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Journal articles on the topic 'Optimization of capital structure'

Author: Grafiati

Published: 4 June 2021

Last updated: 31 May 2022

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1

FROLOV, Serhiy, Mariia DYKHA, and Viktoriia DZIUBA. "METHODS OF CORPORATE CAPITAL CAPITAL STRUCTURE OPTIMIZATION." HERALD OF KHMELNYTSKYI NATIONAL UNIVERSITY 298, no. 5 Part 1 (October 4, 2021): 258–63. http://dx.doi.org/10.31891/2307-5740-2021-298-5(1)-45.

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When forming the optimal capital structure, the choice of methods, approaches, tools is important, which is determined by a set of initial conditions, the need to perform the tasks, achieving results / strategic guidelines. The purpose of the article is to systematize scientific approaches to optimize the capital structure, to clarify the impact of factors on the capital structure of the corporation, which will serve as a basis for ensuring the optimal level of capital structure. As a result of the research, the views of scientists on the optimization of capital structure are systematized, the key aspects of the three main approaches to such optimization are singled out and described. The approaches used in determining financial leverage are described. The expediency of determining financial leverage through the ratio of EPS – earnings per share and EBIT – earnings before interest and taxes is substantiated. The most common methods of capital structure optimization are identified: the method of capital expenditures (the method of minimizing the weighted average cost of capital); the method of determining the effect of financial leverage or the method of maximizing the level of financial profitability; method of determining the complex operational and financial leverage; EBIT-EPS valuation method, Du Pont method, operating profit method and adjusted present value method. Their features, advantages and disadvantages of use are described. The factors influencing financial leverage are systematized, the positive or negative influence of each of the determined factors on financial leverage is determined. A matrix of factors that determine the optimal capital structure in terms of the environment (internal or external) and the implementation of financial policy (at the strategic or operational-tactical levels).

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2

Kazan, P. I., and I. V. Suvorova. "Modern theories of capital structure optimization." Entrepreneurship and Trade, no. 25 (2019): 106–11. http://dx.doi.org/10.36477/2522-1256-2019-25-15.

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3

Zhang, Hong, and Fei Yang. "Optimization of capital structure in real estate enterprises." Journal of Industrial & Management Optimization 11, no. 3 (2015): 969–83. http://dx.doi.org/10.3934/jimo.2015.11.969.

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4

Ma, Jinying, and Honglei Xu. "Empirical analysis and optimization of capital structure adjustment." Journal of Industrial & Management Optimization 16, no. 3 (2020): 1037–47. http://dx.doi.org/10.3934/jimo.2018191.

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5

Stanchulyak, Yu N., and K. O. Erastova. "Working capital structure optimization to minimize the liquidity risk." Economic Analysis: Theory and Practice 18, no. 1 (January 29, 2019): 121–35. http://dx.doi.org/10.24891/ea.18.1.121.

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6

Dong, Feng, Nicola Chiara, Nakhon Kokkaew, and Jialu Wu. "Stochastic Optimization of Capital Structure in PrivatelyFunded Infrastructure Projects." Journal of Private Equity 15, no. 1 (November 30, 2011): 36–47. http://dx.doi.org/10.3905/jpe.2011.15.1.036.

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7

Philosophov, Leonid V., and Vladimir L. Philosophov. "Optimization of corporate capital structure A probabilistic Bayesian approach." International Review of Financial Analysis 8, no. 3 (March 1999): 199–214. http://dx.doi.org/10.1016/s1057-5219(99)00018-6.

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Naumov, Anatoly Aleksandrovich, and Anastasia Anatolievna Naumova. "ABOUT INCORRECTNESS OF ONE OPTIMIZATION OF CAPITAL STRUCTURE MODEL." Theoretical & Applied Science 17, no. 09 (September 30, 2014): 170–73. http://dx.doi.org/10.15863/tas.2014.09.17.29.

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9

Hritonenko, N., and Y. Yatsenko. "Optimization of financial and energy structure of productive capital." IMA Journal of Management Mathematics 17, no. 3 (July 1, 2006): 245–55. http://dx.doi.org/10.1093/imaman/dpi040.

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10

Soleymani, Hanieh, Mehdi Ravanshadnia, and Mehdi Montazer. "Transportation Infrastructure Project Financing; Highways Capital Structure Design Techniques." Shock and Vibration 2021 (October 18, 2021): 1–8. http://dx.doi.org/10.1155/2021/4988577.

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Whether a private bidder can win a concession depends largely on advanced financial engineering techniques, numerous methods were developed. Meeting large infrastructure needs including its proper maintenance and operation is and will remain a major challenge for the all-around the in the coming years requiring targeted innovative financing mechanisms. Even though it is recognized that there are three types of financial instruments, equity, mezzanine finance and debt in funding an infrastructure project, the status quo is that previous capital optimization methods did not consider mezzanine finance or simply categorized it into debt-like or equity-like instruments. The global infrastructure sector is witnessing a steady growth of private equity investment in mezzanine instruments. The frequent usage of the contingent claim embedded in mezzanine financing makes the traditional model for capital structure optimization invalid. This study presents a more advanced method to optimize capital structure in infrastructure financing. This easily implemented method is based on a two-stage procedure: I) identification of optimal stopping time for convertible securities, and II) capital structure optimization by a conventional model. The quantitative optimization model can be easily generalized. The global infrastructure sector is witnessing the continued growth of a private equity fund of mezzanine tools. Repeated use of potential claims embedded in mezzanine financing has invalidated the traditional model for optimizing capital structure.

