Ways to improve the efficiency of using the capital of an enterprise. Thesis: Improving the efficiency of the use of borrowed capital (based on the materials of Selprom LLP) Improving the efficiency of using the equity capital of the enterprise

Any organization conducting commercial activities must have a certain capital, which is a combination of material assets and monetary funds, financial investments and costs necessary for the implementation of economic activities.

The capital of an enterprise can be viewed from several points of view. First of all, it is advisable to distinguish between real capital, i.e. existing in the form of means of production, and money capital, i.e. existing in the form of money.

The capital of the enterprise is the part of the financial resources used by the organization in circulation in order to generate income.

It should be noted the main characteristics of capital:

1. The capital of the enterprise is the main factor of production.

2. Capital characterizes the financial resources of an enterprise that generate income.

3. Capital is the main source of wealth formation for its owners.

4. The capital of the enterprise is the main measure of the market value of the organization.

5. The dynamics of the capital of an enterprise is the most important indicator of the level of efficiency of its economic activity. The ability of equity capital to self-growth at a high rate characterizes a high level of formation and effective distribution of the company's profits, its ability to maintain financial balance from internal sources. At the same time, a decrease in the volume of equity capital is, as a rule, a consequence of the ineffective, unprofitable activity of the enterprise.

The management of financial resources and the sources of their formation is one of the most important tasks of financial management. The availability of financial resources in the required amounts predetermines the financial well-being of the enterprise, i.e. its financial stability and solvency. Since financial resources are not free at all and the cost depends on the source, the problem arises of optimizing the structure of funding sources both in the long-term and in the short-term aspect.

The process of forming the capital of an enterprise is inextricably linked with the assessment of its value. The assessment is carried out in the following three stages.

The first stage, the assessment of the value of individual elements of equity capital. Such an assessment has a number of features:

a) the need for constant adjustment of the balance sheet amount of the equity capital of the enterprise. If the loan capital provided is estimated at prices close to market prices, then the equity capital, reflected in the balance sheet, of the current market value is significantly underestimated. In this regard, the amount of equity capital in the calculations is overestimated. Assessment of the amount of equity in the current market value is determined by:

At the first stage, the net asset value is determined.

CHA = A - ZK, (1.36)

where CHA is the value of the net assets of the enterprise;

A - the total value of the assets of the enterprise;

ЗК - the amount of borrowed capital used by the enterprise.

At the second stage, the composition of the company's net assets is determined.

MOAS = CHA - VAo, (1.37)

where MOAS is the sum of tangible current assets of the enterprise, formed at the expense of equity capital;

CHA - the value of the net assets of the enterprise;

VAo - the cost of non-current operating assets of the enterprise.

At the third stage, the indexation of the book value of individual elements of non-current operating assets and own tangible assets is carried out in order to assess them at market value.

b) the assessment of the value of the newly attracted equity capital is probabilistic and conditional. If the attraction of borrowed capital is based on specific obligations of the enterprise, then the attraction of equity capital does not contain such contractual obligations (with the exception of issues of preferred shares).

c) the amount of payments to capital owners is included in taxable profit, which increases the cost of equity in comparison with borrowed capital. Payments to capital owners of interest and dividends are made at the expense of the company's net profit, while interest payments for borrowed capital are made at the expense of costs (prime cost), and, therefore, are not included in the taxable base for profit.

d) raising equity capital is associated with a higher level of investors' risks, which increases its cost by the amount of the risk premium. The claims of the owners of the main part of the capital (investors) are subject to satisfaction in the event of bankruptcy of the enterprise in the last turn;

e) attracting equity capital is not associated, as a rule, with a returnable cash flow for its principal amount, which determines the profitability of using this source by an enterprise, despite its higher cost. Equity includes only interest and dividend payments to owners. This determines the greater security of the use of equity capital from the standpoint of ensuring the solvency and financial stability of the enterprise. Consider the mechanism for managing the cost of equity capital.

The cost of a functioning equity capital has the most reliable basis of calculation in the form of reporting data of the enterprise. In the process of such an assessment, the following is taken into account:

a) the average amount of equity capital used in the reporting period at book value. This indicator is calculated using the chronological average method for a number of internal reporting periods;

b) the average amount of used equity in the current market valuation.

c) the amount of payments to capital owners (in the form of interest, etc.) at the expense of net profit. In most cases, this price is determined by the owners themselves, setting the amount of interest or dividends on the invested capital in the process of distributing net profit. The cost of functioning equity capital is determined by the formula:

SKfp = NPs * 100 / SKs, (1.38)

where SKfp is the cost of the operating equity capital of the enterprise in the reporting period,%;

NPV - the amount of net profit paid to the owners of the enterprise in the process of its distribution for the reporting period;

SKs - the average amount of the company's equity capital in the reporting period.

The cost of the functioning equity capital in the planning period is determined by:

SKfp = SKfo * PW, (1.39)

where SKfp is the cost of the functioning equity capital of the enterprise in the planning period,%;

PW is the planned growth rate of payments of profit to owners per unit of invested capital, expressed as a decimal fraction.

The cost of retained earnings from the last reporting period. Valuable are the payments planned for its amount to the owners who own it. Taking into account this approach, the cost of retained earnings (AR) is equated to the value of the operating equity capital of the enterprise (SCfp) in the planning period:

SNP = SKfp. (1.40)

The cost of additionally attracted share (share) capital is calculated in the process of valuation differentiated by preferred shares and ordinary shares.

The cost of attracting additional capital through the issue of preferred shares is determined taking into account the fixed amount of dividends, which is predetermined for them. In addition to the payment of dividends, expenses include the issuance costs of the issue of shares (calculated using the formula):

SSKpr = Dpr * 100 / Kpr * (1 - EZ), (1.41)

where SSKpr is the cost of equity capital raised through the issue of preferred shares,%;

Дпр - the amount of dividends provided for payment;

Кпр - the amount of equity capital raised through the issue of preferred shares;

EZ - the cost of issuing shares, expressed in decimal fractions in relation to the amount of the issue.

