Summary

Actuality. The optimal structure of the capital represents ratio between own and debt funds, during which effective interconnection is ensured between the coefficients of own capital profitability and debt. [Бланк И. А. Управление формированием капитала. Киев: Ника-Центр, 2000]. Optimization of capital structure is the most difficult procedure in process of corporate finance management because it represents the compromise between the usage of capital debt and reliability and stability of own financial resources.

Insolvency is a difficult economic-legal phenomenon, which, on the one hand is an ineffective product of operational activity and on the other hand it represents stimulus for effective working in the companies.  To solve the problems of insolvency in companies, it is necessary to unify the efforts of modern scientific knowledge, economic experience, business community and financial institutions.

Functioning of the company in unstable conditions is related to management decisions based on anti-crisis management, which implies reason diagnostics and overcoming. Through the diagnostic of unstable condition, the management of the company should be ensured with the objective information about the tendencies of internal and external factors development, which should become the basis of managerial decisions. The efficiency of such events totally depends how quickly the forthcoming signs of failure will be detected and how qualified will be determined the main reasons which caused negative processes.

There is no exact formula to determine the optimal structure of the capital. Optimization of the capital structure - is a continuous process of adaptation to competition, tax legislation and changes in economic situation. Decision about the choice of capital structure cannot be considered isolated. It should be a part of justified strategy for financing, where will be considered the company's market position and future investment opportunities, as well as expected cash flows, dividend policies and requirement for financing. (Khatuna Barbakadze, ‘‘About the decision of corporate financing’’.)

All above mentioned indicate that the mechanism of capital structure optimization is an integral part of the overall system of financial sustainability management.  In terms of the anti-crisis management of the company, significant importance is given to capital classification according to quality of liquidity and solvency which gives possibility to reduce risk of losing control over financial condition, as it avoids the development of the company's undesirable direction.

The purpose of the research is to study problems regarding optimization of the company’s capital structure and ways to eliminate them.

Conclusion. The mechanism of the capital structure optimization represents integral part of the overall system of the company’s financial sustainability management. Conclusions and results received from the research will help the company to optimize capital structure and increase efficiency.

Key Words: Capital Structure, Insolvency, Anti-crisis Management, Efficiency; Liquidity.