Diskutim mbi Menaxhimin e Financave dhe Struktura e kapitalit Optimization

Paper Keywords: Financial Management structure of the target enterprise value of the largest capital
Abstract: Financial Management activities of Financial Management goal is to achieve the desired results, to evaluate whether the corporate financial activities of the basic standards of reasonable and effective. This paper from the Research objectives and Financial Management of the relationship between capital structure to determine the objectives of Financial Management, and in this goal, the optimization of capital structure, the maximization of corporate value.

First, determine the objectives of financial management financial management
goal is to conduct business-oriented financial management, financial officers practice is the starting point and destination. Financial Management is a relatively stable and hierarchical, with the political and economic changes in the environment, financial management objectives may change. Current financial management objectives of the industry there are different points of view sessions, typically have:
(1) profit maximization.

To maximize profits is to assume that the expected return on investment to determine the circumstances, the financial management behavior will favor the direction of maximum profit. Additional capital profits of enterprises, and expand the operation scale of the source, to maximize profit as the financial management goal is to have some truth, but in practice, but there are some difficult issues. First of all, where the profit is realized after-tax corporate profits of a certain period, without considering the time value of money; again, does not reflect the profits and investment to create the relationship between human capital, is the absolute number of indicators, not easy to horizontal comparison; not considered risk factors , high profits tend to bear too much risk; one-sided pursuit of maximum profits that could cause short-term behavior. All these shortcomings of the decision to maximize profit financial management as a goal is defective.

(2) to maximize earnings per share target.

Earnings per share is net profit attributable to ordinary shareholders and the occurrence number of ordinary shares outstanding ratio, its size reflects the investors return on invested capital the ability of wood. Suddenly share the goal of maximizing revenue, able to explain the level of corporate earnings, capital size at different prices. Or the same period of comparison between the different companies to reveal the differences in profitability. But the index also did not consider the time value of money and risk factors, we can not avoid the short-term behavior of enterprises and may lead to departure from the company's strategic objectives.

(3) enterprise value maximization goals.

Enterprise value is market value of the enterprise, the enterprise can create the estimated present value of future cash flows, reflecting the potential or expected corporate profitability and growth capacity. Enterprise value maximization as the goal of financial management, and the advantages mainly in: ① the target into account the time value of money and value at risk, is conducive to co-ordinate arrangements for short and long term planning and rational choice of investment options, effective in raising funds, formulating a reasonable dividend policy. ② The target reflects the requirements of increasing the value of corporate assets, in a sense, the more shareholder wealth, the greater the market value of companies; ③ the target will help to overcome one-sided and short-term management actions; ④ favor of the target rational allocation of social resources. Social capital usually flows to maximize corporate value or shareholder wealth maximization of the enterprise or industry, is conducive to social benefit maximization. Of course, the enterprise value maximization, there are some shortcomings, such as the stock price is difficult to reflect the value of corporate equity, for non-stock listed companies, its assessed value is also difficult to achieve.

Views on the above analysis, I believe that the level of corporate profits as reflected in the profit indicators are calculated on an accrual basis, did not consider the time value. Such that the potential profitability or future value-added reflects the time value of the point of view is the lack of basis in theory, in practice it is difficult to measure. And to maximize the enterprise value as a financial management objectives, reflects the deep understanding of the economic benefits, not only considered the relationship between risk and return, will affect its financial management activities of the relationship between the various stakeholders to coordinate, so that enterprises of all , creditors, employees and the government can increase the enterprise value of manipulation to meet their own interests, so that all financial management and economic status into a virtuous circle. Therefore, the enterprise value maximization should be the optimal objective of financial management.

Second, capital structure theory and the enterprise value maximization
capital structure is due to adopt a different method of financing business formation, showing the composition of long-term capital for enterprises and their proportional relationship. Different combinations of various types of financing decisions and capital structure of enterprises and changes. Changes in capital structure and corporate value in the kind of relationship? When firms make capital structure of what state the maximum business value? This relationship constitutes the focus of capital structure theory. Among them, the Modigliani and Miller founded the MM theorem, is considered a classic of contemporary financial management theory. Links to Research Papers Download http://www.hi138.com