Recommendations for improving the efficiency of equity capital use. Improving the efficiency of the use of borrowed capital (based on the materials of Selprom LLP) Measures to reduce borrowed capital

To improve the financial condition and improve the organization of the equity capital of SladCo OJSC, the following ways of accelerating the capital turnover can be used:

) reducing the duration of the production cycle due to the intensification of production (use the latest technologies, mechanization and automation production processes, increasing the level of labor productivity, more complete use of the production capacity of the enterprise, labor and material resources, etc.);

) improvement of the organization of material and technical supply with the aim of uninterrupted supply of production with the necessary material resources and reducing the time spent by capital in stocks;

) acceleration of the process of shipment of products and registration of settlement documents;

) reducing the time spent in accounts receivable;

) increasing the level of marketing research aimed at accelerating the promotion of goods from the manufacturer to the consumer, namely:

study of effective demand for products, markets for their sales, substantiation of the plan for the production and sale of products of the appropriate volume and range;

analysis of the factors that form the elasticity of demand for products, assessment of the degree of risk of unclaimed products;

assessment of the competitiveness of products and the search for reserves to increase its level;

improvement pricing policy as one of the determining factors in competition;

development of strategy, tactics, methods and means of demand formation and sales promotion;

improving the forms of promotion of products to the consumer;

conducting a constant search for new markets, new consumers, new types of products, new areas of application of traditional products that can provide the company with the highest level of profit.

6) an increase in the authorized capital of the company in order to increase its financial guarantees;

) creating a larger reserve fund, as well as improving its accounting and reflection in the balance sheet.

As the data of the conducted analysis of the activities of JSC "SladCo" show, the actual increase in own capital for the period under study was insufficient to provide the company's reserves with its own sources.

An increase in equity capital can be carried out as a result of the accumulation or conservation of retained earnings for the purposes of the main activity with a significant restriction on its use for non-productive purposes, as well as as a result of the distribution of net profit to reserve funds formed in accordance with founding documents.

The authorized capital can be increased either through an additional issue of shares, or without attracting additional investments. The latter option is possible only within the amount of retained earnings. This can be done as follows: increase the nominal value of previously issued shares, with the obligatory withdrawal of old ones from circulation, or issue new, additional shares, unfortunately, this option is not possible due to the losses incurred by the company in the last analyzed year.

We can propose the following principles for optimizing the equity capital structure of OAO SladCo:

Accounting for development prospects economic activity this organization. The process of formation of the volume and structure of capital is subject to the tasks of ensuring its economic activity not only at the initial stage, but also during the continuation and expansion of this activity in the future.

From the calculations carried out in Chapter 2 (Table 2.12), we found that at the moment the company does not use loans - neither long-term nor short-term. Borrowed funds of the enterprise are represented only by accounts payable. The cost of using accounts payable is 0 rubles, i.e. interest-free. Therefore, in the calculations of the effect of financial leverage, we will not use it as borrowed funds.

Suppose a company decides to take a long-term loan for a period of 3 years at various interest rates. Let's consider how to change the return on equity and whether it makes sense for the company to take loans.

The possible amount of received revenue and profit from sales will be calculated in proportion to the increase in the amount of capital, i.e.:

, (3.2)

where: , - the average amount of capital in the reporting period and in the base period, respectively, thousand rubles;

Profit in the reporting period and in the base period, respectively, thousand rubles;

Revenue in the reporting period and in the base period, respectively, thousand rubles

Let's determine the tax rate in 2009:

, (3.3)

where: - the amount of taxes paid on profits, thousand rubles; - profit before taxation, thousand rubles.

That. the amount of tax payments for various lending options can be determined by the formula:

(3.4)

So for the 1st option:

For other options, it is calculated similarly.

Calculate the return on equity at the current moment, excluding the use of borrowed funds, because It has already been said that the company does not use them. The entire capital of the enterprise is represented by its own capital, respectively, its net profitability is:

or 43%

We find the net return on equity using the formula:

, (3.5)

where: - net profit, thousand rubles.

Data for calculating the effect of the financial leverage of LLC "Krasnoarmeisky Khlebokombinat" for 2009 at various options financing activities will be presented in table 3.1.

Table 3.1

Calculation of the effect of financial leverage LLC "Krasnoarmeysky Khlebokombinat"

Indicators	2009 (current state)	Possible lending options in 2009

Average annual amount of capital, thousand rubles Including:
Borrowed, thousand rubles
Own, thousand rubles
The ratio of borrowed capital to own (shoulder of financial leverage)
Sales revenue
Profit from sales, thousand rubles
Interest rate for a loan, %
The amount of interest for a loan (SP), thousand rubles.
Interest receivable, thousand rubles
Other income, thousand rubles
Other expenses, thousand rubles
Profit before taxation, thousand rubles
Economic return on total capital (ROA), %
Net return on equity, %
The amount of tax payments paid from profit, thousand rubles.
Tax rate (n), %
Net profit (thousand rubles)
Inflation rate, %
The effect of financial leverage, taking into account the payment of interest on the loan, %
Effect of financial leverage, taking into account the impact of inflation, %
Increase in the effect of financial leverage due to inflation, %

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Introduction
Calculation of the effect of financial leverage of JSC "SladCo" for 2008-2010.
2.3 Analysis financial stability JSC "Confectionery Association "SladCo"
3. Recommendations for improving the efficiency of using the equity capital of OAO Confectionery Association SladCo
3.1 The main problems of using the equity capital of the enterprise OJSC "SladCo"
3.2 Measures to improve the efficiency of using the equity capital of SladCo OJSC
3.3 Economic effect from the implementation of the proposed activities at JSC "SladCo"
Conclusion
Bibliographic list

Introduction

The development of market relations in society has led to the emergence of a number of new economic objects of accounting and analysis. One of them is the capital of the enterprise as the most important economic category and, in particular, equity. The significance of the latter for the viability and financial stability of the enterprise is so great that it has received legislative consolidation in the Civil Code of the Russian Federation in terms of the requirements for the minimum amount of authorized capital, the ratio of authorized capital and net assets; the possibility of paying dividends depending on the ratio of net assets and the amount of authorized and reserve capital.

The financial policy of an enterprise is a key moment in increasing the pace of its economic potential in a market economy with its fierce competition. Important indicators characterize financial condition enterprises. The assessment of equity capital serves as the basis for calculating most of them.

Equity accounting is an important area in the system accounting. Here the main characteristics of the company's own sources of financing are formed. The company needs to analyze its own capital, as this helps to identify its main components and determine the consequences of their changes for financial stability.

The relevance of this course work lies in the fact that the main problem for each enterprise that needs to be determined is the adequacy of cash capital for the implementation financial activities, maintenance of money circulation, creation of conditions for economic growth. This problem remains unresolved for the studied enterprise OAO "Confectionery Association" SladCo "and practically for all enterprises, as evidenced by a significant lack of own working capital. Consequently, there is an objective need for a comprehensive study, analysis and improvement of the methodology and organization of accounting for the equity capital of business entities.

The purpose of the course work is to develop ways to improve the use of the company's own capital. To achieve this goal, it is necessary to solve the following tasks:

1. define the concept and essence of the capital structure;

2. to study the problems of organizing equity in the enterprise;

3. to make an analysis of equity capital in OAO "SladKO";

4. consider the procedure for the formation and use of profits of SladCo OJSC.

5. develop ways to improve the use of equity capital.

