Debt liabilities in the capital structure. The composition and structure of the organization's capital. Figure 9.2. Enterprise capital structure

Capital structure is an aggregate financial resources enterprises from various sources of long-term financing, or more precisely, the ratio of short-term liabilities, long-term liabilities and equity capital of the organization.

Capital structure. General issues

When an enterprise expands, it needs capital, depending on which one distinguishes between borrowed capital or its own funds. Borrowed funds have two significant advantages. First, the interest paid is deducted when calculating the tax, which lowers the actual cost of the loan. Second, those who provide the loan receive a fixed income, and shareholders should not share the profits with them if the venture is successful.

However, borrowed funds also have disadvantages. First, the higher the debt ratio, the more risky the venture, and therefore the higher the cost to the firm of both borrowed funds and equity. Second, if a company is going through a tough time and its operating profit is not sufficient to cover interest costs, shareholders themselves will have to fill the deficit, and if they fail to do so, the company will be declared bankrupt.

Therefore, companies whose profits and operating cash flows are volatile should limit the raising of debt capital. On the other hand, those companies with more stable cash flows can more freely attract debt financing. However, the question arises: is debt financing better than "own"? If yes, should firms be fully leveraged, or to some extent? If the best solution is a combination of debt and equity, what is the optimal ratio?

The value of any firm is the present value of its future free cash flows, discounted at the Weighted Average Cost of Capital (WACC). Changes in the capital structure that change the percentage of its components will affect the risk and cost of each type of capital, as well as the WACC as a whole. Changes in capital structure can also affect free cash flows, influencing the decisions of managers related to the formation of the capital budget, as well as determining the costs associated with bankruptcy and financial collapse. Thus, the capital structure has an impact on both free cash flows and the WACC, and therefore on stock prices.

In addition, many firms pay dividends that reduce retained earnings, and thus increase the amount that these firms must additionally raise in order to finance their business. Consequently, capital structure decisions are interlinked with dividend payout policies. In this section of the site, we will focus on the choice of the capital structure.

There are many factors that influence capital structure decisions, as you will see, determining the optimal capital structure is not an exact science. Therefore, even firms belonging to the same industry often have significantly different capital structures. Here, we first look at the impact of the capital structure on the risk of its components, after which we use this data to determine the optimal debt-to-equity ratio.

Optimization of the capital structure

The company's activities are subject to certain life cycles... To assess the structure of the company's equity capital and make a decision on its optimization, it is necessary to understand what stage of development the company is currently experiencing.

The most dynamic stage of business development and diversification is when decisions have to be made about investments and their sources. Financial modeling methods help to get an answer to the question from which source it is more profitable to make investments.

In practice, most often there is a situation when the use of credit resources can significantly reduce the period for achieving an economic effect, because the accumulation of profits for projects is a long process, and time, as you know, is money. Ultimately, the time savings lead to faster company growth and profit maximization.

At the stage of stabilization, the need for long-term loans may simply not arise. For this stage, the capital structure is normal, in which the share of borrowed capital is minimal.

In a period of recession or crisis, plans are developed for the further activities of the company. As a rule, at this moment anti-crisis measures are discussed or a decision on liquidation is made. If a plan is outlined to bring the company out of the crisis, then at this stage, profitability indicators deteriorate, and financial stability decreases. In this situation, the company gets into debt and the ratio of equity to debt is very low (which indicates a crisis situation). Here, it is not the capital structure as such that becomes more significant, but the trends in the financial portfolio and future indicators calculated on the basis of the plan for overcoming the crisis.

I would like to note that there are no universal criteria for the formation of an optimal capital structure. The approach to each company should be individual and take into account both the industry specifics of the business and the stage of development of the enterprise. What is characteristic of the capital structure of a company specializing in property management, for example, is not entirely appropriate for a trade or service firm. These companies have different needs for their own working capital and different capital intensity. One should also take into account such a factor as publicity: non-public companies with a narrow circle of founders (shareholders) are more mobile in making decisions about the use of profits, which allows them to quite easily vary both the size and structure of capital.

The capital structure reflects the ratio of debt and equity capital raised to finance the long-term development of the company. The successful implementation of the company's financial strategy as a whole depends on how optimized the structure is. In turn, the optimal ratio of debt and equity capital depends on their value.

In the Russian business environment, there is a common misconception that equity is considered free. At the same time, the obvious fact is forgotten: dividends are the payment for equity capital, and this almost always makes financing from own funds the most expensive. For example, if a business owner has the opportunity to receive dividends, say, at the level of 40%, the cost of equity capital becomes higher than the cost of attracting loans.

