Glavan Roxana Florina


The financial structure reflects the method of financing be it from the company’s own or borrowed resources. Adopting a certain financial structure represents an important aspect of the financing policy of any company that aims at maximizing its market value, in a competitive economy. An important role, in this sense, is attributed to the analysis and fair assessment of options available to a company in order to secure the resources needed for an optimal conduct of business. The financial structure decision depends on the company, on its objectives for economic growth, on profitability and the risks it is willing to take, as well as shareholders, banks, the state and the economic conjecture. Thus the need for complex research and evaluations in regards to financing possibilities arises, with the aim of identifying an optimal structure of equities.

The goal of our undertaking is to explain the way in which the structure of equities is influenced by diverse adopted financing policies, but also by the object of activity of the company.


financing decision, financial structure, level of indebtedness, leverage, structural optimization


Berk, J. & DeMarzo, P. (2011). Finance d′entreprise. Pearson Education, Paris, pp.512-515.

Degos, J. G., Griffiths, S. (2011). Gestion financière, de l′analyse à la stratégie. Eyrolles, Paris, p.35.

Duran, V. (2000). Finanțele firmei. Strategii, politici și practică financiară. Editura Mirton, Timișoara, p.82.

Fernandez, P. (2001). Optimal Capital Structure. SSRN Working Paper Series, p.2.

Halpern, P., Weston,J. F. & Brigham, E. F. (1998). Finanțe manageriale. Editura Economică, București, p.98.

Hoanță, N. (2003). Gestiunea finanțelor firmei. Editura Tribuna Economică, București, p.341.

Moldovan, Nicoleta-Claudia (2004). Costul și structura capitalului societății comerciale. Editura Universității de Vest, Timișoara, p.215.

Murray, Z. F. &Vidhan, K. G. (2003). Capital Structure Decisions. SSRN Working Paper Series, p.78.

Pirtea, M., Cristea, H., Nicolescu, Cristina, Boțoc. C. (2010).Managementul financiar al companiei. Editura Mirton, Timișoara, p.135.

Solnik, B. (2001). Gestion financière. Dunod, Paris, p.67.

Titman, S. & Tsyplakov, S. (2007). A Dynamic Model of Optimal Capital Structure. Review of Finance, 11, pp.401-451.

Efectele condițiilor de piață asupra structurii capitalului entităților comerciale, Mihalca Gabriela (2011). Format general. Consultat la http://www.doctorat.ubbcluj.ro_sustinere_Mihalca_Brendea_Gabriela_Ro.pdf

Full Text: PDF

Creative Commons License
This work is licensed under a Creative Commons Attribution 3.0 License.