Financial resources of an enterprise or organization. Financial resources and financial funds Financial resources monetary funds of the state enterprise

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Introduction

Conclusion

Bibliography

Introduction

Financial resources are funds of funds at the disposal of the state, business entities and the population, formed in the process of distribution and redistribution of part of the value of the gross domestic product (GDP), mainly net income in monetary form, and intended to ensure expanded reproduction and national needs ...

The main condition for the growth of financial resources is an increase in national income. Finance and financial resources are not identical concepts. Financial resources by themselves do not determine the essence of finance, do not disclose their internal content and public purpose. Financial science does not study resources as such, but social relations arising from the education, distribution and use of resources; she explores the patterns of development of financial relations.

While finance is in the basic category, it is highly dependent on government-led financial policy.

Finance is primarily a distribution category. With their help, the secondary distribution or redistribution of the national income is carried out.

Improving the effectiveness of influence financial strategy on the sustainable development of the enterprise, based on the regulation of business processes on the basis of balanced scorecards, is carried out through the harmonization of interests in the external and internal environment of the enterprise. This presupposes a corresponding reorientation of the financial strategy during its formation.

The purpose of this work is to consider the financial resources of the enterprise and the sources of their formation. The purpose of the work determines its tasks:

consideration of the principles and features of the organization of enterprise finances;

analysis of the composition and structure of financial resources of enterprises;

characteristics of own sources of financing of enterprises;

characteristics of borrowed sources of financing of enterprises.

In connection with the relevance of this topic, the degree of its elaboration in the domestic scientific and educational literature is quite large. You can find a lot of literature of domestic scientists who pay attention to this issue.

1. Financial resources of the enterprise

The main link of the economy in market conditions of management are enterprises that act as economic entities. They use certain types of resources to carry out economic activities, obtain products, income and savings: material, labor, financial, as well as cash.

Among the above economic categories, the most difficult is the category "Financial resources". There is still no generally accepted point of view on the essence of this category among economists. However, many of the economists believe that "financial resources" are the funds at the disposal of enterprises.

However, cash is an independent economic category... Their concept includes the funds of enterprises that are on accounts in banks, in cash desks, etc. They are accounted for on active accounts of enterprises and are reflected in the asset of their balance sheet.

Financial resources are the sources of funds of enterprises, directed to the formation of their assets. These sources are own, borrowed and attracted. They are reflected in the corresponding sections of the balance sheet liability.

Consequently, the financial resources of enterprises are their own, borrowed and attracted monetary capital, which is used by enterprises to form their assets and carry out production and financial activities in order to obtain appropriate income and profit.

When creating enterprises, the sources of formation of financial resources depend on the form of ownership on the basis of which the enterprise is created. So, when creating state-owned enterprises, financial resources are formed at the expense of the budget, funds of higher management bodies, funds of other similar enterprises during their reorganization, etc. When creating collective enterprises, they are formed at the expense of share (share) contributions of founders, voluntary contributions persons, etc. All these contributions (funds) represent the authorized (initial) capital and are accumulated in the authorized capital of the created enterprise.

Hence, authorized capital- this is the total value of assets recorded in the constituent documents, which are contributions of owners to the capital of the enterprise. The authorized capital is the main part of equity capital and the main source of the company's own financial resources. At the expense of his funds, fixed assets and current assets of enterprises are formed.

In the process of further work, the financial resources of enterprises can be replenished at the expense of additionally created own sources, attracted and borrowed funds. At the same time, the structure of additionally formed own financial resources (equity capital) includes: reserve capital, additional invested capital, other additional capital, retained earnings, targeted financing, etc.

Reserve capital is the amount of reserves created from the retained earnings of the enterprise in accordance with applicable law or constituent documents.

Additional invested capital - the amount of excess of the sale value of the shares issued by the joint-stock company over their par value.

Other additional capital - the amount of the revaluation is not current assets; the value of assets received free of charge by the enterprise from other legal entities or individuals, and other types of additional capital.

Retained earnings - the amount of profit remaining at the enterprise and reinvested in its economic activities.

Earmarked funding - the amount of earmarked income received from the budget.

Thus, the authorized capital and its own sources of financing (financial resources) additionally formed in the course of the enterprise's work form its own capital.

In addition to equity capital, the financial resources of enterprises are formed at the expense of attracted and borrowed sources.

The structure of attracted financial resources includes accounts payable for goods, works, services, as well as all types of current obligations of the enterprise for settlements:

* the amount of advances received from legal entities and individuals for subsequent deliveries of products, performance of work, provision of services;

* the amount of the enterprise's debt for all types of payments to the budget, including taxes withheld from employee income;

* arrears in contributions to off-budget funds (to the social insurance fund, to the Pension Fund, the Fund for the insurance of property of the enterprise and the individual insurance of its employees);

* the debt of the enterprise for the payment of dividends to its founders;

* the amount of bills issued by the enterprise to suppliers, contractors in order to ensure the supply of products, the performance of work, the provision of services, etc.

The structure of borrowed financial resources includes long-term and short-term loans from banks, as well as other long-term financial liabilities related to the attraction of borrowed funds (except for bank loans), on which interest is accrued, etc.

Own, borrowed and attracted capital, which forms, on the one hand, the financial resources of the enterprise and takes part in the financing of their assets, on the other hand, it represents obligations (long-term and short-term) to specific owners - the state, legal and individuals.

