Suchergebnisse

The interlace of various fields of enterprise management is the result of rapid globalisation processes. Therefore, the present businesses and economic environment need modern and complex instruments for managing enterprises' financial-economical activities. Under the conditions of economic processes' globalisation, the mobility of international capital between East and West becomes more active; moreover, these processes affect international goods and services, technology flow changes and their structure. Though here the leading role is given to the companies of the most powerful and economically best developed countries in the world and EU, the enterprises of smaller countries are also seeking the opportunity to conclude contracts in the international finance market and to become competitive in the international market. For this they need additional financial resources to cover their activities. As Lithuanian enterprises more actively participate in international transactions, the financing demand is growing, and in order to minimize possible microeconomic and macroeconomic loss, it is necessary to form the expedient strategy of financing; emphasising costs of alternative financial sources under the condition of risk and uncertainty. Analyses conducted in the paper sought to contribute both conceptually (by formation of a model of rational capital structure) and practically (by the implementation of such a model) to the financing of companies' activities and to the maximizing of economic value added. The aim of this paper is to compose and practically apply the model allowing formatting financing policy according to the effectiveness zone of rational capital structure levers determining the growth of EVA, while assessing the uncertainty of proportions and reliability of possible results and referring it to risk management conception, under the aspect of the international capital mobility.

The interlace of various fields of enterprise management is the result of rapid globalisation processes. Therefore, the present businesses and economic environment need modern and complex instruments for managing enterprises' financial-economical activities. Under the conditions of economic processes' globalisation, the mobility of international capital between East and West becomes more active; moreover, these processes affect international goods and services, technology flow changes and their structure. Though here the leading role is given to the companies of the most powerful and economically best developed countries in the world and EU, the enterprises of smaller countries are also seeking the opportunity to conclude contracts in the international finance market and to become competitive in the international market. For this they need additional financial resources to cover their activities. As Lithuanian enterprises more actively participate in international transactions, the financing demand is growing, and in order to minimize possible microeconomic and macroeconomic loss, it is necessary to form the expedient strategy of financing; emphasising costs of alternative financial sources under the condition of risk and uncertainty. Analyses conducted in the paper sought to contribute both conceptually (by formation of a model of rational capital structure) and practically (by the implementation of such a model) to the financing of companies' activities and to the maximizing of economic value added. The aim of this paper is to compose and practically apply the model allowing formatting financing policy according to the effectiveness zone of rational capital structure levers determining the growth of EVA, while assessing the uncertainty of proportions and reliability of possible results and referring it to risk management conception, under the aspect of the international capital mobility.