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Capital structure rationalization taking into account the intellectual component

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Category: Economy and management

Last Updated on 13 November 2014

Published on 13 November 2014

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Authors:

I.V. Zhuravleva, Cand. (Sci. (Econ.), Head of Finance Department, Kharkiv National University of Economics, Kharkov, Ukrainе

I.L. Latysheva, Cand. (Sci. (Econ.),, Senior Instructor, Kharkiv National University of Economics, Kharkov, Ukrainе

Abstract:

In modern conditions, due to the intellectual component in the structure of capital, the capital formation processes are being activated; the role of the intellectual capital that acts as an independent factor ofmanufacturing is increasing; the share of the value generated by this capital is rising; the virtual enterprises which do not have a material embodiment are emerging. Therefore the newest forms of the capital deserve special attention, among which a significant role is played by the intellectual one. All this requires the methodological tools of capital structure management in the knowledge economy which determines the relevance of this study.

Purpose. To develop the methodological provision for the capital structure management of enterprises with account of the intellectual component.

Methodology. In the process of the capital structure research, the following scientific methods were used: systematic, monographic, analysis and synthesis, induction and deduction and the hierarchy analysis method.

Findings. The authors propose a management model of the enterprises' capital structure formation on the basis of a structural approach; determine the optimal ratio between the components of the capital structure and the main directions of its optimization on the basis of the hierarchy analysis method.

It is recommended to conduct the process of determining the optimal capital structure by means of the hierarchy analysis method, which enables to define the rational relationship between material, financial and intellectual capital in accordance with the selected criterion. When determining the optimal structure of the intellectual capital, the hierarchy analysis method was applied for calculating the ratio of competence, structural and consumer capital. Search for a rational structure of the aggregate and intellectual capital was realized in accordance with the reasonable goals: the enterprise value maximization, increase of profitability, risk reduction and capital cost minimization. Expert assessment questionnaires were used to construct the output data. The expert assessments, received and grouped by the method of “pairwise comparison”, formed the basis of calculations.

Originality. The methodological approach to the determination of the enterprise’s optimal capital structure distinguishes between others as the hierarchy analysis method was used for the first time for determining the optimum ratio of intellectual, financial and real capital in the structure of the enterprise’s aggregate capital as well as the ratio of the competence, structural and consumer capital in the structure of the intellectual capital in accordance with the selected criteria and justification of the ways of its formation and development.

Practical value. The use of the obtained results will allow the enterprises to form a reasonable structure of both aggregate and intellectual capital, to increase the efficiency of using the material, financial and intellectual components. Methodical recommendations contained in the study, provide a comprehensive approach to the management of capital structure formation and identification of potential directions of its optimization.

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