To solve the problems, information was used on the actual technical, economic and financial indicators of OAO Confectionery Association SladCo from the official enterprise and annual financial statements for 2008, 2009, 2010:

balance sheet (form No. 1 according to OKUD);

profit and loss statement (form No. 2 according to OKUD).

When writing a term paper, accounting and reporting data from Sladko OJSC, as well as the company's charter, were used.

When writing the work, the following methods were used: calculation, comparative, monographic, etc.

The subject of consideration in the course work is the analysis and ways to improve equity.

equity efficiency use

The object of the study is OJSC "Confectionery Association "SladCo", whose main activity is the production and sale of confectionery.

Course work consists of introduction, three parts, conclusion, list of used literature and applications.

In the first part of the course work, theoretical issues related to the concept, essence, structure of the enterprise's own capital are considered, the regulatory and legislative support for the organization of equity capital is considered, and financial methods increase in own capital.

In the second part, a brief description of the enterprise JSC "SladKO" is given, the effectiveness of the use of equity capital is assessed, and an analysis of the profitability of equity capital at the enterprise is carried out.

In the third part, ways are developed to improve the use of equity capital at OAO SladCo.

1. Theoretical aspects of the formation and use of equity capital

1.1 The concept of equity capital and its structure

Own capital is a set of material assets and cash, financial investments and costs for the acquisition of rights and privileges necessary for the implementation of its economic activities.

The equity capital (SC) of an organization as a legal entity is generally determined by the value of the property owned by the organization. These are the so-called net assets of the organization. They are defined as the difference between the value of property (active capital) and borrowed capital Romanovsky M.V., Finance and credit, M .: higher education, 2008 - with. 289 - 296. .

Own capital consists of authorized, additional and reserve capital, retained earnings and targeted (special) funds (Fig. 1). Commercial organizations operating on the principles of a market economy, as a rule, own collective or corporate property. The owners are legal entities and individuals, a group of depositors-shareholders or a corporation of shareholders. The authorized capital, which has developed as part of the share capital, most fully reflects all aspects of the organizational and legal foundations for the formation of the authorized capital.

Fig.1 - Forms of functioning of the enterprise's own capital

Share capital - this is the equity capital of a joint-stock company (JSC). A joint stock company is an organization whose authorized capital is divided into a certain number of shares. JSC participants (shareholders) are not liable for the obligations of the company and bear the risk of losses associated with its activities, within the value of their shares. In this case, the authorized capital is a set of contributions (calculated in monetary terms) of shareholders to the property during the creation of an enterprise to ensure its activities in the amounts determined by the constituent documents. Due to its stability, the authorized capital covers, as a rule, the most illiquid assets, such as land lease, the cost of buildings, structures, and equipment.

A special place in the implementation of the guarantee of protection of creditors is occupied by reserve capital, the main task of which is to cover possible losses and reduce the risk of creditors in the event of a deterioration in the economic situation. In a market economy, it acts as an insurance fund created to compensate for losses and protect the interests of third parties in case of insufficient profit from the enterprise before the authorized capital is reduced.

The Civil Code of the Russian Federation provides for the requirement that, starting from the second year of the enterprise's activity, its authorized capital should not be less than net assets. If this requirement is violated, then the company is obliged to reduce the authorized capital, putting it in line with the value of net assets. The formation of reserve capital is mandatory for joint-stock companies, its minimum amount should not be less than 5% of the authorized capital Civil Code of the Russian Federation (Civil Code of the Russian Federation) dated 11.30.1994 N 51-FZ - Part 1 .

The next element of equity is additional capital , which shows the increase in the value of property as a result of revaluation of fixed assets and construction in progress of the organization, carried out by decision of the government, the funds and property received in the amount of their excess over the value of the shares transferred for them, and more. The additional capital can be used to increase the authorized capital, pay off the balance sheet loss for the reporting year, and also be distributed among the founders of the enterprise and for other purposes. At the same time, the procedure for using additional capital is determined by the owners, as a rule, in accordance with the constituent documents when considering the results of the reporting year.

In business entities, another type of equity arises - retained earnings. Undestributed profits - net profit (or part of it), not distributed in the form of dividends between shareholders (founders) and not used for other purposes. Typically, these funds are used to accumulate the property of an economic entity or replenish its working capital in the form of free cash, that is, at any time ready for a new turnover.

Target (special) funds are created from the net profit of an economic entity and must serve for certain purposes in accordance with the charter or decision of shareholders and owners. These funds are a type of retained earnings. In other words, this is retained earnings, which has a strictly designated purpose.

As part of equity capital, two main components can be distinguished : invested capital, that is, the capital invested by the owners in the enterprise; and accumulated capital - the capital created in the enterprise in excess of what was originally advanced by the owners. Invested capital includes the par value of common and preference shares, as well as additionally paid-in (in excess of the par value of shares) capital. This group usually includes gratuitously received values. The first component of the invested capital is represented in the balance sheet of Russian enterprises by authorized capital, the second - by additional capital (in terms of share premium received), the third - by additional capital or a social fund (depending on the purpose of using the property received free of charge).

The accumulated capital is reflected in the form of items arising from the distribution of net profit (reserve capital, accumulation fund, retained earnings, other similar items). Despite the fact that the source of formation of individual components of accumulated capital is net profit, the goals and procedure for the formation, directions and possibilities for using each of its items differ significantly. These articles are formed in accordance with the legislation, constituent documents and accounting policies.

All sources of equity capital formation can be divided into internal and external (Fig. 2).

Internal sources External sources

Fig. 2 - Sources of equity capital formation

An enterprise that uses only its own capital has the highest financial stability (its autonomy coefficient is equal to one), but limits the pace of its development (because it cannot ensure the formation of the necessary additional volume of assets during periods of favorable market conditions) and does not use financial opportunities for profit growth on invested capital.

Thus, considering the problem of forming a rational capital structure, it is advisable to conclude that by approaching this issue, taking into account the optimality criteria, many enterprises can achieve the required level of financial stability, ensure a high degree of development, reduce risk factors, increase the price of an enterprise and withdraw production. to a more efficient level. The ratio between own and borrowed sources of funds is one of the key analytical indicators characterizing the degree of risk of investing financial resources in a given enterprise. One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective. It is related to the overall financial structure of the enterprise, the degree of its dependence on creditors and investors.

1.2 Methods for analyzing the efficiency of using the equity capital of an enterprise

Analysis efficiency use own and borrowed capital organizations is yourself way savings, transformation and use information accounting accounting and reporting, having goal :

estimate the current and prospective financial condition of the organization, i.e. use of own and borrowed capital;

to substantiate the possible and acceptable pace of development of the organization from the standpoint of providing them with sources of funding;

identify available sources of funds, evaluate rational ways to mobilize them;

predict the position of the enterprise in the capital market Vyborova, E.N. Features of diagnosing the financial condition of business entities // Auditor. - 2011. .

The analysis of the efficiency of using the capital of organizations is carried out using various types of models that allow structuring and identifying the relationship between the main indicators.

Descriptive models, or models of a descriptive nature, are the main ones for both analyzing capital and assessing the financial condition of an organization. These include: building a system of reporting balances; presentation of financial statements in various analytical sections; structural and dynamic analysis of reporting; coefficient and factor analysis; analytical notes for reporting. All these models are based on the use of accounting information.

Structural analysis is a set of methods for studying the structure. It is based on the presentation of financial statements in the form of relative values characterizing the structure, i.e. the share (share) of private indicators in the generalizing final data on own and borrowed capital is calculated.

