Determination of the value of the initial capital example. Equity capital is…. In real practice, it is often useful to modify this formula, which makes it possible to find the real profitability of an operation in conditions of an inflationary rise in prices.

The capabilities of the enterprise will be clear when they analyze the capital requirements required for the practical implementation of some kind of entrepreneurial idea or project.

For example, if we are able to choose what to produce - furniture or children's toys made of wood - we can make one or another decision depending on the amount of capital. If we have the opportunity to receive 1 million monetary units as an initial capital, then we may decide to start the production of furniture; if our capabilities are limited to only 50 thousand monetary units, then we will decide to start the production of children's toys from wood.

The structure of the initial capital depends on the needs of the enterprise for equipment, raw materials, etc., necessary to start the normal production process. To form the necessary capital structure, an entrepreneur:

A) acquires all technical elements of production (buildings, structures, machinery, equipment, transport, etc.) (T / e);

B) purchases raw materials, tools (C);

C) creates a stock of cash for the payment of wages during the first production cycle (from the start of production until the receipt of payments for products sold) (salary);

D) creates a reserve fund (R / f).

At the same time, the manufacturer also determines the size of the required initial capital: for T / e, 200 thousand monetary units are needed (100 thousand for the building, 50 thousand for equipment 50 thousand for adapting the building to the specific needs of production), for C - 50 thousand currency units, for salary. 25 thousand currency units, in total - 300 thousand currency units.

Rice. 2.1 "Determination of the amount of the initial capital".

T / e. S / n. R / f

200 thousand 50 thousand 25 thousand 25 thousand

Revealing the economic efficiency of future production.

Any investment in production is an advance investment. It is important for an entrepreneur to find the answer to the question of how, in what form and in what time frame can the advance be returned. The return of the capital advanced into production is possible only through the identification of the amount of profit obtained in the process of production and sale of products. The entrepreneur must know what is the payback period of the project.

However, the entrepreneur is interested not only in the period of return on invested capital, but also in the rate of capital growth, which is associated with the need to identify net profit. In order to determine the possible amount of net profit from the implementation of this idea, the entrepreneur carries out entrepreneurial calculations. The calculations are based on two immutable requirements:

1 accounting of all possible expenses;

2 accounting for income at the minimum acceptable level and accounting for expenses at the maximum acceptable level to reduce the degree of risk.

Of course, this approach should be based on the real situation. Calculations will include:

1 determination of possible income;

2 calculation of possible costs;

3 identification of net income.

Each entrepreneur will use his own methodology when making calculations.

For instance.

Fig 2.2 "The structure of possible income and expenses:"

A b c d e f g h i j k l m n o p

A - depreciation deductions from the cost of all technical elements used in the production process

B - property tax (the maximum size is 0.5% of the book value of the entire property of the enterprise);

B - road tax (local tax levied in those regions, the local authorities of which have made such a decision, the road tax in Moscow is 0.4% of the price of the purchased goods);

D) the cost of raw materials per one commodity unit;

E) road tax on purchased raw materials;

E) the planned payroll per one commodity unit;

G) tax on accrued payroll (37% of the amount payable as wages;

H) payments to the employment fund (local tax, in Moscow -!% Of the accrued wages fund;

I) VAT in terms of the paid fund salary. together with all payments from this fund, i.e. 28% of the amount (f + g + h);

K) planned profit;

L) VAT in terms of projected profit (28% of K);

M) income tax (32% of the amount k + l);

H) additional profit;

O) VAT in terms of additional profit (28% of n);

P) income tax in terms of additional profit (32% of the amount n + o).

Separate inclusion of planned profit and additional profit is methodically justified, because otherwise the entrepreneur will rely on the "residual principle" of identifying the profitability of production. In this case, he deliberately plans the minimum acceptable level of profit for him, at which production will be considered appropriate.

When understanding the problem of establishing an enterprise, an entrepreneur first of all seeks to predict the profitability of a future project. At the same time, the revealed amount of profit will allow the entrepreneur to come to the conclusion that the project has 40% return on investment. Usually, a novice entrepreneur uses debt (not equity). This means that when making calculations, it is necessary to take into account the payment for the use of such borrowed funds (loan interest).

