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Consolidation of the Financing Decision on the Microeconomic Level


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  • Dobrota, Gabriela
  • Chirculescu, Felicia


The determination of financial structure represents an important decision within the domain of financial policy of the enterprise aiming to the combination of used resources on a reduction background relating to the fiancing costs. The financing decision shall not entirely depend on the enterprise, its objectives, its anticipated profitability or the risks it consents to bear, but it shall be influenced by shareholders, banks, state, and the way in which the economic mechanisms are functioning at the regional, national and global level. The economic and political situation recorded in Romania in the period following the year 1990 affected the economic and financial relations of Romanian enterprises. Within the essay, there are distinguished issues relating to the importance of the choosing decision for the enterprise financial structure, as well as the need for the strengthening of the financing decision within the train of events displayed by the market it acts on. A series of factors regarding the environment such as the inflation, the monetary policy, the exchange rate, the fiscality degree, and so on, exerted notable influences on the financing decision on the microeconomic level.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 11438.

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Date of creation: Apr 2007
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Publication status: Published in The Annals of University of Oradea 16.2(2007): pp. 288-292
Handle: RePEc:pra:mprapa:11438

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Keywords: the financing decision on the microeconomic level; the profitability criterion and the resources designation criterion; influence of the inflation rate; interest rate and the exchange rate;

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