Analysis of entrepreneurial activity sources of financing. Sources of financing for entrepreneurial activities. Self-financing is based on the use of the company's own financial resources. In case of insufficient own funds

Domestic financing involves the use of those financial resources, the sources of which are formed in the process of financial economic activity organizations. An example of such sources is net profit, amortization, accounts payable, reserves for future expenses and payments, and deferred income.

At external financing are used cash entering the organization from the outside world. Sources of external financing can be founders, citizens, the state, financial and credit organizations, non-financial organizations.

Grouping of financial resources of organizations by sources of their formation is shown in the figure below.

The financial resources of the organization, in contrast to the material and labor resources, are distinguished by their interchangeability and susceptibility to inflation and devaluation.

Currently, the actual problem for domestic industrial enterprises is the state, the wear of which has reached 70%. In this case, we are talking not only about physical, but also about obsolescence. There is a need to re-equip Russian enterprises with new high-tech equipment. In this case, the choice of the source of financing for the specified re-equipment is important.

The following sources of funding are identified:

Internal sources of the enterprise(net profit, depreciation, sale or lease of unused assets).
Involved funds(foreign investment).
Borrowed funds(, bills).
Mixed(complex, combined) financing.

Internal sources of enterprise financing

Involved funds

When choosing a foreign investor as a source of financing, an enterprise should take into account the fact that the investor is interested in high profits, the company itself and his share of ownership in it... The higher the share of foreign investment, the less control remains with the owner of the enterprise.

Remains debt financing, at which there is a choice between and. Most often, in practice, the effectiveness of leasing is determined by comparing it with a bank loan, which is not entirely correct, because each specific transaction has to take into account its specific conditions.

Credit - as a source of financing for an enterprise

- a loan in cash or commodity form provided by the lender to the borrower on terms of repayment, most often with the payment by the borrower of interest for the use of the loan. This form of funding is the most common.

Credit advantages:

the credit form of financing is distinguished by greater independence in the use of funds received without any special conditions;
most often, a loan is offered by a bank serving a particular company, so that the process of obtaining a loan becomes very efficient.

The disadvantages of a loan include the following:

loan term in rare cases exceeds 3 years, which is unbearable for enterprises aimed at long-term profit;
to obtain a loan, an enterprise requires the provision of collateral, often equivalent to the amount of the loan itself;
in some cases, banks offer to open a current account as one of the conditions for bank lending, which is not always beneficial for the enterprise;
With this form of financing, the company can use the standard depreciation scheme for the purchased equipment, which obliges it to pay property tax over the entire period of use.

Leasing as a source of financing for an enterprise

is a special complex form entrepreneurial activity allowing one party - the lessee - to effectively renew fixed assets, and the other - the lessor - to expand the boundaries of activities on mutually beneficial terms for both parties.

Leasing advantages:

Leasing assumes 100% lending and does not require you to start payments immediately. When using a regular loan to buy property, the company must pay about 15% of the cost from its own funds.
Leasing allows an enterprise that does not have significant financial resources to start implementing a large project.

It is much easier for an enterprise to obtain a lease contract than a loan, because the equipment itself serves as security for the transaction.

A lease agreement is more flexible than a loan... Loans are always limited in size and maturity. With leasing, the company can calculate the receipt of its income and work out with the lessor an appropriate financing scheme convenient for it. Repayment can be made from funds received from the sale of products that are produced on equipment leased. The company has additional opportunities to expand its production capacity: payments under the lease agreement are distributed over the entire duration of the agreement and, thus, additional funds are freed up for investment in other types of assets.

Leasing does not increase the debt in the balance sheet of the enterprise and does not affect the ratio of own and borrowed funds, i.e. does not reduce the company's ability to obtain additional loans. It is very important that the equipment purchased under a lease agreement may not be on the lessee's balance sheet during the entire term of the agreement, which means that it does not increase assets, which exempts the company from paying taxes on the acquired fixed assets.

RF retained the right to choose the balance sheet of property received (transferred) in financial lease on the balance sheet of the lessor or lessee. The initial cost of the property being leased is the amount of the lessor's expenses for its acquisition. In addition, since 2002, regardless of the chosen method of accounting for the property-subject of the lease agreement (on the balance sheet of the lessor or lessee), lease payments reduce the taxable base (Article 264 of the Tax Code of the Russian Federation). Article 269 of the Tax Code of the Russian Federation introduces a limitation on the amount of interest on loans that the lessor can attribute to the reduction of the taxable base, but in other cases the lessor can attribute the amount of interest on the loan to the reduction of the taxable base.

Lease payments paid by the enterprise, are entirely related to production... If the property received under the lease is recorded on the balance sheet of the lessee, then the enterprise can receive benefits associated with the possibility of accelerated depreciation of the leased asset. Depreciation charges for such property can be calculated based on its value and norms approved in the prescribed manner, increased by a factor of no more than 3.

For leasing companies unlike banks no deposit needed if the property or equipment is liquid on the secondary market.

Leasing allows the company to completely legal grounds minimize taxation, as well as attribute all equipment maintenance costs to the lessor.

"Financial management"

Course work

On the topic: "External sources of financing for entrepreneurial activity and the effectiveness of their use."

Introduction

Theoretical basis business financing

Types of sources of financing for entrepreneurial activity

Features of attracting external sources of financing for entrepreneurial activity

The ratio of external and internal sources of financing for entrepreneurial activity

Analysis of the structure of sources of financing for entrepreneurial activities of JSC "Wimm-Bill-Dann"

Conclusion

Bibliography

Application

Introduction

In a market economy, external sources of financial resources are of great importance: in practice, an enterprise cannot effectively carry out its activities without attracting borrowed funds.

In my work, I would like to consider external sources of financing for entrepreneurship. This issue is quite relevant in modern times: organizations are looking for the most rational ways to develop their activities, which was negatively affected by the global economic crisis, and therefore the most effective sources of raising funds

Resource provision of an enterprise is a prerequisite for its development. It is the availability of financial resources that determines the opportunities for the formation of debt capital at enterprises. Debt capital is a catalyst for business processes, enabling enterprises to increase profits and company value. The essence of the company's borrowed capital is manifested in the implementation of operational, coordination, control and regulatory functions of the process of attracting external sources of financing. Borrowed funds in normal economic conditions contribute to an increase in production efficiency, they are necessary for the implementation of expanded production. The variety of channels for attracting borrowed resources makes it possible to use them in various situations. Any financial decision to attract debt financing sources directly or indirectly affects the efficiency of the enterprise. Therefore, the attraction of borrowed capital should be considered in conjunction with the development strategy of the enterprise as a whole.

