Factor Analysis of the Capital Structure of Russian Metallurgical Companies

This final qualifying work is devoted to the analysis of the capital structure of metallurgical enterprises in the Russian Federation. Theories of capital structure, developed in the twentieth century, form the factors on the basis of which enterprises make decisions to optimize their capital structure, which allow them to increase their value. The most common theories such as trade-off theory, hierarchy theory, and agency cost theory, as well as empirical researches based on such theories, have contradictions, which form the motivation and research problem. The relevance of the work lies in the fact that enterprises need to identify the optimal level of capital structure in order to increase their value. The purpose of the work is to identify the optimal level of the share of own and borrowed funds for enterprises of the metallurgical industry of the Russian Federation. Were analyzed theoretical and empirical studies aimed at studying the structure of capital. The metallurgical industry of the Russian Federation was analyzed, as well as the financial condition of the enterprises included in the sample for building the model. On the basis of the analyzed studies, the research methodology was formed, and hypotheses were put forward about the expected nature of the influence of factors on the capital structure of enterprises. Models were built that describe the influence of factors on the dependent variable, and the results were analyzed. The results of the work demonstrate a significant impact on the capital structure of such factors as "growth potential of enterprises", "production risk", "profitability of sales" and "current liquidity ratio".