Taxation problems

The tax press of the state and local authorities does not act as a stimulator, but rather often as a brake on the development of entrepreneurship. In such a situation, entrepreneurs often seek to "avoid taxes", taking advantage of the opportunities provided by the current legislation or simply hiding their income. Many of these methods are known.

The burden of income tax can be alleviated in two ways: either take advantage of benefits, or try not to show profit in the reporting. The possibilities of using the first method are limited by the introduction of the cancellation of most benefits. There are quite a few tricks to hide profits. The most common inflating cost, into which not only profits are driven, but also consumer spending of the owners and employees of the company. At the same time, this allows you to save on contributions to social insurance and to the pension fund, as well as on income tax, since in this case there is a "payment in kind". The company maintains apartments for its managers (under the guise of "office space"), service vehicles, purchases furniture, consumer electronics, subscribes newspapers, magazines, etc., etc. Some firms purchase "uniforms" for their employees (fur coats, sheepskin coats, leather jackets, suits, boots, etc.). as a result of all this, a prosperous company may appear low profitable or even unprofitable in its accounts.

There is one more method of concealing profit from taxation: the client pays for the goods in the form of a targeted payment to your development fund (i.e., to the already distributed profit). However, since 1992, tax inspectors have included these amounts in sales proceeds, and therefore targeted payments have to be dropped somewhere on the side (for example, to create some kind of charitable organization - a fund to help oneself), but this is much more difficult.

From progressive income tax and fund salary. you can also dodge. There are proven techniques for avoiding tax in excess of the normative profitability. The most common of them are: "side contract", when a front company is involved as a co-executor of the work, usually belonging to the same owners as the main enterprise. At the main enterprise, the payment for the services of the co-contractor of the contract falls into costs, which reduces the profitability to the desired level. Similarly, you can get away from the tax on exceeding the normative amount of funds for wages: one and the same person receives a salary for the same job at several enterprises. A more complex version is called "Russian nesting dolls". Its essence is that one and the same product or service on its way to the consumer passes through several enterprises, conspiring. Each of them winds up its costs and artificially reduces the level of profitability to the level taxed at the minimum tax rate.

And finally, the most radical way of tax evasion is withholding income and expenses in general from any accounting in cash transactions. The procedure for converting non-cash money into cash, and unaccounted for is called "cashing". In order to have unaccounted cash, it is necessary to receive it from the buyer and show it as an expense.

Under the strong pressure of the existing tax system, a special structure of domestic business is being formed - a small business group consisting of several companies linked not only by permanent partnerships, but also by a kind of participation system: their co-owners, as a rule, are the same persons. The key figure in the business group is often the informal president of one of the firms, and the person in charge of financial operations (financial director or chief accountant). The enterprises belonging to the group have inflated production costs, colossal inventories and fixed assets. Most of the personnel work for them on a contract basis, often being listed in the main job in the public sector of the economy. The main part of wages and entrepreneurial income is paid in kind or through "cash".

After reading this chapter, you will know:

• o decursive and anti-sipative methods;
• o taking into account the influence of inflation.

The calculation of the value of an enterprise (business), like most economic calculations, is based on the calculation of percentages in a deccursive or anti-hypothetical (preliminary) method and the theory of annuities.

Interest- This is income in various forms from the provision of funds (capital) in debt or investments.

Interest rate- an indicator characterizing the amount of income or the intensity of interest accrual.

Build ratio- a value showing the ratio of the accumulated initial capital.

Accrual period- the period of time after which interest is accrued (income is obtained). The accrual period can be divided into accrual intervals.

Accrual interval- the minimum period after which a part of interest is accrued. Interest can be calculated at the end of the accrual interval (decompression method) or at the beginning (antisipative or preliminary method).

Decursive way

Decursive interest rate (loan interest) is the ratio of the amount of income accrued for a certain period to the amount available at the beginning of this period.

When, after calculating income for a period, this income is paid, and in the next period interest income is charged on the original amount, then the accrual formula is used simple lending interest rates.

