Development of a short-term financial policy of the enterprise. The financial policy of the enterprise. Location, directions and levels of CFP

financial policy short-term

Allocate short-term and long-term financial policies.

Short-term financial policy is implemented through current financial activities in the context of the main areas of operational management financial activities enterprise and provides interaction financial strategy and tactics. Enterprises with developed short-term financial policies are ultimately better prepared to work in the market for dramatically changing economic conditions and are ultimately more competitive.

Short-term financial policy includes:

Accounting and tax policies;

Management policy working capital;

Depreciation policy;

Credit policy;

Pricing policy.

Table 1 - The range of problems to be solved in the process financial planning

Table 2 systematized the range of issues traditionally disclosed by financial policy.

Table 2 - The content of the financial policy of the enterprise

Long-term financial policy usually consists of dividend policy and investment policy.

In strategic financial management, there are three types of financial policies of an enterprise - aggressive, moderate and conservative.

Aggressive type of financial policy - style and methods of adoption management decisions focused on achieving the highest results in financial activities, regardless of the level of accompanying financial risks.

Aggressive financial policy is characterized by:

Use of a policy of a stable dividend level or a constant increase in the amount of dividends;

Investments in highly profitable, but also high-risk projects;

Setting prices for products below market prices in order to stimulate demand for products;

Application of the method of accelerated depreciation of property;

Current assets are financed by current liabilities;

Maintaining a wide range of products and large stocks in warehouses;

Proactive granting of payment deferrals.

The conservative type of financial policy characterizes the style and methods of making management decisions aimed at minimizing financial risks. Providing a sufficient level of financial security of the enterprise, this type of financial policy cannot provide a sufficiently high final financial performance.

The conservative type of financial policy is characterized by:

Use of a residual dividend payout policy;

Investments in low-risk, but also low-income projects;

Applying the straight-line depreciation method for property;

Establishment of mid-market prices;

Financing of current assets mainly from own and long-term sources;

Maintaining stocks of finished products at a minimum level;

Short terms of provided payment deferrals.

The moderate type of financial policy characterizes the style and methods of making managerial decisions aimed at achieving an average level of financial performance at medium levels of financial risks. This type of financial policy is based on a trade-off between the risk of losing liquidity and profitability.

The financial policy of the joint stock company is developed by the financial and economic service and the Board of Directors.

The meeting of shareholders makes decisions on some issues of long-term financial policy, in particular:

Reorganization of the enterprise;

Acquisition of placed shares by the company;

Participation in holding companies, financial and industrial groups, associations and other unions of commercial organizations;

Approval of major transactions;

Decisions on participation in holding companies, financial and industrial groups, associations and other unions of commercial organizations;

Dividend payment amount;

Increase authorized capital of the company by increasing the par value of shares or by placing additional shares, if the charter of the company, in accordance with this Federal Law, does not refer an increase in the charter capital of the company by placing additional shares to the competence of the board of directors (supervisory board) of the company.

Studying the discipline "short-term financial policy" in educational process due to its special content. Nowadays, due to the rather significant inflation rates, the issues of optimization of short-term financial flows enterprises.

In general, the financial policy of an enterprise is a set of targeted actions of business entities aimed at obtaining specific results using financial relations (finance). Financial policy is developed only for those areas of financial activity that require the most effective management to achieve the main strategic goal financial activities. The formation of a financial policy on certain aspects of financial activity can be multi-level, for example, within the framework of the policy for the formation of financial resources of an enterprise, a policy for the formation of its own financial resources and a policy of attracting borrowed money... In turn, the policy of forming its own financial resources may include, as independent blocks, dividend policy, emission policy, etc.

Financial policy involves the establishment of goals and means to achieve the goals. Financial policy objectives can be:

1.political goals, i.e. achieving goals in the field of foreign and domestic policy

2. economic goals, i.e. achieving goals in the field of economics at various levels

3. social goals, i.e. achieving goals in the field public relations(social classes and strata of the population, social benefits, distribution of social benefits).

Financial policy, as a set of targeted actions using financial instruments, levers and incentives, can be implemented at various levels:

Worldwide

The regional

The National

At the level of individual regions within the country

At the level of an enterprise, organization (business entity)

Individual entrepreneur

At the individual household level

Fig. 1. Components of financial policy

Financial policy is part of the general economic policy. The components of financial policy, both at the level of individual organizations and at the state level, are shown in Figure 1.

Financial policy is a form of implementation of the economic strategy of a firm in the field of finance. Consequently, the financial policy is largely subordinated to the tasks of the economic policy of the enterprise. Financial policy covers the finding and allocation of capital, financial communication and analytical and control activities. It must meet certain principles and requirements and be scientifically grounded, rational, flexible, adequate to the economic strategy of the enterprise, its financial and market position, etc. Only in this case it contributes to the implementation of the tasks facing the enterprise.

