In a pandemic, at the modern stage of market economy development: concept - profit maximization or increasing the value of the company!? (პანდემიის პირობებში, საბაზრო ეკონომიკის განვითარების თანამედროვე ეტაპზე: კონცეფცია - მოგების მაქსიმიზაცია თუ კომპანიის ღირებულების გაზრდა!?)

Abstract

Management of the enterprise should know how the different structure of the capital affects the value of the additional attracted capital. Therefore ,it is quite understandable their aspiration to reduce the value of the additional attracted capital by changing the capital structure. At the same time, it is necessary to take into account the following principles: Since the borrowed capital is considered a cheaper source (the effect of tax savings on interest, and also, a lenders’ risk is lower than that of owners, so owners should receive more return on invested capital to compensate for the risk ).It can be assumed that the increase in borrowed capital and the expulsion of the equity will provide an opportunity to solve this problem. At the same time, a significant increase in the share of borrowed capital leans to an increase in financial risk, since at first, the already significant share of borrowed capital forces lenders to raise interest rales; And second, increase in the share of the borrowed capital increases the risks to owners, which necessitates an increase in the required rate of return on equity. Therefore, in the defined ratio of borrowed and equity, the optimal structure of resources is achieved, which result in the effect of financial leverage. It shows how much the return on the equity increases as a result of attracting the borrowed capital into the enterprise. It aries in cases where economic profitability is higher than the interest rate on the loan or credit.