Currently, many enterprises are forced to pay more and more attention to the problems that are associated with the formation and increase in the efficiency of the use of their financial resources, to look for new sources to improve their condition, so the consideration of this topic is relevant.
The success of the development of each organization depends on how well it manages its available resources in the conditions of the modern market, since its effectiveness depends not only on the amount of resources used and attracted, but also on how it knows how to manage them.
There are 3 types of main resources of the organization:
- material resources;
- human resources;
- financial resources.
Let us consider in more detail what the financial resources of the organization are. Finance is the backbone of the entrepreneurial system. Financial resources are the funds at the disposal of the enterprise and intended for the implementation running costs and expenses for expanded reproduction, to fulfill financial obligations and provide economic incentives for workers. Financial resources are also directed to the maintenance and development of non-production objects, consumption, accumulation, to special reserve funds, etc.
It should be noted that the financial resources of enterprises are initially created from income received as a result of the formation of equity capital, production and entrepreneurial activities, the sale and lease of their property, the collection of share and statutory contributions, state support, and receipt of insurance compensation. All of the above resources are subsequently used to pay taxes, wages, purchase of basic and working capital, repayment of debts and implementation of deferred expenses.
In more detail, the sources of formation of financial resources are considered in Figure 1.
Figure 1 Sources of formation of financial resources
Financial resources can be formed through:
- own funds;
- borrowed Money.
Own funds include:
- authorized capital;
- Extra capital;
- retained earnings.
The enterprise first of all tries to use internal (own) sources of financing.
The formation of financial resources occurs at the time of the foundation of the enterprise, when the authorized capital is formed. The authorized capital is the property of the enterprise, which is created at the expense of the contributions of the founders. Therefore, it should be noted that the effective use of the authorized capital, its organization, as well as its management is one of the main tasks. financial services enterprises.
Additional capital may include the results of the revaluation of fixed assets, funds for replenishment of working capital, share premium, gratuitous cash and material values for production values.
Retained earnings is profit received in a certain period and not directed in the process of its distribution for consumption by owners and staff. It is also a profit that can be used to reinvest in production. An enterprise that uses only its own financial resources has the highest financial stability.
To cover the need for basic and revolving funds in some cases, it becomes necessary for the enterprise to attract borrowed capital. Its use can help raise the financial potential of the development of the enterprise, as well as the possibility of increasing the financial profitability of the enterprise. But an extremely large amount of borrowed capital can lead to the fact that the company is subject to financial risk or threat of bankruptcy.
Borrowed capital includes a bank loan, financial leasing, commodity (commercial) credit, issue of bonds, and others.
Borrowed capital is divided into:
- short;
- long term.
A distinctive feature of borrowed capital is that it can be obtained from other organizations or individuals on the terms of the subsequent return of funds, as a rule, with the payment of interest for the temporary use of property.
As a rule, borrowed capital with a maturity of up to one year refers to short-term, and from one year or more - to long-term. The question of how to finance certain assets of the enterprise - at the expense of short-term or long-term capital must be discussed in each specific case. The effectiveness of the investment of borrowed capital is determined by the degree of return of fixed or working capital.
Thus, in summary, it should be noted that effective formation financial resources in the future can allow the enterprise to invest in new production in a timely manner, ensure the expansion and technical equipment of the enterprise, and finance research and development.
Introduction
1.1 The concept and structure of financial resources in the enterprise 5
1.2 Financial resources in the circuit of the main production
1.3 The financial aspect of the formation and use of working capital
funds 14
2 Sources of formation of financial resources 19
1.4 Types of sources of financial resources 20
1.5 The structure of the company's own capital 22
1.6 Composition of debt capital of the enterprise 23
Conclusion 26
List of sources used 28
Apps 29
Introduction
With the transition of the Russian economy to a market economy, entrepreneurs faced the problem of providing production with financial resources. If, under a planned economy, enterprises could count on state assistance with its system of redistribution of financial resources, then in modern conditions management, the solution to the question of survival and prosperity lies in own hands enterprises.
The purpose of our course work is to study financial resources and their sources. The subject of consideration is directly the financial resources themselves as an economic category. The task is to consider financial resources in the circuit of the main and working capital; types of sources of formation of financial resources, own and borrowed capital.
The financial resources of an enterprise are cash incomes and receipts at the disposal of a business entity and intended to fulfill financial obligations, implement costs for expanded reproduction and economic incentives for employees. There are two main types of financial resources necessary for the activities of the enterprise. Long term financial resources in the form of fixed assets (capital) and short-term (current) financial resources for each production cycle, i.e. until the receipt of income from the sale of products. It also follows from the definition of financial resources that by origin they are divided into internal (own) and external (attracted). In turn, internal in real form are presented in standard reporting in the form net profit and depreciation, and in converted form - in the form of obligations to employees of the enterprise.
Net income is a part of income commercial enterprise, which is formed after the deduction from the total amount of income of mandatory payments - taxes, fees, fines, penalties, forfeits, part of interest and other mandatory payments. Net profit remains at the disposal of the organization and is distributed according to the decisions of its governing bodies.
External or borrowed financial resources are also divided into two groups: own and borrowed. This division is due to the form of capital in which it is invested by external participants in the development of this enterprise: as entrepreneurial or as loan capital. Accordingly, the result of investments of entrepreneurial capital is the formation of attracted own financial resources, the result of investments loan capital- borrowed funds.
1 Financial resources as an economic category
1.1 The concept and structure of financial resources in the enterprise
The independence of commercial organizations in decision-making involves the attraction of financial resources from various sources and the formation of an acceptable capital structure for the organization. The need for funding sources arises for every organization at all stages of its life cycle. Therefore, the problems of choosing methods and forms of mobilizing financial resources, assessing their acceptability for the organization, managing the capital structure are of paramount importance for financial managers.