Within the framework of the general financial ideology, organizations distinguish financial strategy and financial tactics. Financial strategy is the art of financial policy, and tactics are part of of this art, it is a set of specific techniques and methods of action in a specific situation.

For the implementation of financial policy, its successful implementation, an appropriate financial mechanism is required, which is a set of methods for organizing financial relations used by society in order to ensure favorable conditions for economic and social development. It should include both a list of forms and methods of organizing financial relations, and ways to quantify them. The combination of these elements forms the structure of the financial mechanism, which is set in motion by establishing quantitative parameters for each element, that is, certain rates and withdrawal rates, the volume of funds, the level of expenditures, etc.

Since the financial policy of an enterprise is an integral part of its economic policy, then the financial activity of the enterprise should be carried out on the basis of research on the demand for products, an assessment of the available resources and forecasting the results. economic activity... Directions of use financial funds enterprises are determined on the basis of the goals set, the position of the enterprise in the market, the developed concept of organizing financial activities. From this position, the main goal of the financial policy of the enterprise should be considered the most complete and effective use and increase of its financial potential. The objectives of financial policy are more numerous and varied. In particular, these include tasks:

Definitions of volume and structure current assets enterprises;

Determination of sources of formation of coverage of current assets and the ratio between them;

Optimization of the capital structure of the enterprise and ensuring its financial stability;

Ensuring the maximization of profits by the enterprise;

Achievement of transparency of the financial and economic condition of the enterprise both for its owners and for investors and / or creditors;

Creation of an effective mechanism for managing the finances of an enterprise;

The use by the enterprise of market mechanisms for attracting financial resources;

And many others…

When implementing financial policy at an enterprise, management pursues at least two goals - firstly, it strives not to let go of the threads of all enterprise management, and on the other hand, it aims to obtain a permanent economic effect. In the first case, we are talking about short-term financial policy, and in the second - about long-term (table 1)

Table 1

Comparative characteristics of the short-term and long-term financial policy of the enterprise

After analyzing the data in Table 1, it becomes obvious that the long-term financial policy covers the entire life cycle enterprise (or investment project), which is divided into many short-term periods. Based on the results of each of these periods (usually 1 calendar year), the financial result of the enterprise is determined, profit is distributed, tax calculations are made, and financial statements are drawn up. The success of the enterprise in the short term depends largely on the quality of the short-term financial policy developed by it, on the implementation of a set of measures aimed at ensuring uninterrupted financing of the current activities of the enterprise.

The short-term financial policy is “embedded” in the long-term one - the means for expanding production, increasing the amount of fixed capital used are generated precisely in the process of current activities, which creates both a source of simple reproduction of fixed assets (depreciation) and a source of their expanded reproduction (profit). At the same time, it is cash flows from the current activities and form the overall result, the return on the enterprise (investment project) for the entire period of its life cycle.

If an enterprise, along with its current activities, also carries out investment activities, then cash flows from both types of activities are mixed. So, when implementing an investment project carried out at the expense of borrowed funds, two loan repayment schemes are possible:

1. by using cash flows from current and investment activities at the same time;

2. a strict delimitation of these cash flows is assumed.

For example, in investment bank lending, a long-term loan and interest on it are repaid from flows generated both by current activities and by the investment project itself. In case of project financing, it is envisaged to repay the loan and interest only at the expense of the cash flows generated by the investment project. Thus, a different combination of financing schemes for current and investment activities is possible, between which there is no insurmountable border. In fact, both streams can mutually "feed" each other, the decision to use them separately or jointly depends on specific individuals and circumstances. That is, current and investment activities are not isolated from each other absolutely, but relatively. However, the distinction between current and investment activities is necessary to ensure effective control over the use of financial resources and prevent immobilization (distraction) working capital in capital expenditures, as such an action could unexpectedly undermine the current financing of the enterprise.

Project financing is a debt, the payment of which is carried out from the funds received from the implementation of a specific project, and not from the activities of the entire company as a whole

Short-term financial policy

The study of the discipline "short-term financial policy" in the educational process is due to its special content. Nowadays, in connection with a rather significant inflation rate, the issues of optimization of short-term financial flows of an enterprise are more relevant than ever.

In general, the financial policy of an enterprise is a set of targeted actions of business entities aimed at obtaining specific results using (finance).

Financial policy is developed only for those areas of financial activities that require the most effective management to achieve the main strategic goal of financial activities. The formation of financial policy on certain aspects of financial activity can be multi-level, for example, within the framework of the policy for the formation of financial resources of an enterprise, a policy for the formation of its own financial resources and a policy for attracting borrowed funds can be developed. In turn, the policy of forming its own financial resources can include, as independent blocks, dividend policy, emission policy, etc.

