Modeling of the optimal structure of the working capital of a production corporation with the criterion of maintenance costs

An important and very relevant direction in the modern economy to improve the efficiency and competitiveness of manufacturing corporations is to reduce the costs of attracting and servicing own and borrowed capital directed to cover the costs of core production activities. To solve the problems of planning and managing the financing of the operational (production) segment of the corporation, it is necessary to use the appropriate tools of economic and mathematical models and methods adapted to the conditions of variable parameters of its external and internal environments. This publication is devoted to the development of this toolkit, which presents the formulation of the problem, a mathematical model and a numerical algorithm for choosing the optimal cost structure of the working capital of a manufacturing corporation, understood as the ratio of the shares of own and borrowed financing of the main production activity, minimizing the costs of its maintenance, taking into account the threshold level of risk of loss of financial stability. In the article, the necessary conditions for the optimality of the structure of working capital are obtained, which is an increment of the neoclassical theory of production efficiency, empirical calculations of the optimal structure of working capital for a particular enterprise in the construction industry are also carried out, and practically important conclusions are made about the ways to reduce the cost of attracting and servicing capital covering the costs of production activities.