For the development of production, increase in output and increase the competitiveness of products, it is necessary to update fixed assets, and, consequently, sources of long-term investment. Against the backdrop of ever-decreasing public spending and limited opportunities for self-financing, the main focus should be on the use of manufacturing process external financial resources. Thus, the management of financial resources and capital of the organization is one of the most important parts of the financial management system.
Despite the large number of works devoted to the management of the capital of organizations, today many problems of financing a commercial organization have not received sufficient theoretical and practical coverage. The works of domestic scientists have not yet presented a complete and holistic concept that would unite all areas of this process and take into account the specifics of the formation and use of financial resources of Russian organizations in the real sector of the economy. So, according to the author, the issues of classification of funding sources, definitions and practical application criteria for optimizing the capital structure of Russian organizations.
The relevance of this problem, as well as the insufficient development of its individual aspects, predetermined the choice of topics for the proposed articles, which are devoted to some theoretical and practical aspects of managing the capital structure of an organization.
Their purpose is to study the essence of financial resources and their relationship with the capital of the organization based on the reproduction approach; elements of the capital management process of Russian organizations using software products and consideration of possible ways to improve this process.
Finance as a system economic relations societies are associated with the mediation of the circulation of funds of funds in the process of reproduction. The circulation of funds predetermines the formation and distribution (redistribution) of the total social product and national income and the formation on this basis of funds of financial resources for various purposes.
At the micro level, financial relations arise long before the start of the initial distribution of the created product. These relationships manifest themselves during the period of the organization's creation and reveal themselves as the accumulation of financial resources for the purpose of financing the planned event. In the future, financial relations accompany the entire process of creating a new value or distributing and redistributing an existing one. In a market economy, the success of an organization depends not only on the right policy for managing the production itself and material flows, but also to a large extent on a sound strategy for managing its financial resources and capital.
Financial resources, being material carriers financial relations, mediate the exchange and distribution processes expressed by these relations in the distribution of the value of the social product (primary distribution), redistribution through budgets various levels, off-budget funds, insurance funds. The financial resources of organizations are in constant motion. Thanks to the constant change in the functional forms of financial resources in the process of their circulation (monetary - commodity - productive - commodity - monetary), in the end, the return of advanced financial resources with some increase is ensured. In this regard, we believe that it is unlawful to attribute to financial resources only cash income and receipts that are directed for the purposes of expanded reproduction. Simple reproduction - the basis of expanded reproduction - is thus deprived of a source of financing and, consequently, the very fact of its existence is called into question. Therefore, the statement of L.N. Pavlova that "financing and lending to enterprises is a set of forms and methods, principles and conditions for financial support for simple and expanded reproduction with a limited amount of financial resources" .
A similar point of view is shared by V.E. Leontiev, who notes that “the financial resources of an enterprise are a set of capital, property and other funds of an enterprise, expressed in monetary form, which are at the disposal of this enterprise, are used or can be used by it in the process of financial - economic activity to carry out its functions".
Financial resources - monetary income, receipts and savings at the disposal of organizations and the state, intended for the implementation of costs for simple and expanded reproduction, the fulfillment of obligations to the financial and credit system. Based on this definition, the main source of financial resources at the macro level is the value of the gross national product, which is used to compensate for the factors of production spent in the process of circulation. To determine the degree of saturation of real production with financial resources, the ratio of capitalization to gross domestic product is used. In conditions economic crises part of the national wealth can also act as financial resources. Thus, from the point of view of purpose, financial resources at the macro level can be divided into two groups:
- allocated for simple reproduction (for reimbursement of spent factors of production);
Directed to expanded reproduction (investment).
The first group is formed at the expense of a part of the gross national product directed to reimburse the spent working capital, and part of the depreciation fund; the second - at the expense of the depreciation fund, profits and funds mobilized in the financial market.
The process of formation and use of financial resources is one of the key aspects of the development of the socio-economic system, which determine the final efficiency of all social reproduction. For research theoretical foundations this process it is necessary to distinguish between the concepts of "financial resources" and "capital" of the organization, to determine the general and the special in the process of their reproduction. Within the framework of financial management, capital can be defined as a specially organized part of financial resources attracted by an economic entity on the basis of ownership or for temporary use in order to increase them by investing in certain assets.
From the point of view of the subordination of the categories "financial resources" and "capital", we can give the following interpretation of the essence of the latter.
Capital - the highest state of financial resources, when these resources, functioning in economic activity, make a profit. It seems that capital is a set of financial resources transformed in the process of business turnover of economic entities into tangible, intangible and financial assets. This is a higher form of organization of financial resources, which is distinguished by signs of continuous movement and profitability. In order not to disturb the reproduction process, it is necessary to consider any economic change from the standpoint of the dynamics of the circulation of financial resources and, taking into account these changes, build a capital management policy. Just as the basis of expanded reproduction is simple, the basis of the circulation of the organization's capital is the circulation of its financial resources. The circulation of financial resources, in contrast to the circulation of capital, does not include three stages, but four. At the first stage of their circulation, financial resources are converted into money capital (exchange). At this stage, organizations use various sources of financing, which play the role of a mechanism for transforming financial resources into capital. At the second stage of the circulation of financial resources, they are distributed over two levels:
To compensate for the factors of production spent in the previous production cycle;
To expand production.
At the third stage of the circulation, capital is partially transformed into a material and productive form (in the form of fixed and circulating assets), and financial resources act as their cost characteristic, quantitatively coinciding with the value of fixed and circulating capital. At the same time, part of the capital is retained in cash in order to maintain the liquidity of the organization. This stage of the circulation of financial resources is fully adequate in duration to the stage of the circulation of capital, but differs in qualitative characteristics.