The purpose of my coursework is to consider various external sources of business financing and identify ways to use them most effectively. To achieve this goal, it is necessary to analyze the main external sources of financing the enterprise and consider their specifics.

One of the main tasks is to determine the most effective external sources of business financing at the present time. When writing my work, I will rely on the empirical and theoretical method. I will also rely on statistical data to confirm my thoughts.

Attraction of borrowed capital becomes necessary to cover the needs of the enterprise in fixed and circulating funds. Such a need may arise during the reconstruction and technical re-equipment of production, due to the lack of sufficient start-up capital, the presence of seasonality in production, procurement, processing, supply and sale of products, as well as as a result of deviations in the normal course of the circulation of funds for reasons beyond the control of the enterprise. : non-binding partners, extraordinary circumstances, etc.

In order to clearly understand this, let us consider in more detail the situation of small business in Russia.

entrepreneurship funding source

.Theoretical foundations of business financing

Entrepreneurial activity - according to the civil legislation of the Russian Federation - is an independent activity, carried out at one's own risk, aimed at systematic profit from the use of property, the sale of goods, the performance of work or the provision of services by persons registered in this capacity in the manner prescribed by law.

Financing of entrepreneurial activity is a set of forms and methods, principles and conditions of financial support for simple and extended reproduction.

Financing refers to the process of capital formation in a firm in all its forms.

The concept of "financing" is closely related to the concept of "investment": if financing is the formation of funds, then investing is their use.

Both concepts are interrelated, but the first precedes the second. It is impossible for a firm to plan any investments without funding sources.

Funding is aimed at:

) meeting the current needs of the business (financing working capital, fulfillment of debt obligations)

) start and implementation of new projects (enterprises)

) expansion (modernization) of existing production facilities (additional financing of working capital)

) absorption of other businesses.

Funding as a process develops based on tactics and strategy. The tactics dictate the conditions and parameters of short-term financing. The strategy defines the conditions and parameters of long-term financing. The financing concept is drawn up in the form of projects that have a logical structure and always answer the following questions: 1. What are your current financial needs? 2. How will they change as a result of the project? 3. How much money needs to be invested for this? In fact, financing occurs through the organization of short-term and long-term financing. Short-term financing is often used to replenish working capital. Organization of short-term financing is based on internal financing and (or) short-term lending. Working capital is necessary to survive and continue to operate in the short term. Working capital is required: - for the procurement of raw materials; - for investments in continuous (work in progress) production; - for investments in finished products; - to cover the difference between receivables and payables. Long-term financing is used for capital investments. Capital investments are necessary for the growth and development of the enterprise. Continuous development is important to ensure the competitiveness of the enterprise. This requires significant financial resources: - for the development (acquisition) of new technologies; - for purchase modern equipment; - to develop new or improve existing products; - to create a distribution network; - to improve information systems and reporting systems; - to improve management.

Allocate internal and external funding.

Internal financial resources are formed in the course of economic activities of organizations. The level of self-financing of an enterprise depends not only on its internal capabilities, but also on the external environment (tax, budget, customs, monetary policy of the state).

External financing provides for the use of funds from the state, financial and credit organizations, non-financial companies and citizens. In addition, it involves the use of monetary resources founders of the enterprise. Such attraction of the necessary financial resources is often the most preferable, as it ensures the financial independence of the enterprise and facilitates in the future the conditions for obtaining bank loans.

In a market economy, the production and economic activity of a company is impossible without the use of borrowed funds, which include: bank loans, commercial loans, that is, borrowed funds from other organizations; funds from the issue and sale of shares and bonds of the organization; budgetary allocations on a repayable basis and others.

Attraction of borrowed funds allows the company to accelerate the turnover of working capital, increase the volume of business transactions, reduce the volume of work in progress. However, the use of this source leads to the emergence of certain problems associated with the need for subsequent servicing of the assumed debt obligations. Next, we will consider in more detail the sources of financing for entrepreneurial activity.

.Types of sources of financing for entrepreneurial activity

The firm receives the financial resources it needs from different sources... Funding sources are functioning and expected channels for obtaining financial resources... These sources can be considered from different positions, and therefore are divided into long- and short-term, internal and external, own and attracted, paid and free. The separation of sources by urgency, which means that after a certain period of time, the funds raised must be returned to their supplier, it is important to understand in the sense that the longer the period of using the source, the more slowly turning assets can be invested in. The division of sources into internal and external means that a certain investment can be financed either from the resources accumulated by the firm, or by attracting external sources. The first option assumes the presence of internal reserves of the company and their certain mobilization, the second - the lack of such reserves or the desire of top managers of the company to expand their activities not to the detriment of financing already established areas.

The following sources of financing for entrepreneurial activity are distinguished:

§ Internal sources of the enterprise, self-financing (net profit, depreciation charges, sale or lease of unused assets);

§ Raised funds (including foreign investments);

§ Borrowed funds (including credit<#"justify">§ domestic financing;

§ external financing.

Internal financing involves the use of those financial resources, the sources of which are formed in the process of financial and economic activities of the organization. An example of such sources is net profit, amortization, accounts payable, reserves for future expenses and payments, and deferred income. The main place belongs to the profit remaining at the disposal of the company, which is distributed for the purposes of accumulation and consumption. The profit is used for the development of production, the profit directed to consumption is used to solve social problems. On the one hand, profit is the most important source of funding capital investments... On the other hand, its increase is associated with an increase in investments in the development of production, an increase in its volumes, a decrease in the cost of production and an increase in its quality. The source of financing is income received from non-operating transactions minus expenses for their implementation. IN modern conditions enterprises<#"justify">· book value of fixed assets;

· terms of their service;

· depreciation methods;

· depreciation policy of the enterprise.

The advantage of depreciation deductions, as a source of financing for capital investments, is that it is formed at any financial position of the enterprise and always remains at its disposal.

Depreciation rates for most types of equipment used in Russian industrial enterprises are understated and can no longer serve as a full-fledged source of financing, and permitted accelerated depreciation methods cannot be used for existing equipment.

With external financing, funds are used that enter the organization from the outside world. Sources of external financing can be founders, citizens, the state, financial and credit organizations, non-financial organizations.

The financial resources of the organization, in contrast to the material and labor resources, are distinguished by their interchangeability and susceptibility to inflation and devaluation.

Currently, the actual problem for domestic industrial enterprises is the state of fixed assets<#"justify">The specifics of attracting external sources will be discussed below.

