摘要：AbstractAt the level of an economic entity, a manager is confronted with three main categories of decisions: investment decisions, financing decisions and profit allocation decisions. The first category of decisions is closely tied to financing decisions.Financing decisions do not just represent allocation of capital, but it is also a useful activity in a certain segment of the market, using material resources and hiring human resources in order to obtain superior results.Financing decisions have an important impact over the impact of liabilities, modifying their chargeability degree and the average cost of capital. Financing decision aim for the selection of optimal sources of financing for enterprising and establishing the most adequate ratio between internal sources resulting from self-financing and from divestment of fixed and current assets, on one hand, and external sources that attract capital from outside enterprise on the other hand. The criteria on which the financial structure of the enterprise is established is based on achieving the lowest cost of the capital in the conditions of a reasonable and controllable level of debt of the company.A constant preoccupation of companies is finding financing sources for their activity with the lowest possible costs, which means minimal guarantees and easy access to them.