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11

Филонова, Елена, and Yelyena Filonova. "Optimization of the Capital Structure of Telecommunications Companies in Russia." Scientific Research and Development. Economics 7, no. 3 (July 3, 2019): 4–13. http://dx.doi.org/10.12737/article_5cfe02b86a6513.67048898.

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The choice of optimal capital structure is one of the most important tasks solved by financial management and management of any company. This structure allows you to minimize the weighted average cost of capital and increase the value of the company. The study of problems of optimizing the capital structure and identifying ways to solve them is an urgent task of strategic and financial management. This article presents the results of work in the direction of building the optimal capital structure in the strategic group of competitors of the Russian telecommunications market, which include Rostelecom, Mobile TeleSystems, Megafon, Vympel Communications. The initial informational and statistical base of the performed calculations was the materials of the accounting (financial) statements of the selected companies for 2014–2017.

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12

Sergeevna, Filonova Elena. "Analysis of the Telecommunication Companies’ Capital and its Structure Optimization." Journal of Reviews on Global Economics 7 (March 12, 2018): 129–37. http://dx.doi.org/10.6000/1929-7092.2018.07.10.

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13

Landa, Martin, and Dana Martinovičová. "Approaches to evaluation of changes in capital structure in industrial branches." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 58, no. 6 (2010): 259–68. http://dx.doi.org/10.11118/actaun201058060259.

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Capital structure is described as a relation between equity and debts while the mutual consequences among items of company’s assets and resources employed as well as the cost of capital are also taken into account. Both, the theory and practice, at evaluation of approaches to capital structure are focused on creation and optimization of capital structure. Relatively less frequent approach is the analysis of a state and of changes in capital structure on the level of whole business branch. But on this basis, it is possible to investigate some “average” approaches to selection of financial resources. At capital structure optimization (the proportion between equity and debts), a wide range of criteria plays a substantial role, e.g. cost of capital, risk, expected profitability, liquidity, dividend policy. These criteria have joint effect. This way, a logic question which criteria are preferred more and which criteria are preferred less appears. The article deals with the analysis of capital structure of three branches of manufacturing industry (the branch of production of plastics, the branch of production of electric equipments, the branch of production of textile) in the years 2007–2009 with the special focus on development of financial structure, capital structure and on cost of capital.

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14

KVASNYTSKA, RAISA, and JANYSZ MROZOWSKI. "CRITERIONAL APPROACHES TO THE FORMATION OF THE OPTIMAL STRUCTURE OF CAPITAL OF THE ENTERPRISE." MODELING THE DEVELOPMENT OF THE ECONOMIC SYSTEMS 2, no. 2 (August 2021): 12–18. http://dx.doi.org/10.31891/mdes/2021-2-2.

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The article substantiates the essence of the capital of the enterprise and its structuring. The expediency of using, in the development of management measures to optimize the structure of capital, the so-called target capital structure, which is the ratio of its elements, which allows to fully ensure the achievement of the selected criterion for its optimization. The author's scientifically substantiated methodical approach to optimization of the capital structure of the enterprise is offered, which provides obligatory consideration of the target direction of the ratio of capital by sources of formation and specific property to ensure the functioning of enterprises, while generating profit and increasing their financial stability. It is proved that in the formation of the optimal target capital structure of the enterprise it is advisable to use not one but two criteria of optimality - the level of return on equity and the level of financial stability of the enterprise.

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15

Varchenko, O. M., I. Artіmonova, and N. Kholodenko. "Optimization of capital structure as a tool for managing the value of dairy enterprises." Ekonomìka ta upravlìnnâ APK, no. 1(162) (April 22, 2021): 111–24. http://dx.doi.org/10.33245/2310-9262-2021-162-1-111-124.

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The article is devoted to the study of methodological and practical approaches to optimizing the capital structure as a tool for managing the value of dairy enterprises. It is established that the most common and suitable for research in the context of optimizing the capital structure are two theories: compromise and the theory of the hierarchy of funding sources. It is argued that compromise models are not designed to accurately determine the optimal capital structure of the enterprise, but allow that the owners from the standpoint of risk is most advantageous to rank sources of funding as follows: retained earnings; debt sources; equity instruments, shares. It is proved that only in the complex use of approaches of foreign theories of capital structure optimization and developments of domestic scientists taking into account the environment of business entities it is possible to develop effective tools for maximizing the market value of the enterprise, minimizing the average market value of capital and risk of financial stability. The calculation of the integrated indicator of financial stability is offered, which allows to determine the level of the financial stability reserve, which allows to take into account the industry specifics and to carry out current monitoring of financial stability at the enterprise. It is substantiated that one of the methods of quantitative assessment of capital structure and substantiation of its optimal structure is the method of capital expenditures. It is argued that the estimated weighted average cost of capital varies in a fairly narrow range, is one of the key factors in the value of business, and achieving a minimum level of such a barrier rate increases the company's ability to make effective investments. It is established that determining the optimal financial structure of capital is one of the most difficult problems of financial management of dairy enterprises. It was found that the management of the formation and use of capital of dairy enterprises is focused on meeting the needs of sources of financing of their economic activities, and to achieve a balanced structure of sources of financing of capital by economic entities is possible only on the basis of optimization criteria. It is proved that the calculation of the weighted average cost of capital based on the capital assets model (CAPM) should be used provided reliable information on intra-industry indicators, in a developed stock market and the turnover of shares in the securities market. Key words: capital structure. cost of capital, cost management, dairy enterprises.