At the fourth stage of the circulation of financial resources, the cost equivalent of manufactured products (works, services) is realized when the organization receives an external cash flow in the form of sales proceeds. At this stage, the circulation of financial resources of each specific organization may go beyond its limits, when its temporarily free funds, as well as commercial loans, are provided to other economic entities.
It seems that the first two stages of the circulation of financial resources relate to the process of capital formation, the third and fourth - to the process of its use. Accordingly, combining a reproduction approach to determining the essence of the organization's financial resources and a comprehensive system for managing them, the latter can be represented as follows (Appendix A).
1.2 Financial resources in the circuit of the main production assets
The material and technical basis of the production process at any enterprise are the main production assets. In a market economy, the initial formation of fixed assets, their functioning and expanded reproduction is carried out with the direct participation of finance, with the help of which special-purpose funds are formed and used, mediating the acquisition, operation and restoration of labor instruments.
The initial formation of fixed assets at newly created enterprises occurs at the expense of fixed assets that are part of the statutory fund. Fixed assets are cash invested in fixed assets for production and non-production purposes. At the time of acquisition of fixed assets and their acceptance on the balance sheet of the enterprise, the value of fixed assets quantitatively coincides with the value of fixed assets. In the future, as fixed assets participate in the production process, their value bifurcates: one part of it, equal to depreciation, is transferred to finished products, the other expresses the residual value of existing fixed assets.
The worn-out part of the value of fixed assets, transferred to finished products, as the latter is sold, gradually accumulates in cash in a special depreciation fund. This fund is formed through annual depreciation charges and is used for simple and partially extended reproduction of fixed assets. The direction of depreciation for the expanded reproduction of fixed assets is due to the specifics of its accrual and expenditure: it is accrued over the entire standard life of fixed assets, and the need for its expenditure occurs only after their actual disposal. Therefore, until the replacement of decommissioned fixed assets, the accrued depreciation is temporarily free and can be used as an additional source of expanded reproduction. In addition, the use of depreciation for expanded reproduction is facilitated by scientific and technological progress, as a result of which certain types of fixed assets can become cheaper, more advanced and more productive machines and equipment are put into operation.
The value of the depreciation fund is calculated annually by multiplying the book value of fixed assets by the depreciation rate. Economically sound depreciation rates are of great importance. They allow, on the one hand, to ensure full reimbursement of the cost of fixed assets that are being decommissioned, and, on the other hand, to establish the true cost of production, an integral element of which are depreciation charges. From the point of view of commercial calculation, both understating depreciation rates (because it can lead to a lack of financial resources necessary for the simple reproduction of fixed assets) and their unreasonable overestimation, which artificially increases the cost of production and reduces the profitability of production, are equally bad. Depreciation rates are periodically reviewed, as the service life of fixed assets changes, the process of transferring their value to the manufactured product is accelerated under the influence of scientific and technological progress and other factors. Also, revaluation of fixed assets is periodically performed; its purpose is to bring the book value of fixed assets in line with current prices and reproduction conditions. In the author's opinion, under the current economic conditions (first of all, the author means inflation) and during economic reforms (for example, privatization), such a reassessment should be carried out more often.
In business practice, different methods depreciation fund calculation: linear, regressive, accelerated depreciation. At the same time, depreciation rates are set either as a percentage of the book value of fixed assets, or in fixed amounts per unit of output; sometimes they depend on the amount of work performed.
With the straight-line method, depreciation amounts are calculated at fixed rates over the entire period of productive use of fixed assets. The use of a straight-line depreciation method in conditions of stable prices for the main types of labor instruments was justified. But in conditions of rising prices, especially for newly introduced equipment, it is advisable to switch to the regressive method, in which the highest depreciation rate is set at the beginning of the depreciation period, and then it gradually decreases. The author believes that in the conditions of inflation, the transition to the regressive method of depreciation calculation contributes to the timely accumulation of financial resources necessary for the renewal of fixed assets.
Since January 1991, in accordance with the Regulations on the procedure for calculating depreciation on fixed assets in national economy many business entities are allowed to apply the accelerated depreciation method. These include companies that manufacture computer science, progressive types of materials, instruments and equipment, products for export, as well as mass replacement of worn out and obsolete equipment. The named enterprises received the right to calculate depreciation charges at the increased, but not more than twice, depreciation rate. This means that they are redefining the estimated lives of their fixed assets to ensure full depreciable cost carryover in a short period of time. Even more favorable conditions are provided for small enterprises in terms of compensation for the cost of labor tools: in the first year of operation of machinery and equipment, they will be able to additionally write off as depreciation deductions up to 20% of the initial cost of fixed assets (with a service life of more than 3 years). This measure is aimed at stimulating the renewal of the production apparatus on the basis of the latest achievements of science and technology, which is simply necessary because of the uncompetitiveness of most domestic industrial goods.
Due to changes in prices for machinery, equipment and vehicles and estimated prices for construction and installation works, as well as in order to increase the share of depreciation deductions in the total value of own sources of financial resources of enterprises that ensure the reproduction of fixed assets, from January 1, 1992, indexation of depreciation deductions was introduced for all enterprises and organizations, regardless of ownership . To determine the indexed value of depreciation charges for fixed assets put into operation before January 1, 1992, a coefficient of 2.0 is used, by which depreciation charges are multiplied, calculated on the basis of the current depreciation rates and the book value of fixed assets as of January 1, 1992.
The mechanism for the formation and use of depreciation charges, being an important link in the overall system of reproduction, fixed assets, is at the same time an instrument for implementing the state structural policy in the field of industrial investment. Structural shifts are achieved primarily through depreciation rates.