Financial policy involves the establishment of goals and means to achieve the goals.

Financial policy objectives can be:

1.political goals, i.e. achievement of goals in the field of foreign and domestic policy;

2. economic goals, i.e. achieving goals in the field of economics at various levels;
3. social goals, i.e. achieving goals in the field of social relations (social classes and strata of the population, social benefits, distribution of social benefits).

Financial policy, as a set of targeted actions with the use of levers and incentives, can be implemented at various levels:

Worldwide;
- regional;
- national;
- at the level of individual regions within the country;
- at the level of an enterprise, organization (business entity);
- an individual entrepreneur;
- at the level of an individual household.

Fig. 1. Components of financial policy

Financial policy is part of the general policy. The components of financial policy, both at the level of individual organizations and at the level, are shown in the figure.

Financial policy is a form of implementation of the economic strategy of a firm in the field of finance. Consequently, the financial policy is largely subordinated to the tasks of the economic policy of the enterprise. Financial policy covers the finding and allocation of capital, financial communication and analytical and control activities. It must meet certain principles and requirements and be scientifically grounded, rational, flexible, adequate to the economic strategy of the enterprise, its financial and market position, etc. Only in this case it contributes to the implementation of the tasks facing the enterprise.

Within the framework of the general financial ideology, organizations distinguish financial strategy and financial tactics. Financial strategy is the art of conducting financial policy, and tactics is an integral part of this art, it is a set of specific techniques and methods of action in a specific situation.

For the implementation of financial policy, its successful implementation, an appropriate financial mechanism is required, which is a set of methods for organizing financial relations used by society in order to ensure favorable conditions for economic and social development... It should include both a list of forms and methods of organizing financial relations, and ways to quantify them. The combination of these elements forms the structure of the financial mechanism, which is set in motion by establishing quantitative parameters for each element, that is, certain rates and withdrawal rates, the volume of funds, the level of expenditures, etc.

Since the financial policy of an enterprise is an integral part of its economic policy, then the financial activity of the enterprise should be carried out on the basis of research on the demand for products, an assessment of available resources and forecasting the results of economic activity. The directions of using the financial funds of the enterprise are determined based on the goals set, the position of the enterprise in the market, the developed concept of organizing financial activities. From this position, the main goal of the financial policy of the enterprise should be considered the most complete and effective use and increase of its financial potential. The objectives of financial policy are more numerous and varied.

In particular, these include tasks:

Determination of the volume and structure of the enterprise;
- determination of sources of formation of coverage of current assets and the relationship between them;
- optimization of the structure and ensuring its financial stability;
- ensuring the maximization of profits by the enterprise;
- achieving transparency of the financial and economic condition of the enterprise both for its owners and for investors and / or creditors;
- creation of an effective management mechanism;
- the use by the enterprise of market mechanisms for attracting financial resources;
- and many others.

When implementing financial policy at an enterprise, management pursues at least two goals - firstly, it strives not to let go of the threads of all enterprise management, and on the other hand, it aims to obtain a permanent economic effect. In the first case, we are talking about short-term financial policy, and in the second - about long-term (table 1).

Table 1. Comparative characteristics short-term and long-term financial policy of the enterprise

After analyzing the data in Table 1, it becomes obvious that the long-term financial policy covers the entire life cycle of an enterprise (or investment project), which is divided into many short-term periods. Based on the results of each of these periods (as a rule - 1 calendar year), the financial result of the company's activities is determined, profit distribution is carried out, tax calculations are made, and compiled. The success of the enterprise in the short term depends largely on the quality of the short-term financial policy developed by it, on the implementation of a set of measures aimed at ensuring uninterrupted financing of the current activities of the enterprise.

The short-term financial policy is “embedded” in the long-term one - the means for expanding production, increasing the amount of fixed capital used are generated precisely in the process of current activities, which creates both a source of simple reproduction (depreciation) and a source of their expanded reproduction (profit). At the same time, it is from the current activity that the overall result is formed, the return on the enterprise (investment project) for the entire period of its life cycle.

If an enterprise, along with its current activities, also carries out investment activities, then cash flows from both types of activities are mixed.

So, when implementing an investment project carried out at the expense of borrowed funds, two loan repayment schemes are possible:

1. through the use of cash flows from the current and at the same time;
2. a strict delimitation of these cash flows is assumed.

For example, in investment bank lending, a long-term loan and interest on it are repaid from flows generated both by current activities and by themselves. In case of project financing, it is envisaged to repay the loan and interest only at the expense of the cash flows generated by the investment project. Thus, a different combination of financing schemes for current and investment activities is possible, between which there is no insurmountable border. In fact, both streams can mutually "feed" each other, the decision to use them separately or jointly depends on specific individuals and circumstances. That is, current and investment activities are not isolated from each other absolutely, but relatively. However, the distinction between current and investment activities is necessary to ensure effective control over the use of financial resources and prevent the immobilization (diversion) of working capital into capital costs, since such an action can unexpectedly undermine the current financing of the enterprise.