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16

Jaroš, Jaroslav, Vlastimil Melichar, and Libor Svadlenka. "WACC as the Minimization Criterion of Liability Management in a Company Capital Structure Optimization." Advanced Engineering Forum 13 (June 2015): 317–23. http://dx.doi.org/10.4028/www.scientific.net/aef.13.317.

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In our study we concern with the quantification of the weighted average cost of capital, as the minimization criterion for the company capital structure optimization. To achieve more accurate estimation of the costs of capital we calculated them using four models with weights assigned on the basis of their explanatory power of the particular company. In the next step, the possibility of application of individual models and their explanatory power in the countries with poorly developed capital markets, where the necessary data for the calculations absent and there is the impact of the financial crisis, is determined. Our aim in further research is to design company liability management methodology which contains other optimization criteria.

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17

Zhang, Shangfeng, Qi Fang, Huiru Ren, Chun Zhu, Jingjue Xu, and Lang Hu. "The Influence of Factor Price Distortions on Economic Structure – Based on Time-Varying Elasticity Production Function Model." Journal of Advanced Computational Intelligence and Intelligent Informatics 24, no. 4 (July 20, 2020): 502–8. http://dx.doi.org/10.20965/jaciii.2020.p0502.

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Based on the time-varying elasticity production function model, we calculate factor price distortions, and study their influence on the rationalization and optimization of industrial structure. We find that the impact coefficient of capital, and labor factor price distortions on the rationalization of industrial structure are −1.2087 and −0.3147 respectively. Additionally, the impact coefficients on the optimization of industrial structure are −0.2333 and −0.0718 respectively. These results demonstrate that capital and labor factor price distortions are significantly negative for the rationalization and optimization of industrial structure. Therefore, it is imperative to reduce factor price distortions, and support industrial structure upgrades to promote supply-side structural reform.

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18

Effendi, Kharisya Ayu. "The Optimization of Capital Structure in Maximizing Profit and Corporate Value." Binus Business Review 8, no. 1 (May 31, 2017): 41. http://dx.doi.org/10.21512/bbr.v8i1.1678.

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The purpose of this research was to determine the optimal capital structure which could maximize profits and corporate value. The used method was quantitative descriptive analysis. Moreover, the data used was secondarydata in the Jakarta Islamic Index (JII) from 2011 to 2015. The results of this research show that companies which have optimal capital structure are in line with the trade-off theory models. The capital structure is optimal if thedebt levels are to a certain extent so that the corporate value will increase. However, if the debt limit passes the certain degree, profit and corporate value will decrease. Meanwhile, pecking order theory in this research doesnot conform and cannot be said to be optimal because of the low debt level describing the opposite result with the theory as low profits.

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19

Zenkevich, Nikolay, and Anastasiia Ivakina. "Working Capital Optimization in Supply Chains." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 12, no. 4 (December 28, 2018): 29–42. http://dx.doi.org/10.17323/j.jcfr.2073-0438.12.4.2018.29-42.

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This article is devoted to working capital management and its optimization on an inter-organizational level when supply chain members operate collaboratively. We aim to develop and validate a model of collaborative approach to working capital management in supply chains for cases of constrained liquidity and imposed return requirements using supply chain finance (factoring, reverse factoring and inventory financing). As such, we suggest a tool of working capital optimization using financial terms and cash flows verified on Russian supply chain data. Mathematical modeling is suggested as a method to modify an existing working capital management model on the grounds of collaborative financial cost minimization under industry specific liquidity constraints. These liquidity constraints are constructed in such a way as to eliminate possible violations from companies, because their violation will lead to the inverse relation between liquidity and rate of return. The results of the optimization provide recommended values for cash conversion cycle elements – days of inventories, days of accounts payable, days of accounts receivable – that guarantee the coordinating effect of collaborative working capital management. Calculation, further optimization and monitoring of cash conversion cycle values sustain effective working capital management on an inter-organizational level while meeting the liquidity and return levels for each company in a chain. The suggested model can be implemented for a day-to-day decision making process by companies oriented to stay competitive in the long run. Besides, the results obtained show the potential for further coordination among the key members of the supply chain in terms of aligning financial, product, and information flows. Despite the fact that the model provides a static solution to the problem of collaborative working capital management, it has potential for the further development of a dynamic algorithm. Future research should seek to investigate the possible imputation options for gained costs reduction values on the grounds of cooperative games with a coalition structure.

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20

Zgurowsky, Mikhail Z., and Yuliya V. Bondarenko. "Optimization of Structure of Capital Investments for Investment Project of Enterprise." Journal of Automation and Information Sciences 32, no. 4 (2000): 12–17. http://dx.doi.org/10.1615/jautomatinfscien.v32.i4.30.

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21

Merkulova, E. Yu, and N. S. Morozova. "THE MAIN METHODS PROVIDING OPTIMIZATION OF STRUCTURE OF THE ENTERPRISE CAPITAL." Social - Economic Phenomena and Processes 11, no. 9 (2016): 47–53. http://dx.doi.org/10.20310/1819-8813-2016-11-9-47-53.

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22

Ostankova, Larisa, Natal'ja Sevcenko, and Tat'jana Sidorova. "Optimization of the structure of intellectual capital and modeling its cost." Skola biznisa, no. 3 (2012): 10–17. http://dx.doi.org/10.5937/skolbiz1203010o.

