| Issue |
SHS Web Conf.
Volume 35, 2017
3rd International Conference on Industrial Engineering (ICIE-2017)
|
|
|---|---|---|
| Article Number | 01053 | |
| Number of page(s) | 4 | |
| Section | Sustainable Development of Industrial Enterprises | |
| DOI | https://doi.org/10.1051/shsconf/20173501053 | |
| Published online | 26 June 2017 | |
Impact of company capital structure on of its value growth estimation
1 Saint Petersburg State Polytechnic University, Industrial Management Institute, Economy and Trade, Graduate School of Commodity and Service, Saint-Petersburg, Russia
2 Saint Petersburg State University of Economics, Department of General Economic Theory, Saint-Petersburg, Russia
* Corresponding author: kafedra17@rambler.ru
The article analyses the influence of the use of commercial loans on the free cash flow generation based on cost-based management concept. It is shown that the use of commercial credit instead of the usual short-term lending reduces the force of the operational lever. On the other hand, when calculating the economic added value indicators, the use of conventional lending leads to the increase in the economic added value and as a result of the higher cost of growth. This effect is associated with the redistribution of cash outflows and changes in the level of risk for the stakeholders of the enterprise.
© Owned by the authors, published by EDP Sciences, 2017
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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