As world practice shows, development only at the expense of its own resources (that is, by reinvesting profits in the company) reduces some financial risks in the business, but at the same time greatly reduces the rate of increase in the size of the business, primarily revenue (see The market values ​​money, not profit ). On the contrary, attracting additional borrowed capital with the right financial strategy and high-quality financial management can dramatically increase the income of the owners of the company on their invested capital. The reason is that an increase in financial resources, with proper management, leads to a proportional increase in sales and often in net profit. This is especially true for small and medium-sized companies.

However, the capital structure overloaded with borrowed funds makes excessive demands on its profitability, since the probability of non-payments increases and the risks for the investor increase. In addition, customers and suppliers of the company, having noticed a high proportion of leverage, may start looking for more reliable partners, which will lead to a drop in revenue. On the other hand, too low a share of borrowed capital means underutilization of a potentially cheaper source of financing than equity capital. This structure leads to higher capital costs and higher requirements for the return on future investments.

The optimal capital structure is such a ratio of own and borrowed sources at which the optimal ratio between the levels ... is ensured, i.e. the market value of the enterprise is maximized. When optimizing capital, it is necessary to take into account every part of it.

Equity capital is characterized by the following additional points:

1. Ease of attraction (you need a decision of the owner or without the consent of other business entities).

2. A high rate of return on invested capital, because interest on raising funds is not paid.

3. Low risk of loss of financial stability and bankruptcy of the enterprise.

Disadvantages of own funds:

1. Limited volume of attraction, i.e. it is impossible to significantly expand economic activity.

2. The opportunity to increase the return on equity capital by attracting borrowed funds is not used.

Thus, an enterprise using only its own funds has the highest financial stability, but opportunities for profit growth are limited.

Advantages of debt capital:

1. Ample opportunities to raise capital (if there is a pledge or guarantee).

2. Increasing the financial potential of the enterprise if it is necessary to increase the volume economic activity.

3. Ability to improve the return on equity.

Disadvantages of debt capital:

1. The difficulty of attracting, because the decision depends on other business entities.

2. The need for collateral or guarantees.

3. Low rate of return on assets.

4. Low financial stability of the enterprise.

Consequently, an enterprise using borrowed capital has a higher potential and the ability to increase the return on equity. At the same time, financial stability is lost.

To measure the aggregate results achieved with different ratios of equity and borrowed capital, a financial indicator is used - financial leverage (FL). FL measures the effect of increasing the return on equity by increasing the share of borrowed capital in their total amount.

EFL = (Ra - PS) * ZK / SK, where Pa is the profitability of using assets, PS is the interest rate for a loan, ZK is borrowed capital, SK is equity.
(Ra - PS) is called the financial leverage differential. ZK / SK -… and characterizes the amount of borrowed capital per unit of equity.

The allocation of these components allows you to manage the effect of financial leverage. If the differential is positive, then an increase in the coefficient leads to an increase in the growth of the effect. However, the growth of EPL has a limit, since a decrease in financial stability leads to an increase in the interest rate.

At a certain coefficient, the differential can be reduced to zero. That. an increase in financial leverage is advisable with a positive differential. With a negative differential, the return on equity decreases.

Capital structure management

In Russia, with its rapidly developing economy, there are many companies with high growth rates and large cash flows (for example, cellular operators). They can make their own investments without resorting to external sources of financing. But a decrease in the debt burden leads to a weakening of the so-called disciplining function of debt. It is the burden of debt service that usually pushes company managers towards optimal business decisions. If the leverage is low, management has less incentive to look for the most efficient investment opportunities.

The main condition for the company's long-term financial success is that the return on equity (assets) must be greater than the cost of raising capital. It follows from this that in low-profit types of business to have a lot own funds(real estate, transport, etc.) is unprofitable, since the cost of attracting capital for such assets will significantly exceed the return on them, leading the company to an economic and financial disadvantage. Not only marginal, but also all other companies should consider the possibility of using outsourcing schemes for secondary business processes, and also do not forget the rule - you need to get rid of unprofitable and non-core assets by any means and as soon as possible.

The scale of the business in this case also matters. In a small business, we usually do not talk about the acquisition of funds in ownership. In big business, this is seen as the norm, especially in the manufacturing sector. Medium business is located in the border area, and here the decision depends on the ratio of rental payments over the long term and the cost of acquiring and maintaining the property. In any case, with such decisions financial service must make the most accurate and reasonable calculations.