3.Features of attracting external sources of financing for entrepreneurial activity

External financing provides for the use of external sources:

· funds of financial institutions;

· non-financial companies;

· Population;

· States;

· foreign investors;

· additional contributions of the founders.

It is carried out by mobilizing attracted (equity financing) and borrowed (credit financing) funds.

Equity financing - financing through the sale of shares, contributions of founders and strategic investors and, as a result, transfer of part of the company's assets to them.

Initial Public Offering (IPO) both in Russia and, in particular, in western market(placement of depositary receipts for shares) allows to significantly increase the capitalization of the enterprise, increase the liquidity of shares, and in the future - to provide additional growth in the price of shares.

Advantages:

· payments for the use of attracted resources are not unconditional;

· significant scale and long terms;

· external control over the targeted use of funds.

Flaws:

· loss of part of the property, partial loss of control over the enterprise (project);

· attracting investment resources requires time and additional costs.

Debt (debt) financing - debt obligations paid in fixed amounts or interest on funds received for a certain period (bond loans, bank loans, loans from other organizations).

The method is used when investing in projects to create fast-payback real assets with a high rate of return on investment. Can be used for financial investments, provided that the level of profitability on them exceeds the lending rate.

Companies can issue their own debt securities - promissory notes or bonds, from the sale of which it receives "long" money. The issue, or issue of bonds, is carried out in order to attract additional funds from investors on the stock exchanges. Most of the work is done before the release of the papers. Before you start preparing documents and checking whether the company is ready for such an action, you need to analyze the exchanges and understand whether they are ready to accept securities.

On the other hand, it is worth taking into account the state of those sectors of the economy in which the company operates in the corresponding stock indices of the MICEX exchanges.<#"justify">· the opportunity to receive property without preliminary accumulation of a certain amount of own funds and attracting other external sources;

· may be the only method of financing investment projects;

· leasing does not require guarantees such as obtaining a bank loan;

· increases the commercial efficiency of the investment project through tax incentives, the use of accelerated depreciation;

· flexibility of lease payments;

· provides full funding for capital expenditures.

Another source of financing for the enterprise is budget financing. It involves the receipt of funds from the budgets of various levels. A feature of this method is that in most cases the funds invested in the enterprise are not returned. There is an indirect form of government funding, which is provided in the form of tax incentives for entrepreneurial firms.

Venture financing is a long-term high-risk equity investment in newly created high-tech promising companies (or well-established venture capital enterprises) focused on the development and production of science-intensive products, for their development and expansion, in order to profit from the increase in the value of invested funds.

Mutual financing of economic entities is also distinguished. This method involves the supply of products between various enterprises on terms of payment with a deferred payment. The main difference between this method and the previous methods is that it is part of short-term financing of activities, while other methods are of strategic importance.

4.The ratio of external and internal sources of financing for entrepreneurial activity

The choice of the structure of external sources of financing is largely determined by their price. Many enterprises rely only on equity capital, without using the effect financial leverage... The solution to this problem is possible only by creating conditions for the normal extraction of profit in the field of material production, and then industrial enterprises will have a greater degree of freedom in the use of various sources of financing, which, in turn, will allow minimizing the cost of the capital used.

In order to determine the optimal sources of financing for an enterprise, it is necessary to conduct a certain analysis of the enterprise's activities. A competent and deliberate choice of funding sources will increase the return on the use of funds and will not cause an additional unreasonable burden on the company associated with the need to return funds.

When choosing sources of financing for the activities of an enterprise, it is necessary to solve five main tasks:

determine the needs for short and long term capital;

to reveal possible changes as part of assets and capital in order to determine their optimal composition and structure;

ensure continued solvency and, therefore, financial stability;

use own and borrowed funds with maximum profit;

reduce the cost of financing business activities.

One of the main problems of financial management is the formation of a rational structure of sources of funds for the enterprise. There are 2 factors in order to finance the necessary amounts of costs and provide the desired levels of income:

) rational structure of sources of funds;

) dividend policy of the enterprise.

External and internal sources of funding are closely interrelated, but this does not mean that they are interchangeable. For example, external debt financing should not replace the attraction and use of the company's own funds. Only a sufficient amount of own funds can ensure the development of the enterprise, strengthen its independence, and also indicate the intention of shareholders to share the risks associated with the enterprise. So, for example, for a banker, one of the important indicators of the creditworthiness of an enterprise is the ratio of borrowed funds (LC) and equity capital(SK) of the enterprise when deciding the issue of the creditworthiness of the borrower and issues of issuing a loan. If there are enough funds at the enterprise and an increase in leverage may not lead to an increase in the average interest rate (AMR), and this will not greatly affect the decrease in the effect of financial leverage (EFR), in this case, the company will receive an additional source of financing, an increase in profits, an increase in the value of shares , an increase in the creditworthiness of the enterprise, but the role of borrowed funds (LC) of the enterprise must not be underestimated. An enterprise should not completely exhaust its borrowed property in non-extreme conditions; there must always be a reserve for borrowed funds. Experienced financiers believe that the optimal ratio of borrowed funds to equity capital is 40: 60 (in a stable market economy, with a developed stock market). Thus, when forming the structure of the sources of funds of the enterprise, they proceed from the general installation: to find such a ratio between borrowed funds (LC) and equity capital (IC), at which the value of the company's shares will be maximum (this corresponds to the maximum effect of financial leverage (EFR)). The amount of borrowed funds serves as a kind of market indicator of the company's well-being for the investor. The extremely high share of borrowed funds indicates high risk bankruptcy. If the company limits its own funds, then it limits profits and, therefore, reduces dividends. It is believed that if an enterprise does not pursue the goal of maximizing profits from its entrepreneurial activity, then investors lose interest and confidence in this enterprise. Thus, for mature companies that have been operating for a long time, a new issue of shares is regarded by investors as a negative signal, and attraction of borrowed funds - as a favorable or neutral signal.

It is possible to single out the rules, failure to comply with which can lead to a loss of independence at best, bankruptcy - at worst.

If the net result of the exploitation of investments (NREI reflects the profit of the enterprise before payment of interest for loans and taxes, i.e. this is balance sheet profit + interest on a loan) per 1 share is low (in this case, the differential< 0, рентабельность собственного капитала и дивиденд низкие), то выгоднее наращивать собственные средства за счет эмиссии акций. Привлечение заемных средств дороже привлечения собственного капитала.

