicator of financial stability. It is proved that changes in the capital structure in favor of borrowed funds reduce the solvency and financial stability of domestic enterprises. It is advisable to conduct further research on the relationship between the capital structure of domestic enterprises and the level of return on equity.

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