If we enter the notation:

i (%) - annual interest rate (income); i - the relative value of the annual interest rate; I - the amount of interest paid for the period (year);

P - the total amount of interest money for the entire period of accrual;

R - the amount of the initial monetary amount (present value);

F - accrued amount (future value);

k n - build ratio;

P - number of accrual periods (years);

d - the length of the accrual period in days;

TO - length of year in days K = 365 (366), then the decursive interest rate (i):

Hence (6.1)

Then the build-up ratio:

If the increment interval is less than one period (year), then

Determination of the amount of the accrued amount F (future value) is called compounding (compounding).

Example. Credit 25,000 rubles. issued for 3 years at a simple rate of 12% per annum. Determine the accrued amount.

By formula (6.1):

Example. Credit 25,000 rubles. issued for 182 days, an ordinary year, at a simple interest rate of 12% per annum. Determine the accrued amount.

According to the formula (6.2):

Sometimes it becomes necessary to solve the inverse problem: to determine the value of the initial (current, reduced) amount R (present value), knowing how much the accumulated amount should be F (future value):

Determination of the value of the initial (current, reduced) amount R (present value) is called discounting (discounting).

Example. After 3 years, you must have the amount of 16,500 rubles. What amount in this case must be deposited at a simple rate of 12% per annum.

Transforming formulas 6.1-6.3, you can get

Interest rates may change in different periods.

If during different periods of accrual P , P 2 ,..., n N , different interest rates are used i 1 , i 2 ,..., i N , where N - the total number of accrual periods, then the amount of interest money at the end of the accrual periods at the interest rate i 1 :

where n 1 - the number of periods of accrual at the interest rate i 1 at the end of the accrual periods at the interest rate, etc.

Then, with JV-periods of accrual, the accrued amount (N - last period number) for any:

where the build-up factor: (6.5)

Example. Credit in the amount of 250,000 rubles. issued for 2.5 years at a simple interest rate. Interest rate for the first year i = 18%, and for each subsequent half-year it decreases by 1.5%. Determine the accrual rate and the accrued amount.

According to the formula (6.5): k n = 1 + 0,18 + 0,5 (0,165 + 0,15 + 0.135) = 1,405.

By formula (6.4): F = 250,000 x 1.405 = 351,250 rubles.

Inverse problem:

If n to = 1, then, (6.7)

where the build-up ratio is: (6.8)

Example. Credit in the amount of 250,000 rubles. issued for 5 years at a simple interest rate. Interest rate for the first year i

According to the formula (6.8): k n = 1 + 0,18 + 0,165 + 0.15 + 0,135 + 0,12 = 1,75.

According to the formula (6.7): F = 250,000 x 1.75 = 437,500 rubles.

When, after calculating income for a period, this income is not paid, but is added to the amount of money available at the beginning of this period (to the amount that created this income), and in the next period interest income is accrued on this entire amount, then the accrual formulas are used compound interest.

If we add to the presented designations:

i c - the relative value of the annual compound interest rate;

k nc - accrual rate in case of compound interest;

j - the nominal rate of compound loan interest, at which the interval rate of compound loan interest is calculated, then for the accrual period equal to a year, the accrued amount will be:. For the second period (after a year): etc.

Across P years the accrued amount will be:

where the build-up ratio k nc is equal to:

Example. Credit 25,000 rubles. issued for 3 years at a complex rate of 12% per annum. Determine the accrued amount.

By formula (6.9)

Solving the inverse problem:

where is the discount factor.

The discount factor is the reciprocal of the accrual factor:

Example. After 3 years, you must have the amount of 16,500 rubles. What amount in this case must be invested in a deposit at a complex rate of 12% per annum.

Comparing the accrual factors, when calculating simple and compound interest, it can be seen that with n> 1. The more periods of accrual, the greater the difference in the value of the accrued amount when calculating compound and simple interest.

Other parameters can be defined:

P is not an integer, then the growth factor can be presented in two forms:

where P - not a multiple of an integer number of compounding periods;

where P = n c + d - the total number of periods (years) of accrual, consisting of whole and non-integer periods of accrual; n n d - number of days of non-integral (incomplete) accrual period; K = 365 (366) - the number of days in a year; i c - the relative value of the annual compound interest rate.

Both options are valid, but give different values ​​due to different calculation accuracy.