Dynamic analysis allows you to identify trends in individual articles of equity and debt capital or their groups that are part of the financial statements.

Ratio analysis is the leading method for analyzing the efficiency of using the capital of an organization, used by various groups of users: managers, analysts, shareholders, investors, creditors, etc. There are many such coefficients, therefore, for convenience, they are divided into several groups:

coefficients for assessing the movement of capital of the enterprise;

business activity ratios;

capital structure ratios;

profitability ratios, etc.

The coefficients for assessing the movement of capital (assets) of an enterprise include the coefficients of receipt, disposal and use, calculated for the entire total capital and for its components.

The coefficient of receipt of all capital shows what part of the funds available at the end of the reporting period are new sources of financing.

K receipts Total capital (A) = Received capital (Apost) / Price capital on the the end period (Akg) (1 )

The coefficient of receipt of own capital shows what part of the own capital from the available at the end of the reporting period is made up of newly received funds in his account.

K receipts SC = Received SC / SC on the the end period (2 )

The coefficient of receipt of borrowed capital (LC) shows what part of the borrowed capital from the available at the end of the reporting period is made up of newly received long-term and short-term borrowed funds.

K receipts ZK = Received borrowed facilities (ZKpost) / ZK on the the end period (3 )

The equity utilization ratio shows what part of the equity capital with which the company started operations in the reporting period was used in the course of the business entity's activities.

K use SC = Used part SC / SC on the Start period (4 )

The debt capital retirement ratio shows how much of it retired during the reporting period through the return of loans and borrowings and the repayment of accounts payable.

K disposal ZK = Dropouts borrowed facilities / ZK on the Start period (5 )

Business activity ratios allow you to analyze how efficiently the company uses its capital. As a rule, this group includes various turnover ratios: equity turnover; turnover of invested capital; turnover of accounts payable; turnover of borrowed capital.

The turnover of equity, calculated in turnover, is defined as the ratio of the volume of sales (sales) (N) to the average annual cost of equity (SC)

turnover own capital ( turns ) = N / Average annual price SC (6 )

This indicator characterizes various aspects of activity: from a commercial point of view, it reflects either excess sales or their insufficiency; financial - the rate of turnover of invested capital; from the economic point of view - the activity of funds that the investor risks. If it significantly exceeds the level of implementation over the invested capital, then this entails an increase in credit resources and the possibility of reaching the limit beyond which creditors begin to participate more actively in the business than the owners of the company, and vice versa.

Investment capital turnover (IC) is defined as the quotient of sales volume divided by the cost of equity plus long-term liabilities.

turnover investment capital ( turns ) = N / SC + Long term obligations (7 )

The accounts payable turnover ratio shows how much a company needs to make turnovers of investment capital to pay its bills.

turnover creditor debt ( turns ) = Cost price realized products / Average annual price creditor debt (8 )

Turnover ratios can be calculated in days. To do this, you need to divide the number of days in a year (366 or 365) by the turnover ratios calculated above. Then we find out how many days on average it takes to carry out one turnover of accounts payable, investment capital, equity and borrowed capital.

The coefficients of the capital structure characterize the degree of protection of the interests of creditors and investors. They reflect the company's ability to repay long-term debt. The coefficients of this group are also called solvency coefficients. We are talking about the ratio of equity, the ratio of borrowed capital and the ratio of equity to borrowed capital.

The equity ratio characterizes the share of equity capital in the capital structure (A) of the company, and, consequently, the ratio of the interests of the owners of the enterprise and creditors. This coefficient is also called the coefficient of autonomy (independence).

ksk = SC / BUT (9 )

In practice, it is believed that it is desirable to maintain this coefficient at a sufficiently high level, since in this case it indicates a stable financial structure funds preferred by creditors. Equity ratio, which characterizes a fairly stable position, other things being equal, in the eyes of investors and creditors, is the ratio of equity to the total at the level of 60%. At the same time, the optimal value of the considered indicator for the enterprise is more than 0.5.

The borrowed capital ratio can also be calculated, expressing the share of borrowed capital in the total amount of sources of financing of the balance sheet currency (WB). This coefficient is the reciprocal of the independence (autonomy) coefficient:

Kzk = ZK / BUT = ZK / WB (10 )

The ratio of debt and equity capital characterizes the degree of dependence of the organization on external loans (credits).

Xootn = ZK / SC (11 )

It shows how much borrowed funds account for 1 ruble. own. The higher this ratio, the more loans the company has and the riskier the situation, which can eventually lead to bankruptcy. A high level of the coefficient also reflects the potential risk of a cash shortage in the organization.

Thus, the analysis of the efficiency of using the capital of organizations is carried out using various types of models that allow structuring and identifying the relationship between the main indicators.

1.3 Methods for improving the efficiency of equity capital use

The ratio of equity and debt capital is one of the main factors that allow maximizing the market value of the company. When developing the optimal capital structure, it is necessary to proceed from the fact that it has an optimal level of financial dependence and that such a capital structure is highly dependent on the degree of business risk inherent in this industrial sector, i.e. it is necessary to take into account the activities of a particular company, because even within the same industry, companies may have different optimal capital structures.

Each corporation strives to achieve optimality in the ratio between sources of funding, since the structure of capital affects its value. An increase in debt can increase a firm's risk, alerting investors to the firm's ability to repay its creditors. This, in turn, can increase the cost of capital. When developing a policy in the field of capital structure, corporate managers set themselves a specific goal. It consists in increasing the part of the debt, if it is more profitable to acquire the necessary funds on credit. In another case, the corporation will prefer to finance the expansion of its activities by issuing new shares. In this regard, of particular importance is the indicator, which is called financial leverage, i.e. the use of loans or preferred stock to form the funds of a corporation.

Thus, it is known that one of the main tasks of capital formation is the optimization of its structure, taking into account a given level of profitability and risk. However, it can be solved in different ways.

The main criterion for the effectiveness of attracting borrowed capital is such a ratio of equity and borrowed capital, which increases the return on equity of the organization. It is known that it is profitable for an organization (or an investor) to attract borrowed capital, as long as the income on its own funds is greater than the interest on the loan (or when the profitability of the investment project as a whole is higher than the interest on the loan).

As you know, all sources of funding are paid. However, the cost of the sources of funds is different. Therefore, it is advisable to calculate the total cost of the organization's capital using the weighted arithmetic average formula, i.e. an indicator that reflects the relative level of the total cost of maintaining an optimal capital structure, which is the weighted average cost of capital. The "weight" of each element is its share in the total amount of capital formed (used) or planned to be formed.

Thus, optimization makes it possible not only to solve the problem, but also to form managerial actions based on a deep informal analysis of the environment in which the object under consideration operates. When forming an effective capital structure, it is advisable to use two methods: maximizing the return on equity and minimizing its total cost. However, the capital structure also depends on the state of the country's economy as a whole. Therefore, when it is formed, it is also necessary to take into account the effect of external factors.

Before carrying out measures to optimize the capital structure, it is necessary first of all to carry out a set of measures to increase profitability, which include, first of all, measures to reduce production costs.

When planning the cost of production, reasonable calculations of reducing the cost of production for the main technical and economic factors are of great importance. These include the following groups of factors:

1) improving the use and application of new types of raw materials and materials;

2) improving the organization and maintenance of production;

3) improvement of labor organization.

An important prerequisite for such calculations is a comprehensive accounting of the results of the production activities of the enterprise, the determination of reserves to reduce the cost of production, the development of measures to improve and develop its technical and production base and the calculation of savings from the implementation of these measures.