The cost of attracting additional capital through the issue of ordinary shares requires taking into account the following indicators: the amount of additional issue of ordinary shares; the amount of dividends paid in the reporting period per share; the planned growth rate of payments of profit to capital owners; the planned costs of the issue of shares.

In terms of the cost of raising, this type of capital is expensive, since the cost of servicing it does not reduce the profit tax base, and the risk premium is the highest, since this capital is protected to a lesser extent in case of bankruptcy. The calculation of the cost of additional capital raised through the issue of ordinary shares is:

SSKpa = Ka * DPaPW * 100 / Kpa * (1 - EZ), (1.42)

where SSKpa is the cost of equity capital raised through the issue of common shares,%;

Ka is the number of additionally issued shares;

DPA - the amount of dividends paid per one common share,%.

Taking into account the cost of the elements of equity capital and the specific weight of each of these elements in its total amount, the weighted average cost of equity capital of the enterprise can be calculated.

The second stage, the assessment of the cost of individual elements of the borrowed capital attracted by the enterprise takes into account a number of features:

a) the relative simplicity of the formation of the basic indicator for assessing the cost. The indicator is the cost of debt service for a loan, the coupon rate on bonds. This indicator is directly stipulated by the terms of the loan agreement, the terms of the issue;

b) taking into account the tax corrector in the process of assessing the cost of borrowed funds. Since debt service payments are expensed, the cost of borrowed capital is reduced accordingly by the income tax rate. The tax corrector is a multiplier: (1 - SNP), where SNP is the income tax rate, expressed as a decimal fraction;

c) the cost of attracting borrowed capital has a high degree of connection with the level of the company's creditworthiness, assessed by the lender. The higher the level of creditworthiness of an enterprise, the lower the cost of borrowed capital attracted by this enterprise;

d) raising debt capital is always associated with a return cash flow not only for servicing the debt, but also for repaying the obligation for the principal amount of this debt. So, the interest rate on a long-term loan in all its forms, which allows an enterprise to reduce the risk of insolvency in the current period, is always higher than for a short-term one.

Consider the features of the assessment and management of the cost of borrowed capital in the context of its basic elements.

The cost of a financial loan includes:

the cost of a bank loan, determined on the basis of the interest rate for the loan, is estimated using the following formula:

SBK = PKb * (1 - SNp) / (1 - ZPb), (1.43)

where SBK is the cost of borrowed capital raised in the form of a bank loan,%;

PKb - interest rate for a bank loan,%;

ZPb - the level of expenses for attracting a bank loan to its amount, expressed as a decimal fraction.

The cost of borrowed capital attracted through the issue of bonds is estimated on the basis of the coupon interest rate on it:

SOZk = SK * (1 - SNp) / (1 - EZo), (1.44)

where COZk is the cost of borrowed capital raised through the issue of bonds,%;

SK - bond coupon rate,%;

SNP - the rate of income tax, expressed in decimal fraction;

EZo - the level of emission costs in relation to the volume of emission, expressed in decimal fraction.

In the second case, the cost calculation is determined:

SOZd = Dg * (1 - Cnp) * 100 / (Ho - Dg) * (1 - EZo), (1.45)

where Dg is the average annual value of the bond discount;

But - the face value of the bond to be redeemed;

The cost of a commodity (commercial) loan is estimated in the context of two forms:

The cost of a commodity (commercial) loan provided in the form of a short-term deferred payment is estimated by the size of the discount on the price of the product, in case of cash payment for it, and is calculated by the formula:

STKk = (TsS * 360) * (1 - SNp) / PO, (1.46)

where STKk is the cost of a commodity loan provided on a short-term deferred payment basis,%;

CA - the size of the price discount when making a cash payment for the product,%;

PO - the period of granting a deferred payment for products, in days.

2 The cost of a commodity (commercial) loan in the form of a long-term deferred payment with a bill of exchange. It is formed under the same conditions as the banking one, however, it must take into account the loss of the price discount for cash payment for products. The calculation is carried out according to the formula:

STKv = PKv * (1 - SNp) / (1 - TsS), (1.47)

where STKv is the cost of a commodity loan provided on the terms of a long-term deferred payment with a bill of exchange,%;

PKv - interest rate for a bill of exchange,%;

Management of the cost of this form of commodity credit, as well as banking, is reduced to the search for options for the supply of similar products that minimize the size of this cost.

The cost of the company's current liabilities for calculations in determining the weighted average cost of capital is accounted for at the zero rate, since it represents free financing of the company through this type of borrowed capital. The terms of payment of this debt (for salary, taxes, insurance) are strictly deterministic, it does not apply to managed financing from the standpoint of assessing the cost of capital.

The third stage, the assessment of the weighted average cost of capital of the enterprise. Taking into account the given initial indicators, the weighted average cost of capital (WCC) is determined:

CCK = ∑Ci * Yi (1.48)

The calculated weighted average cost of capital is the main criterion indicator for assessing the effectiveness of capital formation in an enterprise.

The process of strategic capital management of an enterprise, according to Blank I.A., is associated with the assessment and selection of strategic alternatives, which, in addition to specific factors, require taking into account the peculiarities of the enterprise's use of both equity and debt capital.

1. Analysis of the capital of the enterprise in the previous period. The main purpose of this analysis is to identify trends in the dynamics of the volume and composition of capital in the preplanned period and their impact on financial stability and capital efficiency.