The short-term financial policy directly depends on the accounting policy adopted by the enterprise, which is a set of methods adopted by the organization - primary observation, cost measurement, the current grouping and the final generalization of the facts of economic activity. formed by the chief accountant (accountant) of the organization and approved by the head of the organization.

The main elements of accounting policies are:

Linear method;
- method of diminishing balance;
- method of writing off the cost in proportion to the volume of products (works)

Quarterly cost adjustments;
- monthly cost adjustments

If on a specific issue in regulatory documents the methods of accounting are not established, then when forming the accounting policy, the organization develops an appropriate method based on this and other provisions on accounting.

The accounting policy adopted by the organization is subject to registration by the appropriate organizational and administrative documentation (orders, instructions, etc.) of the organization.

The accounting methods chosen by the organization when forming the accounting policy are applied from January 1 of the year following the year of approval of the corresponding organizational and administrative document. At the same time, they are applied by all branches, representative offices and other divisions of the organization (including those allocated to a separate balance sheet), regardless of their location.

The newly created organization draws up the selected accounting policy before the first publication accounting statements, but no later than 90 days from the date of acquisition of the rights legal entity (state registration). The accounting policy adopted by the newly created organization is considered to be applied from the date of acquisition of the rights of a legal entity (state registration).

The tax policy of the company is inextricably linked with the accounting policy, since the choice of methods for attributing costs to cost may affect the size of the taxable base. As a rule, the reduction of the tax burden of a business entity is carried out by means of special methods.

It is customary to distinguish two types of implementation of the tax policy of the enterprise:

1) optimization of taxes through tax planning in compliance with the requirements of tax, administrative and criminal legislation or, in extreme cases, using contradictions in laws interpreted in favor of the taxpayer. Conventionally, tax optimization methods can be divided into four groups:
- through the accounting policy (determination of depreciation methods, assessment of inventories when they are written off for production or for sale, reservation) and tax incentives;
- by means of special methods of registration of contractual relations:
through an agreement (establishing special conditions of the agreement: the applicable tax regime depends on its content and legal literacy, this also includes the price of the agreement);
"Replacement of relations" and "separation of relations" (these methods are related and consist in the fact that one business transaction, which has a specific economic content, can be formalized by contracts of different legal form);
- through an offshore;
- other methods (deferred tax payment, direct reduction of the object of taxation, etc.).
2) tax evasion - illegal schemes are used, up to a gross violation of the law.

Table 3. Objects and tasks in the framework of the implementation of short-term financial policy

Unfortunately, it is quite difficult to clearly distinguish between legal and illegal tax optimization.

Fulfillment of one of the main goals of short-term financial policy - ensuring uninterrupted financing of the organization's current activities, provides for the formulation of a set of private subtasks. Within the framework of a short-term financial policy, according to the degree of concretization of its objects and the nature of the tasks being solved, it is possible to distinguish the following levels of financial management (Table 3 above).
Up

The financial policy is represented by a specific (financial) ideology aimed at achieving the main goal of the economic activity of the enterprise - making a profit.

Short-term and long-term financial policy are structural elements of the general financial policy of a business entity. At the same time, they are responsible for various areas of the enterprise.

Long-term financial policy inherently covers absolutely the entire life cycle with a full description of its phases of growth, decline, maturity and capital withdrawal to the most needed places. The long-term cycle is subdivided into a large number of short-term periods, the duration of which is equal to one financial year. For each separate year, its own short-term financial policy of the enterprise is formed.

These two types of policy have their own, different from each other areas of application. Long-term financial policy focuses on the investment activities of the enterprise (long-term financial and capital investment), while the short-term focuses on the current activities of a business entity.

There are differences between these two components of financial policy when linked to strategic directions in the market. A short-term financial policy contributes to solving problems of regulating offers of services and goods within a year, a long-term financial policy should ensure a company's place in the market, based on changes in the quality, quantity, and range of the same services and goods.

Working capital management in the long term comes down to solving two main problems:

Determination of the optimality in the structure and size of current assets of liabilities;

Collateral through different forms funds to cover the financial needs of working capital.

Long-term financial policy in comparison with short-term has different objects of management. Financial policy in the short term manages working capital, and long-term - the main one, which can be represented by a combination of working and non-working capital.

From the standpoint of performance criteria, these two concepts compete with each other. The short-term financial policy considers the achievement of the maximum level of profit as an assessment of efficiency, and the long-term one - the maximum benefit from investment investments.