Accrued depreciation charges through the production development fund are used for the full restoration of fixed assets. It occurs in the form of capital investments, with the help of which not only the circulation of the previously advanced value is completed, but also additional investment of funds is carried out in connection with the expansion of production and the improvement of its material and technical base. Expanded reproduction cannot be ensured only at the expense of depreciation deductions, since they are intended mainly for simple reproduction. Therefore, in a significant part, capital investments are provided from the national income, and, first of all, the enterprise's own financial resources are reinvested in capital expenditures; equity and share capital mobilized in the financial market is also directed here, credit resources are attracted, and in special cases, specially stipulated in government decisions, budget allocations and funds from extra-budgetary funds.
In the composition of the company's own financial resources used for capital investments, an important place is occupied by profit. IN Lately there is a tendency to increase the absolute size and share of profits in the sources of financing capital investments. According to the author, this trend needs to be developed, since its progressiveness lies in the fact that the sources of reproduction of fixed assets are directly linked to the results production activities. As a result, the material interest of enterprises in achieving better production results increases, since the timeliness and completeness of the formation of financial sources of capital expenditures depend on them.
Along with profit, funds mobilized in the construction itself are also used to finance capital investments (profit and savings on construction and installation work performed by an economic method, mobilization internal resources etc.), income from the sale of retired property, funds social development and housing construction.
1.3 The financial aspect of the formation and use of working capital
For the production of products, an enterprise, along with fixed assets, needs working capital assets, which include production stocks (raw materials, materials, fuel, containers, etc.), work-in-progress residues and deferred expenses. Circulating assets consumed in the production process enter the sphere of circulation already in commodity form (in the form of finished products in the warehouse and in shipment), which then - as the finished product is sold - goes into cash (cash in settlements, cash in the enterprise's cash desk and on its bank accounts). The commodity and monetary form of resources in the sphere of circulation refers to the funds of circulation.
To ensure an uninterrupted process of production and sale of products, each enterprise must have both circulating production assets and circulation funds. Therefore, at the time of commissioning, it needs such an amount of money as part of the formed statutory fund, which would provide it with the acquisition of material working capital and be sufficient to service the production process and product sales. The funds advanced to the working capital and circulation funds constitute the current assets of the enterprise. The combination of working capital and circulation funds in one concept is based on the economic essence of working capital, designed to ensure the continuity of the entire reproduction process, during which funds necessarily go through both the production stage and the circulation stage.
Working capital provides the current needs of the enterprise. A characteristic feature of working capital is that in the normal course of economic activity they do not leave the production sphere: working capital is not spent, but is advanced to various types of current costs of the enterprise. Serving the circulation of production assets (D-T ... P ... T1-D1), working capital (D) takes various functional forms: material (T), production (P), commodity (T1), returning after the end of each production cycle to its original monetary (D1) form.
Rhythm, coherence and high performance of the enterprise largely depend on its availability of working capital. For example, a lack of funds advanced for the purchase of inventories can lead to a reduction in production, non-fulfillment production program. Excessive diversion of funds into reserves that exceed the actual need leads to the deadening of resources, their inefficient use. Therefore, it is very important to correctly calculate the optimal need of the enterprise for working capital. It is determined by rationing, the main purpose of which is to ensure the maximum volume of production and sales of products with a minimum of working capital.
For the formation of working capital, the company uses both its own and borrowed resources. Own funds play a major role in organizing the circulation of funds, since enterprises operating on the basis of commercial calculation must have a certain property and operational independence in order to conduct business profitably and be responsible for decisions made. At the same time, the attraction of borrowed funds is also very important, because it reduces the total need of the economy for working capital, stimulates the desire for their effective use.
In essence, working capital is not a financial, but a general economic category; in connection with this, the amount of money in circulation of the enterprise cannot be attributed to financial resources. Nevertheless, it is financial relations that form the initial basis for the existence of the working capital fund, and financial resources form the basis for the initial formation and subsequent change in its size. Financial relations in the sphere of functioning of working capital arise in three cases: - during the formation of the authorized capital of the enterprise; - in the process of using financial resources to increase own working capital; - when investing surplus working capital in securities.
The formation of own working capital occurs at the time of the organization of the enterprise, when its authorized capital is created. The sources of formation here are almost the same as for fixed assets: equity capital, shares, stable liabilities, budgetary funds (in the public sector), reallocated funds (if the vertical management system is maintained).
In the future, the initial value of own working capital may vary depending on the volume, conditions and results of economic activity at this enterprise. Successful implementation of the production program, saving material and financial resources, improving product quality, its uninterrupted implementation, etc. all this affects the state of working capital, their safety and efficient use.
The presence of own working capital, their safety, the ratio between own and borrowed working capital characterize the degree of financial stability of the enterprise, its position in the financial market, the possibility of additional mobilization of financial resources through the issuance valuable papers. Under the conditions of the administrative-command system for managing the financial stability of a business entity, due attention was not paid, since the system of state control that existed at that time financial assistance under no circumstances allowed it to go bankrupt. By providing budgetary allocations for capital investments, writing off overdue debts of enterprises to banks, allowing sectoral financial resources to be allocated to farms to fill the lack of working capital, the state did not allow an enterprise to be in the position of an insolvent debtor even with low production efficiency and huge losses from mismanagement.
With the transition to the market, the situation changes radically. The legislative acts “On Bankruptcy” and “On Pledge” adopted in 1992 impose on the enterprise the full measure of responsibility for the use of the resources at its disposal. Under these conditions, the issues of rational use of working capital, solvency, financial stability are of great importance.
