Viorica Mirela Stefan-Duicu
LESIJ NO. XIX, VOL. 1/2012
OVERVIEW OF THE COMPANY’S FINANCIAL STRUCTURE
Viorica Mirela STEFAN-DUICU*
The purpose of the paper is to highlight the fact that the company’s financial structure is,
empirically speaking, the parent entity from which star ts all the activities that generate the self
existence of the company. The company’s financial structure also known as the company’s capital
structure conducts directly the organizational and inter-organizational behavior and indirectly the
classification on the market of the referred economic agents. This paper aims to describe the factors
that influence the company’s financial activity, it’s direct and related sources of funding used to
maintain or increase a satisfying turnover and the theories that conduct the company’s capital
Keywords: financial structure, company, economic agents, capital, turnover
The financial structure of the company reflects the composite formation of the capital that can
be borrowed and represents the ratio between the short and long term financing.
The financial structure of the company generated countless disputes along the theories of
classifications of companies in the market, theories regarding the financing resources of an enterprise
and the organizational and inter-organizational behavior of the direct participants in the economy.
Over the time informational frames were formed regarding the necessary theories for
companies classification in the market, theories regarding the financing sources and also debates,
critics and additions to the financing decisions as in practice and in theory.
The first economic representation of a company has been shaped by the neoclassic model and
started from the ideas promoted by Adam Smith in 1776 regarding the fact that individual focused
interests pursuit should lead to a common interest. The neoclassic theory regarding the economic
balance, partial and global, as Prof. Ion Stegaroiu said, is considered to be the best finalized
representation of market economy functioning, where the company has the central role.
The traditional model includes a number of significant features of the analyzed environment,
as follows: the description of balance conditions in the perfect competition context, characterized by
the atomicity of participants (the existence of a high nu mber of buyers and sellers whose volume of
individual exchange is negligible compared to the overall volume of trade), the product homogeneity
(the suppliers trade identical goods, so the buyers are indifferent to the identity of the seller), free and
transparent market entrance (the traders are perfectly informed regarding the price and quality of
products) and the individual rationality principle.
In the neoclassic theory, the company is seen as an entrepreneur expressing its own will (the
atomicity feature) who, eventually, will seek the maximization of profit (rationality feature),
promoting its product (the homogeneity feature) to a group of perfectly informed buyers (economic
*Assistant Lecturer, Faculty of Economic Sciences, “Nicolae Titulescu” University, Bucharest, Romania
(email : firstname.lastname@example.org).