2. Management of financial resources of the enterprise

2.1 Centralized and Decentralized Financial Resources

The basis financial system are decentralized finance (representing the macro level), since it is in this area that the prevailing share of financial resources is formed. Some of these resources are redistributed in accordance with the norms financial law and revenues to budgets of all levels and to extrabudgetary funds. At the same time, a significant part of these funds is subsequently channeled to financing budgetary organizations; commercial organizations in the form of subventions, subsidies, and also returned to the population in the form of social transfers (pensions, benefits, scholarships, etc.).

Of particular importance in the system of differentiated finance and in the entire financial system of the developed countries of the world are the finances of financial intermediaries, which are understood as firms specializing in organizing the interaction of persons with temporary funds with persons in need of funds. In this link of the financial system in developed countries the world has concentrated huge financial resources, used primarily for investment purposes.

Among decentralized finance, the key place belongs to the finance of commercial organizations. Here material benefits are created, goods are produced, services are provided, profit is formed, which is the main source of production and social development society.

Household finances play a significant role both in the formation of centralized finance through tax payments and in the formation of effective demand in the country. The higher the income of the population, the higher its demand for different kinds material and intangible benefits and topics great opportunities for the development of the economy, social sphere.

Centralized finance is represented by the budgetary system, as well as state and municipal loans.

In the Budget Code of the Russian Federation, the budgetary system is defined as a set of budgets of all levels and budgets of state extra-budgetary funds, which is governed by legal norms and is based on economic relations. The financial resources of the budgetary system are in state ownership or in the ownership of local self-government (municipal ownership). The functioning of the budgetary system of Russia is regulated by the Budget Code of the Russian Federation.

State and municipal loans are allocated as an independent link in the system of state and municipal finance. State and municipal loans represent monetary relations between the state, municipalities, on behalf of which the executive authorities act federal level, the level of subjects Russian Federation, local governments, on the one hand, and legal entities, individuals, foreign states, international financial organizations, on the other hand, regarding obtaining loans, providing loans or guarantees.

State municipal loans are funds raised from individuals, legal entities, foreign states, international financial organizations, for which there are debt obligations of the Russian Federation, constituent entities of the Russian Federation, municipalities as borrowers or guarantors. State and municipal executive authorities of the Russian Federation primarily act as a borrower and guarantor. If the provision of a loan or receipt of a loan immediately affects the amount of financial resources of centralized funds, then the guarantee leads to their change only in the case of untimely fulfillment by the borrower of its obligations. State municipal loans are carried out by issuing and placing securities, obtaining loans from specialized financial and credit institutions and in foreign countries.

2.2 Sources of formation of financial resources of the enterprise

The sources of the formation of financial resources is a set of sources of satisfaction of additional capital requirements for the coming period, ensuring the development of the enterprise.

Basically, all sources of financial resources of an enterprise can be represented in the following sequence:

Own financial resources and on-farm reserves,

Borrowed funds,

· Attracted financial resources.

Own and attracted sources of financing form the own capital of the enterprise. Amounts raised from outside from these sources, as a rule, are non-refundable. Investors participate in the proceeds from the sale of investments as shared ownership. Debt sources of financing form the company's borrowed capital.

First of all, the company focuses on the use of internal sources of financing.

Own internal funds include:

·authorized capital,

·Extra capital,

· Retained earnings.

The organization of the authorized capital, its effective use, and its management is one of the main and most important tasks of the financial service of the enterprise. The authorized capital is the main source of the company's own funds. The amount of the authorized capital of a joint-stock company reflects the amount of shares issued by it, and the amount of the authorized capital of a state and municipal enterprise. The authorized capital is changed by the enterprise, as a rule, according to the results of its work for a year after the introduction of amendments to the constituent documents. It is possible to increase (decrease) the authorized capital by issuing additional shares into circulation (or withdrawing some of their number from circulation), as well as by increasing (decreasing) the par value of old shares.

Additional capital includes:

· Results of revaluation of fixed assets;

· Share premium of the joint-stock company;

· Gratuitously received monetary and material values for production purposes;

Allocations from the budget for financing capital investments;

· Funds for replenishment of working capital.

Retained earnings are profits received in a certain period and not directed in the process of its distribution for consumption by owners and personnel. This part of the profit is intended for capitalization, i.e. for reinvestment in production. In terms of its economic content, it is one of the forms of a reserve of the company's own financial resources, ensuring its production development in the coming period.

Attracted funds of enterprises - funds provided on a permanent basis, according to which the payment of income to the owners of these funds can be made, and which may not be returned to the owners. These include: funds received from the placement of shares of a joint-stock company; share and other contributions of members labor collectives, citizens, legal entities to the authorized capital of the enterprise; funds allocated by superior holding and joint-stock companies, government funds provided for targeted investment in the form of subsidies, grants and equity participation; funds of foreign investors in the form of participation in the authorized capital of joint ventures and direct investments of international organizations, states, individuals and legal entities.

To cover the need for fixed and circulating funds, in some cases, it becomes necessary for an enterprise to attract borrowed capital. Such a need may arise for reasons beyond the control of the enterprise. They can be non-binding partners, extraordinary circumstances, reconstruction and technical re-equipment of production, lack of sufficient start-up capital, the presence of seasonality in production, procurement, processing, supply and sale of products and other reasons.