The solvency of an enterprise is determined by its ability to timely and fully fulfill payment obligations arising from trade, credit and other transactions of a monetary nature. Solvency directly affects the forms and conditions of commercial transactions, including the very possibility of obtaining a loan and the conditions for its provision (for how long, at what interest, etc.). Solvency is determined using a special system of coefficients that take into account the real and potential financial resources of the enterprise, the ratio between its payments and current cash receipts.
Solvency in the field of debt obligations of the enterprise expresses its liquidity; the latter reflects the ability of the enterprise to make the necessary expenses at any time. Liquidity depends on the amount of debt, as well as on the amount of liquid funds, which include cash, resources in bank accounts, securities and easily realizable elements of working capital. The inability of the enterprise to repay its debt obligations to creditors and the budget leads it to bankruptcy. Moreover, the grounds for declaring a state enterprise bankrupt are not only its failure to fulfill its financial obligations to the budget within three months, but also the failure to fulfill the requirements of legal entities and individuals that have property claims against it.
The turnover of working capital is an indicator of the effectiveness of their use. Turnover is determined by the time during which the funds make a complete turnover, starting from the acquisition of inventories and ending with the receipt of money in the company's accounts; the duration of one revolution is expressed in days.
The faster the advanced working capital is turned around, the better the result is achieved - with the help of the same amount of funds, more products are produced and sold. An important factor in accelerating the turnover of working capital is saving material resources used in production, reducing their consumption per unit of output. That is why, in modern conditions, the development of programs aimed at more rational use raw materials, fuel, electricity and other material resources, which provide for measures to tighten the rules for the use of material assets, strengthen economic incentives and increase liability for spending them.
2 Sources of formation of financial resources
2.1 Types of sources of financial resources
Financial resources are transformed into business turnover of the organization through appropriate sources. They can be viewed from two points of view. Firstly, as a set of tools used to attract financial resources necessary to service the production and other expenses of the organization. It is in this interpretation that the sources of own and borrowed funds are determined in methodological recommendations for the development financial policy enterprises approved by the order of the Ministry of Economy of the Russian Federation dated 01.10.1997 No. 118. In accordance with these recommendations, the sources of own funds can be the issue of shares, the sale of unnecessary and retiring property, fixed assets, net profit and depreciation, and the sources of borrowed funds - bank loans and loans.
From another point of view, the sources of financial resources can be called a set of methods of financial support for the activities of the organization, potentially available and actually used in the process of creating, establishing and developing the organization, providing a certain amount of financial resources.
Financing is a process that includes identifying alternative sources of funding, selecting specific sources, organizing the receipt and expenditure of monetary or material resources, depending on the type of funding sources.
Funding sources form three main groups: used, available, potential. The first is a set of such sources of financing the needs of the organization, which are already used to form their capital. Available sources are sources that are potentially real for use. A "set" of such sources is more commonly used. Potential sources are those that theoretically can be used for the functioning of commercial organizations in the conditions of perfect financial, credit and legal relations.
At the level individual organization sources used are authorized capital, additional capital, retained earnings of previous years, accumulated depreciation fund, proceeds from the sale of the current period. The available sources (except for special ones) are also special-purpose funds formed in accordance with the charter of the organization, a reserve fund and temporarily free funds of counterparties that the organization uses in the form of a deferred payment for the goods, works, services provided. Potential sources include (in addition to used and available) also funds that can be mobilized in the financial market, based on the capabilities of an economic entity (its organizational and legal form, existing capital structure, credit history, creditworthiness, etc.) ( Appendix B).
In principle, all sources of financial resources of an enterprise can be represented as the following sequence:
- own financial resources and on-farm reserves,
- loan funds,
- attracted funds.
Own and borrowed sources of financing form the company's own capital. Amounts attracted from these sources from outside, as a rule, are non-refundable. Investors participate in income from the sale of investments on the basis of shared ownership. Borrowed sources of financing form the borrowed capital of the enterprise.
2.2 The structure of the company's own capital
An enterprise is a form of activity, the purpose of which is to increase the value of invested property in the interests of the owners of this property. The value of the property invested by the owner in the enterprise forms the equity capital of this enterprise. From the moment of creation, the enterprise receives significant independence from its owners, who, in principle, are not interested in the ways in which the management of the enterprise is going to increase the value of the capital received at its disposal. The property state of the enterprise at the time of its creation looks like this: assets = equity.
First of all, the company focuses on the use domestic funding sources.
Own internal funds include:
· authorized capital,
· Extra capital,
Retained earnings.
The organization of the authorized capital, its effective use, management is one of the main and most important tasks of the financial service of the enterprise. The authorized capital is the main source of the company's own funds. It represents the amount of funds provided by the owners to ensure the statutory activities of the enterprise. The amount of the authorized capital of a joint-stock company reflects the amount of shares issued by it, and the amount of the authorized capital of a state and municipal enterprise. The authorized capital is changed by the enterprise, as a rule, according to the results of its work for the year after the introduction of changes in the constituent documents.
The authorized capital is initially created as a basis start-up capital necessary for the establishment of a commercial organization. At the same time, the owners or participants of a commercial organization form it based on their own financial capabilities and in an amount sufficient to carry out the activity for which it is created. Equity funds, which are profits set aside for distribution, are formed either involuntarily or consciously - the owners assume that the expansion of volumes of activity achieved in this way represents a more profitable allocation of capital than the withdrawal of profits and directing it to consumption or to another area of business.
The authorized capital is formed during the initial investment of funds. Its value is announced upon registration of the enterprise, and any adjustments to the size of the authorized capital (additional issue of shares, reduction in the nominal value of shares, making additional contributions, admitting a new participant, joining part of the profit, etc.) are allowed only in cases and in the manner prescribed by the current legislation and constituent legislation and founding documents.
Quantitatively, the size of the authorized capital of the company is the sum of the nominal values of the shares acquired by shareholders, and according to Russian law, the nominal value of all ordinary shares must be the same.