If the net result of the exploitation of investments (NREI) per 1 acacia is large (the differential is> 0, the return on equity and the dividend are high), then it is more profitable to take out a loan than to increase its own funds. Borrowed funds will cost less than increasing their own funds. If in such a situation the form prefers to issue shares, then investors may get the impression that the company is financially unwell, as a result of which it is difficult to sell the shares.

These 2 rules are based on the analysis of the return on equity and net profit per ordinary share for various structures of the company's liabilities and the rules are based on the calculation of the threshold value of the net result of the exploitation of investments.

One of the main criteria for the formation of a rational structure of the company's liabilities is the threshold value of the net result of the exploitation of investments, but it is specific for enterprises and for specific situations. Should be considered:

The rate of increase in asset turnover: the higher its rate, the greater the amount of external financing.

The stability of the dynamics of asset turnover. With a stable level of the turnover ratio, you can increase the share of borrowed funds.

The level and dynamics of profitability, the higher the return on assets, the less funds are needed with stable production capacities.

Asset structure if the company has significant assets general purpose, which by their nature can serve as collateral for a loan, then an increase in the share of borrowed funds in the structure of liabilities is logical.

Taxation, the higher the income tax rate, the more attractive debt financing.

The attitude of creditors to the enterprise. The game of supply and demand in the money and financial markets determines the terms of lending. Thus, it may turn out that the bankers themselves will offer loans.

Acceptable degree of risk when financing with borrowed funds.

The state of the market for short and long-term capital.

Financing is a dynamic process, therefore, a change in tactics, strategy of an enterprise can affect the NREI THRESHOLD (see Appendix Formula 1).

The firm's stability shows how much the firm can develop at its own expense, how much depends on external sources of funding. This is a very important indicator in market conditions. To determine the degree of financial independence, the ratio of the ratio of borrowed own funds, also called the indicator (coefficient) of stability, is calculated:

Y = debt commitments / equity

The effect of financial leverage shows a possible change (increase / decrease) in the profitability of equity, associated with the use of borrowed funds, taking into account the payment of the latter.

EFR = (1 - SNP) x (ER - SRPS) x (ZK / SK),

where SNP is the income tax rate; ER - economic profitability (return on assets); ЗК - borrowed capital; SK - equity capital; PSAR - the average calculated interest rate (includes not only interest, but also all financial costs - the cost of insuring borrowed funds, penalty interest.

If the income tax rate< экономической рентабельности, то у предприятия, использующего заемные средства, рентабельность собственных средств возрастает на величину эффекта финансового рычага.

If the rate of income tax> economic profitability, then the profitability of own funds from an enterprise that takes a loan at this rate will be lower than that of an enterprise that does not, by the amount of the effect of financial leverage.

The calculation of the effect of financial leverage is necessary for:

) determination of acceptable credit conditions;

) determining the change in the profitability of own funds associated with the use of borrowed funds.

An important point when comparing funding sources, the choice of the time period in which cash flows at every source of funding. The planning horizon should be chosen in such a way as to take into account all the costs and tax benefits of the enterprise from the use of one or another source of funding.

.Analysis of the structure of sources of financing for entrepreneurial activities of JSC "Wimm-Bill-Dann"

JSC "Wimm-Bill-Dann" is the market leader in dairy products and baby food in Russia and one of the leading players in the soft drinks market in Russia and the CIS countries. Wimm-Bill-Dann owns more than 35 processing plants in Russia, Ukraine and Central Asia.

In order to analyze the structure of sources of financing for entrepreneurial activity, it is necessary to consider financial condition companies. The financial condition is characterized by a set of interrelated criteria, both absolute (revenue, assets, liabilities, profit), which are presented in the reporting, and relative (system of financial ratios), which will be calculated later.

To assess the financial condition of enterprises, the data sources are the balance sheet of the enterprise and the profit and loss statement (see Appendix Reports).

Solvency and liquidity indicators.

Absolute liquidity ratio

To ab.lik. 2010 = (368915 + 1829116) / 13638882 = 0.16

To ab.lik. 2011 = (888262 + 1180408) / 17485888 = 0.12

OJSC “Wimm-Bill-Dann” has K absolute liquidity below the minimum standard value equal to 0.2-0.25. This suggests that in 2010 the organization can pay off 16% of accounts payable at the time of reporting, and in 2011 only 12%. Since the absolute liquidity ratio shows what part of the accounts payable the company can pay off at the time of reporting. The decrease in this ratio is due to an increase in the company's short-term liabilities in 2011, mainly due to an increase in accounts payable by 3,824,962 thousand rubles.

Quick ratio (intermediate liquidity ratio)

To B.L. 2010 = (368915 + 1829116 + 6881872) / 13638882 = 0.67

To B.L. 2011 = (888262 + 1180408 + 8069567) / 17485888 = 0.58

The quick liquidity ratio shows how much the company's liquid assets cover short-term accounts payable. This indicator corresponds to the recommended value = 0.5 to 0.8 both in 2009 and in 2011. In 2010, the organization's liquid assets cover 67% of short-term accounts payable, and in 2011 - 58%. The decrease in the quick ratio is associated with a sharp increase in short-term liabilities and accounts receivable for the period under review. In 2011, accounts receivable increased by 1,187,695 thousand rubles. Cash also increased significantly in 2011 from 368,915 thousand rubles. up to 888,262 thousand rubles.

Current liquidity ratio

To tech.lik. 2010 = 13139804/13638882 = 0.963

To tech.lik. 2011 = 16788718/17485888 = 0.960

The recommended value of this coefficient is from 1 to 2. The lower limit indicates the company's insolvency. If the current liquidity ratio is more than 2-3, as a rule, this indicates an irrational use of the company's funds. As we can see, Wimm-Bill-Dann OJSC has this coefficient below the norm, which shows that the company does not have enough funds that can be used by it to pay off its short-term obligations during the year.

Coefficient of supply of stocks and costs with own sources

Own working capital 2010 = capital and reserves (line 490) - non-current assets (line 190) = 16327039 - 17127781 = - 800742

Own working capital 2011 = 17032110 - 21305656 = - 4273546

To ob.zap.and zat.sob.st. 2010 = -800742 / 3945434 = -0.20

To ob.zap.and zat.sob.st. 2011 = - 4273546/6204686 = -0.69

This ratio shows the share of own working capital that falls on the financing of stocks and costs. JSC "Wimm-Bill-Dann" has a negative coefficient, which indicates the lack of its own working capital to finance stocks and costs. The negative indicator of own working capital is extremely negative characterizes the financial position of the organization. However, there are examples of industries where a firm can successfully operate even with a negative indicator. In our case, this negative ratio is offset by a super-fast operating cycle, when stocks almost immediately turn into cash proceeds.

