System of Indicators of the Level of Costs of Financing an Economic Subject

Laktionova Aleksandra A. () and Zakorko Maryna V.
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Laktionova Aleksandra A.: Donetsk National University
Zakorko Maryna V.: Donetsk National University

Business Inform, 2013, issue 11, 81_90

Abstract: The article offers a system of indicators of the level of costs of financing economic subjects, in the basis of which there is a function of formation of recommendations or identification of directions and priorities in the part of selection of one or another source of financing, its urgency and specific features of attraction of resources, on the basis of information on the level of agent's costs, information asymmetry costs, financial instability, transaction and market indicators of cost of financial resources. The article pays a special attention to a significant structure forming factor of the ownership structure, which identifies the volume and logic of interconnection of all costs of financing and determining incentives and risks in the system of management of financial activity of an economic subject from the point of view of all participants. It exerts especially big influence upon formation of such implicit costs of financing as agent's costs and information asymmetry costs. The system of factors of stimulants and de-stimulants of costs of financing includes factors of external environment (macro-economic and market indicators of cost and institutional provision) and internal environment (ownership structure, characteristic of investment activity and financing an economic subject, organisation of business and corporate management).

Keywords: financial resources; financing costs; ownership structure; agent's costs; information asymmetry costs; transaction costs (search for similar items in EconPapers)
Date: 2013
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