Reducing the cost of production is not a one-time act, but an everyday, not passing task that should be faced by the management of enterprises. This is due to the fact that it is a generalizing indicator of all types of costs per unit of output, labor intensity, material intensity, capital intensity, energy intensity, etc.

There are the following reserves to reduce the cost of products:

1. Reserves for reducing material costs:

control over purchase prices, economic expertise of prices;

the widespread use of incoming quality control coming from suppliers of raw materials and materials;

revision of existing material consumption rates;

2. Reserves for reducing labor costs:

mechanization and automation of production;

the use of progressive, high-performance technologies, the traditional direction in this area is the introduction of progressive low-waste technologies and waste-free technologies;

replacement and modernization of obsolete equipment;

preparation of the workplace, its full load;

application of advanced methods and techniques of labor;

increase in the percentage of yield of suitable products.

3. More complete use of the production capacity of the enterprise.

It should be noted that the efficient use of the production capacity of the enterprise leads to savings in material and labor costs (reducing the consumption of materials, their losses, processing time).

4. Reserves for reducing semi-fixed costs:

elimination of losses from mismanagement and excesses;

strict control over the implementation of estimates for general production, general business and commercial expenses.

To use the identified reserves, which include revision of existing material consumption rates, mechanization and automation of production, increase in the percentage of yield of good products, strict control over the implementation of estimates of general production, general business and commercial expenses, organizational and technical measures are being developed aimed at mobilizing reserves for further reduction the cost of production, improving the quality and increasing the efficiency of the enterprise.

As a result of the proposed measures, the released funds can be used to replenish working capital (i.e., reduce the share of borrowed capital), to modernize and reconstruct fixed assets, to expand production (i.e., the development of new highly profitable products), etc.

2. Analysis of the organization of equity in OJSC "Confectionery Association SladCo"

Full name: open joint-stock company"Confectionery Association "SladCo"; abbreviated name: JSC "Confectionery Association "SladCo"; on the English language: OJSC “Confectionery Group “SladCo”.

Location of the Company: Russian Federation, 620100, Yekaterinburg, Sibirsky Trakt, 19.

Open Joint Stock Company "Confectionery Association "SladCo" (hereinafter - the "Company"), previously referred to as Closed Joint Stock Company "Confectionery Association "SladCo", was formed by the decision of the Meeting of Founders (Minutes No. 1 dated February 26, 2001) in the manner prescribed Civil Code of the Russian Federation and the Federal Law of the Russian Federation "On Joint-Stock Companies" and registered by the State Registration Chamber on April 20, 2001 reg. N R-16033.16.

The purpose of the Company's activities is to make a profit.

The main activities of the Company are:

a) production and sale of confectionery, other food products and their semi-finished products;

b) implementation of intermediary and trade-purchasing activities;

c) organization of public catering;

d) provision of agency, representative, consulting, marketing and personal services for legal entities and the public;

e) foreign economic activity in all forms provided for by the current legislation.

The Company has the right to carry out any types of economic activity not prohibited by the legislative acts of the Russian Federation.

The authorized capital of the Company is 100,005,212 ( One hundred million five thousand two hundred and twelve) rubles and divided into 100,005,212 ( One hundred million five thousand two hundred and twelve) ordinary shares with a par value of 1 (one) ruble each, acquired by shareholders (outstanding shares). All shares of the Company are registered, issued in non-documentary form http: //www.sladco.ru/.

2.1 Analysis of the financial condition of OAO Confectionery Association SladCo

Odds liquidity OJSC " SladCo"

Let's calculate the overall liquidity ratios for 2008-2010.

1. Coefficient general liquidity (2008) = (Current assets - Long-term deb. debts) / Short-term. liabilities = 1,119,917,000/ 385,553,000 = 2.9.

2. Coefficient general liquidity (2009) = (Current assets - Long-term deb. debts) / Short-term. liabilities = 1,431,918,000/ 562,803,000 = 2.5.

3. Coefficient general liquidity (2010) = (Current assets - Long-term deb. debts) / Short-term. liabilities = 1,450,578,000/ 693,993,000 = 2.1.

Let's calculate quick liquidity ratios for 2008-2010.

1. Coefficient urgent liquidity (2008) \u003d (Cash + Short-term financial investments + Debt) / (Short-term liabilities - Weekly income) \u003d (705,989,000 + 55,166,000) / (103,585,000 + 281,862,000) \u003d 2, 0.

2. Coefficient urgent liquidity (2009) \u003d (Cash + Short-term financial investments + Debt) / (Short-term liabilities - Weekly income) \u003d (899,023,000 + 36,331,000) / (130,000,000 + 432,697,000) \u003d 1, 7.

3. Coefficient urgent liquidity (2010) \u003d (Cash + Short-term financial investments + Debt) / (Short-term liabilities - Weekly income) \u003d (912,077,000 + 90,786,000) / (148,300,000 + 545,693,000) \u003d 1, 4.

Let's calculate absolute liquidity ratios for 2008-2010.

1. Coefficient absolute liquidity (2008) = Den. funds / (Short-term liabilities - Weekly income) \u003d 55,166,000 / (103,585,000 + 281,862,000) \u003d 0.14.

2. Coefficient absolute liquidity (2009) = Den. funds / (Short-term liabilities - Weekly income) \u003d 36,331,000 / (130,000,000 + 432,697,000) \u003d 0.06.

3. Coefficient absolute liquidity (2010) = Den. funds / (Short-term liabilities - Weekly income) \u003d 90,786,000 / (148,300,000 + 545,693,000) \u003d 0.13.

Let's calculate the net working capital for 2008-2010.

1. Clean negotiable capital (2008) = Turnover. means - Short-term. liabilities - Income bud. periods \u003d 1,119,917,000 - 385,553,000 - 106,000 \u003d 734,258,000 rubles.

2. Clean negotiable capital (2009) = Turnover. means - Short-term. liabilities - Income bud. periods \u003d 1,431,918,000 - 562,803,000 - 106,000 \u003d 869,009,000 rubles.

3. Clean negotiable capital (2010) = Turnover. means - Short-term. liabilities - Income bud. periods \u003d 1,450,578,000 - 693,993,000 \u003d 756,585,000 rubles.

Table 1

Comparison of liquidity ratios of JSC "SladCo" for 2008-2010.

Fig. 3 - Change in the coefficients of general and urgent liquidity of OJSC "Confectionery Association "SladCo"

The overall liquidity ratio gives a general assessment of the liquidity of assets, showing how many rubles of the company's current assets account for one ruble of current liabilities. According to international standards, the value of the overall liquidity ratio should be in the range of 1-2. The excess of current assets is considered undesirable, since this indicates an irrational investment of one's funds and their inefficient use, an irrational capital structure Ilyasov, G. Assessment of the financial condition of an enterprise // The Economist. - 2010. - No. 6. - S. 49-54. . For three years JSC "SladCo" reduced the value of the coefficient from 2.9 to 2.1, which indicates the construction of a more rational capital structure.

The quick liquidity ratio reflects the company's ability to repay its current liabilities in the event of difficulties with the sale of products. In accordance with the standards, the value of the quick liquidity ratio should exceed 1. For all 3 years, SladCo OJSC has maintained the value of the ratio at the required level, but there is a possibility of its further decrease, which will negatively affect the financial position of the organization. For 3 years, there has been a decrease in this ratio, which is a negative trend, which indicates the need to establish work with creditors, the more the value of the indicators is greater than 1, i.e. the company's liquidity is assessed as good.