Equity ratio

K availability of stocks and costs =

To ob.zap.and zat.sob.st. 2010 = -800742 / 30267585 = -0.03

To ob.zap.and zat.sob.st. 2011 = - 4273546/38094374 = -0.11

This means that Wimm-Bill-Dann OJSC has a shortage of its own funds, since the indicators of this coefficient are negative.

Long-term solvency ratio:

Kdol.payment. =

Borrowed capital = Long-term Obligation (loans and credits) + Short-term liabilities. (loans and credits) - reserves for future expenses = line 510 + 610 - 650

Equity = total for Capital and reserves + income bud. periods + reserves for future expenses = line 490 + 640 + 650

Kdlg.payment. 2010 = (79600 + 1190998-183710) / (16327039 + 38832 + 183710) = 1086888/16549581 = 0.07

Kdlg.payment. 2011 = (3084894 + 1195218-209463) / (17032110 + 30903 + 209463) =

In the period from 2010 to 2011. the value of this ratio has increased: in 2010 - 7% of long-term debt can be covered by own funds, in 2011 - 24%. This increase is associated with a decrease in the share of own sources in the capital structure of the enterprise and an increase in the share of borrowed funds.

Financial stability indicators.

The financial stability of an enterprise is such a state of its financial resources, their distribution and use, which ensures the development of the enterprise based on the growth of profits and capital while maintaining solvency and creditworthiness in conditions of an acceptable level of risk.

Equity ratio (independence ratio, equity capital concentration ratio)

Autonomy coefficient =

To ed. 2010 = 16327039/30267585 = 0.54

To ed. 2011 = 17032110/38094374 = 0.45

In 2010, Wimm-Bill-Dann OJSC had a share of its own funds in the structure of the company's sources was 54%, and in 2011 it was 45%.

For this coefficient, it is almost impossible to establish normative value... The normal value for a particular enterprise should be established based on the characteristics of the enterprise, its needs for financial resources and development goals. The higher the value of this coefficient, the higher the stability of the enterprise. However, when this value is close to one, it indicates insufficiently effective financial management at the enterprise, not the ability to use borrowed funds. On the other hand, it is extremely low value to speak of high financial risk and high dependence on lenders.

Dependency ratio (debt capital concentration ratio)

Dependency ratio =

Borrowed funds in 2010 = 4 (long-term) + 5 (short-term liabilities) sections of the balance = 301664 + 13638882 = 13940546

Borrowed funds in 2011 = 3576376 + 17485888 = 21062264

To the head. 2010 = 13940546/30267585 = 0.46

To the head. 2011 = 21062264/38094374 = 0.55

This ratio characterizes the share of borrowed funds in the structure of the sources of the enterprise. As we can see, in 2011 the share of borrowed funds in the structure of sources of the enterprise increased by 10% and became equal to 55%. In 2010, the decline occurred by 8% from 54% to 46%.

Financial stability ratio (long-term financial stability ratio)

Fin coefficient stability = K fin.st. 2010 = (16327039 + 301664) / 30267585 = 0.55

To the fin.st. 2011 = (17032110 + 3576376) / 38094374 = 0.54

In 2010, the share of sustainable sources of financing in all sources of the enterprise was 55%, and in 2011 - 54%. That is, this is the share of those liabilities that can be used to finance investments.

Funding ratio

Funding ratio =

Finance. 2010 = 16327039/13940546 = 1.17

To finance. 2011 = 17032110/21062264 = 0.81 The financing ratio shows the structure of the company's liabilities. As we can see, Wimm-Bill-Dann OJSC in 2010 has its own funds exceeding borrowed funds, which means that the company's financial condition is more stable than in 2011, in which the share of its own funds decreased significantly.

The indicator of the profitability of own funds.

Return on equity =

(Own funds - 3 section of the balance)

Profitability sov.sr. 2010 = 3415757 / ((16112324 + 16327039) / 2) = 0.21

Profitability sov.sr. 2011 = 2399081 / ((16327039 + 17032110) / 2) = 0.14

This indicator characterizes the profitability of using the company's own funds. For 1 rub. invested own funds received in 2010, 21 kopecks, and in 2011, 14 kopecks. There is a decrease in this indicator.

Equity capital turnover ratio

Own turnover ratio capital =

Equity = line 490 (Total "Capital and reserves") + line 640 (Deferred income) + line 650 (Provisions for future expenses)

To ob.sov.kap. 2010 = 50543277 / (16327039 + 38832 + 183710) = 3.05

To ob.sov.kap. 2011 = 61610450 / (17032110 + 30903 + 209463) = 3.57

This indicates an increase in the efficiency of using the company's equity capital in 2011 compared to 2010.

EGF = (1-T) * (RA-p) * ZK / SK

T = 20% income tax rate

RA = EBIT (line 140 + 070) * 100% / (Assets line 300 - Accounts payable line 620)

р =% payable (line 070) * 100% / (debt and short loans and credits line 510 + 610)

RA 2010 = (4272169 + 513321) * 100% / (30267585-12225342) = 4785490/18042243 * 100% = 26.5%

RA 2011 = (3111141 + 378739) * 100% / (38094374-16050304) = 3489880/22044070 * 100% = 15.8%

p 2010 = 513321 * 100% / (79600 + 1190998) = 40.4%

p 2011 = 378739 * 100% / (3084894 + 1195218) = 8.8%

A significant reduction in the average calculated interest rate is associated with an increase in long-term loans, the amount of which in 2011 amounted to 3,084,894 thousand rubles, which is 38 times higher than the size of long-term loans in 2010.

I believe that such an increase in long-term loans is due to the fact that Wimm-Bill-Dann OJSC placed a ruble bond loan in the amount of 5 billion rubles.

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As a result of studying the material in this chapter, the student must: know

basic concepts, composition and sources of financing for the company's activities;
scientific approaches, characteristics and features of equity and debt capital;

be able to

analyze sources of funding for activities;
determine the features and analyze the sources of funding;
determine the profitability and risks of using various sources; own
the skills of analyzing the sources of financing the company's capital;
methods of capital formation of the company.

Classification of sources of financing for entrepreneurial activity

An important task of the financial management system of enterprises is the justification and selection of sources of financing for their activities. The choice of sources for the formation of financial resources of the enterprise determines its final financial results, affects the change in such characteristics as the level of costs, the cost of capital, the degree of financial stability, the level of efficiency of the enterprise, etc.