It is possible to increase (decrease) the authorized capital by issuing additional shares into circulation (or withdrawing from circulation some of their number), as well as by increasing (decreasing) the par value of old shares. The formation of the authorized capital may be accompanied by the formation of an additional source of funds - a premium on shares. This source is formed when, during the initial issue, shares are sold at a price above par. Upon receipt of these amounts, they are credited to additional capital.
Additional capital includes:
· the results of the revaluation of fixed assets;
share premium of a joint-stock company;
· gratuitously received monetary and material values for production purposes;
· appropriations from the budget for the financing of capital investments;
funds to replenish working capital.
Profit is the main source of funds for a dynamically developing enterprise. In the balance sheet, it is present explicitly as “retained earnings of the reporting year” and “retained earnings of previous years”, and also veiled - in the form of funds and reserves created from profits. In a market economy, the amount of profit remaining at the disposal of the enterprise depends on many factors, the main of which is the ratio of income and expenses.
Undistributed profit is the profit received in a certain period and not directed in the process of its distribution for consumption by owners and staff. This part of the profit is intended for capitalization, i.e. to reinvest in production. According to its economic content, it is one of the forms of the reserve of the enterprise's own financial resources, which ensure its production development in the coming period.
Profit is also the main source of reserve capital formation. This capital is intended to compensate for unforeseen losses and possible losses from economic activity, i.e. is insured in nature.
2.3 Composition of debt capital
In some cases, it becomes necessary for an enterprise to attract borrowed capital to cover the need for fixed and working capital. Such a need may arise for reasons beyond the control of the enterprise. They can be optional partners, emergency circumstances, reconstruction and technical re-equipment of production, lack of sufficient start-up capital, seasonality in production, procurement, processing, supply and marketing of products, and other reasons.
Thus, borrowed capital , borrowed funds - These are funds and other property attracted to finance the development of an enterprise on a repayable basis. The main types of borrowed capital are: bank credit, financial leasing, commodity (commercial) credit, issue of bonds and others.
The structure of borrowed capital is heterogeneous. The term of attracting resources is of fundamental importance. Attracted funds of enterprises - funds provided on a permanent basis, for which the payment of income to the owners of these funds may be made, and which may not be returned to the owners. These include: funds received from the placement of shares of a joint-stock company; share and other contributions of members of labor collectives, citizens, legal entities to the authorized capital of the enterprise; funds allocated by higher holding companies and joint-stock companies, public funds provided for targeted investment in the form of subsidies, grants and equity participation; funds of foreign investors in the form of participation in authorized capital joint ventures and direct investments international organizations, states, individuals and legal entities. The most profitable are long-term loans and credits. Long-term sources are a full-fledged investment resource that can be invested in large-scale projects that can recoup the costs by the time the debt is paid off. In financial practice, they are called long-term borrowed capital or long-term liabilities.
Borrowed capital is divided into:
· short-term;
long-term.
As a rule, borrowed capital for a period of up to one year is short-term, and more than a year is long-term. The question of how to finance certain assets of the enterprise - at the expense of short-term or long-term capital, must be discussed in each specific case. The effectiveness of the investment of borrowed capital is determined by the degree of return of fixed or working capital.
By sources of financing, borrowed capital is divided into:
· Bank loan;
placement of bonds;
Loans of legal entities under debt obligations;
leasing.
Long-term bank loans, bond offerings and corporate loans are traditional instruments of debt financing.
Bank loans are provided to the enterprise on the basis of a loan agreement, the loan is provided on the terms of payment, urgency, repayment against security: guarantees, pledge of real estate, pledge of other assets of the enterprise.
Many enterprises, regardless of the form of ownership, are created with very limited capital. This practically does not allow them to fully carry out their statutory activities at their own expense and leads to their involvement in the turnover of significant credit resources.
Not only large investment projects are credited, but also the costs of current activities: reconstruction, expansion, reorganization of production, redemption of leased property by the team and other events.
The essence of leasing is as follows. If the company does not have free funds to purchase equipment, it can apply to a leasing company. In accordance with the concluded agreement, the leasing company fully pays the manufacturer (or owner) of the equipment for its cost and leases it to the buyer enterprise with the right to purchase (in case of financial leasing) at the end of the lease. Thus, the enterprise receives a long-term loan from a leasing company, which is gradually repaid as a result of the allocation of lease payments to the cost of production. Leasing allows the company to receive equipment, start its operation, without diverting funds from turnover. In a market economy, the use of leasing is 25% - 30% of the total amount of borrowed funds. Decision-making regarding leasing is based on the ratio of the value of the lease payment to the payment for the use of a long-term loan, which the company has the opportunity to obtain.
Conclusion
So, we can conclude that the financial resources of an enterprise are cash income and receipts at the disposal of a business entity and intended to fulfill financial obligations, implement costs for expanded reproduction and economic incentives for workers.
The formation of financial resources is carried out at the expense of own and equivalent funds, the mobilization of resources in the financial market and the receipt of funds from the financial banking system in order of redistribution.
The initial formation of financial resources occurs at the time of the establishment of the enterprise, when the statutory fund is formed. Its sources, depending on the organizational and legal forms of management, are: equity capital, share contributions of members of cooperatives, sectoral financial resources (while maintaining sectoral structures), long-term credit, budget funds. The value of the authorized capital shows the amount of those funds - fixed and circulating - that are invested in the production process.
The main source of financial resources at operating enterprises is the cost of products sold (services rendered), various parts of which, in the process of distributing revenue, take the form of cash income and savings. Financial resources are formed mainly from profit (from the main and other activities) and depreciation. Along with them, the sources of financial resources are also: - proceeds from the sale of retired property, - stable liabilities, - various targeted income (payment for the maintenance of children in preschool institutions etc.), - mobilization of internal resources in construction, etc.