Risks come with businesses of all types and sizes. A direct relationship is always observed - the higher the level of profitability in the business, the higher the level of risks, and the lower the level of risk managers and owners are willing to accept, the lower the level of income they can expect.

The creation of reserves (accumulation of a certain amount of assets in the form of investments in mutual funds, precious metals, shares, deposits) is part of the financial and investment strategy. No reserves, any serious problem in the market or in the economy puts business on the brink of survival. Unfortunately, many leaders talk about this. Russian companies forget, fully distributing all the profits received for dividends and reinvestment (or investments in other projects). Thus, conducting one or several types of activity (for example, stable and developing), companies that do not create reserves increase risks both in the core business and in new projects.

To minimize financial risks I recommend that owners and managers of companies, after the payment of dividends to shareholders, create real reserves in sufficient volumes from the received annual profit. To do this, you need to make accurate calculations. The most frequently obtained corridor of values ​​is 3-10% of assets, depending on the overall level of business risk. Then the remaining profit can be invested in the business, and first in the main (donor) business, maintaining its stability and growth, and only then in new projects.

For effective management reserves need competent specialists (for example, in securities). If the company does not have them, then I recommend placing cash in mutual funds and bank deposits.

The capital structure is necessary condition to reduce production costs, increase the return on investment, as well as accelerate the circulation and turnover of capital, which ultimately leads to an increase in the company's income. The optimal capital structure allows the company to fully realize its production capabilities.

Capital structuring industrial enterprise allows to carry out both qualitative and quantitative assessment of capital, as well as to characterize the efficiency of its use. An enterprise capital analysis is critical stage in the reproduction process and improving the quality of capital.

It is possible to structure the capital in the form of balance sheet items on a certain date and assess its liquidity.

The balance sheet is presented as a list of assets and liabilities of the enterprise, which reflects the fixed and working capital, or, in Russian terminology, fixed and circulating production assets.

Main capital- a part of the productive capital that is used in production for a long time and transfers its value to finished product gradually, as it wears out. Working capital- a part of the productive capital, the value of which is transferred to the created product and returned to monetary form during one circuit.

The use of outdated, worn-out assets significantly reduces the active part of the production fixed capital. At the same time, the passive part of fixed capital increases relatively, as the value of capital structures - buildings, structures, etc. increases. The indicators characterizing the age structure of fixed assets are rather low. The problem of replacing obsolete equipment has become significantly aggravated, the most worn out machines and equipment, transmission devices, vehicles.

The enterprise faces the difficult task of improving the reproduction structure of capital as the basis for the further development of production. Classifying the components of this structure according to the sources of formation, we distinguish three main components: equity, borrowed and attracted. Optimization of the reproduction structure will allow enterprises to strengthen their financial position(financial stability), to attract the attention of potential investors.

V modern conditions the task of optimizing the reproduction structure poses a number of problems for the enterprise. First of all, this is the problem of using the company's own funds (equity capital), the formation of which occurs, first of all, from profit and depreciation deductions.

The cost structure of the enterprise's capital is also distinguished, which determines the totality of fixed and circulating capital. Determination of the proportions of the ratio between them in modern conditions to a decisive extent depends on the reproductive structure, which determines the mobilization of own and borrowed funds, the sources of their formation.

It should be noted that the capital of enterprises has a dual nature, which is usually presented as the active and passive parts of the balance sheet of the enterprise. Analysis of the active part of productive capital allows us to draw conclusions about its qualitative and quantitative changes, to determine the liquidity of capital, to characterize the real reproduction processes of a decrease or increase in capital. For example, the state of the fixed capital of the enterprise will be the basis for making decisions on further investment (capital investments) of the enterprise, the analysis of working capital allows us to identify reserves for reducing production costs and significantly affect the reproduction process.

But considering only the active part of the capital does not always allow qualitative analysis, therefore, it is necessary to consider the capital structure, presented in the passive part of the balance sheet (passive capital), as a source of formation of payment for property and liabilities (financial capital).

Financial capital can also be divided into two large groups - equity and borrowed, or borrowed capital (see Fig. 2).

The ratio between equity and borrowed funds is one of the most important financial indicators the work of the enterprise. The importance of this indicator lies in the choice of the economic policy of the enterprise using various means, either own or borrowed, which is especially important for the process of expanded reproduction of the enterprise's capital.