Thus, borrowed capital, borrowed funds are funds and other property attracted to finance the development of an enterprise on a repayable basis. The main types of borrowed capital are: bank loans, financial leasing, commodity (commercial) loans, bond issues and others.

The borrowed capital for the term is subdivided into:

short;

long-term.

As a rule, borrowed capital for a period of up to one year refers to short-term, and more than a year - to long-term. The question of how to finance certain assets of an enterprise - at the expense of short-term or long-term capital - must be discussed in each specific case. The effectiveness of the investment of borrowed capital is determined by the degree of return on the main or working capital.

By sources of financing, the borrowed capital is subdivided into:

Bank loan;

placement of bonds;

loans to legal entities against debt obligations;

Long-term bank loans, bond placements and corporate loans are traditional debt financing instruments. Bank loans are provided to an enterprise on the basis of a loan agreement, a loan is provided on a payment basis, urgency, repayment against collateral: guarantees, real estate pledge, pledge of other assets of the enterprise. Many enterprises, regardless of their form of ownership, are created with very limited capital. This practically does not allow them to fully carry out statutory activities at their own expense and leads to the involvement of significant credit resources in the turnover. Not only large investment projects are credited, but also the costs of current activities: reconstruction, expansion, reorganization of production facilities, redemption of leased property by the collective and other activities.

2.3 Policy of formation of own financial resources

The financial basis of the enterprise is represented by the equity capital formed by it.

1. Statutory fund. It characterizes the initial amount of the company's equity capital invested in the formation of its assets for the start of business activities. Its size is determined (declared) by the charter of the enterprise. For enterprises of certain fields of activity and organizational and legal forms ( joint-stock company, society with limited liability) the minimum size of the statutory fund is regulated by law.

2. Reserve fund (reserve capital). It represents the reserved part of the equity of the enterprise, intended for internal insurance of its economic activities. The size of this reserve part of equity is determined by the constituent documents. The formation of the reserve fund (reserve capital) is carried out at the expense of the profit of the enterprise (the minimum amount of deductions of profit to the reserve fund is regulated by law).

3. Special (target) financial funds. These include purposefully formed funds of their own financial resources for the purpose of their subsequent targeted spending. These financial funds usually include a depreciation fund, a repair fund, a labor protection fund, a fund for special programs, a production development fund, and others. The procedure for the formation and use of the funds of these funds is regulated by the charter and other constituent and internal documents of the enterprise.

4. Retained earnings. It characterizes the part of the enterprise's profit received in the previous period and not used for consumption by owners (shareholders, shareholders) and personnel. This part of the profit is intended for capitalization, i.e. for reinvestment in production development. In terms of its economic content, it is one of the forms of a reserve of the company's own financial resources, ensuring its production development in the coming period.

5. Other forms of equity capital. These include settlements for property (when renting it out), settlements with participants (on payment of income to them in the form of interest or dividends) and some others, reflected in the first section of the balance sheet liability.

Equity capital management is associated not only with ensuring the effective use of its already accumulated part, but also with the formation of its own financial resources, ensuring the future development of the enterprise. In the process of managing the formation of their own financial resources, they are classified according to the sources of this formation.

As part of the internal sources of the formation of its own financial resources, the main place belongs to the profit remaining at the disposal of the enterprise - it forms the predominant part of its own financial resources, provides an increase in equity capital, and, accordingly, an increase in the market value of the enterprise. Depreciation charges also play a certain role in the composition of internal sources, especially at enterprises with a high value of their own fixed assets and intangible assets used; however, they do not increase the amount of the company's equity capital, but only serve as a means of reinvesting it. Other internal sources do not play a significant role in the formation of the company's own financial resources.

As part of external sources for the formation of its own financial resources, the main place belongs to the enterprise's attraction of additional share (through additional contributions to the authorized capital or joint stock (through additional issue and sale of shares) capital. gratuitous financial assistance (as a rule, such assistance is provided only to individual state-owned enterprises of different levels.) Other external sources include tangible and intangible assets transferred to the enterprise free of charge and included in its balance sheet.

The basis for managing the company's own capital is the management of the formation of its own financial resources. In order to ensure the efficiency of managing this process, an enterprise usually develops a special financial policy aimed at attracting its own financial resources from various sources in accordance with the needs of its development in the coming period. The policy of forming its own financial resources is part of the overall financial strategy of the enterprise, which consists in ensuring the necessary level of self-financing of its production development.

The development of a policy for the formation of an enterprise's own financial resources is carried out in the following main stages:

1. Analysis of the formation of the company's own financial resources in the previous period. The purpose of this analysis is to identify the potential for the formation of own financial resources and its compliance with the pace of development of the enterprise.

At the first stage of the analysis, the total volume of the formation of its own financial resources, the correspondence of the growth rate of equity capital to the growth rate of assets and the volume of the company's products sold, the dynamics of the share own resources in the total amount of formation of financial resources in the preplanned period.

At the second stage of the analysis, the sources of the formation of their own financial resources are considered. First of all, the ratio of external and internal sources of formation of own financial resources is studied, as well as the cost of attracting equity capital from various sources.