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23

Saakova, E. B., А. S. Saakov, and N. N. Bartkova. "OPTIMIZATION OF THE ENTERPRISE CAPITAL STRUCTURE AS AN INSTRUMENT OF THE CRISIS MANAGEMENT." Strategic decisions and risk management, no. 5 (October 25, 2014): 98–104. http://dx.doi.org/10.17747/2078-8886-2013-5-98-104.

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The problems of the business entities’ economic instability have been studied and the ways of their solution have been considered. Показано, что crisis mechanisms of the capital financial stabilization allow predicting the future financial state of an organization. The role of management in the organization solvency recovery has been defined on the basis of its capital structure optimization by using the system of targets and criteria of the processes effectiveness within the crisis management system. The scheme of interrelation and interaction of the balance allocation has been drawn up based on which the directions of the capital structure transformation of a certain enterprise have been defined.

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24

Letsie, Masupha, and Malefetsane Setaka. "DESIGN OPTIMIZATION OF EAST LONDON FORESHORE PROTECTION DURING CONSTRUCTION." Coastal Engineering Proceedings, no. 36 (December 30, 2018): 55. http://dx.doi.org/10.9753/icce.v36.structures.55.

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Transnet Group Capital (TGC) was appointed by Transnet National Ports Authority (TNPA) to manage construction of a revetment at East London Foreshore in East London, South Africa. The revetment construction was initiated to halt a 40 m regression of the reclaimed land between the grain elevator and the sea. This area accommodates the access road to the terminus yard as well as the rail lines that serve the grain elevator.

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25

Lau, Sau-Him Paul. "Demographic structure and capital accumulation: A quantitative assessment." Journal of Economic Dynamics and Control 33, no. 3 (March 2009): 554–67. http://dx.doi.org/10.1016/j.jedc.2008.08.004.

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26

Sarkar, Sudipto. "Distressed exchange, bargaining power, and prior capital structure." Journal of Economic Dynamics and Control 37, no. 12 (December 2013): 2695–709. http://dx.doi.org/10.1016/j.jedc.2013.07.002.

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27

Attaoui, Sami, Wenbin Cao, Xiaoman Duan, and Hening Liu. "Optimal capital structure, ambiguity aversion, and leverage puzzles." Journal of Economic Dynamics and Control 129 (August 2021): 104176. http://dx.doi.org/10.1016/j.jedc.2021.104176.

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28

Goes, Karina Cyganczuk, Hsia Hua Sheng, and Rafael Felipe Schiozer. "Contingent Convertibles and their Impacts on the Optimization of the Capital Structure of Brazilian Banks Under Basel III." Revista Contabilidade & Finanças 27, no. 70 (March 1, 2016): 80–97. http://dx.doi.org/10.1590/1808-057x201501350.

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Banks around the world maintain excess regulatory capital, whether to minimize capitalization costs or to mitigate risks of financial difficulties. However, it was only after the financial crisis of 2008 that the quality of capital gained greater importance among international regulators, through the Third Basel Accord (Basel III), which suggested a capital structure formed of the new equity and debt hybrid instruments, that is, Contingent Convertibles (CoCos), which have the main goal of recapitalizing banks automatically when they show signs of financial difficulties. Using the continuous-time structural model developed by Koziol and Lawrenz (2012), with December 2013 as a reference, this paper analyzes the capital structure of the 10 biggest Brazilian banks in terms of total assets, comparing their current structures - with only subordinated debts - with the structure proposed in Basel III, composed solely of contingent convertibles, with a view to verifying the influence of CoCos in banks' risks and evaluating the effectiveness of this Basel III recommendation. Through the evidence obtained using the model mentioned, this paper's main contribution is in demonstrating that the use of CoCos would optimize the capital structure of banks under the restrictions of Basel III, considering these are effective. If not, the automatic recapitalization of these instruments could be used for shareholders' own benefit, thus increasing the likelihood of banks experiencing financial difficulties, which could cause a new financial crisis, like that which occurred in 2008.

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29

Kawamoto, Shigeru, Yuichi Ikeda, Chihiro Fukui, and Fumihiko Tateshita. "Development of Optimization method about Capital Structure and Senior-Sub Structure by considering Project-Risk." IEEJ Transactions on Electronics, Information and Systems 126, no. 9 (2006): 1181–89. http://dx.doi.org/10.1541/ieejeiss.126.1181.

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30

Yao, Lu, and Sun. "Venture Capital and Industrial Structure Upgrading from the Perspective of Spatial Spillover." Sustainability 11, no. 23 (November 26, 2019): 6698. http://dx.doi.org/10.3390/su11236698.

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As an emerging financial entity, venture capital has a significant impact on regional development and local production systems. Previous research results pay more attention to the spatial distribution and agglomeration of venture capital but pay less attention to its spatial externality. This paper used the panel data of 31 provincial-level regions in China from 2003 to 2017 to measure the industrial structure upgrading level from the two dimensions of rationalization of industrial structure and upgrading of industrial structure. Based on regional heterogeneity that determines industrial structure upgrading, local effects and externalities of venture capital, and omission factors, this paper constructs spatial econometrics models of venture capital and industrial structure upgrading. Firstly, venture capital and industrial structure upgrading all have obvious spatial autocorrelation and form different agglomeration areas in local areas. Therefore, regional venture capital and industrial structure upgrading are closely related to regional location factors. China’s venture capital has unique spatial attributes. Secondly, venture capital has a significant role in promoting the industrial structure upgrading, although its simulative effect is weak. In addition, in order to further explore the influence mechanism of regional industrial structure upgrading, this paper found the local fixed asset investment level and R&D intensity promoted the upgrading process of local industrial structure at a significant level. The study of this paper has important implications for the formulation of appropriate regional venture investment policies to promote the optimization and upgrading of industrial structures and sustainable development during the transition period of economic development.

