Управление на заетия капитал в системата на финансиране на предприятието: теоретико-методични основи
MANAGEMENT OF LOAN CAPITAL IN FINANCING STRUCTURE OF THE ENTERPRISE: THEORETICAL AND METHODICAL FOUNDATIONS

Summary/Abstract: In the article are explained the essence of the concepts of "loan" and"borrowed" capital. We considered that the loan capital of company characterizes partof the financial resources of the enterprise what is temporarily involved in economicactivities and they can be sent to the capital market for additional income from theinvestment. It is advisable to understand that the borrowed capital is the financialresources of the enterprise, not belonging to him by right of ownership, but raisedthem in economic activities from different sources and in different forms on terms ofmaturity, repayment and interest payment in order to fulfill the objectives of theprogram of its activities.The theoretical and methodical principles of borrowed capital managementhave been investigated, in particular: the directions of management (planning andcapital employed, assessing the efficiency of capital employed, monitoring the timelyservicing and repayment of debt); characterized by the principles on which is basedcapital management (accounting principle prospects of development of business, theprinciple of matching amounts of borrowed capital and the formation of the assets ofthe enterprise, the principle of optimality of capital structure from the standpoint of itseffective function, the principle of ensuring the efficient use of capital employed inthe course of economic activity). Criteria of optimization of the borrowed capital to calculate its weightedaverage cost and term borrowings have been proposed.A formula procedure for determining the weighted average cost of borrowed capital employed, which is based on the approximation of streaming method has beendeveloped.

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