This circumstance predetermines the importance and necessity of assessing potential sources of financing for the enterprise, the degree of their influence on the performance indicators of the enterprise and the level of financial security.

To identify common features and characteristics of various sources of funding, we will classify them. There are various approaches to the classification of sources of financing for enterprises. For example, R. Pike and B. Neal subdivide funding sources into short-, medium- and long-term. Sources of short-term and medium-term financing include commercial loans, bank loans, factoring, bills of exchange, purchase by installments, operating leasing, long-term - equity capital (ordinary and preferred shares), debt obligations, financial leasing.

P. Etrill identifies external and internal sources of funding. When analyzing external sources, he distinguishes between long-term and short-term sources of funding. Long-term financing includes equity (common and preferred shares) as well as borrowings (loans / debt and leasing). Short-term sources of financing are bank overdrafts, commercial bills, sale of debt obligations (assignment of claims, factoring).

VV Kovalev understands internal and external sources of financing, respectively, his own and borrowed (including borrowed) funds. At the same time, the sources of long-term financing include equity (ordinary and preferred shares, retained earnings and other equity funds) and borrowed capital (bank loans, bonds and other loans), and sources of short-term financing - accounts payable and short-term loans and borrowings ...

Thus, the following main features of the classification and types of sources of financing of the enterprise can be distinguished (Fig. 5.1).

Rice.

In relation to the enterprise, internal and external sources of financing are distinguished. Own and borrowed funds are allocated according to the status of ownership. According to the degree of urgency (time period of attraction), long-term, medium-term and short-term sources of financing are distinguished.

External sources of financing are understood as sources of financing that require the consent of someone other than the company's management (borrowed and raised capital from the financial market, part of equity capital), internal sources of financing do not require the consent of other parties, they arise as a result of management decisions ( part of equity capital) (Figure 5.2).

Rice. 5.2.

Internal sources of funding involve the use of their own funds. Wherein active self-financing assumes the use of net profit, depreciation, funds from the sale of part of the company's assets.

In the case of active self-financing, the profit received by the enterprise should be sufficient to pay taxes to the budget system, dividends on shares, form reserve capital, expand production activities, etc. In the formation of a specific amount of funds raised from this source, the dividend policy of the enterprise plays an important role.

The second most important internal source of the formation of own financial resources are depreciation charges. However, the target orientation of this source is narrow - the amount of financial resources is directed mainly to the renovation of existing fixed assets and intangible assets. The size of this source depends on the volume of depreciable non-current assets used by the enterprise and the depreciation policy adopted by it (the chosen methods of depreciation).

Sources hidden funding can be:

own circulating assets;
reserves for doubtful debts;
reserves for future expenses;
overdue debts to suppliers, contractors and other creditors;
indebtedness to participants (founders) for the payment of income;
funds generated as a result of tax evasion, concealment or neglect of profits of branches;
provisions for impairment of investments in securities, etc.

The most stable source of coverage for circulating assets is its own circulating capital, which ensures the financial stability of the enterprise (the lower limit is equal to 10% of the total value of circulating assets). The higher this indicator, the more stable the financial position of the enterprise, the more opportunities it has in conducting an independent financial policy... The presence of other sources of hidden funding is due to the current procedure in Russia accounting, violations of tax legislation.

Self-financing has several benefits:

the process of making management decisions on the use of the generated financial resources is simplified, since the consent of investors, etc. is not required;
control over the activities of the enterprise by the owners is maintained;
there is no need for payments on attracted and borrowed funds;
due to the additional equity capital formed from the profit, the financial stability of the enterprise increases.

The disadvantage of this method of financing is the limited amount of funds raised.

The level of self-financing of an enterprise depends both on external factors (tax, budgetary and monetary policy of the state, conjuncture of the commodity market, etc.), and on its internal capabilities. It should be noted that self-financing creates opportunities for regulating the amount of taxable profit in legal ways and depends on:

from varying the boundaries of classifying assets to fixed or circulating assets;
selection of a method for calculating depreciation on fixed assets and intangible assets;
the choice of the method of accounting for inventories;
selection of the method of accounting for transactions with securities;
assessment of participants' contributions to the authorized (pooled) capital economic society or partnership;
creation of reserves for doubtful debts, which are formed based on the results of an inventory of accounts receivable;
the composition of overhead (general) costs and the method of their distribution by type of costs, orders, etc.

External sources of funding involve the use of funds from the state, financial and credit organizations, non-financial companies, foreign investors and citizens.

External sources of formation of own financial resources usually characterized by the term “attracted financial resources”. This is due to the fact that, unlike internal sources, until they enter the enterprise, they do not have the status of its ownership and require certain efforts and costs from the enterprise to attract them. However, as they arrive at the enterprise, they are included in the equity capital of the enterprise and are further characterized as its own financial resources.

Among these sources of formation of financial resources, the most important role is played by the issue of shares (for joint stock companies) and attracting additional share capital (for enterprises of other organizational and legal forms). Irrevocable allocations from budgets are used to finance investment activities predominantly state-owned enterprises.

The advantage of these sources of financing for entrepreneurial activity is the guarantee of the financial independence of the enterprise.

External sources of the formation of borrowed financial resources imply the provision of funds by creditors on the terms of urgency, repayment and payment. Financing from borrowed funds is carried out in the form of bank loans, government targeted and concessional loans, leasing, bond issues, etc.

At the same time, the borrowed capital can be divided into short-term and long-term.

Short-term debt capital serves as a source of financing for current assets (inventories, work in progress, seasonal costs, etc.). Banks provide short-term loans on the terms of a loan agreement with the borrower against the real security of his property. Many enterprises work on deferred payment for goods (commercial loans) or on a system of product price discounts (spontaneous financing).

Long-term debt capital directed to the renewal of fixed capital and the acquisition of intangible assets. Attraction of long-term borrowed capital is possible by issuing corporate bonds, attracting a long-term bank loan.

It should be noted that bank loans and bonded loans have a fixed maturity (as opposed to shares) and require appropriate sources of funds by this date to repay them (together with interest). An increase in the share of long-term loans and borrowings in the balance sheet liabilities leads to an increase in the level of financial risk and an increase in the price of the company's capital.

According to the degree of urgency, long-term, medium-term and short-term sources of financing are distinguished. Summarizing the approaches to the consideration of funding sources by the degree of urgency, to the sources short-term and medium-term financing include commercial and bank loans, factoring, bills of exchange, operating leasing, accounts payable, to sources long-term financing be

niya - funds received from the issue of shares and bonds, long-term loans, financial leasing.

