3.7. обоснование финансовых решений в управлении

3’2014
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5. Modigliani F., Miller M. The cost of capital, corporation finance and the theory of investment // American economic review. 1958. –
Pp. 261-297.
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3.7. JUSTIFICATION OF THE FINANCIAL DECISIONS IN THE
MANAGEMENT OF ITS CAPITAL STRUCTURE OF SMALL
ORGANIZATIONS
N.I. Morozko, Doctor of Economics, Professor of «Financial Management»
Financial University under the Government
of the Russian Federation
The features of the functioning of small businesses. Televisions copyrights differentiated criteria by which organizations to
small, given the economic content of the organizations. Concludes that it is possible to use an empirical theory of Modigliani
– Miller in managing its capital structure. Supposed to determine costs to raise capital on the basis of average cost of capital
estimation and calculation of the efficiency of capital use a small organization on the basis of economic value added. Suggests ways to increase the return on invested capital of a small organization.
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Literature
1. Federal Law «On the development of small and medium enterprises in the Russian Federation» dated July 24, 2007 209-FL.
2. Federal Law «On State Support of Small Business» from June 14, 1995 88-FL.
3. Anosova L.A. / Financial management in small business [Text] / Anosova L.A., Didenko V.Y., Morozko N.I. / – M.: «Dashkov and K»,
2009. – 436 p.
4. Braley R. Principles of Corporate Finance [Text] Translated from English / R. Braley, S. Myers. – 2nd ed. – Moscow: ZAO OlympusBusiness, 2012. – 1120 p.
5. F. Modigliani, M. Miller. (1958). «The Cost of Capital, Corporation Finance and the Theory of Investment». American Economic Review 48:
p. 261-297.
Keywords
Financial resources; criteria; small organizations; capital structure; control algorithm; the leverage effect; the weighted
average cost of capital; economic value added.
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