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31

Golubovic, Natasa. "Social capital concept and economics 'imperialism'." Zbornik Matice srpske za drustvene nauke, no. 128 (2009): 63–73. http://dx.doi.org/10.2298/zmsdn0928063g.

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From the perspective of economic science social capital opened space for the analysis of social structure, social norms and institutions i.e. for the analysis of the long neglected influence of socio-cultural factors on economic changes and processes. Trying to explain how social structures emerge on the basis of individual optimization, i.e. to explain them by the logic of rational choice, economic science widened its analytical domain. The explanatory scope of the basic neoclassical principles has been considerably widened to incorporate what has previously been considered to be the analytical terrain of other social sciences. This process has been labeled in scientific circles as 'colonisation' of social sciences, or economics 'imperialism'. The goal of this paper is to determine the implications of these changes for the relation between economic science and other social sciences.

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32

Netudyhata, K., L. Prokopovich, and K. Sachava. "DIAGNOSIS OF FORMATION AND OPTIMIZATION OF CAPITAL STRUCTURE OF CONSTRUCTION INDUSTRY ENTERPRISES." Agrosvit, no. 3 (February 21, 2020): 108. http://dx.doi.org/10.32702/2306-6792.2020.3.108.

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33

Zhang, Xueqing. "Financial Viability Analysis and Capital Structure Optimization in Privatized Public Infrastructure Projects." Journal of Construction Engineering and Management 131, no. 6 (June 2005): 656–68. http://dx.doi.org/10.1061/(asce)0733-9364(2005)131:6(656).

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34

Vrbka, Jaromír, Eva Kalinová, and Zuzana Dvořáková. "Optimization of the capital structure of an agricultural company in the Czech Republic." SHS Web of Conferences 132 (2022): 01008. http://dx.doi.org/10.1051/shsconf/202213201008.

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The topic of optimizing capital structure is very important for a company to work efficiently and reliably. It is important for every company to optimize everything so that they have the highest possible efficiency. Entrepreneurs also try to make this optimization last them as long as possible. Therefore, the aim of this paper is to determine the optimal capital structure of an agricultural company operating in the Czech Republic. The base source of data is the closing data of individual agricultural companies from the Albertina database of Bisnode. More than 9,000 agricultural enterprises operating in the given sector of the national economy in the Czech Republic are recorded in this data set. The calculation of the WACC method and the level of debt of individual agricultural companies are used. Subsequently, the equation for calculating the cost of capital is determined using power regression. Here we also obtain the value of reliability, which in this particular case is not ideal, but still reasonable. A line chart is used to determine the optimal interval for the agricultural company. The optimal debt interval comes out to 20 to 25%, at which the cost of capital is declared to be from 22 to 24%. If agricultural companies had higher or lower debt ratios, it would be inefficient for the enterprise.

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35

Hui, Xiang, Bingxiang Li, and Mingmin Li. "Entrepreneurial management equity allocation and financing structure optimization of technology-based entrepreneurial firm." Nankai Business Review International 9, no. 3 (August 6, 2018): 395–412. http://dx.doi.org/10.1108/nbri-03-2017-0011.

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Purpose To satisfy the demand of initial investor for above-average capital return and the expectation of entrepreneurial management to establish their own business, this paper aims to explore a dynamic equity allocation model in which the shareholding ratio of the technology-based entrepreneurial firm changes with its growth and profit. Based on the dynamic equity allocation model, the authors design a financing structure which not only ensures timely and adequately obtaining the fund but also avoids equity dilution and safeguards the integrity of equity. Design/methodology/approach The paper selects high-tech companies listed in China as the sample for empirical research to identify the role of stock incentive and uses model deduction to find the equitable quantized benchmark for entrepreneurial management equity allocation. The study uses capital exclusivity as an entry point to perform theoretical analysis and demonstrates how the equity allocation of a technology-based entrepreneurial firm changes dynamically as the presentation speed of entrepreneurial management’s human capital exclusivity accelerates. The paper then constructs a conceptual model to design the financing structure of the technology-based entrepreneurial firm. Findings The study finds that stock incentive upwardly regulates debt financing and downwardly regulates equity financing. Based on characteristics of technology-based entrepreneurial firms, the paper suggests that the immediate surplus capital increment can signify the increasing presentation speed of human capital exclusivity, and it is proposed as an equitable quantized benchmark for equity allocation to entrepreneurial management. Based on the dynamic equity allocation model, the paper designs an internal equity and external debt financing structure. Originality/Value The conclusions enrich the theoretical foundation for entrepreneurial management to participate in residual claim and provide practical guidance for equity allocation and financing structure design in the context of mass entrepreneurship and innovation. The paper also sets up a conceptual framework for solving two major issues of the technology-based entrepreneurial firm: timely acquisition of external funding and lasting maintenance of entrepreneurial management stability.

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36

Bagatska, K., T. Batrakova, H. Silakova, N. Klymash, and O. Vialets. "The enterprise capital structure management model." Naukovyi Visnyk Natsionalnoho Hirnychoho Universytetu, no. 4 (2021): 110–15. http://dx.doi.org/10.33271/nvngu/2021-4/110.