At the third stage of the analysis, the sufficiency of the company's own financial resources, formed at the enterprise in the preplanned period, is assessed. The criterion for such an assessment is the indicator "coefficient of self-financing of enterprise development". Its dynamics reflects the tendency of ensuring the development of the enterprise with its own financial resources.

2. Assessment of the cost of attracting equity capital from various sources. Such an assessment is carried out in the context of the main elements of equity capital formed from internal and external sources. The results of such an assessment serve as the basis for the development of management decisions regarding the choice of alternative sources for the formation of their own financial resources, providing an increase in the company's equity capital.

3. Ensuring the maximum volume of attracting own financial resources from internal sources. Before turning to external sources for the formation of their own financial resources, all the possibilities of their formation at the expense of internal sources must be realized. Since the main planned internal sources for the formation of the company's own financial resources are the sum of net profit and depreciation charges, first of all, in the planning process of these indicators, it is necessary to envisage the possibility of their growth at the expense of various reserves.

The method of accelerated depreciation of the active part of fixed assets increases the possibility of forming own financial resources from this source. However, it should be borne in mind that the increase in the amount of depreciation deductions in the process of accelerated depreciation certain types fixed assets leads to a corresponding decrease in the amount of net profit.

4. Ensuring the required volume of attracting own financial resources from external sources. The volume of attracting own financial resources from external sources is intended to provide that part of them that could not be formed at the expense of internal sources of financing. If the amount of own financial resources attracted from internal sources fully meets the total need for them in the planning period, then there is no need to attract these resources from external sources.

It is planned to ensure the satisfaction of the need for its own financial resources from external sources by attracting additional share capital (owners or other investors), additional issue of shares or from other sources.

5. Optimization of the ratio of internal and external sources of formation of own financial resources. This optimization process is based on the following criteria:

a) ensuring the minimum total cost of attracting own financial resources. If the cost of attracting your own financial resources from external sources exceeds the planned cost of attracting borrowed funds, then such formation of your own resources should be abandoned;

b) ensuring the preservation of the management of the enterprise by its original founders. The growth of additional share or share capital at the expense of third-party investors can lead to the loss of such manageability.

The effectiveness of the developed policy for the formation of own financial resources is assessed using the coefficient of self-financing of the development of the enterprise in the coming period. Its level should correspond to the set goal.

The successful implementation of the developed policy for the formation of own financial resources is associated with the solution of the following main tasks:

Conducting an objective assessment of the value of individual elements of equity capital;

Ensuring the maximization of the formation of the company's profit, taking into account the permissible level of financial risk;

Formation of an effective policy of distribution of profits (dividend policy) of the enterprise;

Formation and effective implementation of the policy of additional issue of shares (emission policy) or attraction of additional share capital.

borrowed dividend current asset

2.4 Formation and use of financial resources at micro and macro levels

Net income as part of gross domestic product (GDP) is the main source of the formation of financial resources. Based on the distribution and redistribution of a part of GDP, centralized and decentralized funds of funds are created.

Part of the net income is directed to the expanded reproduction of the sphere of material production to create decentralized financial resources that are at the disposal of economic entities (enterprises, associations, organizations), i.e. are formed at the micro level and used for the costs of expanding production. Monetary funds created at the expense of decentralized financial resources are directed to new capital investments, an increase in working capital, financing of scientific and technological progress, environmental protection measures, etc. The implementation of these costs through the use of decentralized financial resources allows you to provide monetary funds for the reproduction process of elements social labor and their expanded reproduction.

At the same time, decentralized financial resources formed from a part of net income are a source of expanded reproduction of the second element of the total social product - value work force... Targeted monetary funds created at the expense of decentralized financial resources are directed to ensuring the social arrangement of workers, additional material incentives, etc.

The second largest source of the formation of decentralized financial resources - depreciation deductions - is formed at the expense of the cost of fixed assets. Taking into account the long-term nature of the replacement of worn-out fixed assets, depreciation deductions, unlike other elements of financial resources, have to a greater extent the functions of replenishment and replacement, but since the replacement of worn-out fixed assets occurs after a long period, then their replacement occurs on a fundamentally new technical basis ( the depreciation fund does not act as a source of simple reproduction, since a simple substitution on the previous technical and technological basis is meaningless).

Depreciation charges together with another main source, a part of net income, become an important source of expanded reproduction. These funds are directed to new construction, reconstruction, expansion and modernization of existing fixed assets, the acquisition of more productive equipment and modern technologies, which corresponds to the established practice of using the depreciation fund. As a result of the long-term nature of the replacement of fixed assets, there is a gap between the initial value of fixed assets, ensuring reproduction, and their material content. The amortization fund is becoming an independent targeted source of capital investment financing on an expanded basis. Of course, in conditions of inflation, the nature of financing the entire reproduction process changes.

Sources of the formation of decentralized financial resources are also savings from reducing the cost of construction and installation work performed by households. way; mobilization of internal resources in construction; increase in stable liabilities; proceeds from the sale of retired and surplus property, etc.

The overwhelming majority of Russian enterprises are guided by financing from the state budget. Firstly, this is the most traditional source of funding, and, therefore, an attempt to obtain funding in the regional administration or in the government is more familiar and does not require new knowledge and skills from management. Secondly, it is much more difficult to prepare a project for a private investor than for the state: the government's requirements for disclosing information and preparing investment projects are formal rather than professional. Thirdly, the state is the most loyal creditor, and many enterprises do not return the loans received from it on time without fear of being declared bankrupt.

