BUSINESS INFORM №4-2016

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36

Section: Finance, Money Circulation and Credit
UDC 336.012.23
Chernenko D. D.
The Concept of Capital Structure in the Modern Finance Theory (p. 232 - 238)
The article offers a critical look at the usage of notion of capital structure in the post-Soviet countries. This notion was adopted in formalistic manner, without full understanding of the ideas and conceptions, on which it is based. As a consequence, the notion of structure of capital is often confused with the structure of assets or the financial structure. The article systematizes key features of the conception of structure of capital, relevant to empirical studies, and shows the relationship of the specified notion with the financial conception of capital. Importance of considering capital from an investor perspective has been determined, because this is consistent with theories of valuation of company and the capital value. Impossibility of simplifying the optimization of structure capital down to calculation of a set of accounting ratios has been substantiated. The conclusions of the article also support the idea of simultaneous use of balance and market indicators of structure of capital that can provide more reliable research results and ease comparison of them with other findings.
Keywords: capital structure , financial structure, capitalization structure, invested capital, financial capital, modern finance
Fig.: 3. Tabl.: 1. Bibl.: 18.

Chernenko Demid D. – Postgraduate Student, Department of Corporate Finance and Controlling, Kyiv National Economic University named after Vadym Hetman (54/1 Beresteiskyi Ave., Kyiv, 03057, Ukraine)
Email: [email protected]

Article is written in Russian
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Reference to this article:
Chernenko, Demid D. (2016) “The Concept of Capital Structure in the Modern Finance Theory.” Business Inform 4:232–238.

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