Restructuring investment capital in managing the risk of financial leverage of business structures
DOI: 10.22394/2071-2367-2023-18-5-172-191 EDN: PUHBJF
Keywords:
investment project, capital restructuring, equity and borrowed capital, financial leverage, financial risks, management approachesAbstract
Carrying out investment activities in the context of modern macroeconomic and geopolitical uncertainty is associated with many different financial and economic risks. They can not only reduce the effectiveness of investment processes, but also lead to the financial insolvency of the entity as a whole. A striking example of such a critical threat is the risk of financial leverage. It is based on the irrational use of equity and borrowed capital. Approaches to leveling out this problem involve, on the one hand, the provision of specialized regulatory influence at the state level on the parameters of attracted capital. On the other hand, practical local decisions of management personnel are formed on restructuring the sources of financing investment projects. At the same time, the first group of methods is actively and specifically applied by the Government of the Russian Federation according to the end of 2023, but the second group is actually “at the mercy” of the professionalism of risk managers. The purpose: the formation of scientific and practical recommendations for the restructuring capital of business structures in order to maximize the effectiveness of investment projects in the conditions of stabilization (preservation) of financial stability. Methodology: based on an assessment of the risks of using capital for a specific research object of the research object, practical recommendations for leveling the risks of financial leverage are formulated. As a result, when implementing an investment project, in order to stabilize the financial stability of the company, the use of five promising areas of capital restructuring is justified. Among them, a certain variability between scenarios can be noted. Firstly, to increase equity and simultaneously reduce borrowed capital. Secondly, to exclusively reduce the company's liabilities and reduce the value of its property. And thirdly, to expand the property complex by attracting new co-investors (attracting new equity capital without the possibility of management). In this case, the direct selection of the optimal and most effective approach should be made not only on the basis of the selected particular features, but only after calculating all costs, as well as after analyzing all updated profitability parameters.
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