Option for Credit in Fundamenting the Financial Structure of Enterprise

The development of the economic activities make almost inevitable the necessity of completing the equities with sources which represent the object of the enterprise’s leveraging. In our paper, we intend to underline the effects of a correct debt policy, concretized in an optimum capital structure, respectively in establishment of such report between the debt capital and the equities that could determine a minimum weighted average cost of capital. Reaching the objective of the optimum financial structure could be achieved most of the time, on a pragmatic way, based on the analysis of many hypothesis of leveraging, the managers taking the option towards the maximization of the firm’s value.credit, effect of financial leverage, financial structure, cost of capital

Scenarios of grounding the financial structure of the enterprise

The creation of an optimal financial structure of the invested capital will allow the act of minimizing the balanced medium cost of the capital and implicitly the act of maximizing the enterprise value. As a result, there exists a interdependence between the capitals’ costs – financial structure and that is why the issue of optimizing the capital structure makes the object of the capital structure policy, being an issue of financial management which differentiates, from the point of view of the efficiency, the competitors with similar financial efforts.financial structure, capital structure, CAPM, Gordon/Shapiro model

COMPANY EVALUATION USING THE DISCOUNTED NET CASH FLOW METHOD

The tendency of passing from the internalization to the globalization of the economic life was an outstanding feature of the business background evolution on worldwide scale- during 20th century. This tendency was to be noticed in the field of the commercial transactions (the spreading out of the world commerce), of the foreign investments (output internationalization), of the organizational business structures (firm internationalization).settling up; commercial transaction; international economical globalization; internalization; GATT/OMC;

DETERMINATION OF COMPANY VALUE BY THE APPROACH BASED ON ASSETS

This paper treats method based on assets of valuation of firm. So, after short theoretical considerations about this method we presented a practical study of valuation for a leasing firm. The method based on assets, also known as patrimonial method, the method based on costs and the method based on replacement costs, consists in correcting (adjusting) the book values of individual assets and company debts to convert them in market values.In this assessment, the company is mistaken with its assets, namely with the net asset, the valuator considering it as disjoined, respectively as an amount of assets.company value; method based on assets; patrimonial value Dependence, Option Pricing

The euro-leu argument in the population’s preferences for savings placement

While in the case of the ability to meet credit obligations, in the opinions of the high representatives of banking and financial system, indebtness should be established in the same currency in which each customer is remunerated at work, the majority being paid in lei, an analysis of the population’s placements in bank deposits indicates that during this period of crisis there has been a decrease of natural persons’ deposits in lei and an increase in deposits in foreign currency. The explanation of this way of acting consists either in the traditional tendency to save under the circumstances of an economy frequently undergoing convulsions and conjuncture, or in the scepticism regarding its favourable evolution on a short term, despite all the positive warnings made either by the govern or by the rating agencies themselves. This article proposes a wider analysis of the saving behaviour against the forecasts regarding the evolution of the banking system this year.saving, placement, bank deposits, population’s households

Correlations between risk management indicators and performance levels on the example of S.C. Bancpost S.A.

During the implementation of the monetary policy, the National Bank of Romania took great care for the activity of giving loans. Analyzing USA crisis, IMF pointed out the importance of regulations for this sector, which practically don’t exist in some cases, especially in the case of innovative banking instruments, such as sub prime, derivatives and others.risk management, performance, banking instruments