Fig. 4 - Change in the absolute liquidity ratio of OJSC "SladCo"

The absolute liquidity ratio shows what part of the short-term debt the organization can repay in the near future at the expense of cash. The recommended value is 0.2-0.25.

In Figure 4, the jump-like dynamics of this coefficient change is noticeable. Despite a significant increase from 0.06 to 0.13, the required level was not achieved. From the calculations it can be seen that on 12/31/09 K al = 0.06 - unsatisfactory solvency, and on 12/31/10 K al = 0.13 - solvency is assessed as normal.

Fig.5 - Change in the net working capital of OJSC "SladCo"

Analyzing Figure 5, we can conclude that the dynamics of changes in net working capital is spasmodic. A lack of PSCs can lead an organization to bankruptcy, as indicates an inability to timely pay off its short-term obligations.

To determine the minimum required value of the net working capital indicator for a company, it is necessary to take the rule as the basis for calculations: the least liquid assets should be financed at the expense of own funds. Most often, these include inventories of raw materials and work in progress. Hence, the sufficient value of net working capital will be determined as follows:

Sufficientcleannegotiablecapital= Raw materialandmaterials+ unfinishedproduction Kovalev, V.V. Workshop on analysis and financial management: lecture notes with tasks and tests / V.V. Kovalev. - Ed. 2nd, revised. And extra. - M.: Finance and statistics, 2008. - 448 p. .

Sufficientcleannegotiablecapital (2008 ) = 265 733 000 + 15 678 000 = 281 411 000 rub.

Sufficientcleannegotiablecapital (2009 ) = 343 918 000 +15 748 000 = 259 666 000 rub.

Sufficientcleannegotiablecapital (2010 ) = 295 576 000 + 30 076 000 = 325 652 000 rub.

Comparison of the actual value with the value calculated using this formula allows us to conclude that the company has an excess of its own funds to finance working capital, indicates an inefficient use of resources. For example, about the irrational distribution of profits from core activities, about attracting a loan in excess of real needs for operating and investment activity etc.

Odds profitability OJSC " confectionery Union " SladCo"

Calculate the return on assets for 2008-2010.

1. Coefficient profitability assets (2008) = Net profit/Average year. value of assets = - 52,835,000 / ((1,689,388,000 + 1,643,457,000) /2) = - 0.03 or - 3%.

2. Coefficient profitability assets (2009) = Net profit/Average year. asset value = 136,470,000/((1,641,631,000 + 1,955,881,000)/2) = 0.08 or 8%.

3. Coefficient profitability assets (2010) = Net profit/Average year. value of assets = - 127,715,000 / ((1,955,881,000 + 2,028,117,000) /2) = - 0.06 or - 6%.

Calculate the profitability ratios of implementation for 2008-2010.

1. Coefficient profitability implementation (2008) = Sales Profit / Sales Proceeds = 210,499,000 / 4,276,114,000 = 0.05 or 5%.

2. Coefficient profitability implementation (2009) = Profit from sales/Proceeds from sales = 344,604,000/4,205,907,000 = 0.08 or 8%.

3. Coefficient profitability implementation (2010) = Sales Profit / Sales Proceeds = 100,210,000 / 4,366,443,000 = 0.02 or 2%.

Calculate the return on equity for 2008 - 2010.

1. Coefficient profitability own capital (2008) = = Net income / (Equity and reserves + Income of the weekly periods - Own shares redeemed from shareholders) = 52,835,000 / (1,251,483,000 + 106,000) = - 0.04 or - 4%.

2. Coefficient profitability own capital (2009) = = Net Income / (Equity and Reserves + Weekly Income - Treasury Shares) = 136,470,000 / (1,387,197,000 + 106,000) = 0.09 or 9%.

3. Coefficient profitability own capital (2010) = = Net profit / (Equity and reserves + Income of the weekly periods - Treasury shares repurchased from shareholders) = - 127,715,000 / 1,259,482,000 = - 0.10 or - 10%.

table 2

Comparison of the profitability ratios of OAO "SladCo" for 2008-2010.

Fig.6 - Change in the profitability ratios of assets, sales and equity of OJSC "SladCo"

The rate of return on assets is the main production indicator, reflects the efficiency of the use of invested capital Stoyanova E.S. Financial management / Textbook / - M.: Prospect, 2009. - 650 p. .

Analyzing Figure 6, we can conclude that - 0.03 rubles of profit falls on the ruble of advanced capital (according to data for 2008), 0.08 rubles - for 2009, - 0.06 rubles - for 2010. The indicator of return on assets in dynamics shows a negative trend, which indicates a low efficiency of the use of property. Urgent measures are needed to restore profitable activities, otherwise the enterprise will face the threat of bankruptcy.

The indicator of profitability of implementation characterizes the efficiency entrepreneurial activity: how much profit the company has from the ruble of sales. It is calculated as a whole for the enterprise and for individual types of products.

Return on sales has increased by 0.03 since 2008. to 2009 This means that the company received 0.08 kopecks of profit from one ruble of sales. The higher the score, the better for the company. Since 2009 to 2010 there is a decrease in this indicator by 0.06 kopecks, which is a negative trend for the enterprise. Such dynamics of the coefficient may indicate the need to revise prices or strengthen control over the use of inventories.

The return on equity shows how many monetary units of net profit earned each monetary unit invested by the owners of the company Astrinsky, D. Economic analysis financial position enterprises // Economist. - 2011. - No. 12. - with. 35. .

The dynamics of changes in the return on equity has a spasmodic character: an increase of 0.013 in relation to 2008. by 2009 and a sharp decrease by 0.19 in relation to 2009. by 2010, while the coefficient is negative. This is due to the fact that the company has a net loss. Such a negative dynamics of return on equity is very dangerous for the company's activities.

2.2 Analysis of the effectiveness of the use of equity capital of OAO Confectionery Association SladCo for 2008-2010.

Analysis of the effectiveness of the use of equity allows us to assess the current and prospective financial condition of the organization, justify the pace of development of the organization, identify available sources of funds and evaluate rational ways to mobilize them, as well as predict the position of the enterprise in the capital market.

Calculate the coefficients of equity capital inflow for 2008-2010.

1. Coefficient receipts SC (2008 ) = Incoming SC / SC at the end of the period = - 52,836,000/ 1,251,483,000 = - 0.04.

2. Coefficient receipts SC (2009 ) = Received SC / SC at the end of the period = 136,470,000/ 1,387,197,000 = 0.1.

3. Coefficient receipts SC (2010 ) = Incoming SC / SC at the end of the period = - 127,715,000/ 1,259,482,000 = - 0.1.

The coefficient of receipt of own capital shows what part of own capital from available at the end of the reporting period are newly received in his account. The negative indicator of the coefficients of receipt of the SC for 2008. and 2010 are evidence of losses in the work of the enterprise.

Return on equity ratios for 2088-2010 have been reviewed above.

Let's calculate the capital return ratios for 2008-2010.

1. Coefficient return on capital (2008 ) = Revenue / Equity = 4,276,114,000/ 1,251,483,000 = 3.4.

2. Coefficient return on capital (2009 ) = Revenue / Equity = 4,205,907,000/ 1,387,197,000 = 3.0.

3. Coefficient return on capital (2010 ) = Revenue / Equity = 4,366,443,000/ 1,259,482,000 = 3.5.

The capital return assessment coefficient characterizes the productivity of equity capital, i.e. the volume of sold products per unit of own capital involved in the operating activities of the enterprise is from 3.0 to 3.5 rubles in the years under review, the values of the indicator are quite low.

