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ABSTRACT: The optimization of the capital structures of a company after the cost criteria represents a profitable activity, provided that it is well conceived, organized and carried out. For this consideration, the capital’s structure and their medium cost is an important profit source for the company, so the profit comes from this source, and not from the exploitation activity or other financial sources or traditional exceptive. In conclusion, the cost of the capital has to be previewed; the company has to build an adequate strategy and tactical procedures to accomplish this challenge. Besides the capital’s cost, in this paper we present some other criteria that can interfere in the choice of the financing method, all depending on the financial situation of each company and on its strategy.
REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT. 01/2009; 10(2):229-242.
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Camelia Oprean
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ABSTRACT: The highly important issue by which a company ensures its required capitals, both as volume, and as structure in due time and at low costs renders the financing decision an essential role in the administration and management process. Selecting the capital structure at company level implies both setting the extent of financing from own, respectively loaned resources, and considering the procurement costs of these resources. The weak financing of Romanian companies is one of the major causes of the deficient use of the owned production resources, therefore financial resources at accessible costs become essential to the respective economic agents. Considering that the financing decision may be influenced by the manner the economic mechanisms operate on national level, in this report, we emphasize that financing resources must not be analysed individually, but in relation to the macroeconomic variables, e.g. inflation or the interest rate on the market. In order to see how the evolution of the interest rates have influenced the trend of loans granted by the loan establishments, this report represents a structural and dynamic analysis of the evolution of the overall loans with an emphasis on the non-governmental loans. The swift transition to a new economic mechanism at the beginning of the 90s occurred as Romanian enterprises were completely unprepared, whilst the continuance of most companies was conditioned by non-payment of debts and accumulation of arrears. Therefore, the final part of this report deals with the arrears, a sensitive issue in Romanian economics.
University Library of Munich, Germany, MPRA Paper. 01/2008;
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Camelia Oprean
[show abstract]
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ABSTRACT: The highly important issue by which a company ensures its required capitals, both as volume, and as structure in due time and at low costs renders the financing decision an essential role in the administration and management process. Selecting the capital structure at company level implies both setting the extent of financing from own, respectively loaned resources, and considering the procurement costs of these resources. The weak financing of Romanian companies is one of the major causes of the deficient use of the owned production resources, therefore financial resources at accessible costs become essential to the respective economic agents. Considering that the financing decision may be influenced by the manner the economic mechanisms operate on national level, in this report, we emphasize that financing resources must not be analyzed individually, but in relation to the macroeconomic variables, e.g. inflation or the interest rate on the market. In order to see how the evolution of the interest rates have influenced the trend of loans granted by the loan establishments, this report represents a structural and dynamic analysis of the evolution of the overall loans with an emphasis on the non-governmental loans. The swift transition to a new economic mechanism at the beginning of the 90s occurred as Romanian enterprises were completely unprepared, whilst the continuance of most companies was conditioned by non-payment of debts and accumulation of arrears. Therefore, the final part of this report deals with the arrears, a sensitive issue in Romanian economics.
Revista Economica. 01/2008; 41(4):97-107.
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ABSTRACT: The paper presents the methodology of calculating the cost per student equivalent with the unfolding of all the components of this cost, regarding its usage as an instrument of financial management of universities. This methodology allows the universities to determine the real cost per student, which can be compared to the cost per student equivalent to, on the basis of which the financing of the universities is being grounded from the budget.
Management & Marketing. 01/2007; 2(2).