At the first stage of the analysis, the dynamics of the total volume and the main constituent elements of capital is considered in comparison with the dynamics of the volume of production and sales of products; the ratio of equity and debt capital and its tendencies is determined; in the structure of borrowed capital, the ratio of long- and short-term financial liabilities is studied; the amount of overdue financial obligations is determined and the reasons for the delay are found out.

At the second stage of the analysis, as Kanke notes, the system of coefficients of financial stability of an enterprise, determined by the structure of its capital, is considered. In the process of carrying out such an analysis, the following coefficients are calculated and studied in dynamics:

Autonomy coefficient - the higher this coefficient, the more chances the company has to cope with market uncertainty:

Ka = SK / WB, where (1.49)

SK - a source of own funds;

WB - the total amount of sources (balance sheet).

Financing ratio;

Kfin = SK / ZK, where (1.50)

SK - equity capital;

Long-term financial independence ratio;

K nezav. = (SK + DO) / WB, where (1.51)

DO - long-term obligations.

Long- and short-term debt ratio.

Kdkz = Zd / PO (1.52)

Zd - long-term liabilities

PO - current liabilities

Standard indicator - 1.0

Analysis of the financial stability of an enterprise allows one to assess the degree of stability of its financial development and the level of financial risks that generate the threat of its bankruptcy.

At the third stage of the analysis, the efficiency of the use of capital in general and its individual elements is assessed. In the process of carrying out such an analysis, the following main indicators are calculated and considered in dynamics:

Capital turnover period;

Pob = T / Cob, where (1.53)

T - duration (in calendar days) of the analyzed period

Kob - capital turnover ratio, which is calculated by the formula:

Kob = Net sales proceeds (turnover amount) / average annual cost of capital (1.54)

The capital turnover ratio shows how many turnovers during the period are made by the funds that were invested in the property of the enterprise. If this ratio grows, then the business activity of the enterprise increases.

The rate of return of all used capital;

Ra = NPo / Ac, where (1.55)

NPo - the total amount of the company's net profit received from all types of economic activity in the period under review;

Ac - the average cost of all assets used by the enterprise in the period under review

Return on equity ratio;

Rsk = NPo / SKs, where (1.56)

NPo - the sum of the company's net profit received from all types of economic activities in the period under review

Return on capital characterizes the efficiency of using fixed capital:

K = Cost of production / cost of fixed capital (1.57)

The capital intensity of product sales fixes the cost of fixed capital costs per unit of output

Ke = Cost of fixed capital / cost of production (1.58)

2. Assessment of the main factors determining the formation of the capital structure. Practice shows that there are no uniform recipes for the effective ratio of equity and debt capital, not only for enterprises of the same type, but even for one enterprise at different stages of its development and with different conjuncture of the commodity and financial markets. At the same time, there are a number of objective and subjective factors, taking into account which allows you to purposefully form the structure of capital, providing the conditions for its most effective use at each specific enterprise.

Capital management in an enterprise comes down to two main directions - 1) establishing the proportions of the use of equity and borrowed capital that are optimal for a given enterprise; 2) ensuring the attraction to the enterprise of the necessary types and volumes of capital to achieve the calculated indicators of its structure.

3. Optimization of the capital structure according to the criterion of maximizing the level of financial profitability. To carry out such optimization calculations, a financial leverage mechanism is used. Conducting multivariate calculations using the financial leverage mechanism allows you to determine the optimal capital structure that maximizes the level of financial profitability.

Financial leverage (leverage effect) is calculated using the following formula:

EFR = (1 - Нп / 100) × (ER - SSPS) × ЗС / SS, where (1.59)

EFR - the effect of financial leverage,%;

Нп - income tax rate;

ER - economic profitability,%;

MTSP - the average calculated interest rate on loans (borrowed funds);

SS - own funds;

ЗС - borrowed funds.

The formula for calculating the effect of financial leverage contains three factors:

1) (1 - SNP) - does not depend on the enterprise

2) (ER - PSA) - the difference between the return on assets and the interest rate for a loan, which is called the differential (D)

3) (ZK / SK) - financial leverage (FR).

Therefore, the formula for the effect of financial leverage can be written in a shorter form:

EFR = (1 - SNP) × D × FR (1.60)

Thus:

The efficiency of the use of borrowed capital depends on the ratio between the return on assets and the interest rate for a loan. If the rate for a loan is higher than the return on assets, the use of borrowed capital is unprofitable.

All other things being equal, more financial leverage has a greater effect.

4. Optimization of the capital structure according to the criterion of minimizing its cost. The optimization process is based on a preliminary assessment of the cost of equity and debt capital under different conditions of its attraction and the implementation of multivariate calculations of the weighted average cost of capital.

5. Optimization of the capital structure according to the criterion of minimizing the level of financial risks. This optimization method is associated with the process of differentiated selection of sources of financing for various components of the assets of the enterprise. For this purpose, all assets of the enterprise are divided into the following three groups:

1) Non-current assets.

2) A permanent part of current assets. This is a fixed part of assets, the size of which does not depend on seasonal and other fluctuations in the volume of operating activities

3) Variable part of current assets, which is associated with seasonal and other fluctuations in operating activities

There are three approaches to financing various groups of enterprise assets: conservative, moderate or aggressive (Figure 1.8).

Ministry of Agriculture of the Russian Federation

FGBOU VPO "NOVOSIBIRSK STATE

AGRARIAN UNIVERSITY "

FACULTY OF ECONOMICS

Specialty 260501 "Technology of public catering products"

On the topic: “Fixed capital. Efficiency of the use of fixed capital. Ways to improve the efficiency of use "

Completed by: Berezhnova E.E.

Group: 2511

Checked by: T.S.Pashkova

Novosibirsk 2014

Introduction

Conclusion

Introduction

The market economy as a basic principle of functioning assumes the firm's interest in the results of financial and economic activities. In the face of tough competition and the need to expand markets for products, the enterprise faces an acute problem of finding financial resources to ensure growth and development. Therefore, the central object of management in financial management is the financial resources of the company, the sources of their formation and directions of use.