Borrowed and borrowed funds (bank loans, accounts payable, funds received from the issue of shares, transactions with other securities, etc.) are involved in the formation of decentralized financial resources. The implementation of the listed costs through the use of decentralized financial resources makes it possible to provide funds for the process of expanded reproduction at the micro level. This procedure for the implementation of the reproduction process is objective and independent of the forms of ownership.

Another part of the net income, in accordance with the essence of finance, is the main source of the formation of centralized financial resources, which are the basis for the financial provision of national needs, reflecting the macroeconomic level.

If decentralized financial resources are the main form of ensuring expanded reproduction of direct economic entities, then centralized financial resources are the result of the redistribution of mainly net income through tax and non-tax payments and deductions. It is the growth of net income in its main form of expression - profit that determines high or low growth rates of financial resources.

The sources of the formation of centralized funds of financial resources are also the contributions of economic entities to the bodies of state social insurance, property and personal insurance, to various off-budget funds (social security fund, road fund, employment fund, etc.).

Centralized financial resources are also formed at the expense of a part of the national wealth involved in economic circulation (from the sale of the country's gold reserves, energy resources, revenues from external economic activity and others), as well as through the use of funds received from the sale of government securities, bonds, placement of loans, etc.

An insignificant part of the centralized financial resources is formed at the expense of receipts from the population (taxes, fees, income from loans and lotteries, etc.).

Centralized financial resources through redistribution processes (taxes, deductions, etc.) are concentrated mainly in state budget, off-budget funds, state property and personal insurance fund. Part of the financial resources is created by redistributing the cost of the required product in the form of deductions to the state budget of taxes from the population, deductions to the social insurance fund and other monetary receipts from the population.

The main part of financial resources is accumulated in the centralized fund of financial resources of the state - the state budget. The concentration of large funds in the budget contributes to a unified financial policy, provides an opportunity to finance the most important national programs. Financial resources are directed to the development of the economy, financing of social and cultural events, social protection of the population, pensions, financing of defense and law enforcement agencies, government administration, payments of insurance amounts for all types of property and personal insurance, etc.

3. Allocation of financial resources

Since the main task commercial organization is the maximum profit, the problem of distribution of financial resources constantly arises: investments in order to expand the main activities of a commercial organization or investments in other assets. As you know, the economic value of profit is associated with obtaining a result from investments in the most profitable assets.

The following main directions for the distribution of financial resources of a commercial organization can be distinguished:

* Capital investments.

* Expansion of working capital.

* Implementation of research and development work.

* Payment of taxes.

Placement in securities of other issuers, bank deposits and other assets.

* Distribution of profits between the owners of the organization.

* Encouragement of employees of the organization and support of their family members.

* Charitable purposes.

Conclusion

Financial resources play a special role in economic relations.

Their specificity is manifested in the fact that they always act as their own, borrowed and attracted money capital, which is used by enterprises to form their assets and carry out production and financial activities in order to obtain appropriate income and profit.

Financial resources are used by the organization in the course of production and investment activities. They are in constant motion and arrive in cash only in the form of cash balances on current account in a commercial bank and at the cash desk of the organization.

At the heart of finance are distribution relations that provide sources of financing for the reproduction process (distribution function) and thereby link together all phases of the reproduction process: production, exchange and consumption. However, the size of the income received by the organization determines the possibilities for its further development. Effective and rational management of the economy predetermines the possibilities for its further development. And vice versa, the disruption of the uninterrupted circulation of funds, the growth of costs for the production and sale of products, the performance of work, the provision of services reduce the income of the organization and, accordingly, the possibility of its further development, competitiveness and financial stability. In this case, the control function of finance indicates the insufficient impact of distribution relations on production efficiency, shortcomings in the management of financial resources, organization of production. Ignoring such evidence can lead to bankruptcy of the enterprise.

Financing of the enterprise's activities can be carried out at the expense of its own and borrowed funds.

Equity capital, which forms, on the one hand, the financial resources of the enterprise and takes part in the financing of their assets, on the other hand, it represents obligations (long-term and short-term) to specific owners - the state, legal entities and individuals.

The formation of financial resources is carried out in the process of creating enterprises and implementing their financial relations in the implementation of economic and financial activities.

The composition and structure of sources of formation of current assets is not a constant value once and for all. They depend on the state of the economy of enterprises, the characteristics of the formation of stocks and costs and can change over time. However, an increase in the share of own sources and a decrease in the share of bank loans in the sources of formation of circulating assets increases the efficiency of their use and the level of profitability of the enterprise. Therefore, the establishment of an economically justified ratio between own and borrowed sources of formation of circulating assets is one of the most important conditions for increasing the efficiency of their use and profitability of the enterprise.

The composition of financial resources, their volumes depend on the type and size of the enterprise, the type of its activity, the volume of production. At the same time, the volume of financial resources is closely related to the volume of production, the effective work of the enterprise. The greater the volume of production and the higher the efficiency of the enterprise, the greater the value of its own financial resources, and vice versa.