Let's calculate the equity turnover ratios for 2008-2010.

1. Coefficient turnover SC (2008 ) = Equity / Revenue = 1,251,483,000/ 4,276,114,000 = 0.3.

2. Coefficient turnover SC (2009 ) = Equity / Revenue = 1,387,197,000/ 4,205,907,000 = 0.3.

3. Coefficient turnover SC (2010 ) = Equity / Revenue = 1,259,482,000/ 4,366,443,000 = 0.3.

The coefficient for evaluating the turnover of own capital characterizes how quickly the own capital used by the enterprise turns around in the course of its economic activity. For the three analyzed years, the level of this coefficient is at the same level. There is no normative value, however, the efforts of the company's management in all cases should be aimed at accelerating the turnover.

Calculate the ratio of equity and debt capital for 2008-2010.

1. Coefficient ratios ZK to SC (2008 ) = (Long-term liabilities + Short-term liabilities - Provisions for future expenses - Deferred income) / (Equity and reserves + Deferred income + Provisions for future expenses = (6,421,000 + 385,553,000 - 106,000) / (1,251,483,000 + 106 000) = 0.3.

2. Coefficient ratios ZK to SC (2009 ) = (Long-term liabilities + Short-term liabilities - Provisions for future expenses - Deferred income) / (Equity and reserves + Deferred income + Provisions for future expenses = (5,881,000 + 562,803,000 - 106,000) / (1,387,197,000 + 106 000) = 0.4.

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Introduction

1. Theoretical aspects of assessing the use of equity capital

organizations

1.1 Economic essence and classification of enterprise capital

1.2 Composition of equity capital and characteristics of its elements

1.3 The system of criteria for evaluating the effectiveness of the use of own

capital

2. Own capital of the organization as part of the sources of financing

2.1 Brief organizational and economic characteristics of the organization

2.2 Composition, structure of the organization's own capital

2.3 Analysis of the formation and use of profits

capital

3.1 Evaluation of equity performance indicators

Conclusion

Bibliographic list

Applications

Introduction

The development of market relations in society has led to the emergence of a number of new economic objects of accounting and analysis. One of them is the capital of the enterprise as the most important economic category and, in particular, equity capital. Any enterprise operating separately from others, leading a production or other commercial activity, must have a certain capital, which is a combination of material values and funds, financial investments, costs for the acquisition of rights and privileges necessary for the implementation of its economic activities.

Thus, equity capital is the main source of financing of the enterprise's funds necessary for its functioning.

Own capital is a set of funds belonging to the owner of the enterprise on the basis of ownership, participating in the production process and making a profit. The enterprise's own capital includes various sources of financial resources of the enterprise in terms of their economic content, principles of formation and use.

The purpose of the course work is to assess the equity of JSC "Krasnoyarsk bread". To achieve this goal, it is necessary to solve the following tasks:

1. to study the concept of capital as an economic and financial category;

2. identify the essence and features of the formation of the enterprise's own capital;

3.consider the methodology for calculating indicators that characterize the state and efficiency of using the company's own capital;

4. determine ways to improve the efficiency of using the company's own capital;

5. to analyze the effectiveness of equity capital;

The theoretical basis of the study is the work of domestic and foreign authors on the issues and problems under study, legislative and regulations RF and his structural divisions, official instructive and methodological materials, publications in periodicals, materials of own research.

Methodological basis writing a term paper is the use of various methods in the process of work: the method of grouping, synthesis and analysis, expert, normative methods.

The object of the study was the enterprise OJSC "Krasnoyarsky Khleb", Krasnoyarsk. The subject of the study is the equity capital of OJSC Krasnoyarsky Khleb.

The structure of the course work includes three chapters, each chapter consists of three paragraphs. The first chapter reflects the theoretical aspects of the enterprise's own capital, reflects the role, significance, essence and problematic aspects of the study. The second chapter of the course work is an analytical section, where the analysis of the studied indicators, their dynamics is carried out, the influence of factors is assessed. a set of measures was developed to eliminate the identified shortcomings, improve the efficiency of the financial and economic activities of the enterprise. Course work consists of 13 tables, 50 pages, 2 figures, 2 diagrams, 5 applications, 30 sources in the bibliographic list.

1 . Theoretical aspects of assessing the use of equity capitalaboutorganizations

1.1 Economic entityand classificationenterprise capital

Theories of capital have a long history. So, A. Smith characterized capital only as an accumulated stock of things or money. At the same time, he distinguished between fixed capital (it produces profit, while remaining the property of the one who owns it) and circulating capital (it also produces profit, but ceases to be the property of its owner). D. Riccardo interpreted capital as a means of production. Unlike his predecessors, K. Marx approached capital as a category of social character. He argued that capital is a value that brings surplus value, or it is a self-increasing value. At the same time, Marx argued that capital is not money. Money becomes capital only when the means of production and labor power are acquired with it, and he considered only the labor of hired workers to be the creator of the increase in value. "... Therefore, capital can only be understood as a movement, and not as a thing at rest."

There are three main approaches to formulating the essential interpretation of capital:

Economic approach (physical concept of capital)

Capital is the value (a set of resources) advanced into production in order to make a profit. In this case, capital is considered as a set of resources that are a source of income for society. Capital can be divided into real and financial, fixed and working capital. In accordance with this concept, the amount of capital is calculated as the result of the balance sheet for the asset.

Accounting approach (financial concept of capital)

Capital is interpreted as the interest of the owners of the entity in its assets, i.e. the term "capital" in this case is a synonym for net assets, and its value is calculated as the difference between the sum of the assets of the economic entity and the value of its liabilities.

The accounting and analytical approach is a combination of the two previous approaches.

In this case, capital as a set of resources is characterized simultaneously from two sides: a) directions of its investment and b) sources of origin. Accordingly, two interconnected varieties of capital are distinguished: active and passive. Active capital is the property of an economic entity, formally presented in the asset of its balance sheet in the form of two blocks - fixed and working capital. Passive capital is a source of financing, through which the assets of the subject are formed, they are divided into equity and borrowed capital.

Considering capital from the standpoint of its reflection in the balance sheet, it should be noted that the structure of the asset and liability of the balance sheet is different, but the total of the asset and liability (balance sheet currency) is the same.

Capital is the main economic basis for the creation and development of the organization. Invested in production, it, like financial resources, participates in the circulation, but unlike financial resources, it always provides an increment in value: D-T ... P ... T * - D *

In the process of economic activity, there is a constant turnover of capital: successively it changes the monetary form to the material one, which in turn changes, taking various forms of products, goods and others, in accordance with the conditions of the production and commercial activities of the organization, and, finally, the capital again turns into cash ready to start a new circuit.

Thus, the capital of the organization is the value (financial resources) advanced (s) into production (in business) in order to make a profit and ensure expanded reproduction on this basis.

Table 1 - Classification of the capital of an organization (enterprise)

Classification sign	Type of capital

Source of formation	1. Own and equated to it 2. Borrowed
Participation in the circulation and liquidity	1. Non-current 2. Negotiable
Investment object	1.Basic 2. Negotiable
Purpose of use	1. Productive 2. Loan
The form of capital in the process of circulation	1. Cash 2. Commodity 3. Productive
Price	1. Accounting 2. Market 3. Recovery 4. Liquidation

As is customary in Russian practice, the sources of formation of the organization's capital reflect the liability of the balance sheet. Distinguish between own and equivalent capital, as well as attracted and borrowed. In IFRS and GAAP financial statements, only funds provided by owners are considered capital, all borrowed funds and accounts payable are considered as liabilities of the organization.

