PROBLEM OF OPTIMIZATION OF ENTERPRISE FINANCIAL STREAMS: URGENCY UNDER ECONOMIC CRISIS CONDITIONS

• Main Authors: J. E. Gorbach, S. M. Kozlov
• Format: Article
• Language: Russian
• Published: Belarusian National Technical University 2011-10-01
• Series: Nauka i Tehnika
• Online Access: https://sat.bntu.by/jour/article/view/436

The paper considers a problem of structural optimization of financial streams in the economic activities of the enterprises. The authors describe a general process of enterprise capital structure optimization while breaking it in stages and consider the most interesting financial stream theories. The paper presents for the first time «Combined optimization model». In order to develop the model the most commonly applied methods have been used, namely: an optimization  method on the basis of an average capital price, an optimization method on the basis of financial leverage effect and an optimization method on the basis of the average managing subject price. Alternative calculations of optimum structure of financial stream sources on the basis of the proposed «combined model» have been presented in corresponding tables. The authors also use for the first time such concepts as «a break-even point» and «a safety zone» in respect of enterprise financial streams while using a graphic method.