Privatization processes unfolding everywhere state property cause that appear and will play important role Another source of financial resources is shares and other contributions of members of the labor collective.
Significant financial resources, especially for newly created and reconstructed enterprises, can be mobilized in the financial market. The forms of their mobilization are: the sale of shares, bonds and other types of securities issued by this enterprise, credit investments.
In countries with a centralized controlled economy, the predominant share is the financial resources of the state and municipalities, and in countries with market economies, a significant part of the financial resources is entrepreneurial capital, but centralized state and municipal resources can be significant. Local resources form a separate relatively independent part of the country's financial resources.
At present, the importance of profit and depreciation has increased in the sources of financing for expanded reproduction. In the conditions of market relations, about 70% of the profits are used by the enterprises themselves.
In the conditions of development of market relations, decentralization of financial resources takes place. Large funds are redistributed through autonomous social funds ( Pension Fund, Foundation social insurance, Compulsory Medical Insurance Fund).
Reduced centralized revenues accumulated in the state budget system. The share of financial resources in the state budget has now decreased to 40%. Centralized funds for capital investment have been sharply reduced. Thus, there is a trend towards significant decentralization of the financial resources of the economy; overcoming the budget deficit by improving the taxation system and all financial relations in order to achieve financial stabilization.
List of sources used
1. the federal law"On Bankruptcy" dated October 24, 2005 No. 133 - FZ.
2. Federal Law “On Pledge” dated December 30, 2004 No. 216 - FZ.
3. Regulations on the procedure for calculating depreciation for fixed assets.
4. Fundamentals of financial management / J. K. Van Horn. – M.: Finance and statistics, 2007. – p.788.
5. Finance: Textbook for universities / Ed. Prof. L.A. Drobozina. - M.: UNITI, 2000 - 527p.
6. Introduction to financial management / ed. V.V. Kovalev. - M .: Finance and statistics, 2003.- 768s.
7. Finance of enterprises: Textbook for universities / N.V. Kolchina, G.B. Polyak, L.P. Pavlova and others;. - 2nd ed., revised. and additional .- M .: UNITI-DANA, 2002. - 447p.
8. Financial resources of organizations (enterprises) / V.E. Leontiev. - St. Petersburg: Publishing house of St. Petersburg State University of Economics, 2006. - 70p.
9. Lysenko I. A. “Enterprise finance: property, funds, taxes”, M., IPIO “Priz”, 2005. – 430p.
10. Nikolsky P. S. “ Economic Methods regulation of the reproduction of fixed assets”, “Book and business”, 2007. – 270p.
11. Finance of enterprises: Textbook / LN Pavlova. - M.: Finance, UNITI, 2006. - 370p.
12. Sources of financing and formation of the capital of the joint-stock company: Abstract of the thesis. dis. cand. economy Sciences / A.V. Pilyuga. - Saratov, 2006. - 509 p.
13. Rodionova V. M. “Finance”, M., “Finance and statistics”, 2007. – 307p.
15. Sysoeva E.F. Financial resources and capital of the organization // Finance and credit. - 2007. - No. 21. - With. 6-11.
Annex A
Multilevel functional system of capital management of the organization depending on the stage of the circulation of financial resources
| Stages of the circulation of financial resources |
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| Stage I - the transformation of financial resources into capital |
Stage II - distribution of capital for the purposes of simple and expanded reproduction |
Stage III - the transformation of money capital into a material and productive form |
Stage IV - the sale of the cost equivalent of manufactured products |
| The essence of the stage of the circulation of financial resources |
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| Attraction of financial resources for capital formation through various sources of financing |
Planning expenses for the production and sale of products, and the formation of an accumulation fund |
Depreciation of fixed assets and the formation of current costs for production and sales of products |
Sales of products and provision of cash inflow in the form of proceeds from various kinds activities |
| Cost interpretation of the stage of the circulation of financial resources |
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| Formation of the price of capital |
Formation and distribution of profit |
The amount of fixed and working capital |
Payment of own and borrowed capital |
Annex B
The financial resources of an enterprise, as already noted, are a combination of all types of funds, financial assets that an economic entity has and can dispose of. Their formation is carried out in the process of creating enterprises and the implementation of their financial relations in the course of economic activity.
When creating enterprises, the sources of formation of financial resources depend on the form of ownership on the basis of which the enterprise is created. So, when creating state enterprises financial resources are formed at the expense of the budget, funds of higher management bodies, etc. When creating collective enterprises, they are formed at the expense of share (equity) contributions of the founders, voluntary contributions of legal entities and individuals, etc. All these contributions (funds) represent the authorized (initial) capital.
According to the sources of education, financial resources are divided into own (internal) and attracted on different terms (external) and coming in the order of redistribution (Fig. 1.1).
Figure 1.1 - The composition of the financial resources of the organization
In order for the enterprise to be able to carry out economic activities, it is necessary to have appropriate financial security. One of the main sources of financial resources of the enterprise is the initial capital, which is formed from the contributions of the founders of the enterprise and takes the form of authorized capital. Consequently, the authorized capital is the total value of assets fixed in the constituent documents, which are the contributions of the owners to the capital of the enterprise.
The next two elements are inextricably linked: profit and depreciation. Initial capital, invested in production, creates value, expressed in the price of products sold. After the sale of products, it takes the form of money - the form of revenue. However, revenue is not yet income, although it is a source of reimbursement for the funds spent on the production of products and the formation of cash funds and financial reserves of the enterprise. One of the ways to use the proceeds is the formation of an amortization fund. It is formed in the form of depreciation deductions after the depreciation of fixed production assets and intangible assets takes the form of money. A prerequisite The formation of a depreciation fund is the sale of manufactured goods to the consumer and the receipt of proceeds.