From the standpoint of business finance management, the total value of funds in monetary, material and intangible forms, invested in the assets of the structure carrying out this activity, is one of the basic concepts of financial management - capital. This category, in turn, can also be described by various classification features (Fig. 5.3).

Rice. 53.

By property status the capital formed at the enterprise is divided into two main types - equity and debt. In the system of sources of attracting capital, such a division is of a decisive nature.

Equity capital characterizes the total value of the enterprise's funds owned by it and used by it to form a certain part of its assets. Debt capital characterizes funds or other property values attracted to finance the development of an enterprise on a repayable basis.

Equity capital is presented as authorized capital, retained earnings and funds of own funds, borrowed capital - in the form of loans and borrowings from banks and other investors, temporarily attracted funds.

The characteristics of equity and debt capital are presented in paragraphs 5.2, 5.3.

By sources of attraction allocate capital:

attracted from internal sources, characterizing own and borrowed funds, formed directly at the enterprise to ensure its development. The basis of its own financial resources, formed from internal sources, is the retained earnings of the enterprise, borrowed funds are the current obligations for settlements;
attracted from external sources, characterizing that part of the enterprise's capital, which is formed outside the enterprise. It covers both equity and debt capital attracted from outside.

By organizational and legal forms of ownership distinguish between:

share capital, which is formed by enterprises created in the form of joint stock companies;
share capital, which is formed by enterprises created in the form of business partnerships, limited liability companies, production cooperatives etc.

By time period of attraction allocate:

long-term capital, which consists of equity and debt capital with a period of use more than one year;
short-term capital, which is attracted by the enterprise for a period of up to one year. It is formed to meet the current economic needs of the enterprise.

By natural-material form allocate:

cash capital, which is the most common type of capital attracted by an enterprise (for example, bank loans);
capital in financial form, which is attracted in the form of various financial instruments (stocks, bonds);
capital in material form, which is attracted in the form of various capital goods (machinery, equipment, buildings), raw materials, materials, semi-finished products;
capital in intangible form, which is attracted in the form of various intangible assets (rights of use natural resources, patent rights to use inventions, rights to industrial designs and models, know-how, trademarks, computer programs).

By forms of ownership the capital provided to the enterprise is distinguished by its private and state types. This classification of capital is used primarily in the process of forming the authorized capital of an enterprise.

By nationality of capital owners, providing it for economic use, distinguish between national (domestic) and foreign capital invested in an enterprise.

Knowledge of the essential features of funding sources allows you to minimize risks, reduce the cost of servicing capital, increase the efficiency of the enterprise itself and its market value.

With the transition of the Russian economy to a market economy, enterprises faced the problem of providing production with financial resources. If, in a planned economy, enterprises, in case of failure, could count on the help of the state with its system of redistributing financial resources, then in modern economic conditions the solution to the issue of survival and prosperity lies in own hands enterprises.

Financing of entrepreneurial firms is a set of forms and methods, principles and conditions of financial support for simple and extended reproduction. Financing refers to the process of generating funds, or more broadly, the process of forming the capital of a firm in all its forms. The concept of "financing" is quite closely related to the concept of "investment", if financing is the formation of funds, then investing is their use. Both concepts are interconnected, but the first precedes the second. It is impossible for a firm to plan any investments without funding sources. At the same time, the formation of the firm's financial resources occurs, as a rule, taking into account the plan for their use.

When choosing sources of financing for the activities of an enterprise, it is necessary to solve five main tasks:

Determine short- and long-term capital needs;

Identify possible changes in the composition of assets and capital in order to determine their optimal composition and structure;

Ensure continued solvency and, therefore, financial stability;

Use your own and borrowed funds with maximum profit;

Reduce the cost of financing economic activities.

The financial resources of an entrepreneurial firm can be defined as the aggregate of its own cash income and receipts from outside, at the disposal of the firm and intended to fulfill its financial obligations, to finance current costs and costs associated with the expansion of production.

Capital is a stock of economic benefits accumulated through savings in the form of cash and real capital goods, which are involved by its owners in the economic process as an investment resource and a factor of production in order to generate income, the functioning of which in economic system based on market principles and associated with factors of time, risk and liquidity.

The term "capital" comes from the Latin "capitalis", which means main, main.

The financial resources of an entrepreneurial firm by their origin are divided into own and borrowed. Own financial resources are formed from internal and external sources. In the composition of internal sources, the main place belongs to the profit remaining at the disposal of the company, which is distributed by the decision of the management bodies.

An important role in the composition of internal sources is also played by depreciation charges, which represent the monetary value of the depreciation of fixed assets and intangible assets and are an internal source of financing for both simple and extended reproduction.

As part of external (attracted) sources of formation of own financial resources, the main role belongs to the additional issue of securities, through which the share capital of the company is increased, as well as the attraction of additional contributed capital by additional contributions to the authorized capital.

For some businesses additional source the formation of their own financial resources is the free financial assistance provided to them. In particular, it can be budgetary allocations on a non-refundable basis, as a rule, they are allocated to finance government orders, certain socially significant investment programs, or as government support for enterprises whose production is of national importance.

Other external sources include tangible and intangible assets donated to firms and included in their balance sheets.

One of the main features of the classification of the capital of an enterprise is the feature on the title of ownership of the generated capital. According to the title of ownership, the capital formed by the enterprise is divided into two main types - equity and debt. In the system of sources of attracting capital, such a division is of a decisive nature.

Equity capital characterizes the total value of the enterprise's funds owned by it and used by it to form a certain part of its assets. This part of the assets, formed from the equity capital invested in them, represents the net assets of the enterprise.

Debt capital characterizes funds or other property values attracted to finance the development of an enterprise on a repayable basis. All forms of debt capital used by an enterprise are financial liabilities that are repayable within a specified time frame.

Capital management of an enterprise is aimed at solving the following main tasks:

Formation of a sufficient amount of capital to ensure the required rates of economic development of the enterprise;

Optimization of the distribution of generated capital by type of activity and areas of use;

Ensuring the conditions for achieving the maximum return on capital at the envisaged level of financial risk;

Ensuring minimization of the financial risk associated with the use of capital, at the envisaged level of its profitability;

Ensuring a constant financial balance of the enterprise in the process of its development;

Ensuring a sufficient level of financial control over the company by its founders;

Ensuring sufficient financial flexibility of the enterprise;

Optimization of capital turnover;

Ensuring timely capital reinvestment.