In general, when characterizing the capital structure of an enterprise, it is necessary to take into account that active (functioning production) capital and passive (financial) capital are two interrelated components shown in the diagram (Figure 9.2).

Since the main organizational and legal form of enterprises is currently joint-stock companies, we will consider the structure share capital, according to the principles of its formation. When a company is formed, each founder receives a number of shares proportional to the contributed share, to which he can apply when carrying out liquidation measures. Thus, the share capital consists of separate elements - shares and, one might say, appears as a debt of the company to shareholders.

According to the Law of the Russian Federation "On Joint Stock Companies", it is allowed to structure the share capital. Up to 25% of it can be preferred shares, the rest - ordinary shares.

The share capital is of issue nature arising from the issue and sale of the company's securities. Payment can be made both in cash and by other means. Therefore, the formation of assets will depend on the method of payment. Having identified the components of the share capital, it is also necessary to make their market assessment. In this case, a real structured market valuation is obtained.

Additional capital represents share premium and reserves earned on the revaluation of property, plant and equipment. Currently, this component does not always reflect the real sources of enterprises' own funds. So, revaluation is carried out using certain coefficients, which may not be consistent with real market indicators.

Stocks, bonds and other securities are fictitious capital, since they only express the value of real capital involved in the production process, but they themselves have no value and do not function in the production process. This dual nature of capital joint stock company can have a significant impact on the development of the enterprise. For example, a decrease in the market value of shares in the securities market may entail an outflow of financial resources of an enterprise in the form of withdrawal of deposits by shareholders (founders), a decrease in deposits, etc. An enterprise may find itself in a situation where the available real capital with high value and production potential will depreciate and will not be able to function normally. This situation has arisen as a result financial crisis in August 1998

It is necessary to take into account the organic composition of the capital. The technical structure of capital is the ratio between the mass of the means of production used and the amount of labor required for their use. The value structure is the ratio of the value of the means of production (constant capital - C) to the value of labor power (variable capital - V). The growth of the organic composition of capital shows that the relationship between its technical and cost structure is accelerating with the development of scientific and technological progress. Today, under labor, i.e. variable capital - considered human capital, and changes in its structure are also determined by the development of scientific and technological progress. Modern equipment technology requires high level qualifications, experience, education, i.e. bring the labor force factor to a qualitatively new level of development.

Figure 9.2. Enterprise capital structure

An important role is also played by the presence of intangible assets in the company's assets. "Intangible" capital is usually not reflected in financial documents, does not have a value estimate, but participates in the process of making a profit and brings it himself. Most often, this capital serves as the basis for the organization of production. It includes: entrepreneurial (business) ideas; distribution channels of manufactured goods (sales channels); business connections; possession of certain production secrets (technologies, technical solutions, design solutions, etc.); possession of exclusive information of an economic or business nature. All this with certain conditions has a significant impact on the amount of profit and the level of development of production.

Intangible assets are divided into several large groups:

1) property rights (land use, natural resources etc.);

2) intellectual property - the result mental labor, "know-how", copyright certificates, patents, licenses, entrepreneurial ideas, etc .;

3) organizational and commercial costs associated with the formation of a legal entity.

The main requirement of the modern economy is to find the optimal balance between tangible and intangible assets of the enterprise. The interaction of these two factors determines the results of all economic activities of the enterprise, its competitiveness and profitability, high-quality organization of work, innovative activity... The use of reasonable commercial calculations not only allows the enterprise to obtain high profits, but also provide opportunities for its further expanded reproduction.

The capital of the organization is a significant part of the financial resources of the organization, directed to the current, financial and investment activities in order to make a profit. The main characteristics of the capital structure include its division according to the sources of formation, according to the object of investment, according to the form of being in the process of circulation.

According to the sources of formation, the organization's capital is divided into equity and debt. The structure of equity capital includes: authorized, additional, reserve, retained earnings, as well as funds created at some enterprises at the expense of retained earnings (accumulation fund, consumption fund), amortization fund. Borrowed funds include loans and borrowings from banks and other legal and individuals, proceeds from the sale of bonds, short-term payables.

According to the investment object, the capital of the organization is divided into fixed and circulating. Fixed capital is invested in non-circulating assets of the organization, and circulating capital is invested in circulating assets.

