Justification features of the optimal capital structure of it companies in the modern context

Особенности обоснования оптимальной структуры капитала IT-компании в современных условиях

Tolkacheva, Natal’ya (Толкачева, Наталья) ()
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Tolkacheva, Natal’ya (Толкачева, Наталья): Russian Presidential Academy of National Economy and Public Administration, Siberian Institute of Management

Voprosy upravleniya / Management Issues, 2019, 197-206

Abstract: The problems that determine the relevance of this study are the following: incomplete accounting of factors and management methodology and justification of the optimal capital structure of companies in modern context, lack of developed approaches to optimizing the capital structure of IT companies. The purpose of the study is to select indicators and form an approach to substantiating the optimal capital structure, taking into account various factors and the specifics of the IT company. Methods. The article uses a systematic approach, comparative analysis, method of generalization, systematization and economic analysis. As an information base for the analytical part of the study, the financial and management reports of a company operating in the IT sector, located on the territory of Novosibirsk, were used. Results and scope. The results of systematization of factors influencing the choice of capital structure of IT companies are presented. The article presents the positive and negative consequences of using own and borrowed capital as sources of financing. The factors that characterize the type of economic activity, the stage of the company's life cycle, the management structure, the financial mentality of the owners and management are defined. The main indicators for optimizing the capital structure of an IT company are selected and justified – return on equity, the effect of financial leverage (European and American patterns), the average cost of capital, and economic value added. Using data from a high-tech information company, the capital structure is analyzed and suggestions for its optimization are made. The results can be used in the development of financial solutions to attract and optimize the structure of funding sources for IT companies, as well as companies with similar characteristics.

Keywords: company capital structure; company capital cost; financial management; funding sources; IT company; capital structure optimization (search for similar items in EconPapers)
Date: 2019
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