These criteria give rise to differences between short-term and long-term financial policy in determining strategic objectives. So, when implementing the latter, the main strategy is considered to be the achievement of productivity, an increase in capacity and fixed assets, as well as capital is considered not from the point of view of finance, but in physical form, which can be measured as production capacity.

The short-term policy in the field of finance is responsible for fulfilling production tasks within the limits of the available capacities while simultaneously providing flexible financing, the formation and accumulation of its own financial sources and working and non-working capital.

Long-term financial policy closely interacts with short-term financial policy.

Through the implementation of operational and current financial policy, the practical implementation of the financial tactics of the enterprise is carried out.

Fiscal tactics should not be equated with the shortest-term fiscal policy. Politics is not the only component of an enterprise's short-term financial policy. In its composition there are always elements associated with an increase for the enterprise by means of earning or saving financial resources in monetary calculations.

Short-term financial policy refers to financial decisions and activities for a period of less than 12 months or a period of the duration of an operating cycle not exceeding 12 months.

The basis of short-term financial policy is to ensure the short-term or current success of the financial activities of the enterprise.

This success is achieved by optimizing cash flow.

The short-term goals of the firm are mainly limited to the efficient use of the firm's productive potential.

The short-term goals of the enterprise include:

Implementation of operational or ongoing activities;

Effective organization of financial management at the enterprise;

Maintaining a competitive level of enterprise profit.

The tactics are interconnected with the strategy implemented through the implementation of the long-term policy of the enterprise.

Short-term financial decisions must be consistent with long-term financial goals and contribute to their achievement.

The company's strategy includes the definition of goals and objectives, forward-looking analysis production program enterprises.

The effective functioning of the enterprise in the long term is largely determined by the level strategic management his financial activities.

Along with the above differences in these two financial policies, there is a connection between them. The short-term can be considered an “embedded” part of the long-term financial policy. After all, the directions for expanding production activities, freeing up free funds for further investment production process, which belong to the main factor of long-term planning, are formed in the course of the current activities of a business entity.

financial policy long-term strategy

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Moscow Institute of Entrepreneurship and Law

Test

Completed by a 6th year student

Faculty of Economics and Management

Specialty "Finance and Credit"

Correspondence department (Weekend group)

Kislova Ekaterina Zhanovna

Gradebook number 28251

Moscow 2013

Objectives and principles

Goals.

When implementing financial policy at an enterprise, management pursues at least two goals - firstly, it seeks not to let go of the threads of all enterprise management, and on the other hand, it aims to obtain a permanent economic effect. In the first case, we are talking about short-term financial policy, and in the second - about long-term (Table 1).

Table 1. Comparative characteristics of the short-term and long-term financial policy of the enterprise

After analyzing the data table. 1, it becomes obvious that a long-term financial policy covers the entire life cycle of an enterprise (or investment project), which is divided into many short-term periods.

Based on the results of each of these periods (usually 1 calendar year), the financial result of the enterprise is determined, profit is distributed, tax calculations are made, and financial statements are drawn up. The success of the enterprise in the short term depends largely on the quality of the short-term financial policy developed by it, on the implementation of a set of measures aimed at ensuring uninterrupted financing of the current activities of the enterprise.

The short-term financial policy is “embedded” in the long-term one - the means for expanding production, increasing the amount of fixed capital used are generated precisely in the process of current activities, which creates both a source of simple reproduction of fixed assets (depreciation) and a source of their expanded reproduction (profit). At the same time, it is the cash flows from current activities that form the overall result, the return on the enterprise (investment project) for the entire period of its life cycle.

If an enterprise, along with its current activities, also carries out investment activities, then cash flows from both types of activities are mixed.

The short-term financial policy directly depends on the accounting policy adopted by the enterprise, which is a set of accounting methods adopted by the organization - primary observation, cost measurement, current grouping and the final generalization of the facts of economic activity. The accounting policy of the organization is formed by the chief accountant (accountant) of the organization and approved by the head of the organization.

The main elements of accounting policies are:

Working chart of accounts of accounting, containing synthetic and analytical accounts necessary for accounting in accordance with the requirements of timeliness and completeness of accounting and reporting; forms of primary accounting documents used to formalize the facts of economic activity, for which standard forms of primary accounting documents are not provided, as well as forms of documents for internal financial statements;

The procedure for taking an inventory of the assets and liabilities of the organization;

Methods for assessing assets and liabilities;

Document flow rules and accounting information processing technology;

The order of control over business operations;

Other solutions required for organizing accounting.

The tax policy of the company is inextricably linked with the accounting policy, since the choice of methods for attributing costs to cost may affect the size of the taxable base of income tax. As a rule, the reduction of the tax burden of a business entity is carried out by means of special methods.