Thus, the problem of the capital adequacy of the enterprise and the efficiency of its management comes to the fore. The capital of an enterprise characterizes the total value of funds invested in the formation of its assets. These are the financial resources of the organization that generate income. At the same time, the capital of a firm is the main measure of its market value. The decisive role in ensuring this function belongs to the firm's own capital, its net assets. At the same time, the amount of equity capital used determines the potential for attracting borrowed funds and, ultimately, forms the basis for assessing the company's market value. Capital dynamics serves as a leading indicator of the level of efficiency of an organization's economic activities. The ability of equity capital to self-growth characterizes the level of profit growth, its effective distribution, ensuring financial balance from internal sources.

Thus, the role of capital in the economic development of the firm defines it as the main object of the financial management of the organization.

Fixed capital plays an important role in the activities of enterprises, practically without this capital, its existence is not possible.

Economic nature, composition and structure of fixed capital

Fixed capital is a set of funds invested in values ​​that repeatedly participate in the process of economic activity and transfer parts of their value to the finished product over a long period of time (more than one year and more than 100 minimum wages).

The concepts of "fixed capital" and "non-current assets" are not identical. Non-current assets are a reflection of fixed capital on the accounts of the organization's balance sheet. Since accounting in organizations is carried out in accordance with the rules established by the state, this reflection may not coincide with the economic essence of fixed capital. Management of a portfolio of financial assets from the point of view of its implementation does not have significant features depending on the terms of ownership of financial assets. In addition, financial assets can usually be easily converted into cash. Therefore, portfolio management of financial assets has traditionally been viewed as an area of ​​working capital management.

The composition of fixed capital is a set of its constituent elements: buildings, structures, transmission devices, machinery and equipment, vehicles, computers, etc.

The composition of fixed capital along with fixed assets includes intangible assets, equipment for installation and profitable investments in tangible assets.

The structure of fixed capital is the share of each element in its total volume. It serves as an indicator of the technical level of development of production in industry and other sectors of the national economy. The management of this structure is of practical importance for each organization, as it allows to optimize the flow of investment resources directed to the renewal and technical improvement of its production potential.

In a market economy, fixed capital can represent public or private forms of value. However, regardless of the legal status of the functioning of fixed capital, it expresses a significant part of the national wealth of a society. Therefore, the problems of reproduction and long-term use of fixed capital occupy a priority place in the country's economy. As a result, the interest (and material responsibility) of owners (founders and shareholders), management personnel (managers of all levels) of organizations increases in the effective implementation of real investments in production and in the rational use of fixed capital. A special role here is played by active elements of fixed capital (machinery and equipment), since they are directly involved in the production process. The efficiency of investments in fixed assets is determined in the course of its functioning in each organization.

The rational use of fixed capital has a direct impact on the organization's need for working capital and, above all, for inventories. A decrease in the absolute volume of the latter at the end of the reporting period leads to a relative decrease in inventories per unit of fixed capital. The quantitative ratio between fixed and circulating capital expresses the organic structure of capital. In practice, this structure is established as the ratio of fixed and working capital in monetary terms according to the average annual volume. In various industries and spheres of management, the ratio between fixed and circulating capital varies significantly. The share of fixed capital is especially high in the extractive industries, in heavy engineering, in railway transport, etc.

Typical features of fixed capital:

use in the production process (main activity) or for management needs;

use for a long period (over one year);

the ability to bring economic benefits in the future.

It should be emphasized that effective management of fixed assets is a priority in the activities of the organization. From the point of view of fixed capital management, the placement of financial resources is implemented in the form of a set of investment projects. And the mobilization of financial resources is in the form of managing the sources of long-term investments.

Assessment of the efficiency of using fixed capital

fixed capital balance efficiency

The main production assets in the process of functioning are gradually worn out and replaced by new ones. Since the main means of production are expressed in kind and in value, their gradual loss of their ability to function takes a twofold form - the form of physical and value (moral) wear and tear.

Physical depreciation is the loss of its use value by the main production assets, i.e. the ability to perform the functions of proper quality provided for by the operational passport. It occurs both during the use of basic production facilities and during their inactivity (corrosion). The degree of physical wear depends on the design of the products and the quality of the material from which it is made, the degree and time of their use, the qualifications of workers, the specifics of technical processes, maintenance of the main production facilities, the timeliness and quality of their repair.

Such depreciation can be complete or partial, therefore, the reimbursement of fixed production assets is complete (renovation) or partial. When fully worn out, the main production assets are reimbursed through the purchase of new machines, the construction of new buildings to replace the worn out ones. The source of financing for the reimbursement (reproduction) of fixed assets is the amount of accrued depreciation. Partial wear and tear are reimbursed by repairing them. The source of financing for repairs is the cost of production.

Physical wear and tear is manifested in the constant loss of technical and economic properties and, consequently, in the loss of use value, which, as the fixed assets are used, is transferred to the finished product.

There are two methods for determining the physical wear and tear of fixed assets: by service life and their technical condition.

When conducting a technical survey, the physical wear and tear of individual structural elements is assessed, and then the weighted average percentage of wear for the object as a whole is determined.

Obsolescence is a premature, before the end of the standard period of physical deterioration, equipment lagging behind new equipment in terms of its technical characteristics and economic efficiency.

Obsolescence arises as a result of an economic process due to a decrease in socially necessary costs for the production of a machine and the creation of new, more advanced in design, economical and productive machines.