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Purpose. To create management algorithms for the enterprises capital structure and mathematical formalization of optimization of this structure. To investigate the dynamics of changes in the share of profitable enterprises to assess, analyze and forecast changes in the capital structure of homogeneous groups of enterprises. Methodology. Both empirical and theoretical methods of cognition are used to conduct the research. Methods of scientific observation and comparison are used to form the topic of scientific work, goals and objectives of the study. Methods of analysis and synthesis, induction and deduction, abstraction are used to determine the essential features of capital structure management. Methods of system structuring and modeling are used to create a mathematical model. The analogy method is used to find the weight factor of the objective function. The axiomatic method and the method of convergence from the abstract to the concrete were used for the practical application of the mathematical model, in particular, to analyze the dynamic index of related companies, stratified by size, industry, and so on. Findings. The dynamics of the preconditions for changing the capital structure is studied, the regularities of this change for groups of homogeneous enterprises are revealed. The uneven influence of the crisis on the approaches to the formation of capital structure in groups of homogeneous enterprises is revealed, and the reasons for this are investigated. The similarity of tendencies of formation of capital structure in groups of inhomogeneous enterprises is pointed out. A correlation was found between the decrease in the share of equity and a significant prevalence of external borrowing with an increase in net loss. Moreover, it is established that enterprises, whose total amount of equity and current liabilities is stable and comparable in size with external borrowing, show a decrease in losses. Originality. Algorithms for capital structure management and a mathematical model for optimizing capital structure are proposed. A method of comparative analysis of changes in capital structure for homogeneous groups of enterprises has been introduced, which provides an opportunity to assess the impact of external risks and crisis factors in the past and predict the necessary changes in capital structure during both the new crisis and after the crisis. Practical value. The developed algorithms and mathematical model can be used in research and management practice to manage capital structure. Useful for different categories of professionals are approaches to the analysis of capital structure, the results of the analysis of the causes of change, the study on trends and their consequences for homogeneous enterprises.

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Chevalier, Etienne, Vathana Ly Vath, and Alexandre Roch. "Optimal Dividend and Capital Structure with Debt Covenants." Journal of Optimization Theory and Applications 187, no. 2 (October 9, 2020): 535–65. http://dx.doi.org/10.1007/s10957-020-01760-4.

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Walery, Maria Jolanta, and Jacek Leszczyński. "An optimization model for transport, treatment and disposal of medical waste: a case study of Podlaskie Province." E3S Web of Conferences 45 (2018): 00100. http://dx.doi.org/10.1051/e3sconf/20184500100.

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The article describes optimization studies aimed at analysing the impact of capital and current cost changes for combustion waste storage on the cost of its system management and structure. The study was conducted using the example of an analysis of the system of medical waste management in Podlaskie Province, in north-eastern Poland. The scope of operational research carried out under the optimization study was divided into two stages of optimization calculations with assumed technical and economic parameters of the system. In the first stage, the lowest cost of functioning of the analysed system was generated, whereas in the second one the influence of the input parameter of the system, i.e. capital and current costs of combustion waste storage process on the economic efficiency index (E) and the spatial structure of the system was determined. Optimization studies were conducted for the following cases: with a 25% increase in capital and current costs for the storage process, followed by 50%, 75% and 100% increase. As a result of the calculations, the highest cost for system operation was achieved at the level of 1655 PLN/Mg with the assumption ca. 100% increase in capital and current costs for the storage process. There was an increase in the economic efficiency index (E) by about 4% in relation to first course of optimization studies.

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Macnamara, Patrick. "Taxes and financial frictions: Implications for corporate capital structure." Journal of Economic Dynamics and Control 101 (April 2019): 82–100. http://dx.doi.org/10.1016/j.jedc.2019.02.004.

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Ou, Ying. "Analysis of the Problem of Construction Enterprise's Human Resources Structure Optimization." Advanced Materials Research 250-253 (May 2011): 3595–99. http://dx.doi.org/10.4028/www.scientific.net/amr.250-253.3595.

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The human resources structure situation and its the subject problems of the Chinese construction enterprises were analyzed, The reasons were studied from the aspect of the planned economy system, human affairs system, internal management system and enterprise human capital investment. The target-oriented measures were proposed to optimize the human resources structure of the chinese construction enterprise and enhance the enterprise competitiveness.

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Ni, Yu. "Disclosure Model of Capital Accounting Information Based on Immune Particle Swarm Optimization Algorithm." Tobacco Regulatory Science 7, no. 6 (November 3, 2021): 6332–47. http://dx.doi.org/10.18001/trs.7.6.107.

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The effectiveness of capital market and the allocation of social resources depend on the disclosure of capital accounting information. In order to analyze the tendency of capital accounting information disclosure, this paper proposes a disclosure model of capital accounting information based on immune particle swarm algorithm. There are many factors that affect the tendency of capital accounting information disclosure. We should give priority to corporate governance level and financial status level to construct the impact index system of capital accounting information disclosure. The capital accounting information disclosure model was constructed to establish the functional relationship between each factor variable and disclosure tendency. Particle concentration was maintained through immune memory and self-regulation mechanism to ensure the diversity of the population, which avoids the traditional shortcomings of particle swarm optimization algorithm. Finally, the parameter estimation of capital accounting information disclosure model were completed. The results show that there are four factors affecting the disclosure tendency of capital accounting information, including ownership structure, leverage, growth and audit opinion. The accuracy of the model used in this paper is up to 75%.