Table 2. Objects and tasks of financial management in the framework of the implementation of short-term financial policy

Fulfillment of one of the main goals of short-term financial policy - ensuring uninterrupted financing of the organization's current activities, provides for the formulation of a set of private subtasks.

Principles .

The principle of self-sufficiency and self-financing. Self-sufficiency implies that the funds that ensure the functioning of the organization should pay off, i.e. generate income that meets the lowest possible level of profitability. Self-financing means full recoupment of the costs of production and sales of products, investment in the development of production at the expense of their own funds and, if necessary, at the expense of bank and commercial loans.

The principle of self-government or economic independence is to independently determine the development prospects of the organization (primarily based on the demand for manufactured products, work performed or services provided); independent planning of their activities; ensuring the production and social development of the company.

Principle material responsibility means the presence of a certain system of responsibility of the organization for the conduct and results of economic activities. Financial Methods implementation of this principle is different for individual organizations, their leaders and employees, depending on the organizational and legal form.

The principle of interest in the results of activities. The objective necessity of this principle is determined by the main goal entrepreneurial activity- systematic profit making.

The principle of exercising control over the financial and economic activities of the enterprise. As you know, the finances of an enterprise perform a control function, since this function is objective, then subjective activity is based on it - financial control.

There are several types of control, depending on the subjects exercising it:

1) national (non-departmental) control is carried out by state authorities and administration;

2) departmental control is carried out by control and auditing departments of ministries, departments;

3) independent financial control is carried out by audit firms.

The principle of formation of financial reserves is associated with the need to ensure the continuity of entrepreneurial activity, which is associated with a high risk due to fluctuations in market conditions.

In the direction of the financial policy of the organization is divided into internal and external.

Internal financial policy is aimed at financial relations, processes and phenomena occurring within the organization.

External financial policy is aimed at the organization's activities in the external environment: in financial markets, in credit relations, etc.

Compliance and Issues Case Study

I take OJSC "GasProm" as an example. The reporting is available on the Internet at the company's official website.

1. Retaining control.

In the case of OJSC Gazprom, we are talking about the distribution of shares. We see:

Share capital structure of OJSC Gazprom:

The controlling stake is held by the state. Approximately one third of the shares were sold on depositary receipts. A quarter is in the hands of private shareholders.

Management is carried out by the state.

Obtaining a permanent economic effect

Let's calculate the return on sales.

Net profit for 2011 tons in 2012 amounted to 882,120,858 thousand rubles, respectively. and 556,340,354 thousand rubles.

Revenue (NET) for 2011 t 2012 amounted to 3 534 341 431 thousand rubles, respectively. and 3 659 150 757 thousand rubles.

From here we calculate the profitability

for 2011.

for 2012

In 2011, OJSC Gazprom received 25 kopecks of profit from 1 ruble of sales. In 2012, 15 kopecks.

In view of the increase in the total amount of proceeds from sales for the past year and the decrease in net profit, we can talk about a decrease in profitability.

Principles

Let us consider OJSC Gazprom from the point of view of compliance with the principles of short-term financial policy.

Self-sufficiency.

Let's calculate the profitability of fixed assets as an example.

Fixed assets for 2011 4 808 400 368 thousand rubles. and for 2012 5 569 621 570 thousand rubles.

for 2011

10% for 2012.

It turns out that profitability has decreased, but the principle of self-sufficiency has been fulfilled.

The principle of self-government or economic independence

Prospective directions of the Company's development in 2013:

Retail sales of liquefied petroleum gas (LPG)

The development of retail sales of LPG is the most important area of ​​development for OJSC Gazprom Gazenergoset.

The strategic directions remain:

expansion of the geography of presence through expansion into new regions, development of existing networks of filling stations in subsidiaries and affiliates;

modernizing and increasing the competitiveness of retail assets by bringing them to uniform visual standards;

automation retail in order to maximize the efficiency of retail sales of LPG;

creation of a single processing center;

optimization of logistics flows;

construction of new gas filling stations (AGZS);

implementation of the rebranding program and the introduction of a single corporate identity for the entire network of filling stations in order to increase brand awareness;

implementation of customer-oriented sales management strategies retail sales gas engine fuel.

Wholesale sales

In the wholesale segment it is planned to:

expanding the sale of helium;

construction of a helium liquefaction plant in the Orenburg region;

construction of a stabilization gas processing unit in the Astrakhan region;

modernization and reconstruction of production assets in order to increase the productivity and safety of operation of gas filling stations (GNS);

development of wholesale sales of sulfur and sulfur-containing products.

Alternative use of fuels (LPG, LNG, CNG)

Remains important focus development of the company and in currently development is in progress:

a project to develop production facilities for low-tonnage LNG liquefaction, including:

Reconstruction of a natural gas liquefaction complex in the Leningrad Region;

Construction of LNG production units in the Perm and Khabarovsk Territories (within the framework of the Russian Regions Gasification Program).