The essence of obsolescence lies in the fact that one or another type of equipment, even before its complete physical wear and tear, turns out to be depreciated. Devaluation occurs for two reasons:

) as a result of cheaper reproduction of a machine of the same design, with the same operational characteristics due to an increase in labor productivity at enterprises that produce these types of fixed assets. This is the obsolescence of the first form I1; it is progressive and does not lead to losses. Calculated as:

И1 =,

where ФП, ФВ - initial and replacement cost.

) as a result of the creation of new, structurally more advanced machines, with higher performance characteristics. The productivity of new machines is higher, and the cost of products manufactured with them is lower. In these conditions, the use of outdated equipment leads to losses and must be replaced with new ones before the date of physical wear and tear. This is the obsolescence of the second form I2; its value is calculated as:

И2 =,

where Mon, Ps - respectively, the productivity of new and old equipment.

Partial reimbursement of obsolescence is carried out by modernizing equipment, and full - by replacing it with a new one.

The restoration of fixed assets can be "full" and "partial". Full restoration of fixed assets occurs after their complete physical wear and tear and is carried out by replacing the existing equipment with new (or during capital construction). With a partial restoration, individual parts of the parts are replaced by means of their repair.

Along with recovery in kind, "economic recovery" is carried out - cost recovery through the depreciation system.

The rate of production growth depends not only on the increase in the volume of fixed assets, but also on the degree of their use. Insufficient equipment utilization restrains the volume of production, increases its cost not only due to depreciation, but also the growth of costs for maintaining an excessive number of repair workers, and reduces the profit of the enterprise.

A system of indicators is used to assess the level of use of fixed assets. The generalizing indicator is "return on assets".

Capital productivity is the ratio of production results (marketable products) to the average annual value of fixed assets (the inverse of this indicator is "capital intensity"). The "capital-labor ratio", which is defined as the ratio of the average annual cost of fixed assets to the average annual number of general (or industrial) personnel, can also be classified as generalizing indicators:

FD =,

where FO is the return on assets; VP - the volume of products; - the average annual cost of industrial and production fixed assets; - the average number of employees; PT - labor productivity; FV - capital-labor ratio:

FA =,

where ВР - revenue; Fa is the average annual cost of the active part of fixed assets.

To increase capital productivity, it is necessary that the growth rate of labor productivity outstripped the growth rate of its capital-labor ratio.

The index of capital intensity of production has not yet been sufficiently studied. Basically, it is used to substantiate the rates and proportions of expanded reproduction to build an integrated dynamic model of the input-output balance. This indicator can also be used in assessing the efficiency of the sectoral structure, location of production, pricing, determining the need for fixed capital, etc.

Fe =,

where F is the cost of fixed assets; ВР - sales proceeds.

To assess the used fixed assets, the indicator of the degree of their economic suitability and wear and tear is used, which are calculated as follows:

Economic suitability of fixed assets,

Cost depreciation of fixed assets,

If the depreciation of fixed assets at the enterprise does not exceed 20%, this means that the fixed assets are new; from 20 to 50% - the degree of wear is normal: from 50 to 75% - the problem of renewal of fixed assets is not being solved, which is a serious prerequisite for the deterioration of the competitiveness of the enterprise and products. If the degree of depreciation exceeds 75%, then the company is potential bankrupt. The reasons for this situation are the subject of a special study. The first possible reason is that the administration of the enterprise did not provide a simple reproduction of fixed capital. Second, the state regulation of the company's depreciation policy was erroneous.

A generalizing assessment of the movement of fixed assets is given by the coefficients of renewal, disposal, growth and reproduction, which also characterize the technical condition of fixed assets.

The renewal coefficient (Co) reflects the intensity of the renewal of fixed assets and is calculated as the ratio of the value of newly received fixed assets during the reporting period (Фн) and their value at the end of the same period (Фк):

Ko = Fn: Fk,

It is advisable to calculate the renewal factors for all fixed assets, industrial and production, their active part, individual groups of industrial and production fixed assets and basic types of equipment. They can also be calculated separately for all received fixed assets and separately for those put into operation. In the latter case, this factor is called the input factor. (Apt).

The renewal of fixed assets can occur both through the acquisition of new ones and through the modernization of existing ones, which is more preferable, since in this case materialized labor is preserved in structural elements and assemblies that cannot be replaced. The renewal of equipment is also characterized by the coefficient of automation (CAVT), calculated by the formula:

Cavt = Favt: FM,

where Favt is the cost of automated tools; FM is the total cost of machinery and equipment.

The retirement ratio (Kvyb) characterizes the degree of intensity of the retirement of fixed assets from the production sphere and is calculated as the ratio of the value of fixed assets retired during the reporting period (Fvyb) to their value at the beginning of the same period (Fn):

Qvyb = Fvyb: Fn,

It is advisable to calculate the retirement rates for all fixed assets, industrial and production assets, active part, separate groups of industrial production assets and basic types of equipment. They can also be calculated separately for all retired fixed assets and separately for liquidated ones. In the latter case, such a ratio should be called the liquidity ratio (Click).

The growth coefficient (Kpr) characterizes the level of growth of fixed assets or its individual groups for a certain period and is calculated as the ratio of the value of the growth of fixed assets (Fpr) to their value at the beginning of the period (Fn):

Kpr = Fpr: Fn,

The methodology for the comparative analysis of the growth rate is similar to the methods for the analysis of the rates of renewal and disposal of fixed assets.

The reproduction ratio of fixed assets is calculated as the ratio of capital investments to the value of the fixed assets introduced.

Generalizing indicators of the technical condition of fixed assets are the amortization and shelf life ratios.

The depreciation ratio (Ka) is defined as the ratio of the depreciation amount (A) to the original cost of fixed assets (F):

The coefficient of validity (Kg) is the ratio of the residual value of fixed assets (Фо) to the original (Ф):

Kg == 1-Ka,

Depreciation and usefulness ratios are calculated both at the beginning of the period and at the end (reporting date). The lower the depreciation rate (higher the service life), the better the technical condition in which the fixed assets are located.