Equity capital performs the following functions:

1) operational - associated with maintaining the continuity of the organization;

2) protective (absorbent) - aimed at protecting the capital of creditors and compensating for losses of the organization;

3) distribution - associated with participation in the distribution of profits;

4) regulatory - determines the possibilities and extent of attracting borrowed sources of financing, as well as the participation of individual entities in the management of the organization;

5) compensation for incurred losses - temporary losses must be repaid at the expense of own capital;

6) solvency - granting a loan on otherwise equal terms, preference is given to enterprises with less accounts payable and large equity capital;

7) independence and power - the size of equity capital determines the degree of independence and influence of its owners on the enterprise.

Enterprises must independently form their financial resources, the main sources of which are profits, funds received from the sale of securities, shares and other contributions of shareholders, legal entities and individuals, as well as loans and other receipts that do not contradict the law.

Thus, equity capital is the financial basis of the enterprise, and knowing how to manage it correctly is the key to the future development of the enterprise, its financial stability, and therefore, receiving the expected profit from the activities of the company. It is the basis for the creation and development of an enterprise and, in the process of functioning, ensures the interests of the state, owners and personnel. Any organization conducting production or other commercial activities must have a certain capital, which is a combination of material assets and cash, financial investments and costs for acquiring the rights and privileges necessary for the implementation of its economic activities.

1.2 The composition of equity capital and characteristics of its elements

The equity capital of an organization (enterprise) characterizes the total value of the organization's funds, owned by it and guaranteeing the interests of its creditors.

The legislation of the Russian Federation provides for the creation of legal entities of any organizational and legal form, subject to the availability of capital of the founders. .Creating an organization only by attracting borrowed funds does not provide for the legislation. The founders are obliged to form capital in an amount sufficient for the initial functioning of the organization - the authorized (share) capital, the amount of which is indicated in the charter (memorandum of association). This capital in commercial organizations is the property of the founder (hence the name - equity). Considering the economic essence of the capital of the organization, one should first of all note its following characteristics:

1. Enterprise capital is the main factor of production. AT economic theory distinguish three main factors of production that ensure the economic activity of manufacturing enterprises - capital; land and others Natural resources; labor resources. In the system of these factors of production, capital plays a priority role, since it combines all factors into a single production complex.

2. Capital characterizes the financial resources of the enterprise, generating income. In this capacity, capital can act in isolation from the production factor - in the form of loan capital, which ensures the formation of enterprise income not in the production (operational), but in the financial (investment) sphere of its activity.

3. Capital is the main source of wealth formation for its owners. It provides the necessary level of this well-being both in the current and in the prospective period. The part of the capital consumed in the current period leaves its composition, being aimed at meeting the current needs of its owners (ie, ceasing to perform the functions of capital). The accumulated part is designed to ensure the satisfaction of the needs of its owners in the prospective period, i.e. forms the level of their future well-being.

4. Enterprise capital is the main measure of its market value. In this capacity, first of all, the equity capital of the enterprise, which determines the volume of its net assets, acts. At the same time, the amount of equity used by an enterprise characterizes at the same time the potential for attracting borrowed funds. financial resources providing additional profit. Together with other, less significant factors, this forms the basis for assessing the market value of the enterprise.

5. The dynamics of the capital of an enterprise is the most important barometer of the level of efficiency of its economic activity. The ability of own capital to self-increase at a high rate characterizes the high level of formation and effective distribution of the enterprise's profit, its ability to maintain financial balance through internal sources. At the same time, the decrease in the amount of equity capital is, as a rule, the result of inefficient, unprofitable activities of the enterprise.

The high role of capital in the economic development of the enterprise and ensuring the satisfaction of the interests of the state, owners and personnel, determines it as the main object of financial management of the enterprise, and ensuring its effective use is one of the most important tasks of financial management. The capital of an enterprise is characterized not only by its multifaceted nature, but and the variety of guises in which he appears. The general concept of "enterprise capital" refers to its most diverse types, currently characterized by several dozen terms.

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

According to the author Tyutyukina E.B., owners transfer their own capital to organizations for long-term (unlimited) use. It takes it into account in section III of the balance sheet "Capital and reserves" for the following types:

Authorized capital (share capital, authorized fund, contributions of comrades);

Extra capital;

Reserve capital;

Retained earnings (uncovered loss).

Authorized capital. The authorized capital reflects the minimum amount of property that guarantees the interests of creditors. The state regulates the minimum size of the authorized capital, but does not limit the maximum size. Minimum authorized capital open society must be at least 1,000 times the amount minimum size wages established by federal law on the date of registration of the company, and a closed company - not less than one hundred times the amount of the minimum wage established by federal law on the date state registration society.

The authorized capital of an LLC is made up of the nominal value of the shares of its participants. The size of the authorized capital of CJSC and LLC must be at least ten thousand rubles.

The authorized capital performs 3 main functions:

1. property function is the basis for the formation of property.

2. fractional function. Shares of owners are reflected in the authorized capital.

3. guarantee function - a guarantee of the interests of creditors with the help of a minimum fixed amount of the enterprise's funds.

The authorized capital must be fully paid within a year after registration, 50% - in the first 3 months. Contributions to the authorized capital may be in monetary form, in the form of property, in material form, etc. Extra capital. Additional capital accumulates in itself all the additional funds that come to the enterprise during the year until they are included in the authorized capital.

Additional capital is formed by:

Increase in the value of non-current assets, identified by the results of their revaluation;

Share premium of a joint-stock company (the sum of the difference between the selling and nominal value of shares, received in the process of formation of the authorized capital of joint-stock companies).

The use of additional capital takes place in the following cases: 1) increase in the authorized capital; 2) distribution of part of the amount between the founders of the organization; 3) repayment of depreciation amounts of fixed assets based on the results of revaluation.

Reserve capital. Reserve capital is a fund that is formed at the enterprise to cover losses, as well as to redeem bonds, and buy back company shares in cases where other funds are not available. The size of the reserve capital shows the margin of financial strength of the enterprise. The absence or small amount of reserve capital is considered as an additional risk factor for investing capital in an enterprise.

The legislation of the Russian Federation provides for the mandatory creation of reserve funds in joint-stock companies.

In accordance with Art. 35 of the Federal Law "On Joint Stock Companies" No. 208-FZ of December 26, 1995, the reserve fund is created in the amount provided for by the company's charter, but not less than 5% of its authorized capital. The reserve fund is formed by mandatory annual deductions until it reaches the amount established by the charter of the company. The amount of annual deductions is provided for by the charter of the company, but cannot be less than 5% of net profit until the amount established by the charter of the company is reached.

Reserve capital is a part of retained earnings set aside in case of unfavorable (unprofitable) activity of the organization. The funds of the reserve capital are at the disposal of the organization and are constantly involved in the monetary circulation.

In the balance sheet on the line reserve capital, the sum of the balances of not only reserve capital, but also other funds created for the enterprise is reflected.

A) Under the decrease in the value of material assets

B) Under depreciation of investment of securities

B) Provisions for doubtful debts

Retained earnings - the profit of a joint-stock company, a company remaining after paying taxes and paying dividends, used for the purpose of reinvestment, for development needs.