Project for the sale of natural gas as a vehicle fuel (CNG).

Plans for 2013:

marketing analysis of the potential capacity of the CNG market;

development of standard technical solutions and feasibility studies.

The company's participation as a customer for autonomous LPG gasification facilities in the republics of Buryatia, Dagestan and a number of other regions.

Thus, the principle is respected. The company is developing, outlining plans for the future.

The principle of material responsibility

The company's economic activities, which are of strategic importance for the economy of Russia and other countries, affect the interests of millions of people. The environmental impact of a company in the course of its activities determines its responsibility to society.

Aware of this responsibility, OAO Gazprom became one of the first companies in Russia to adopt an environmental policy in 1995. In response to the increased requirements for environmental protection, the company took on additional commitments in this area in 2000, which is reflected in new edition environmental policy.

Currently, the responsibility of OAO Gazprom, as a global energy company, is growing for the preservation of the natural environment, safety and reliability of product supplies while fulfilling environmental and social obligations set forth in this environmental policy.

Involvement of personnel in active participation in labor protection and industrial safety, creation of conditions, including the development of motivation methods, in which each employee of OAO Gazprom and its subsidiaries is aware of their responsibility for their own safety and the safety of those around them

Responsibility for compliance with the requirements is borne by CEOs generating companies, and the coordination of activities is carried out by the chief engineers of the companies and power plant branches.

Responsibility for exercising control over the efficiency of subsidiaries and dependent companies in the areas of activity is assigned to structural units JSC "Gazprom" depending on their specialization. At the same time, the issues of coordination and organizational and methodological support of the work of representatives of OAO Gazprom and its subsidiaries in the management bodies of investment objects fall within the sphere of responsibility of the Department for Property Management and Corporate Relations.

The principle of responsibility is thus also respected.

The principle of interest in the results of activities

Gazprom Group remains the leader in gas reserves industrial categories among the oil and gas companies in the world, owning 18% of the world's and 72% of Russian reserves. The Group's explored gas reserves in foreign countries are less than 1% as of December 31, 2012.

Preparation of Gazprom's resource base, its replenishment, strengthening and expansion is a multifaceted problem, the solution of which is interconnected with scenarios for hydrocarbon production, geological potential of poorly studied regions, transport infrastructure, dynamics of the domestic and foreign markets, environmental problems, strategic partners and competitors.

The principle of interest in the company is respected, as it remains a leader and strives to expand, improve and promote new areas of PI production.

The principle of exercising control over the financial and economic activities of the enterprise

Information on the structure and competence of the bodies supervising the issuer's financial and economic activities.

A full description of the structure of the bodies controlling the financial and economic activities of the issuer and their competence in accordance with the charter ( constituent documents) of the issuer:

In accordance with Article 48 of the Gazprom Charter and the Regulations on the Gazprom Audit Commission, approved by the annual General Shareholders Meeting of Gazprom on June 28, 2002, the Audit Commission is elected by the Annual General Shareholders Meeting to monitor the Company's financial and business activities Society. The Audit Commission is elected for a period until the next annual General meeting shareholders in the amount of 9 people.

The competence of the Audit Commission is determined by the Federal Law "On joint stock companies", And on issues not provided for by the Law - by the Charter of OAO Gazprom.

The competence of the Audit Commission of the Company includes:

Audit of the financial and economic activities of OAO Gazprom based on the results of the year, as well as at any time on its own initiative, by the decision of the General Meeting of Shareholders, the Board of Directors of OAO Gazprom or at the request of the shareholder (shareholders) of OAO Gazprom, which owns an aggregate of at least 10 percent of OAO Gazprom's voting shares;

Confirmation of the reliability of the data contained in the annual report of the Company, annual financial statements and other reports, as well as other financial documents of the Company;

Informing about the facts of violation of the established legal acts Russian Federation the procedure for maintaining accounting records and submitting financial statements, as well as legal acts of the Russian Federation in the implementation of financial and economic activities;

Verification and analysis financial condition The Company, its solvency, the functioning of the internal control system and the financial and operational risk management system, liquidity of assets, the ratio of equity and borrowed funds;

Checking the timeliness and correctness of settlement transactions with counterparties, the budget, as well as wages, social insurance, accrual and payment of dividends and other settlement transactions;

Verification of compliance with the use of material, labor and financial resources in production and financial and economic activities of the current norms and standards, approved estimates and other documents regulating the activities of the Company, as well as the implementation of decisions of the General Meeting of Shareholders;

Verification of the legality of the Company's business operations carried out under agreements concluded on behalf of the Company;

Checking the cash desk and property of the Company, the efficiency of using the assets and other resources of the Company, identifying the reasons for non-productive losses and expenses;

Verification of the fulfillment of instructions to eliminate violations and shortcomings previously identified by the Audit Commission;

Verification of compliance of decisions on financial and economic activities adopted by the Management Board and the Board of Directors of the Company, the Charter of the Company and decisions of the General Meeting of Shareholders.

