| Popis: |
The aim of this paper is, firstly, to explore the short- and long-term sources of financing available to companies, and secondly, to determine the sources of short- and long-term financing to be employed on the basis of lowest cost criteria and taking into account the importance of scientifically-based financial management. A company should consider the cost of all available sources along with their impact on its profitability and solvency, and decide on the optimal amount of short- and long-term sources of financing and their optimal composition from the cost-effective point of view. In determining which sources of short- and long-term financing to employ, it is important to take into consideration the cost of all sources available to companies and choose those most appropriate in terms of effective after-tax interest rate because this is what represents the real cost of financing. The result of the work will provide equations for calculating an effective interest rate for different short- and long-term financing sources available to companies. |
