The article discusses the direction of modification of methods for calculating the optimal capital structure based on compromise theories and, in particular, the method of adjusted cost, which involves taking into account the benefits and costs of debt financing. The tools presented in the article can be used in the practice of environmental financing. The algorithm for calculating the value of the enterprise based on free cash flow is considered, which allows choosing the capital structure from the condition of maximizing the value of the enterprise. The considered theoretical models do not give a complete picture of how to take into account the effect of the tax shield and the possible costs of financial difficulties in making practical decisions related to capital structure. Alternative approaches to the calculation of individual elements and parameters of the method, such as the probability of bankruptcy, are offered. In particular, it was offered to consider logistic regression models for assessing the risk of bankruptcy, as well as to modify the methodology for calculating bankruptcy risk based on a credit rating, taking into account the dependence of the cost of borrowed capital on the level of financial leverage in the enterprise. Further, it is recommended to use a weighted average for the probability of risk of bankruptcy, as well as to carry out adjustment of the value of bankruptcy costs, taking into account the weighted average of the assessment.

The study is devoted to the analysis of the efficiency of use and the effectiveness of disclosing the intellectual capital (IC) of a trading company operating in the market of the Russian Federation. The subject of the research is an assessment of the quality of disclosure of information about the IC company involved in the creation of financial results of activities and the growth of the company’s value. The study examines the assessment of IC and the search for links between the involvement of IC in the formation of the financial result of a trading company and the degree of its reflection in the company’s annual reports. Methods of using intellectual value-added coefficients (VAIC) such as the trademark logo (written as ™), Calculated Intangible Value (CIV) and content analysis of the company’s annual reports are used to assess the IC and its elements. The influence of IC and its components, on the financial results of a trading company are also investigated and calculated using various methods. It is shown that there are no statistically significant relationships between the assessments of IC and its elements obtained using financial ratios, and those obtained using content analysis. This indicates that the opinions and assessments of the heads of a trading company regarding IC are formed regardless of the size of IC involved in the formation of economic results and testifies to the absence of an effective investment management policy in the studied company. Some of the results obtained confirm the trends in IC structures previously observed for companies in other industries. The results also indicate that the existing system for preparing annual reports does not sufficiently consider the size, dynamics and efficiency of using the intangible assets of a trading company. The results of this study are likely to be useful to management and academics.

The publication gives consideration to the directions of using logistic models of bankruptcy of the companies in the algorithms of determining optimal capital structure on the basis of trade-off approach. A variant of determining company's financial distress costs has been offered proceeding from the bankruptcy risk assessment. The bankruptcy risk can be calculated on the basis of logistic regression models. Unlike the more widespread discriminate bankruptcy risk models, the bankruptcy risk models based on the logistic regression assess a probability of the bankruptcy risk occurrence. An algorithm of calculating the cost of financial distress has been offered proceeding from the risk level assessment. It will be possible to calculate the optimal level of company's debt burden on the basis of calculating this indicator in future. The suggested approach helps to take into account quite a great number of factors affecting the bankruptcy risk and use these data in the summarized form to determine the optimal level of the of company's debt burden.

Economic development in modern conditions has acquired a pronounced humanistic orientation. In this regard, human capital is seen as a key factor in production and social well- being. The analysis of human capital is traditionally carried out at the macro level of the economic system. At the micro level, it is studied to a lesser extent. The purpose of the study is to form a model for assessing the human capital of an enterprise, consistent with the methods of assessing the value of the enterprise. The methodical basis of the research is the systematization of the publications of Russian and foreign economists on the problems of human capital, human potential, labor potential with its connection of assessing the value of the enterprise. The results of the research are the systematization of approaches to assessing the value of enterprise’s human capital, the classification of its types (investment, operational, basic) and working out the model for assessing the human capital of an enterprise as a part of its value. Practical significance of the results: recommendations were developed to increase the value of the enterprise based on the management of its human capital. This ensures balanced social and economic development at the micro level of the economy.

Currently, the process of forming new management concepts is ongoing in Russia. At the same time, on the way to the development, creation and implementation of modern concepts, approaches and management systems at domestic enterprises there are several problems, one of which is the problem of intellectual capital management based on the VBM concept. Issues related to the definition of the concept of “intellectual capital”, its assessment and management are relevant. The article discusses the features of the VBM concept at the enterprise level, its advantages and disadvantages, implementation problems. The analysis performed in the study made it possible to clarify the economic content of the concept of intellectual capital and identify its key features that allow characterizing it and using specific assessment methods. The article describes the main methods and indicators for assessing intellectual capital, based on which an approach to the assessment and management of intellectual capital of an enterprise is proposed. The approach is based on a combination of two methods for calculating intellectual capital CIV and MVAIC. The first technique allows to assess the amount of intellectual capital of the enterprise. The second technique allows to reveal the structure of intellectual capital. The joint use of techniques allows to get a valuation of the intellectual capital of the enterprise and evaluate the effectiveness of investments in the development of its components. Criteria for assessing the effectiveness of investments in elements of intellectual capital are proposed.