Ways to improve the use of fixed capital and their impact on the financial results of the organization

There are two main ways to improve the use of fixed capital in an organization: the extensive way and the intensive way.

The extensive path assumes an increase in the operating time of the machines during the calendar period. This path is associated with a decrease in the loss of working time for various reasons, as well as with a decrease in the number of machines being repaired. The reserves for the growth of the extensiveness of the load, that is, the work of machines at the construction organizations are significant. They are associated with improving the quality of maintenance and repair of construction machines, reducing the time for relocating machines from site to site, improving the organization of the production process, improving material and technical supplies and completing facilities under construction.

The intensive path assumes an increase in output due to a fuller use of equipment and fixed capital in terms of capacity and labor productivity. This path is manifested in the implementation of such measures as improving the structure of the park of construction machines, the use of a complex of machines with the appropriate capacity in order to avoid their underloading. The intensive path involves the introduction of advanced, more advanced technologies and the organization of work, improving the organization of labor, raising the qualifications of workers in the organization. Another important reserve for improving the use of fixed capital is the improvement of economic methods of management and organization of the operation of the fleet of construction machines.

Conclusion

The central object of management in financial management is the financial resources of the company, the sources of their formation and directions of use. The capital of an enterprise characterizes the total value of funds invested in the formation of its assets. the role of capital in the economic development of the firm defines it as the main object of the financial management of the organization.

Improving the use of fixed capital in an organization is an important reserve for increasing the efficiency of the production process at an enterprise, increasing labor productivity, reducing the time it takes to complete work, increasing profits and financial performance, and reducing costs.

Bibliography

1) Akulov V.B. Financial - Moscow: Flint: MPSI, 2007

) Baranov V.V. Financial management - M.: Delo, 2002

) Basovsky L.E. Financial management - M.: INFRA-M, 2002

) Blank I.A. Financial Management - Kiev: Nika-Center: Elga, 2001

) Gavrilova A.N. Financial management - M.: KNORUS, 2005

) Galitskaya S.V. Financial management. The financial analysis. Enterprise Finance - Moscow: Eksmo, 2008

) Kirichenko T.V. Financial management. - M .: "Dashkov and Co", 20081 Kirichenko T.V. Financial management. - M .: "Dashkov and Co", 2008

) Kovaleva A.M. Financial management - M.: INFRA-M, 2002

) Kolchina N.V. Financial management - Moscow: UNITY: UNITY-DANA, 2008

) Mikhailushkin A.I. Financial Management - Rostov n / a: Phoenix, 2004

) Nikitina N.V. Financial - Moscow: KnoRus, 2008

) Polyaka G.B. Financial management - M.: UNITI, 2004

) Stoyanova E.S. Financial management - M .: "Perspective", 2002

) Teplova T.V. Financial Management: Capital and Investment Management - M .: SU HSE, 2000

) Shokhin E.V. Financial management - M.: FBK-Press, 2002

) Management of fixed assets / I. B. Romashova // Finance and credit. - 2004. - No. 5. - P. 9 - 16

Our experts will advise or provide tutoring services on topics of interest to you.
Send a request with the indication of the topic right now to find out about the possibility of obtaining a consultation.

From the results of the research of OOO "Company Tochka of support", it can be concluded that the state of fixed assets and their use makes it possible to assess the effectiveness of the use of the active and passive parts of the means of labor and, on their basis, to calculate the reserves for increasing production and capital productivity.

The increase in capital productivity of fixed assets is also achieved due to factors that can be combined into the following groups:

1) factors reflecting the level of direct use of the existing fixed assets in terms of time and capacity: increasing the shift in production, reducing intra-shift downtime in the organization, increasing the productivity of machines, equipment and vehicles, timely and complete delivery of materials and parts, equipment to be installed;

2) factors reflecting organizational measures and management: improvement of the organizational structure of management, the level of concentration of production, the level of specialization of the organization, improvement of planning and production management, the constant implementation of the scientific organization of labor, the introduction of automated production and supply management systems, the introduction of progressive forms of labor organization;

3) factors reflecting the social and economic conditions of workers: the level of qualifications of workers and engineers, production conditions for the performance of work, improvement of accounting, control and analysis of the work of the fleet of machines and mechanisms, living conditions of employees, material incentives for workers, moral incentives for workers for the best use of basic production assets;

4) factors expressing the influence of the renewal of fixed assets in the process of their reproduction: capital intensity, retirement of fixed assets due to moral and physical wear, the rate of renewal of fixed assets, the general structure of funds, the structure of funds by their groups;

5) factors reflecting the impact of technological progress: new materials, the introduction of advanced production technology, new technology, and so on.

Improving the efficiency of using intangible assets.

A very common mistake in solving the problem of improving the efficiency of a company is ignoring intangible assets. These resources can provide significant benefits. Intangible resources are valuable because they bring results without requiring financial investments

For example, a registered trademark of an enterprise can be used as follows: by placing orders in industries of a related specialization, produce a product under its own brand (trademark, service mark). This will allow expanding the assortment, mastering new sales markets.

Conclusion

The work considered topical issues of analyzing the efficiency of the use of fixed capital at the enterprise.

Among other things, the tasks were solved:

The theoretical foundations of the analysis and management of the fixed capital of the enterprise are studied: the concept, functions, structure of fixed capital, the sources of its formation, management methods

The analysis of the financial and economic activities of the enterprise was carried out using the example of LLC "Company Tochka Opoory",

The analysis of the efficiency of the use of the fixed capital of LLC "Company Point of Support" was carried out;

The main ways of increasing the efficiency of using the fixed capital of LLC "Company Point of Support" are considered.

