أثر قرار التمويل على المردودية المالية في المؤسسة الإقتصادية

Abstract

This study aimed to highlight the impact of the financing decision on the financial profitability in the economic institution, and my analytical descriptive methodology was adopted to clarify the various sources of financing the economic institution and its cost and the restrictions controlling the financing process and the factors determining the financing decision in addition to studying the financial returnability, which is of great importance in measuring and analyzing the activity of the economic institution in order to determine its performance and the extent of its ability to create profits during a certain period, After that, the case study approach was adopted through the applied chapter, which enabled us to drop part of the theoretical chapter on Algeria Telecom, where the institution was identified and its documents were analyzed, in addition to measuring and analyzing the results of each of its financial returns, as well as studying the impact of financial leverage. The study concluded that the level of profitability is determined by the level of economic profitability on the one hand and the degree of indebtedness on the other hand, and that increasing the resort to borrowing in the institution under study, will lead to negative results regarding its financial situation, most notably achieving financial profitability and the impact of negative financial leverage, and thus the possibility of the institution in danger of bankruptcy.