CRITERII DE ALEGERE A UNEI STRUCTURI FINANCIARE OPTIME
CRITERIA FOR CHOICE OF AN OPTIMAL FINANCIAL STRUCTURE

Summary/Abstract: According to the idea of optimization the financial structure, managers must materialize a combination of equity and debt for maximizing the value of the enterprise. To choose the proper financial structure, the managers must take into account some criteria: minimizing the costs of the financing resources, the autonomy of the enterprise, maintaining the debt at a level correspondingly to financial risks, providing a flexibility which permits an additional debt if the activity needs it, the time necessary to obtain the financing resources. The ability of leverage shows the possibility of the enterprise to hire a guaranteed credit. The payment of the interest and the return at term must cause no financial problems. One of the main criteria is profitableness - if an enterprise has a superior rate of profitableness than the rate of interest, it can resort to credits and it is not profitable to wait until its own funds are formed. Simultaneously with profitableness, the assumed risk must be taken into account. Other criteria that can influence the financial structure are the objectives of the enterprise, its size, the dilution of the shareholders` control, the technological risk, the adjustment of the ways of repayment of the compulsions of the enterprise, the loans determination procedure, the guarantees asked for the loans.

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