As a result of the analysis, the following conclusions were obtained:

An increase in equity capital and a constant increase in dynamics is a positive trend. A sufficient amount of own funds ensures the development of the company and strengthens its independence, nourishes the trust of partners, suppliers, customers and creditors. But, in turn, the growth of the level of borrowed funds should also be noted. The growth of long-term liabilities should be especially noted. In 2009, the debt capital concentration ratio increased by 0.12 compared to 2007, but at the same time the value of this ratio is lower than the value of the ownership ratio. That speaks about a higher share of equity capital in the total amount of assets in comparison with the borrowed one;

The presence of long-term financial investments in the balance sheet indicates the strengthening of the investment policy of the enterprise;

In 2010, compared to 2008, the company's net profit increases sharply by 320649 thousand rubles, or 54999.83%. This is due to an increase in sales proceeds by 1,169,205 thousand rubles or by 3,234.85% compared to 2008 with a less active increase in the cost of production (2,146.05%);

During the reporting year, there were significant changes in the availability and structure of fixed assets. The cost of fixed assets increased by 201,171 thousand rubles. or by 144%, including fixed production assets for 194,442 thousand rubles. or 145.23% (in 2010, the company put into operation a significant amount of additional equipment and machinery, completed the construction of new premises and commissioned additional vehicles). Consequently, the renewal rate increased sharply by 47.31% and the growth rate by 1.4. The share of fixed assets increased slightly (by 0.45%), since the share of non-production fixed assets also increased. The share of the active part of fixed assets in the total amount of fixed assets increased significantly from 39.22% to 60.43% (+ 21.21%), which should be assessed positively. That is, the enterprise is undergoing intensive renewal of fixed assets. This is the key to the further successful development of production and an essential condition for the competitiveness of products on the market;

It should be noted that the overall level of profitability of fixed assets in 2010 increased significantly (by 183.12%) compared to 2008. Also, it should be noted that with the actual production of equipment, capital productivity in 2010 amounted to 4.76 rubles, which is 3.97 rubles higher than in 2009;

The level of profitability of fixed assets in 2009 increased due to such factors as: an increase in the share of the active part of assets by 0.135%, an increase in the share of operating equipment in the active part of assets by 0.0112% and an increase in the return on the active part of assets by 0.57% - in This is primarily due to the commissioning of new equipment (as can be seen from Table 3.2 - the share of machinery and equipment increased by 22.89%). In turn, it must be said that the shift ratio has increased by 0.0026%, and the output per 1 machine-hour has increased by 0.62%. All this undoubtedly suggests that the condition of fixed assets in 2009 improved, but at the same time there are reserves for increasing the profitability of fixed assets.

The registered trade mark of the company can be used in the following way: by placing orders in the industries of a related specialization to produce a product under its own brand (trade mark, service mark). This will allow expanding the assortment, mastering new sales markets.

Apply a wider use of borrowed funds in financing their own activities. As can be seen from the results of the analysis, the company forms fixed assets mainly at the expense of its own capital. Provided that long-term credits and loans are attracted within reasonable limits, LLC "Company Tochka Opora" will be able to significantly expand its activities and increase the volume of assets. The ratio of own and borrowed funds should be observed within 1/1. Currently, leasing is popular in the financial services market as an instrument of lending to the fixed capital of industrial enterprises.

Use long-term financial investments on a larger scale to generate additional income.

All the issues considered in the work are relevant at the moment and are subject to further study.

Ministry of Education and Science of the Russian Federation

Federal State Autonomous Educational Institution
higher professional education

Russian State Vocational Pedagogical University

Institute of economics and management

TEST

BY DISCIPLINE

"FINANCE OF THE ENTERPRISE"

Option number 22

Completed: student gr. Mg-314S EUM

Tukbaeva Oksana Leonidovna

Checked: Lepikhin A.V.

Yekaterinburg 2011

1.Increasing the efficiency of using the capital of the enterprise 4

List of used literature 10

2. Practical exercise 11

1. Improving the efficiency of using the capital of the enterprise

It is very important for the enterprise to use working capital and fixed assets, to maintain them in an amount that optimizes the management of current activities. Analysis of the effectiveness of the use of funds is the most important instrument of the enterprise. How deeply and in detail such an analysis is carried out in the enterprise, the financial and economic activity of the enterprise will be effective and successful.

For the effective use of fixed assets in the production process, a large share of the active part of the production facility is required, thereby achieving a large capital productivity. At the same time, the insufficient number of the passive part of the PF negatively affects the efficiency of the use of vehicles and, first of all, their technical condition and maintenance. Therefore, it is necessary to strive to create an optimal ratio between the passive (stationary) material and technical base of the enterprise and its active part (rolling stock), i.e. to the optimal value of the coefficient of technical equipment:

K t = F main. / F ts

where F osn. - the cost of fixed assets;

F i.e. - the cost of vehicles.

The coefficient of technical equipment of the ATP usually fluctuates in the range of 2.1-2.2. This means that the share of the cost of vehicles, i.e. the active part of fixed assets in the total cost should be approximately 50.

The efficiency of using OPF depends significantly on their technical condition and, first of all, on the technical condition of vehicles, the level of organization of those. maintenance and repair, the degree of renewal and write-off of fixed assets and a number of other factors.

To improve the efficiency of using the production facility, it is necessary to increase the capital productivity and reduce the capital intensity of products, which is achieved through the implementation of the achievements of scientific and technological progress. Ways to improve the efficiency of the use of PF vehicles depend on many factors of the activities of enterprises, which must be brought into action as a result of an active and creative attitude to the work of engineering and technical and economic workers of the enterprise, as well as skillful and effective management of the enterprise as a whole. (fig. 1)

Improvement of the composition Improvement of Moral and

with structure and state of planning, management

foundations and organizations incentives

labor and production

WITH decrease in capital intensity, Ways to improve Increase

increase in capital productivity and effective use- long-

labor productivity fixed assets use

Calling background-

dov in time

Improve Usage Eliminate Waste

funds during working hours

Cars,

working machines and

equipment

Fig.1 Ways to improve the efficiency of the use of fixed assets.

