Assessment of the effectiveness of enterprise capital structure management

Abstract

Abstract. The purpose of the study is to provide a comprehensive justification of the effectiveness of financial and managerial decisions regarding the formation and use of enterprise financing sources under conditions of economic instability and increased financial risks, as well as to identify practical directions for strengthening financial stability based on the assessment of the ratio of equity and borrowed resources over time. The methodological basis of the study includes general scientific and specialized methods of financial analysis, in particular the analysis of the structure and dynamics of financial resources, a system of relative indicators of financial autonomy, dependence, solvency, profitability, and financial leverage. To comprehensively account for the impact of external and internal factors, PEST and SWOT analyses were applied, which made it possible to identify macroeconomic, political, social, technological, and internal organizational factors influencing financial decision-making. The information base of the study consisted of the enterprise’s financial statements for 2022–2024. The study identified trends in the ratio of equity to borrowed funds, determined the level of dependence on external financing, and assessed its impact on financial stability and operational performance. Problematic aspects of resource formation were revealed, related to fluctuations in autonomy indicators, increased financial risks, and unevenness in the structure of financing sources. Based on strategic analysis, key opportunities and threats in the external environment, as well as internal strengths and weaknesses directly affecting the effectiveness of financial decisions, were systematized. Practical directions for improving the enterprise’s financial policy were substantiated, aimed at reducing risks, increasing financial stability, optimizing the cost of borrowed resources, and ensuring stable operations under conditions of economic turbulence. The obtained results have practical significance and can be applied in the financial and analytical practices of enterprises in the real sector of the economy.