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Ramadhani, Danur, Agus Sukoco, and Joko Suyono. "CAPITAL STRUCTURE ANALYSIS TO OPTIMIZE THE PROFITABILITY OF MSMES (CASE STUDY ON MSMES HIKMAH IN SIDOARJO, EAST JAVA, INDONESIA)." Journal of World Conference (JWC) 1, no. 2 (November 21, 2019): 241–50. http://dx.doi.org/10.29138/prd.v1i2.161.

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This study aims to analyze the capital structure used to optimize profitability in MSME embroidery shoes. This study uses descriptive research with a qualitative approach. The analytical method is used Weighted Average Cost Of Capital (WACC). The techniques of data collection in this research used interview, observation, documentation and triangulation methods. The data that used are financial transaction records and financial statements issued by the company itself. The results showed that UD. Hikmah used the composition of the capital structure consisting of debt of 20%, 80% own capital with a ROE rate of 170%. Optimization results obtained the optimal capital structure composition on the composition of debt 23% and own capital 77%. By generating a level of profitability that can provide a favorable return for business owners, with the highest calculation of ROE that is equal to 173% and the cost of capital to be borne is Rp.18.238.000 every year.

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Schorr, Anke, and Markus Lips. "The optimal capital structure of Swiss dairy farms." Agricultural Finance Review 79, no. 3 (June 3, 2019): 323–37. http://dx.doi.org/10.1108/afr-05-2018-0034.

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PurposeThe purpose of this paper is to propose a novel way of determining optimal capital structure, applied to sub-groups of Swiss dairy farms from 2003 to 2014. Optimization of capital structure is carried out with respect to two performance indicators from an economic value added perspective.Design/methodology/approachOptimal values of capital structure are obtained based on a minimization of correlation between economic performance indicators and a distance function of the debt-to-asset ratio distribution to its quantiles. The approach differs from existing approaches in relying solely on empirical data and in using fewer external parameters, which are difficult to estimate, such as risk aversion coefficients. An unbalanced panel data set from the Swiss Farm Accounting Network with almost 14,000 dairy farm observations serves as input data to the model.FindingsConcise optimal values of capital structure result for regional and temporal sub-groups of Swiss dairy farms. Comparing the evolution of optimal values for these sub-groups with existing models of optimal capital structure, the authors infer that dairy farmers in the mountain region are less risk averse than their counterparts in the valley region and that falling interest rates increase the optimal value of debt-to-asset ratio.Originality/valueThe straightforward computation of optimal values for capital structure without intermediate parameters is useful and new. In addition, the authors’ model can be used as a tool for comparison and validation of previous models with the same aim, e.g. for comparison of risk aversion coefficients or qualitative behavior of optimal values for capital structure.

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Medvedieva, Irina, and Mariia Ahapova. "Simulation of the capital structure of an enterprise taking into account the dynamics of parameters of the external environment." Economics of Development 19, no. 2 (July 9, 2020): 44–59. http://dx.doi.org/10.21511/ed.19(2).2020.05.

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Information technology is an effective tool for substantiating management decisions in any field of activity, including the economy. One of the most important characteristics of the functioning of economic agents in a market is the structure of their capital because the interest of foreign investors in the business entity depends directly on the balance of this structure. Therefore, the process of managing the capital structure of a business unit needs special attention both in terms of sustainable development and during the crisis. Given the mentioned above, the object of the study is the process of managing the enterprise capital structure. The study aims to improve the methodological support of the process of managing the enterprise capital structure taking into account the dynamics of the parameters of the external environment of its operation. As for the results of the research, the EPC diagram of the optimization process of the enterprise capital structure was developed. Due to the use of the vector graphic editor MS Visio, this model allows visually displaying the scenario of a financial manager’s activity during performance of his duties on the modeled subject area; the methodical approach to assessing the sustainability of capital structure management based on the building of Shewhart quality maps was suggested. Such maps enable to identify typical (optimal, preventive and control) values of the components of the capital structure of an entrepreneurial unit; methodical recommendations for operative management on an enterprise capital structure at the innovation and investment stage of its development were developed. They are based on the use of a method of linear programming. They allow defining possible deviations of capital structure indicators while retaining the control of the chosen strategy of its development.

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Hritonenko, Natali, and Yuri Yatsenko. "Structure of optimal trajectories in a nonlinear dynamic model with endogenous delay." Journal of Applied Mathematics 2004, no. 5 (2004): 433–45. http://dx.doi.org/10.1155/s1110757x04311046.

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An exact solution is constructed to a nonlinear optimization problem in an integral dynamic model with delay. The problem involves the unknown duration of the delay and has important applications to the optimal replacement of capital equipment under technological change.

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Дядін, А. С., and Н. В. Бобро. "Share Capital Management in the Context of Ensuring Competitive Advantages of the Retail Business Entity." Law and Safety 80, no. 1 (March 19, 2021): 35–41. http://dx.doi.org/10.32631/pb.2021.1.04.