Rational use of circulating assets in the production process contributes to the increase in the efficiency of vehicles. Economical use of fixed assets and acceleration of their turnover ensure the constant availability of funds in the current account.

Acceleration of fixed assets turnover significantly depends on the organization of financial work at the enterprise. In this regard, the establishment of effective forms of settlements with consumers of transport services is of particular importance. Systematic control over the state of accounts receivable, timely filing of claims against debtors and taking measures to collect debts helps to reduce the share of funds in settlement documents and accelerate the turnover of fixed assets, increasing the efficiency of their use and production efficiency.

Also, the improvement of the OS structure is ensured by the improvement of the material and technical supply and standardization of the OS, the strengthening of research work on the prospective preparation of production, the introduction of progressive solutions in all elements.

As a result of the work performed, it was established that the main criterion for assessing the effective use of OB and OS are:

a) For fixed assets - the coefficient of extensive and intensive use, the coefficient of integral load, capital productivity, capital intensity, capital-labor ratio, profitability, prime cost.

b) For working capital - material consumption, material efficiency, working capital turnover ratio, working capital utilization ratio, duration of one turnover.

Ways to improve the efficiency of the use of PF and OS - this is what needs to be influenced so that there is only a positive side in the above formulas.

All criteria for evaluating the effective use of the RP and OS are important for obtaining a positive final result. The most important of them, in my opinion, are:

The actual operating time of the processing plant (machines, equipment), i.e. the more time in a day the OF works, the more efficiently they are used, incl. and for vehicles.

The actual production output per unit of time, i.e. the productivity of the PF, which depends on the professional training of the worker, on his organization of work and rest, on the stimulation of his work.

The cost of the public fund, which is the less, thereby improving the capital productivity and capital intensity indicators.

That. practically influencing by making managerial decisions on the above-mentioned components of the criteria for assessing the efficiency of the use of fixed assets and fixed assets in the end result, it is possible to achieve overall production efficiency.

List of used literature

1.Kovalev V.V. "Financial analysis", M., Finance and statistics, 1998. -512s.

2.T.L. Kaplan. Ways to Improve Usage Efficiency

fixed assets in road transport. M .: Transport, 1981.-136s.

Efficiency expresses the relations of production between the subjects of the economy regarding the achievement of the main goals of management with the least expenditure of production resources in the existing system of economic relations. This is a multidimensional system category that reflects the relationship between the economic resources of an industrial enterprise used in the production process and the results of production.

Performance indicators should reflect the ability of an economic entity to best combine its focus on meeting market needs with the need for rational use of its available economic resources. It is necessary to highlight general and specific indicators of the efficiency of the use of capital of enterprises.

The general indicator of the efficiency of using the capital of enterprises can be defined in two ways: as the ratio of the gross proceeds of the enterprise for

B is the gross revenue of the enterprise;

P is the profit of the enterprise;

K is the cost of capital of the enterprise.

Along with the general indicators of the efficiency of using the capital of enterprises, private indicators of efficiency should be calculated.

Improving the use of fixed capital and production capacity of industrial enterprises can be achieved by increasing the intensive use of production capacity and fixed capital; increasing the extensiveness of their load.

A more intensive use of fixed capital and production capacities of enterprises is achieved, first of all, due to technical improvement, the introduction of the latest achievements of science and technology into production. This increases the unit capacity of the equipment used; the most critical units and parts are strengthened in machines and assemblies; the main parameters of production processes (speed, pressure, temperature) increase; not only basic production processes and operations are mechanized and automated, but also auxiliary and transport operations, which often restrain the normal course of production; outdated machines are being modernized and replaced with new, more advanced ones.

The intensity of the use of production capacities and fixed capital of enterprises is also increasing in the following way: improvement of technological processes; organization of continuous-flow production based on the optimal concentration of production of homogeneous products, skillful selection of raw materials and components, their timely preparation for production in accordance with the requirements of a given technology and quality of products; the introduction of progressive and economical technologies that ensure an increase in production per unit of time, per unit of equipment or per 1 sq. production capacity meter.

Increasing innovation activity is the main direction and reserve for increasing the efficiency of using the capital of enterprises.

Improving the extensive use of fixed capital of enterprises implies, on the one hand, an increase in the operating time of the operating equipment in the calendar period and, on the other hand, an increase in the number and specific weight of operating equipment in the composition of all equipment available at the enterprises.

Ways to accelerate the turnover of working capital are implemented at all stages of its use and movement - at the stage of inventories, directly at the production stage and at the stage of circulation.

The following directions and ways of accelerating the turnover of the working capital of enterprises can be distinguished:

1. Stage of production stocks: the establishment and use of progressive rates of consumption of raw materials and materials, fuel, energy; replacement of expensive types of materials and fuel with cheaper ones (without reducing the quality of the products from this).

2. Stages of production: maintaining the duration and continuity of the production cycle, rhythm of work; complex use of raw materials;

3. Stages of circulation: acceleration of product sales; intensification of marketing activities; reduction of accounts payable and receivable of enterprises, etc.

In modern crisis conditions, most industrial enterprises have low efficiency in the use of fixed and circulating capital, primarily due to the deterioration of the economic conditions of management, the rise in the cost of production resources, the aggravation of the problem of selling products in the context of a sharp decline in the effective demand of buyers.

To effectively use the capital of enterprises, it is necessary to increase their business activity. Then there is an effect of a breakthrough of unfavorable conditions and a transition to revitalization and recovery. Otherwise, bankruptcy, as a kind of ridding the economy of "sick cells", is inevitable.