Availability of sufficient financial resources, their effective use, predetermine a good financial position of the enterprise, solvency, financial stability, liquidity. In this regard, the most important task of enterprises is to find reserves for increasing their own financial resources and their most effective use in order to improve the efficiency of the enterprise as a whole.

List of used literature

1. The Constitution of the Russian Federation - M., 2009.

2. Civil Code of the Russian Federation - M., 2009.

3. Tax Code of the Russian Federation - M., 2009.

4. Analysis of financial statements Ed. prof. OV Efimova prof. M. V. Melnik- M .: OMEGA-L, 2011.

5. Bakanov A.S. Annual reporting of a commercial organization. - M .: Accounting, 2010.

6. Bakanov MI, AD Sheremet Theory of economic activity analysis: Textbook. - M .: Finance and Statistics, 2008.

7. Stoyanova E.S. MG Shtern Financial management for practitioners: A short professional course. Moscow: Perspective, 2012.

8. Bogachev V.N. Profit?! (On the market economy and capital efficiency). - M .: Finance and Statistics, 2008.

9. Borodina EK, Yu. S. Golikova NV Kolchina ZM Smirnova Finances of enterprises. - M .: UNITI, 2011.

10.Accounting (financial) statements Ed. V.D. Novodvorsky. - M .: Infra-M, 2011.

11.Vakulenko TG, LF Fomina Analysis of accounting (financial) statements for making management decisions. - SPb .: Gerda Publishing House, 2009.

12. Enterprise economics: textbook Ed. prof. OV Volkova. - M .: Infra-M, 2010.

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The principles of organizing the finances of the enterprise. Cash flow in the enterprise

The predominant part of the financial resources of the general economic system of finance is formed at enterprises. Since up to 80% of the budget revenue base is formed at the expense of taxes, and payments of enterprises prevail in tax revenues, the finances of the enterprise form the national financial system.

The organization of enterprise finances is based on the following principles:

independence in the field of financial and economic activities;
self-financing;
interest in the results of work;
responsibility for these results;
formation of financial reserves;
division of funds into own and borrowed funds;
priority fulfillment of obligations to the budget;
financial control over the activities of enterprises.

The cash flow cycle of an enterprise can be represented as follows:

Figure 1. Enterprise cash flow cycle

Cash flow in an enterprise is a continuous process. For each direction of use of funds, there must be an appropriate source. The assets of an enterprise are the net use of cash, while liabilities and equity are net sources. For an operating enterprise, there is no starting and ending point of the movement of funds. The amount of funds fluctuates depending on production schedule, sales volume, collection of receivables, capital investments and financing.

The following relations can be distinguished in the total money turnover of the enterprise:

formation and use of on-farm target funds (statutory fund, production development fund, incentive funds, etc.);
arising from participation in other enterprises (making shares, participation in the distribution of profits from joint activities, etc.);
with employees of the enterprise;
with buyers of products;
with insurance companies;
with the banking system;
with the state;
with higher management structures.

Financial resources of the enterprise and their structure

Definition 1

Financial resources of the enterprise- this is its fixed and circulating capital.

Formation and replenishment of financial resources(fixed and working capital) - an important financial problem... The primary formation of these capitals occurs at the time of the establishment of the enterprise, when the authorized capital is formed.

Definition 2

Authorized (share) capital- the property of the enterprise, created at the expense of the contributions of the founders.

Definition 3

Financial resources- This is the money remaining at the disposal of the enterprise after the implementation of current costs to cover material costs and wages.

The main source of the formation of financial resources is profit.

Sources of formation of financial resources of the enterprise: profit; proceeds from the sale of retired property; depreciation; increase in stable liabilities; loans; targeted receipts; share contributions. In addition, the company can mobilize financial resources in various sectors of the financial market: sale of shares, bonds; dividends, interest; loans; income from other financial transactions; income from payment of insurance premiums, etc. (Fig. 2).

Figure 2. Grouping of financial resources of the enterprise

Significant financial resources of the enterprise can be mobilized in the financial market.

Definition 4

The main direction of use of financial resources- investment in expanded reproduction.

The use of funds is carried out in the following areas:

Investing in capital investments to expand production;
Investing in securities;
Payments to the budget, the banking system, contributions to extra-budgetary funds;
Formation of funds and reserves.

Enterprise finance management

The formation and use of financial resources is impossible without a financial management system for enterprises.

Definition 5

Financial management ( financial management) - This is an activity aimed at achieving the strategic and tactical goals of the functioning of a given enterprise.

Enterprise finance management includes:

organization and management of relations between an enterprise in the financial sphere with other enterprises, banks, insurance companies, budgets of all levels, as well as financial relations within the enterprise;
formation of financial resources and their optimization;
placement of capital and management of the process of its functioning;
analysis and management of cash flows at the enterprise.

The main functions of a financial manager:

financial planning, enterprise budgeting, formation pricing policy, sales forecasting;
formation of the capital structure and calculation of its price;
capital management (work with securities; control and regulation monetary transactions; investment analysis; management of fixed and working capital);
analysis of financial risks;
property protection;
assessment and consultation.

