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National Research University Higher School of EconomicsStudent ThesesCapital Structure Optimization Of The Oil-Extracting Company PJSC “Bashneft”

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Anastasiia Perfilova
Capital Structure Optimization Of The Oil-Extracting Company PJSC “Bashneft”
Finance
(Master’s programme)
2016
Master's thesis is devoted to the optimization of the oil company's capital structure PJSC "Bashneft". We propose to increase the efficiency of financial planning by optimizing the company's capital structure. To achieve the objective analyzes the current capital structure, determined the optimal ratio of debt and equity, as well as the predicted optimal structure for PJSC "Bashneft". As a result, we obtained the optimal capital structure, for which the company has to reduce the share of debt capital and strive for the optimal ratio of 40/60. Assessment of equity shown that companies should increase the amount of retained earnings by changing the dividend policy, and attract additional capital. Evaluation of debt capital has shown that companies need to reduce the proportion of bonds. When comparing the current values with the forecast is confirmed by capital utilization and a favorable trend can be traced to an increase in key financial indicators. As a consequence, financial planning increases efficiency by optimizing the capital structure of PJSC "Bashneft".. Thus, the practical significance of the research is to determine the optimum value of the debt and demand for capital structure optimization recommendations PJSC "Bashneft". Results of the study can be used by management and the owners of the oil and gas industry companies on improving governance, ensuring sustainable growth and competitiveness in the global and Russian markets.

Keywords: capital structure, equity, borrowed capital, optimization, financial leverage, value maximization

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