Both profit and depreciation are the result of the circulation of funds that were invested in production, and the company's own financial resources, which it manages independently. However, the profit received by the enterprise does not remain completely at its disposal: part of it in the form of taxes goes to the budget. The profit remaining at the disposal of the enterprise is the main source of financing its needs.
In the process of further work, the financial resources of enterprises can be replenished at the expense of additionally created own sources, attracted and borrowed funds. At the same time, the composition of additionally formed own financial resources (own capital) includes: reserve capital, additional invested capital, other additional capital, retained earnings, targeted financing, etc. For example, reserve capital is the amount of reserves created from the retained earnings of an enterprise in in accordance with applicable law or constituent documents. Additional invested capital is the sum of the excess of the cost of sale of issued joint stock company shares over their face value. Other additional capital shows the value of assets received free of charge by the enterprise from other legal entities or individuals, and other types of additional capital.
Attracted financial resources are formed at the expense of budget appropriations, mobilization of own resources in construction, equity participation funds, income from purchased securities and other financial assets. In order to receive additional income, enterprises have the right to acquire securities of other enterprises and the state, invest in the authorized capital of newly formed enterprises, lend them to other enterprises on terms of repayment, urgency and payment.
And finally, the structure of borrowed financial resources includes long-term and short-term bank loans, as well as other long-term financial obligations associated with raising borrowed funds, commercial loans and other sources.
Own, borrowed and attracted capital, which forms, on the one hand, the financial resources of the enterprise and participates in the financing of their assets, on the other hand, it represents obligations (long-term and short-term) to specific owners - the state, legal and individuals.
From the foregoing, we can conclude that the composition of financial resources, their volumes depend on the type and size of the enterprise, the type of its activity, and the volume of production. At the same time, the volume of financial resources is closely related to the volume of production, effective work enterprises. The greater the volume of production and the higher the efficiency of the enterprise, the greater the value of its own financial resources, and vice versa. Consequently, the availability of sufficient financial resources, their effective use, predetermine the good financial position of the enterprise, solvency, financial stability, liquidity. In this connection the most important task enterprises is to find reserves to increase their own financial resources and their most efficient use in order to improve the efficiency of the enterprise as a whole.
Similar information.
Sources of financing of the enterprise are own and equivalent funds; funds mobilized in the financial market; funds received in the order of redistribution (Fig. 6).
Funds mobilized in the financial market are: credit investments, income from the sale of securities, government subsidies.
Credit investments are borrowed funds, including bank loans, financial loans from various investors, debts to creditors, are external sources financing activities.
Borrowed funds on a long-term basis (more than a year) are usually attracted for the acquisition of fixed assets, and on a short-term basis (up to a year) for the purchase of goods, resources and replenishment of working capital.
Rice. 6. Sources of formation of financial resources of the enterprise
The sale of own securities, being a means mobilized in the financial market, allows you to attract the necessary investments to ensure the operation of the enterprise or its development.
State subsidies are provided to enterprises that solve important social problems, which, for objective reasons, are not adequately compensated by income.
Own funds and equivalent funds consist of income and depreciation charges.
Own funds of the enterprise and equivalent to them are financial resources owned by the enterprise on the basis of property rights. They are the basis for carrying out business activities and include income from the sale of products, fixed assets and financial transactions, as well as depreciation charges equivalent to them, which provide an increase in sustainable liabilities.
To replenish its own sources of financing, an enterprise can receive income from the sale of part of its fixed assets if they are not used or used inefficiently.
Income from financial transactions can be received from lending funds, from placing free funds on deposits, due to exchange rate differences, when buying and selling foreign currency.
Depreciation is the funds deducted to compensate for the depreciation of fixed assets by including part of their value in the cost of output, therefore, in the price of products. Depreciation deductions are carried out in accordance with the normative terms of service of fixed assets and deduction rates established by law. They remain at the disposal of the enterprise. The vocation of depreciation is the provision of simple reproduction.
Sustainable liabilities occupy a special place among the sources of financing of the enterprise. From the standpoint of obligations, sustainable liabilities are external sources, and from the standpoint of the possibility of management's influence on the procedure for their payment, they are internal sources, so they are singled out as a separate element of financing the enterprise's activities.
The growth of sustainable liabilities is formed by installment payment of obligations. It includes: advances from buyers and customers; wage arrears to employees of the enterprise and social insurance bodies; reserves for future expenses and payments; temporarily free funds special funds; increase in depreciation charges; accounts payable (your debts for already used resources), rent.
For example, wage is included in the price of each unit of sold products, but is paid to employees only once or twice a month, and in the period between payments is used by the enterprise for its own purposes. It also happens with taxes and other obligatory payments included in the price of the goods, but paid only by a certain date.
Funds received in the order of redistribution include: insurance compensation funds, as well as dividends and interest on securities of other issuers.
Insurance indemnity funds appear at the enterprise only if there is insurance for various risks: transactions, emergencies, etc., as a result of compensation by insurance organizations for the damage incurred by the enterprise.
Dividends and interest on securities appear when an enterprise acquires shares and other securities of other issuers.
The choice of sources of financing for activities depends on numerous factors: sales volume, the nature of markets, the scope of activities, the specifics of products, the nature state regulation and taxation, relations with financial markets and etc.
When managing finances, it must be remembered that an increase in depreciation charges, due to an increase in the cost of fixed assets, or the choice of a depreciation method leads, with other equal conditions to lower profitability. However, if at the same time the enterprise remains profitable, then the total amount of depreciation and net profit remaining at its disposal increases by a greater amount than profit decreases.
