تقييم الهيكل المالي للمؤسسات الناشئة الجزائرية

Abstract

This study aims to highlight the characteristics and determinants of the financial structure of Algerian startups. The case study was conducted on the startup Khidma-Tech in Annaba. The descriptive analytical approach was applied, relying on financial statements for the period 2022-2024, using financial ratios and financial balance indicators. The most important results of the study were that the institution relies heavily on debt, especially noncurrent liabilities, despite their value remaining stable throughout the study years. This indicates that its financial structure is not independent and exposes it to financial risks. The institution achieved positive results in the various return ratios and financial leverage, which means that the institution achieves profits and is efficient in managing its resources. The determinants of the financial structure of the startup were identified, including quantitative and other determinants, and their relationship to the total borrowing ratio. The organization also met all the requirements for financial balance. The most important recommendations were to gradually reduce reliance on debt to achieve the highest return and lowest cost and maximize market value, and to work on adopting a general strategy for the institution in coordination with the financial, marketing, research and development strategy to ensure survival, growth, flexibility and adaptation to the environment. Focus on training and developing its employees or attracting qualified workers in modern technologies with the aim of reducing costs and achieving a competitive advantage.