The problem of forming the optimal ratio of equity and debt funds of the company in modern economic circumstances

Aim. The article analyzes the issues of improving financial policy in terms of searching for the optimal structure of sources of financing the company activities in the context of current trends in the Russian economy development.

Objectives. The study examines key elements of capital structure, emphasizing the absence of a definitive approach for determining their volumes. It also presents the procedure for calculating the actual cost of debt and internal funding sources and provides a critical assessment of these costs amid economic uncertainty. Additionally, it discloses the relationship between environmental factors and the cost of financing sources, and determine the position of financial behavior in making decisions on the formation of the capital structure.

Methods. The research employs both general scientific and specialized methods, including scientific analysis and synthesis, comparative analysis, visualization and generalization, expert assessments, as well as calculation and analytical methods, a review of official data of the Bank of Russia.

Results. It was established that economic science has not formed a single mechanism for determining the optimal capital structure, and the choice of financing sources is influenced by factors that are difficult to predict in the long term, such as the state economic policy and the financial behavior of the owners. This complicates significantly the implementation of measures to improve the company financial policy. Despite the high financial risks in the context of tightening the monetary policy, arguments were formulated in favor of the need to raise debt capital for normal business development. The article presents possible options for the effect of the tax shield arising from raising debt funds.

Conclusions. Each economic entity determines the optimal ratio of debt and internal funds independently. After assessing the impact of internal and external environmental factors, coordinating quantitative and qualitative guidelines for the further development of the company, the executive team decides to modify the capital structure. The maximum level of return on equity with the lowest possible weighted average cost of capital is used as a key indicator confirming the optimality of the choice of financing sources. Nevertheless, in conditions of uncertainty, adjustment of the calculated ratio between sources is inevitable, and it is performed taking into account the assessment of the potential trajectory of the company development, current and future positions in the industry, the real need for debt funds and existing risks.

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