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It has been proved that capital is a resource that is accumulated and is involved in the processes of reproduction and growth of value through mutual conversion of its various types, which are invested in the creation of assets, which is the total amount of financial resources of enterprises. It has been demonstrated that it is possible to determine the most rational ratio of capital indicators calculated on the basis of factors of influence, risks and practical experience that brings the target capital structure as close as possible to its optimal value. Given that the capital structure affects the market value of the enterprise through the price of capital, the concept of capital structure is studied in the same theoretical complex with the concepts of capital value and market value of the enterprise. The analysis has demonstrated that the first stage of optimizing the financial structure of enterprise’s capital as a specific object of anti-crisis retail business allows to determine the presence or absence of capital volume for a particular business entity. If the answer is positive, the optimization of the ratio of all sources of capital is carried out within this volume. If the available amount of capital is insufficient, it is necessary to find out whether the company has the opportunity to expand it and the sources to accomplish it. The second stage – assessing the capital structure by the criterion of financial stability – is carried out by comparing the actual values of the ratio of the current assets of business entities in retail trade in equity with the “normal” value, where its minimum level is 0.1. The capital structure is assessed during the third stage from the standpoint of the value of capital. Appropriate calculations are made by using the weighted average cost of capital of a business entity. The capital structure is evaluated during the fourth stage in terms of its efficiency. The basis for assessing the structure of capital by the criterion of its effectiveness is the calculation of the effect of financial leverage in previous periods and determining the impact of individual factors (return on assets, weighted average cost of debt, share of debt and equity) on this effect by using the method of chain substitutions regarding the weighted average cost of borrowed capital adjusted for the net operating result of the investment, the value of leased fixed assets, the amount of rent, as well as the share of financial loans, trade payables and long-term credit in the form of leased fixed assets in total borrowed capital. Finally, the target-oriented capital structure is formed during the fifth stage, taking into account the obtained results of optimization according to all the criteria and features of the components of capital and the factors that affect them. The fulfillment of this stage requires a thorough development of specific measures that should allow to form the necessary capital structure of the business entity in retail.

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Tian, Yuan. "Optimal capital structure and investment decisions under time-inconsistent preferences." Journal of Economic Dynamics and Control 65 (April 2016): 83–104. http://dx.doi.org/10.1016/j.jedc.2016.02.001.

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Setiawan, Chandra, and Qu Yumeng. "The Determinants of Capital Structure on China-Listed Construction Companies." JAAF (Journal of Applied Accounting and Finance) 5, no. 1 (March 31, 2021): 1. http://dx.doi.org/10.33021/jaaf.v5i1.1459.

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<p>Contruction companies in China debt to asset ratio around 76.16 % to 82.67% compared to other countries in average below 40%. Therefore, the objective of this research is to find out the determinants of the capital structure of listed construction companies in China. By employing the panel multiple regression model to meet the research objective. Through purposive sampling technique 10 listed companies in the construction industry from 2012 to 2019 are selected as samples, so there are 80 observations sample. The variable used to proxy capital structure is total debt ratio, and the independent variables are profitability, asset tangibility, firm size, growth opportunities, non-debt tax shield, interest rate and inflation rate. Among the independent variables been tested, the results reveal that five independent variables, except non-debt tax shield and inflation rate have a significant impact toward capital structure. Interest rate is the most significant influence variable. Finally, this research puts forward relevant suggestions for the optimization of the company's capital structure.</p>

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Yun, Sungmin, Seung Heon Han, Hyoungkwan Kim, and Jong Ho Ock. "Capital structure optimization for build–operate–transfer (BOT) projects using a stochastic and multi-objective approach." Canadian Journal of Civil Engineering 36, no. 5 (May 2009): 777–90. http://dx.doi.org/10.1139/l08-134.

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Private financing has long been recognized as playing an important role in providing public infrastructure facilities worldwide. Private investors–operators, however, are often exposed to the financial risk of low profitability due to the inaccurate forecast of facility demand, operating income, and maintenance costs. From the operator’s perspective, a sound and thorough financial feasibility study is required to establish the appropriate capital structure of a project. To this end, operators are likely to reduce the equity amount to minimize the level of risk exposures, whereas creditors or lenders continue to raise it in an attempt to secure a decent level of financial responsibility from the operators. This paper presents an optimized capital structure model for both creditors and operators to reach an agreement for a balanced structure that synchronizes both profitability and repayment capacity. The model is developed with the use of Monte Carlo simulation and a multi-objective generic algorithm (GA) for drawing an optimal level of equity ratio. Results of a case study on a railway project show that the proposed model provides a proper range of capital structure for privately financed infrastructure projects while accounting for the project-specific risks under variable conditions.

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Mazelis, Lev S., Andrey A. Krasko, and Elena V. Krasova. "Distribution of financial resources by areas of investments in the human capital of the region." Economic Consultant 36, no. 4 (December 1, 2021): 4–16. http://dx.doi.org/10.46224/ecoc.2021.4.1.

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Introduction. The study has been conducted within the framework of the urgent scientific and practical task of accumulation and development of human capital of Russian regions. Under the conditions of risks and limited resources, the regional management faces the task of optimal distribution of financial resources invested in the development of human capital and improvement of the quality of life. The study aims to build and test the dynamic optimization model of financial resources distribution by areas of investment in human capital through the example of the Primorye Territory (Russian Federation). Materials and methods. The multi-period economic and mathematical model describes the influence of the volumes and structure of public and private investments on the regional human capital in the form of recurrent dependencies. The target function of the model is an integrated index of achieving the objectives for the development of human capital in the region. The model is a mathematical programming problem, the optimization variables are the shares of investment resources distributed by investment areas and years. Results. In a practical sense, the proposed model is a management tool for searching the optimal structure of investments in human capital by areas of investment and periods. Based on the annual results of modeling and numerical calculations through the example of the Primorye Territory (Russian Federation), the structure of the investments that allow advancing in the achievement of target values of strategic indicators in the field of human capital development is offered. Conclusion. In the long term, the achievement of target indicators will be facilitated by a more even structure of investments in the following areas: along with education and health care, it is advisable to increase investments in other areas, first of all, in the issues of national importance, national security, public order, and social policy.

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