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1.3. Teorii privind optimizarea structurii financiare a intreprinderii
Management of the firm has as main objective the maximization of the market value of
the company, to achieve the purpose management of the company shall require the
deployment of profitable operation by which to guarantee all providers of capital,
profitability-positive, both in the short and also term medium and long term. It involves
obtaining sufficient profits to distribute dividends to shareholders of the company, but also,
and reinvestment of a portion for developing enterprise activity. Simultaneously, it is
necessary and remuneration the creditors at a favorable interest rate for amounts borrowed by
the company.
Therefore, maximizing the market value of the the company managers involves optimal
financing decisions that guarantee a minimum level of cost of capital and ensure also that:
Ensuring an optimal capital structure according to established financing strategy;
Applying an incentives and stable policy of dividends depending on the enterprise
business environment and investment prospects;
promoting a efficient debt policy, creating advantages both to the creditors and owners,
but especially to avoid bankruptcy company;
Applying the medium and long term, of a policy of capitalization which ensures
functioning and development of the company and satisfactory remuneration in the short
term through dividends.
The financial structure of the company is one of the areas of application of the notion of
optimization of the company because its components are variable, can be combined, so as to
ensure maximization of company value while minimizing cost of purchase capital.
Some authors claim that, at a company, they can promote a financial structure that
requires coordinated and correct use pathways, tools and techniques to balance the risk level
rate of return (Halpern, P. Weston, JF, Brigham, E.F., 1998).
In the specialty literature, we find opinions about that the relationship between the
financial structure, financing sources and the cost of value of the firm is complex,
controversial and frequently affected by certain factors (Charreaux, G., 1989).
Optimizing the financial structure of the company, while minimizing cost funding sources
meet both the interests of the company and its interests all stakeholders (owners, creditors,
managers, employees, suppliers, the state, customers, local community).
Identifying and define all assumptions that underlie the company's financial structure
optimization promotes improved decision-making financially and thus to overall business
development firm.
The premises the company's financial structure optimization are not only financial, but
also include product policy, sales policy, price policy, opportunities for expansion of market
outlets etc.
In financial termsthe premises of an optimal structure for financing the company are:
knowledge of financing needs of the company;
knowledge of funding sources and their share in satisfying the the financing needs of
the company;
know the costs of financing sources;

 knowledge of the financial environment at macroeconomic level and financial policies

promoted within a certain period;
knowledge of market behavior and their position towards risk;
knowledge of the psychological effects associated borrowing since the financial
structure of company financial decision makers highlights attitudes towards risk related to
indebtedness.
Construction of financial theories aims to create correlations between the company value,
financial structure and the cost of purchase capital. Although, some developed theories say
that the optimal financial structure has a positive effect on the market value of the company,
there are theories that claim that the financial structure has a neutral effect on it. In this
regard, in this paper, highlighted the relevance of evolution and theories of optimal financing
structure of the company, namely: traditional or classical theory; theory of compromise;
agency theory; the signal theory; hierarchical theory of financing; modern theory on capital
structure.