Example. Credit 25,000 rubles. issued for 3 years 6 months at a complex rate of 12% per annum. Determine the accrued amount.

• 1) F= 25,000 (1 + 0.12) 3.5 = 25,000 x 1.4868 = 37,170 rubles;
• 2) F = 25,000 (1 + 0.12) 3 (1 + (180: 365) 0.12) = 25,000 x 1.4049 x 1.0592 = 37,201 rubles.

The value of the annual rate of compound interest i 1 , i 2 ,..., i N may be different during different periods of accrual n 1 , n 2 ,..., n N .

Then the accrued amount at the end of the first period (year) of accrual:

In the second period (after a year):

In the n-period (for P periods (years)):

Then the build-up ratio:

Example. Credit in the amount of 250,000 rubles. issued for 5 years at a compound interest rate. Interest rate for the first year i = 18%, and the next year it decreases by 1.5%. Determine the accrual rate and the accrued amount.

According to the formula (6.14): k nc = (1 + 0,18)(1 + 0,165)(1 + 0,15)(1 + 0,135)(1 + 0,12) = 2,0096.

According to the formula (6.13): F = 250,000 x 1.75 = 502,400 rubles.

Inverse problem:

If compound interest is calculated on an interval basis, i.e. several times during the period, then the accrual formula for the interval

where j = i - the nominal rate of compound loan interest; T - the number of accrual intervals in the period (quarterly, monthly, etc.).

The income for an interval is added to the amount of money available at the beginning of that interval.

Then the accrued amount for interval accrual for each period after P periods (years) will be

In addition, other parameters can be defined:

Example. Credit 25,000 rubles. issued on n = 3 years at a compound rate of 12% per annum, payment in half-year t = 2. Determine the accrued amount.

By the formula (6/16) .

If the number of compounding periods P is not an integer, then the growth factor can be represented as

where n n - the number of whole (full) periods (years) of accrual; R - the number of whole (full) accrual intervals, but less than the total number of intervals in the period, i.e. R< m;d - the number of days of accrual, but less than the number of days in the accrual interval.

Example. Credit 25,000 rubles. issued for u = 3 years 8 months, 12 days at a compound rate of 12% per annum, payment in half-year T = = 2. Determine the accrued amount.

Initial capital- this is the capital collected for the formation of assets of the new enterprise and the beginning of its economic activity.

Initial capital accumulation

The initial accumulation of capital is the process of transforming the bulk of small commodity producers (mainly peasants) into wage workers by separating them from the means of production and converting the latter into capital. The concept of "initial accumulation of capital" was first introduced in the works of A. Smith. The era of initial capital accumulation mainly covered the end of the 15th-18th centuries in Western Europe, and the 17th-19th centuries in Russia.

Synonyms

Start-up capital

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1. Analysis of value creation indicators
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2. Own capital of the organization and features of its audit
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Entrepreneurship abstract

Under initial capital understand the amount of money that needs to be invested to implement the project. To determine the size of the initial capital, produce aggregate estimate the amount of funds for the implementation of the project. Moreover, the sizes of fixed and working capital are assessed separately. This is necessary primarily because of the significant difference in the rate of turnover.

The basis for aggregated calculations is technological process, which underlies the project, various market standards and characteristics... The most important characteristic of the technological process is the time spent and the way of work. This predetermines the choice of equipment, tools, production areas.

The second characteristic is the characteristics of the market in which the product is supposed to be sold. The most important characteristics are: market capacity and characteristics of demand, including at least an expert assessment of the elasticity of demand.

Based on the aggregated data on the volume of demand, which is determined by market research, and on the complexity of manufacturing the product, the main aggregated calculations of the required amount of equipment, production areas and the number of performers are carried out. All calculations should be carried out for individual groups of equipment and individual professions of the performer.

To calculate the number of performers, it is determined effective time fund for one employee.

Production areas for organizing production are determined either on the basis of the average size of the area required to install a unit of equipment or on the basis of the norm of the area required for the production of a unit of output.

If the overall dimensions of the product are much smaller than the overall dimensions of the equipment, then in this case the required area is determined based on the area occupied by the equipment. If the overall dimensions of the product are comparable to or exceed the dimensions of the equipment, then the area is determined based on the area norm for a unit of product.