According to the form of being in the process of capital circulation, capital is allocated: in money in productive form and in commodity form. At the first stage of the circuit, capital is in monetary form and is invested in non-circulating and current assets... In the second stage, the production process takes place. And, finally, at the third stage, there is a gradual transition of capital from the commodity stage to the money stage as the product is sold. The main source of financial resources when creating an organization is the authorized capital.

Authorized capital- this is the sum of the assessment of the contributions of the founders when creating an enterprise. In the process of functioning of the organization, the formation and use of financial resources is mediated by cash flows in three types of activities: current, investment and financial.

The current- assumes the flow of funds associated with the receipt of proceeds from the sale of products (goods, works, services), advances from buyers, other income of the main activity.

The investment- activities related to investments in real estate, equipment, intangible and other non-current assets. In addition, it includes the long-term financial investments of the organization. It involves the movement of cash resources from the sale of fixed assets, intangible assets from the sale of securities, etc.

Financial- activities related to proceeds from the issue of shares and other equity securities, the return of loans provided to other organizations, the receipt of proceeds from the sale of short-term securities, as well as the repayment of loans and credits (without interest), financial lease obligations, contractual obligations purchase and sale of securities.
Current, investment and financial activities organization is the source of its retained earnings, which, in turn, is the main financial resource, due to which the organization's own capital is replenished in the course of its functioning.

Equity organization also includes additional and reserve capital.

Extra capital reflects mainly the increase in the value of property (fixed assets, objects capital construction and other material objects with a service life of more than 12 months) as a result of revaluation, as well as share premium.

Reserve capital formed in accordance with regulations or constituent documents at the expense of profit remaining after the payment of income tax.

Sinking fund represents funds accumulated in the process of transferring the value of fixed assets and intangible assets to manufactured products.

Capital structure - English Capital Structure, the ratio of the company's long-term debt, certain short-term debt, ordinary shares (or other legal forms participation in equity capital) and preferred shares. The capital structure reflects how a firm finances its operations and growth from a variety of funding sources.

Debt liabilities exist in the form of bond issues or other long-term liabilities, while equity is classified as ordinary shares, preferred shares or retained earnings. Short-term debt, for example, financing the need for working capital, is also part of the capital structure.

The ratio of short-term and long-term liabilities of the company is carefully studied when analyzing the capital structure. Most people, when talking about capital structure, most likely mean the ratio of debt obligations to equity capital of the company, which gives an understanding of how risky the company's activities are. Typically, a company that uses debt financing extensively is at high risk because its financial results both profit and loss are amplified by leverage.

The successful development of the enterprise, stable positive financial and economic indicators of its activities largely depend on the structure of the enterprise's capital.

In the economic literature, the term capital structure is usually understood as the ratio between the borrowed (borrowed) and equity capital of the organization, which are necessary for its sustainable development. The overall implementation depends on how this capital ratio is optimal. long-term strategy development of the organization.

The structure of the capital structure of the organization includes debt and equity capital.

Equity includes the assets of the organization that it uses to create some of the property of the organization and which it owns. Equity capital structure includes the following components:

Additional capital (represented by the value of the property, which was contributed by the founders in addition to the funds that form this value, which are formed during the revaluation of the property as a result of changes in its value, as well as other receipts);

Reserve capital (this is the part that is separated from the received profit in order to pay off potential losses or losses);

Retained earnings (is the main means of accumulating the assets of the organization; it is formed from after payment of the established profit tax, as well as after deductions for other needs from this profit);

Foundations special purpose(part of the net profit that the organization directs to production or social development);

Other reserves (such reserves are required in case of upcoming large expenses that are included in the cost of goods or services).

Organization represented by involved in cash or other property values ​​based on their return, which are necessary to finance the development of the organization. As a rule, these include long-term bank loans, as well as bond loans.

It should be noted that the optimal capital structure of an organization is such a ratio of equity and debt that can maximize the total value of the organization.

In economic practice, there is no clear recommendation on how to form the best capital structure. On the one hand, it is generally accepted that, on average, the price of borrowed capital is lower than that of equity. Consequently, an increase in the share of cheaper borrowed capital will entail a decrease in the weighted average.However, in practice, in this case, one can come to a decrease in the value of the firm, which depends on the market value of the organization's equity capital.

Also, raising debt capital has a number of restrictions, and the growth of debt obligations directly affects the possibility of going bankrupt. In addition, the existing ones significantly limit the freedom of action when dealing with finances.

Therefore, the capital structure of an organization is a rather complex and unpredictable element of the financial component of an enterprise, requiring a competent and scrupulous approach to it.