The issuer created an internal audit service

Thus, the principle is respected.

The principle of formation of financial reserves

For clarity, consider:

It can be seen that on the basis of the balance sheet we are talking about a decrease in reserves. In this regard, the management of OAO Gazprom must take measures.

“The continuing uncertainty and volatility of the stock market, especially in Europe, and other risks may have a negative impact on the Russian financial and corporate sectors.

Management has made allowances for impairment, taking into account the economic situation and prospects at the end of the reporting period. " - stated in the 2012 report.

Optimization of the main groups of current stocks:

In 2012, the Group sold 22 lots of LNG with a volume of 68.7 trillion BTU (1.44 million tonnes, or 1.92 bcm), including 4 shipments under the existing contract with the Indian company GSPC.

The share of Russian gas in the Gazprom Group's supply portfolio in 2012 was 43%.

Let's calculate the average size party

In 2012, Gazprom Group's capital investments in underground gas storage amounted to RUB 18.2 billion. (in 2011 - 20.0 billion rubles)

For the selection season 2012/2013 the volume of the operational gas reserve in Russian UGS facilities increased by 1.03 bcm compared to the previous season and amounted to 66.28 bcm.

We calculate the cost of storing a unit of production

We will calculate the amount of costs for storing goods in a warehouse

The average cost of placement is approximately 100 rubles / 1000 m3 or 100,000,000 per 1 billion m3 (based on the average calculation according to the Order Federal Service according to tariffs dated November 17, 2011 No. 276-e / 5 (registered with the Ministry of Justice of Russia dated December 30, 2011 No. 22887) for consumers over 500 million m3 / year.

The average order value in this way will be:

The amount of the cost of placing orders, including the cost of transportation and receipt of goods will be

Due to the fact that the graphical representation of determining the optimal stock is difficult with a small value of the storage cost indicator, I will conclude orally: The optimal amount of stock for OJSC GasProm is almost directly proportional to the size of orders, if not, exceeds it. This is primarily due to the fact that storage costs are negligible in view of the economic benefits and the pace of the production cycle established by the company.

stock control economic benefits

Conclusion

A short-term financial policy is perhaps the simplest invention of modern financiers and managers, which in turn helps to solve extremely complex problems, and moreover quickly and flexibly.

As you can imagine, it covers both state-owned enterprises and private organizations. Both those and others need to maneuver at the current moment in time, and not only in the long run. And, so as not to damage the overall concept of the enterprise, short-term financial policy is always "correlated" with long-term one.

As can be seen from my work, not always, even at first glance, a very successful organization can unequivocally declare that it is in full control of the situation at the current moment in time. And this is normal, since there is always a certain margin of error. In part, short-term fiscal policy is designed to keep errors to a negligible value.

V modern conditions it is extremely difficult. If you look at the macroeconomic situation, it becomes clear that long-term financial policies affecting short-term ones have a large percentage of uncertainty. This, in turn, negatively affects the maneuvering of enterprises.

However, it is impossible to completely abandon long-term planning or, on the contrary, to act constantly only reactively, focusing only on the long-term perspective. Although, it should be noted, this is quite permissible for some enterprises, due to their specifics or size, for example, this, as is clear, is more an exception than a rule.

Short-term financial policy for its implementation requires deep knowledge and experience in the field of its application. Hasty or thoughtless decisions, even in full accordance with the principles and goals, can lead to undesirable effects.

In this regard, I would like to conclude that short-term financial policy is only acquiring general features due to its goals and principles. However, it gets its final form in practice.

List of used literature

1. Law of the Russian Federation "On Subsoil" dated 02.21.1992 N 2395-1

2. Environmental law. Short course

3. Revision and audit

4. Financial management... Mathematical foundations. Short-term financial policy Authors: Petr Brusov, Tat'yana Filatova Publisher: KnoRus ISBN 978-5-406-02780-6; 2012 r.

5. Short-term and long-term financial policy Authors: Vera Kogdenko, Margarita Melnik, Ilya Bykovnikov Publisher: Yuniti-Dana ISBN 978-5-238-01690-0; 2010 r.

6. Unified State Exam. Workshop on social studies. Economy. Sociology. Preparing for assignments A, B, C Authors: Evgeniya Korol'kova, Elena Rutkovskaya Publisher: Exam ISBN 978-5-377-07011-5; 2014

8. Enterprise economics. Theory and practice

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