CAPITAL MANAGEMENT IN THE CONTEXT OF ENSURING THE FINANCIAL SECURITY OF THE ENTERPRISE

Abstract

The article considers certain aspects of enterprise capital management from the standpoint of ensuring the financial security of the business entity. It has been determined that the capital structure of the enterprise is one of the main factors that determines financial security. It has been established that there is no universal capital structure of enterprises, it is determined by the field of activity, industry specifics and the chosen strategy of the enterprise's development.
 Taking into account the presence of a significant proportion of borrowed funds in the capital structure of many domestic enterprises, the question of the need to ensure their financial security arises acutely.
 The scheme of capital management is considered as its two components: formation and use. The most common models in the world for justifying the capital structure of an enterprise, which are used in the process of capital management, are presented.
 The article analyzes existing approaches to determining the essence of the economic category "financial security of the enterprise" and existing approaches to its assessment. Despite the existence of a sufficient number of scientific works of domestic and foreign scientists devoted to the problems of ensuring the financial security of economic entities, the issue of the existence of a single universal evaluation criterion has not been resolved.
 A scientific approach to capital management based on the determination of its optimal structure, which would guarantee the financial security of the enterprise, is substantiated. The realization of this approach is ensured thanks to the built optimization economic-mathematical model. A feature of this model is its two-criteria nature. Minimization of its weighted average cost (WACC) was adopted as a criterion for optimizing the capital structure, and maximization of its profitability was accepted as a criterion for the efficiency of capital growth. The task of ensuring financial security is solved by introducing additional restrictions on the limit values of liquidity and financial stability indicators into the model. The problem of bicriteria is proposed to be solved by using the multi-criteria Pareto method, which is used in problems for which it is impossible to construct an extremum, but it is possible to propose the concept of a situation that does not deteriorate ("Pareto optimum"). The solution to the problem of optimizing the capital structure of the enterprise based on finding a compromise between the values of the "weighted average cost of capital" and "return on capital" indicators lies in the area of the Pareto set, but at the same time, this set is not convex, which makes it difficult to solve. To obtain a single optimal option for solving a two-criterion problem, it is proposed to use the method of M. D. Andrieieva and D.G. Khoroshykh.
 The use of the developed optimization model with appropriate restrictions on the limit values of liquidityindicators and financial stability allows solving the task of effective capital management while simultaneously ensuring the financial security of the enterprise.
 The difference between the proposed capital management approach of the enterprise and the existing ones is the possibility to achieve the optimal capital structure of the economic entity under the condition of simultaneously ensuring its financial security according to several criteria without the need to define a single criterion of financial security or apply a local one without taking into account other existing criteria for assessing financial security.
 The scientific novelty of the article lies in the further development of the capital management methodology of enterprises in the context of ensuring their financial security.