Financial resources are formed in the process of production of material values, i.e. when new value is created and GDP and national income arise. This process of formation of financial resources is characterized by the movement of goods and money. Financial resources are characterized by subjects and objects. The subjects are three subjects of financial relations (business entities, households, the state). The relationships between these entities in terms of the amount of financial resources are different and the size of the financial resources of each entity is determined by the development of market relations. The more independence legal entities have, the greater the volume of their financial resources. The objects of financial resources are financial relations. As a result of the operation of these financial relationships, trust funds are created. These funds are concentrated in two blocks - decentralized financial resources and centralized financial resources. Decentralized financial resources are formed and operate at the micro level, while centralized financial resources are created at the macro level and concentrated in budget funds and funds of state enterprises. The composition of financial resources: 1. Equity. At the enterprise level, this is profit and wages, and at the state level, it is income from enterprises, from foreign economic activity and from privatization. 2. Funds mobilized in the market. At the enterprise level, this is the sale of shares, a bank loan. At the state level - the issue of government securities, the issue of money and government loans. 3. Funds that enter a particular block as a result of redistribution. At the enterprise level, these are interest and dividends on enterprise securities. At the state level, these are taxes. Financial resources, although they are interconnected with financial relations, are not finance. There are qualitative differences between them. General: Both those and others are closely related to the production process, regardless of the forms of formation. Both are based on commodity-money relations.

Both those and others are involved in the distribution and redistribution of the value of GDP and national income. Main difference: Financial resources do not define the essence of finance, i.e. they do not reveal the inner content of finance. Financial resources do not fulfill those functions that are inherent in financial relations. Financial resources can be quantified; financial relations cannot be calculated. Quantitative calculation is expressed in the consolidated financial balance of the national economy

financial resource capital

Financial resources are cash income and savings from the outside at the disposal of business entities and intended to fulfill financial obligations, implement costs associated with the development of production and economic incentives for workers.

Different authors put different meanings into the concept of "financial resources". The most widely debated questions of the definition of this concept were discussed in the economic monographic and periodical literature of the 60s and 70s. The greatest attention was paid to the issues of the composition of financial resources, their economic content, the relationship between financial resources and monetary funds.

The most complete study of the economic content, composition, structure and problems of increasing financial resources belongs to a team of authors led by V.K. Senchagova. They define financial resources as follows

in the following way: "The financial resources of the national economy represent the aggregate of monetary accumulations and depreciation deductions and other monetary funds in the process of creating, distributing and redistributing the aggregate social product." The authors review financial resources in broad sense including in

this concept is all the money generated in the process of creation, distribution

and redistribution of the social product. The paper examines the relationship between financial resources and the loan fund, as well as money savings of the population in the system of financial resources.

For the first time, the concept of "financial resources" in Russian practice was used when drawing up the first five-year plan, one of the sections of which was the balance of financial resources. Subsequently, this term began to be widely used in economic literature and financial practice, and its interpretation was very different.

Financial resources are the most important source of expanded reproduction, socio-economic development of society. Increasing the volume of financial resources is one of the most important tasks of the state's financial policy. A decrease in the volume of financial resources has a negative effect on the development of society, leads to a reduction in investment, a decrease in consumption funds, and generates imbalances in the distribution of the social product and national income. The influence of financial resources on the economic development of society is not one-sided.

In turn, the composition and volume of financial resources depend on the level of economic development of the state, on the efficiency of production.

Economic growth serves as the basis for increasing the volume of financial resources, and the amount of financial resources allocated for the expansion and development of production contributes to an increase in its efficiency.

Financial resources are generated and used at two levels: countrywide and enterprise-wide. The size and structure of sources for the formation of financial resources on a national scale determine the possibilities of expanded reproduction of the national economy, an increase in the living standards of members of society, and an increase in state budget revenues. The amount of financial resources generated at the enterprise level determines the possibilities of making the necessary capital investments, increasing working capital, fulfilling financial obligations on time, and meeting social needs.

The management should clearly understand from what sources of financial resources the enterprise will function and in what areas of activity to invest capital. The financial well-being of the enterprise and the results of its activities depend on what capital a business entity has, how optimal its structure is and how expedient the transformation into fixed and circulating assets is.

Capital is the means that a business entity has to carry out its activities with the aim of making a profit.

The financial resources (capital) of the enterprise are formed at the expense of its own and borrowed sources (Fig. 1).

Fig. 1.

Also allocated are attracted sources, which are external sources of replenishment of the company's equity capital.

Equity capital is characterized by ease of attraction, provides a more sustainable financial condition and reduces the risk of bankruptcy. The need for equity capital is due to the requirements for self-financing of enterprises. Equity capital is the basis for the independence and independence of the enterprise. The peculiarity of equity capital is that it is invested on a long-term basis and is exposed to the greatest risk. The greater the share of own funds in the total amount of capital and the smaller the share of borrowed funds, the more firmly they are protected from losses of creditors, and, consequently, the risk of loss decreases.

However, it should be borne in mind that equity capital is limited in size.

In addition, financing the activities of an enterprise only from its own funds is not always beneficial for it, especially when production is seasonal. Then, in some periods, large funds will accumulate in bank accounts, and in others they will be lacking.

It should also be borne in mind that if the prices for financial resources are low, and the company can provide a higher level of return on invested capital than it pays for credit resources, then by attracting borrowed funds, it can control larger cash flows, expand the scale of activities, increase the return on equity (equity) capital. As a rule, a company takes out a loan to strengthen its position in the market.

