USING THE CONCEPT OF TRANSACTION COSTS IN CAPITAL STRUCTURE MANAGEMENT
Abstract
The article discusses the theoretical aspects of issues related to the assessment of capital, the formation of its structure from the point of view of making management decisions in cost formation on its attraction and maintenance. The concept of “capital” is clarified from the point of view of its formation and subsequent efficiency assessment. The approach to the formation of capital structure concepts of the modern period on the development basis is justified. The method of estimating the cost of capital and the formation of the target capital structure, based on the inclusion of transaction costs in the cost of capital, which allows you to more accurately determine the size of these costs in relation to the amount of equity and more accurately generate the weighted average cost of capital of the organization. The empirical nature of the study allows us to use the proposed method of forming the capital structure in relation to various (individual) conditions of the organization’s functioning, followed by clarification of the parameters of decision-making based on the set goals of the organization’s activities.
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Николаева Е. В., Плетнев Д. А., Лушников С. В. Сравнительный анализ трансакционных издержек крупных и средних корпораций России // Вестник Челябинского государственного университета. 2014. № 9 (338). Экономика. Вып. 44. С. 62-68.
Черненко Д. Современная парадигма в исследованиях структуры капитала // Economics. 2016. №8 (185): 45-51.
Rodrigues S. V. et al. Capital structure management differences in Latin American and US firms after 2008 crisis // Journal of Economics, Finance and Administrative Science. 2017. Т. 22, №. 42. — С. 51-74.
REFERENCES
Medushevskaya, I. Ye. Transaction costs of a commercial organization // News of higher educational institutions. Volga region. Economic sciences. 2016. No. 1 (4). Pp. 29-36.
Nikolaeva E. V., D. A. Pletnev, S. V. Lushnikov Comparative analysis of transaction costs of large and medium-sized corporations in Russia // Bulletin of the Chelyabinsk State University. 2014. No. 9 (338). Economy. Issue 44. Pp. 62-68.
Chernenko D. The modern paradigm in the study of capital structure // Economics. 2016. №8 (185): 4551.
Rodrigues S. V. et al. Capital structure management differences in Latin American and US firms after 2008 crisis // Journal of Economics, Finance and Administrative Science. 2017. V. 22, №. 42. Pp. 51-74.
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