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ISSN (print) 1136-0593 · ISSN (online) 2445-4192

Structural external financing under uncertainty

M. Lladó, J.C. Ferrer, J. Rabaseda. Universitat de Girona


This study is an attempt to solve one of the fundamental problems posed on founding a company: to determine the amount of external financing needed.

Based on the structure of the balance sheet, a situation of financial equilibrium that will be the starting point for developing a crisp model of investment and financing is defined. This is then adapted in order to define and concretise those variables which, as they are uncertain, will give rise to a model of the same characteristics.

The application of the fuzzy sets theory and concretely the use of triangular fuzzy numbers, will enable the different possible values of the uncertain variables to be determined. This will assist the later decision process.

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