Consider the classification of financial resources of enterprises based on the sources of their formation (Fig. 1.1). The basis is the division of financial resources of enterprises into their own and borrowed.

Rice. 1.1

Own financial resources of enterprises are formed at the expense of profits from the sale of products (works, services), profits from other sales, and other operating income. The sources of own financial resources also include the personal funds of the owner, the initial contributions of the founders. Enterprises and organizations in their activities rely primarily on their own sources. However, it should be noted that this source limits the growth of the enterprise, since it depends on the growth rate of profits (deposits of owners) A. Belovitskaya. Financial support for the activities of small businesses / Abstract of a thesis. ... Cand. eq. sciences. Saratov, 2008.

In accordance with this classification, the attracted financial resources of enterprises are divided into three large groups: borrowed funds, state support funds and funds received from third parties.

The attracted financial resources are formed on the basis of the redistribution of funds between business entities and characterize the degree of interaction of the enterprise with them. Sources of borrowed financial resources of enterprises are loans from commercial banks and non-banking organizations, loans, private loans.

Financial resources in the form of state support funds can be allocated to a special group. Today, the state is beginning to increasingly influence the activities and financial stability of enterprises and organizations, both in the form of direct and indirect financial support in order to encourage and stimulate the investment activity of businesses. In this regard, it is advisable to allocate this type of financial resources in a separate group, including due to the fact that these sources often have a non-market nature associated with protectionist state policy, and also pursue social, political and other goals. The source of their education is funds that are provided on a reimbursable basis and imply their return - budget loans, interest-free loans, short-term loans, lending programs. Also, the sources are funds provided free of charge, in order to more efficiently redistribute resources between sectors of the economy, as well as to solve other socio-economic problems. Among these forms of support, one can single out subventions, subsidies, subsidies (budget allocations, budget investments).

The source of funds raised from third parties are resources received from legal and individuals, receipts from industry and research funds, charitable contributions, financial resources from unions, associations, sectoral regional structures, grants from public organizations, international organizations, charitable foundations and others. AA Braschei. Problems of financing small business in Russia at the present stage / Finance, money circulation and credit: Almanac. Issue 2.- Saratov: SGSEU, 2007.

This classification reflects the specifics of the financial support of business activities, since own funds are the backbone of the activities of enterprises, and the attracted state support funds are mainly focused on supporting business entities. Also, this classification determines the nature of the interaction of enterprises and organizations with the external environment and facilitates the management of financial resources.

1. For the correct organization of financing for entrepreneurial activities, it is necessary to classify the sources of financing. Note that the classification of funding sources in Russian practice differs from foreign ones. In Russia, all sources of financing for entrepreneurial activity are divided into four groups: 1) own funds of enterprises and organizations; 2) borrowed funds; 3) borrowed funds; 4) state budget funds.

1. By belonging to the enterprise, own and borrowed types of its capital are distinguished.

Equity capital characterizes the total value of the enterprise's funds owned by it and used by it to form a certain part of its assets.

^ 2. According to the purposes of use in the structure of the enterprise, the following types of capital can be distinguished: productive, loan and speculative.

Productive capital characterizes the funds of an enterprise invested in its operating assets to carry out production and marketing activities.

Loan capital is that part of it that is used in the process of investing in monetary instruments (short-term and long-term deposits in commercial banks), as well as in debt stock instruments (bonds, certificates of deposit, bills of exchange, etc.)

Speculative capital characterizes that part of it that is used in the process of carrying out speculative (based on the difference in prices) financial transactions (purchase of derivatives for speculative purposes, etc.).

^ 3. By forms of investment, capital is distinguished in monetary, material and intangible forms, used to form the authorized capital of an enterprise. Investing capital in these forms is permitted by law when creating new enterprises, an increase in the volume of their statutory funds.

4 ^. According to the investment object, the main and circulating types of capital of the enterprise are distinguished.

Fixed capital characterizes that part of the used capital enterprise, which is invested in all types of its non-current assets (and not only in fixed assets, as it is often interpreted in the literature).

2. Sources of financing of the enterprise are divided into internal (equity capital) and external (borrowed and attracted capital).

Internal financing involves the use of own funds and, above all, net profit and depreciation charges.

Equity includes:

authorized capital (formed as a result of the contribution of the founders of the company during its creation)

additional capital (formed as a result of the revaluation of the organization's fixed assets)

reserve capital (formed by deductions from the profits of the organization for subsequent unforeseen needs)

Self-financing has a number of advantages:

due to replenishment from the profit of the enterprise, its financial stability increases;

the formation and use of own funds is stable;

the costs of external financing (for servicing debt to creditors) are minimized;

simplifies the process of making managerial decisions on the development of an enterprise, since the sources of additional costs are known in advance.

The level of self-financing of an enterprise depends not only on its internal capabilities, but also on the external environment (tax, depreciation, budget, customs and monetary policy of the state).

In a market economy, the production and economic activity of a company is impossible without the use of borrowed funds, which include: bank loans, commercial loans, i.e. borrowed funds from other organizations; funds from the issue and sale of shares and bonds of the organization; budgetary allocations on a repayable basis, etc.

3. Medium-term financial resources (from 2 to 5 years) are used to pay for machinery, equipment and research work.

The purchase of machinery and equipment by an enterprise on credit takes place on fixed terms against the security of the purchased goods with the repayment of the loan in installments.

The group of medium-term funds includes the lease of machinery and equipment. Payment for the use of the leased funds is carried out in regular installments, and at the same time, the owner's right sometimes does not pass to the debtor.

Long-term attracted capital (in the form of a loan) is directed to the renewal of fixed capital and the acquisition of intangible assets.

Long-term borrowed capital includes:

Issue of corporate bonds,

Long-term bank loan,

Mortgage,

Long-term loan,

Financial leasing,

Other types of long-term loans and borrowings.

4. Short-term funding means that funds will be returned no later than one year. Traditionally, short-term financing is used in business to cover seasonal and temporary fluctuations in the condition of funds. It can also be used to pay long-term business needs or interest on funds raised on a long-term basis. For example, short-term financing can provide additional working capital or bridge financing for a long-term project.

Short-term financing is usually classified into two main categories: ad hoc and contractual. Spontaneous funding is determined by the invoices that arise in the day-to-day operations of the firm.

Another category of short-term financing consists of contractual sources of financing: a bank loan and unsecured and secured loans. This funding is not spontaneous, as it must be agreed on on a formal basis.

The main problem of short-term financing is the choice of various short-term financial instruments, and it is solved by comparing variable costs, availability, flexibility and timing.