The production area is divided into 3 categories:

The main production area is the area where the production process is carried out.

Auxiliary area;

The area required for recreation and sanitary needs.

Auxiliary area necessary to service the main production processes, determined by industry standards. Household area determined on the basis of their sanitary and hygienic bucket elevators per person.

It is advisable to determine the number of line managers based on the standards of manageability. It is believed that the rational number of subordinates for a leader is 8-12 people.

The number of employees of the functional services of the management apparatus is determined by developing a staffing table, where the list of positions is determined based on the management functions, and the number of employees for each function based on the labor intensity of each function.

Having various data on the amount of required equipment, the size of the area, you can calculate the required amount of fixed capital.

The next stage in assessing the initial entrepreneurial capital is the aggregated calculation of the required amount of working capital.

For an aggregated calculation of the required amount of working capital, you can use the planned calculations of the cost value.

Cost price- the amount of costs for the production and sale of products. There are a number of cost classifications that are included in cost.

According to the principle of inclusion in the cost price costs are divided into direct and indirect. Direct - costs that can be attributed to the cost of specific equipment (costs of raw materials and materials, salary of the main workers, salary of the management apparatus). Costs of this kind that cannot be attributed to a specific product are calculated indirectly.

Costs are classified in their relation to the production process... All costs are divided into basic and overhead. The main ones are the costs associated with the implementation of the technological process of manufacturing products. Overhead - costs associated with maintenance, management.

It is very important division of costs into variable and conditionally fixed... Variable costs include all costs that are directly proportional to the volume of production. Costs that do not depend on the volume of production are conditionally constant (periodic, since they are constant within a certain volume of production or periods of time).

The essence and features of the initial capital

Definition 1

The capital of an enterprise includes the amount of resources that are invested (advanced) in the economic activity of the entity and ensure its activity in the process of obtaining certain income.

The most common forms of initial capital are:

• monetary (financial) form,
• tangible and intangible form.

The total amount of capital in monetary form is reflected on the liabilities of the balance sheet, it determines the sources of financing for the enterprise.

There are the following features of capital:

• capital is an indispensable element that ensures the stable functioning and development of production;
• the amount of capital is determined by the market value of the company,
• the initial capital reflects the volume of net assets that are formed at the expense of the company's own funds, while the borrowed funds are used to expand and modernize production.

Capital classification

Equity is classified according to several criteria. In accordance with the form of ownership, there are own (owned by the company on the basis of ownership) and borrowed capital (attracted to finance the activities of the company).

According to the time of use, capital is divided into:

• short-term (for a period of up to a year),
• medium-term (from one to three years),
• long-term (more than three years).

According to the degree of liquidity, the following are distinguished:

• working capital in constant circulation.
• fixed capital.

Sources of capital formation can be external and internal:

• Internal revenues can be formed in the course of the activities of enterprises (depreciation, profit, reserve funds, income from emissions, etc.).
• External receipts can be generated by attracting borrowed funds through obtaining bank or commercial loans, as well as leasing or factoring.

Initial capital value

Definition 2

Initial capital is the funds that must be at the disposal of any business entity to start a business.

The availability of initial capital is a decisive condition for starting an enterprise, since it can provide financing for the required production elements. The structure and size of the initial capital largely depend on the specifics, goals and projected scale of the company's activities.

Remark 1

Basically, the initial capital is provided for the minimum needs: the purchase of the necessary types of property, as well as the availability of funds, which should be sufficient to fulfill financial obligations.

Initial capital formation

The formation of initial capital begins with the accumulation of own funds (savings of legal entities, available fixed assets, other material values, as well as current funds in bank accounts). Equity capital provides the financial potential of the enterprise and is the main source of property financing.

The fundamental factor in starting any business is a sufficient amount of initial capital. Initial capital is a fundamental factor in financial independence.

You can include the size of the equity capital:

1. Authorized capital formed at the time of the creation of the company and remaining at its disposal throughout its existence;
2. Reserve capital, which is the company's insurance fund required to cover a loss or benefit;
3. Additional capital, which includes funds from special purpose funds, as well as earmarked income and financing;
4. Retained earnings (uncovered loss) generated in the previous period and not used for consumption.