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Ekonomsko trgovinska srednja škola Serbia
Visoka poslovna škola strukovnih studija , Novi Sad , Serbia
Modern corporate enterprise should decide on the capital structure (ratio of debt and equity) that maximizes the value of ordinary shares, or maximizing the value of the entire enterprise. The financial manager in the corporate enterprise is trying to establish the optimal combination of resources with which to ensure the cheapest financing, and that 645 when it does not prejudice the orderly settlement of overdue financial obligations, security and stability operations. Extremely important decisions in this field, makes it necessary that any available alternatives related to the financing of companies analyzed in detail in terms of cost and financing of long-term implications on the financial status and growth of enterprises. Deciding on financial lever (compared to debt and equity) financial manager should follow the objective of maximizing the company value. Term studies on financial theory and practice, with the aim of finding a generally applicable model to establish and maintain an optimal capital structure, did not give satisfactory results. Search for the optimal level of indebtedness of the company is very complex and requires the use of several analytical procedures that will provide enough information to make rational decisions. Of particular importance is the EBIT-EPS analysis, which involves determining the point of indifference (cover) funding which intersect the line of ordinary shares and preference shares, ordinary shares or lines of credit and borrowing companies. The paper will consider the graphical and mathematical point of indifference (cover). From the above follows the eternal dilemma of whether a decision on capital structure in general have effects on enterprise value. The fundamental question to be answered is whether in fact there is an optimal mix of debt and equity capital, if any, which is to mix.
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