At the same time, it should be borne in mind that in proportion to the growth in the share of borrowed capital, the risk of a decrease in the financial stability and solvency of the enterprise increases, the profitability of total assets decreases due to the loan interest... The disadvantages of this source of financing should also include the complexity of the procedure for attracting, the high dependence of the loan interest on the situation in the financial market and the increase in this regard, the risk of reducing the solvency of the enterprise.

The financial position of the enterprise largely depends on the ratio of its own and borrowed capital.

Thus, at the expense of financial resources, investments are financed, as well as advancing of working capital, i.e. all expenses of enterprises.

Consider the use of financial resources by an enterprise in some areas, the main of which are:

Payments to the financial and banking system (tax payments, payments to the budget, payment of interest to banks for the use of loans, repayment of previously taken loans, insurance payments);
Ш investing own funds in capital costs (reinvestment) associated with the expansion of production and its technical renewal, the transition to new progressive technologies, the use of know-how;
Ш investing in securities purchased on the market: shares and bonds of other firms, in government loans;
Ш formation of incentive and social funds;
Ш charitable purposes, sponsorship.

The main source of financing is equity capital (Fig. 2).

It includes the authorized, accumulated capital (reserve and additional capital, retained earnings) and other receipts (targeted funding, charitable donations, etc.).

Rice. 2.

The authorized capital is the amount of funds of the founders to ensure the statutory activities. In state-owned enterprises, this is the value of property; assigned by the state to the enterprise as a full economic management; at joint-stock enterprises - the par value of shares; for limited liability companies - the sum of the owners' shares; for a rental company - the amount of contributions from its employees, etc. The authorized capital is formed during the initial investment of funds. The founders' contributions to the authorized capital can be in the form of cash, property and intangible assets. The amount of the authorized capital is announced during the registration of the enterprise, and when adjusting its value, re-registration of the constituent documents is required.

When creating an enterprise, the authorized capital is directed to the acquisition of fixed assets and the formation of working capital in the amount necessary for the conduct of normal production and economic activities, licenses, patents, know-how, the use of which is an important income-generating factor. Thus, the initial capital is invested in production, in the process of which value is created, expressed in the price of products sold.

Additional capital as a source of funds for an enterprise is formed as a result of the revaluation of property or the sale of shares above their par value.

The reserve capital is created in accordance with legislative acts or constituent documents at the expense of the company's net profit. It is an insurance fund to compensate for possible losses and ensure the protection of the interests of third parties, if profits for the redemption of shares, redemption of bonds, payment of interest on them will not be enough. Its value is used to judge the financial strength of the enterprise. The absence or its insufficient value is considered as a factor of additional investment risk.

Retained earnings (uncovered loss) of the reporting period is reflected in the balance sheet as a cumulative total from the beginning of the year. After distribution, its remainder is added to the remainder of retained earnings of previous years.

Special purpose funds and targeted financing include values received free of charge from individuals and legal entities, as well as irrevocable and refundable budget allocations for the maintenance of social and cultural facilities and restoration of the solvency of enterprises that are on budget financing.

The formed fixed capital needs to be replenished in the process of carrying out economic activities. Allocate internal and external sources of replenishment of equity capital. Sources of replenishment of equity capital are shown in Fig. 3. If the company is unprofitable, equity capital is reduced by the amount of losses incurred.

The main source of replenishment of equity capital is profit. A significant share in the composition of internal sources is occupied by depreciation charges from the used own fixed assets and intangible assets. They do not increase the amount of equity capital, but are a means of reinvesting it.

Rice. 3.

Other forms of equity capital include income from property lease, settlements with founders, etc. They do not play a significant role in the formation of the company's equity capital.

The main share in the structure of external sources of formation of equity capital is taken by the additional issue of shares. State enterprises can be provided with gratuitous financial assistance from the state. Other external sources include tangible and intangible assets transferred to the enterprise by physical and legal entities as a charity.

In a market economy, the production and economic activity of an organization is impossible without the use of borrowed funds. The borrowed capital of the organization includes cash or other property values attracted on a repayable basis to finance the development of the firm's activities. All forms of debt capital used by a firm are financial liabilities that are repayable on time.

Debt capital is loans from banks and financial companies, loans, accounts payable, leasing, commercial paper, etc. (Fig. 4). It is subdivided into long-term (more than a year) and short-term (up to a year).

Rice. 4.

For purposes, borrowed funds are attracted:

Ш for the reproduction of fixed assets and intangible assets;
Ш replenishment of current assets;
Ш meeting social needs.

Borrowed funds can be attracted in cash, commodity form, in the form of equipment (leasing) and other types.

According to the sources of attraction, borrowed funds are divided into external and internal.

By maturity - long-term and short-term.

By the form of security - secured by a pledge or mortgage, surety or guarantee and unsecured. In case of liquidation of the enterprise, secured obligations are satisfied on a priority basis, unsecured - on a residual basis.

To receive additional income enterprises have the right to acquire securities of other enterprises and the state, invest in the authorized capital of newly formed enterprises and banks, lend them to other enterprises on terms of repayment, urgency and payment. Temporarily free funds of the enterprise can be allocated from the total money turnover.

Financial resources of an enterprise or organization. Financial resources and financial funds Financial resources monetary funds of the state enterprise

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