In accordance with Art. 43 of the Tax Code of the Russian Federation, a dividend is any income received by a shareholder (participant) from an organization in the distribution of profit remaining after taxation (including in the form of interest on preferred shares) on shares (shares) owned by a shareholder (participant) in proportion to the shares of shareholders (participants) in the authorized (share) capital of this organization. Retained earnings belong to the owners of the organization (holders of ordinary shares), who reinvest it to expand the business, which is tantamount to the acquisition by the owners of additional shares (ordinary shares) of the organization in the existing proportions. Therefore, in its content, it is a capitalized profit. According to Art. 28 of the Law "On Limited Liability Companies" dated 08.02.1998 N 14-FZ, LLC has the right to quarterly, every six months or once a year to make a decision on the distribution of its net profit among the participants of the company. The decision to determine the part of the profit to be distributed among the participants of the company is taken by the general meeting of the participants of the company. The part of the company's profit intended for distribution among its participants is distributed in proportion to their shares in the authorized capital of the company.

1.3 The system of criteria for evaluating the effectiveness of the use of equity capitala

Analysis of the effectiveness of the use of equity allows us to assess the current and prospective financial condition of the organization, justify the pace of development of the organization, identify available sources of funds and evaluate rational ways to mobilize them, as well as predict the position of the enterprise in the capital market.

The intensity of the use of own capital is determined by the speed of its turnover: the faster the capital makes a circuit, the more the organization will produce and sell products with the same amount of capital for a certain time interval. At the same time, a slowdown in the movement of capital at any stage will necessitate the attraction of additional financial resources.

Indicators characterizing the intensity of the organization's capital use are usually calculated for the year according to the financial statements.

The coefficients for assessing the movement of capital (assets) of an enterprise include the coefficients of receipt, disposal and use, calculated for the entire total capital and for its components.

The coefficient of receipt of total capital (A) shows what part of the funds available at the end of the reporting period are new sources of financing.

Kpost. (A) = (Apost) /(Akg), (1)

where Apost- Received capital, thousand rubles;

Akg - Cost of capital at the end of the period, thousand rubles.

The coefficient of receipt of own capital (SC) shows what part of the own capital from the available at the end of the reporting period is made up of newly received funds in his account.

Kpost. SK = SKpost. / SKk.g, (2)

where SCpost is the incoming own capital, thousand rubles;

SKk.g - equity at the end of the period, thousand rubles.

The capital turnover of an organization depends on the following factors:

From the capital structure: the larger the share of non-current and fixed capital, which turns over more slowly, the lower the turnover ratio and the higher the duration of the turnover of the total capital;

Turnover rates of fixed and working capital;

The volume of activity (sales proceeds): the larger they are, the more intensively the capital is used by the organization.

The efficiency of capital use is characterized by indicators of its profitability (profitability).

Return on equity characterizes the share of net profit attributable to one ruble of equity, and is determined by the formula:

P \u003d CHP * 100 / S.K., (3)

where R - return on equity,%;

PE - net profit, thousand rubles;

S.K. - the average amount of equity for the analyzed period, thousand rubles.

This indicator is one of the main ones, since with its increase, the efficiency of the invested capital increases.

The return on equity ratio characterizes the amount of manufactured and sold products per ruble of equity capital and is determined by the formula:

K.doh.=VR/SC, (4)

where K.doh.- coefficient of return on equity;

BP. - proceeds from the sale of products, thousand rubles;

The return on equity is one of the main factors affecting the return on equity and the efficiency of the enterprise as a whole. The turnover of equity is recommended to be determined by the indicators "turnover of equity in days" and "turnover of equity in times" or it is also commonly called the "Ratio of equity turnover".

The turnover of equity in days is calculated as the ratio of the average annual amount of equity to one-day revenue from product sales, i.e., according to the formula:

D.tr.sp.=SKavg/VR:365 or D.v.sp.=SKavg*365/VR, (5)

where D.ob.s.k. - equity turnover, days;

SKav. - the average annual amount of own capital, thousand rubles;

VR - proceeds from the sale of products, thousand rubles.

This indicator characterizes the number of days during which one turnover of equity is made. It makes it possible to determine the amount of released (additionally involved) funds as a result of the acceleration (deceleration) of the turnover of own funds, for which it is necessary to multiply the one-day proceeds from the sale of products by the number of days of acceleration (deceleration) of the turnover of equity capital.

The equity turnover ratio is defined as the ratio of the proceeds from the sale of products to the average amount of the company's own funds for the reporting period and is determined by the formula:

Kob.sp. \u003d VR / SKav, (6)

where BP is the proceeds from the sale of products, thousand rubles;

SC avg - the average amount of own funds, thousand rubles.

This indicator characterizes how many times during the reporting period the equity capital of the enterprise turned around. The acceleration of capital turnover indicates an increase in the efficiency of the enterprise, as this releases funds from circulation and they can be directed to a further increase in production or other activities. The return on equity characterizes the time during which the funds invested in equity will be reimbursed. This indicator is defined as the ratio of the average annual amount of equity capital to the net profit of the enterprise for the reporting period.

Analyzing the effectiveness of the use of the company's own funds, it is necessary to determine the impact on the return on equity of the main factors, analyze their changes and, on their basis, develop specific recommendations for making appropriate management decisions.

Duration of capital turnover (P ob.k.), days

(P ob.k.) \u003d (360 * S? K) / BP, (7)

where, 360 days a year;

С?К - average annual cost of capital, thousand rubles;

VR - sales proceeds, including indirect taxes, thousand rubles.

The amount of funds released from circulation (+E), the amount of additional involvement of funds in circulation (-E), thousand rubles, is found using the following formula:

BP 0 *(P ob.Kp - P ob.Ko) / 360, (8)

where P ob.Kp - the duration of capital turnover in the past year, days;

P ob.Ko - duration of turnover in the reporting year, days;

ВР 0 - proceeds from sales and the reporting year, thousand rubles.

The coefficient of maneuverability (Km) of own capital characterizes the share of own working capital in the total amount of financial resources.

Km= SOS/SK, (9)

where SOS - own working capital, thousand rubles;

SK - equity, thousand rubles.

Thus, the main indicators characterizing the state and efficiency of using the company's own capital were considered, namely: income ratios, return on equity, return on equity ratio, turnover. These indicators characterize the effectiveness of the company's own capital.

In the next chapter of the course work, we will conduct a brief organizational and economic characterization of Krasnoyarsky Khleb OJSC, and also consider equity on the example of Krasnoyarsky Khleb OJSC.

2 . Own capital of the organization as part of the sources of financing

2.1 Brief organizational and economic characteristics of the organizationtions

Joint Stock Company "Krasnoyarsk bread » , hereinafter referred to as the "Company", is an open joint stock company in terms of the Federal Law "On Joint Stock Companies". The Company is a legal entity, operates on the basis of the charter and legislation of the Russian Federation. The Company was established without limiting the period of its activity. The location of the issuer's permanent executive body is 660075, Russia, Krasnoyarsk, Zavodskaya 18. The Company has the following branches and representative offices:

representation:

In Moscow at the address: 109028 Moscow, st. Zemlyanoy Val, 50/27, p.16.

The authorized capital of the company is 236,740 rubles. It consists of the nominal value of the shares acquired by shareholders, in the amount of 47,348 ordinary registered shares with a nominal value of 5 rubles. The Company shall have the right to place, in addition to the placed shares, ordinary registered shares in the amount of 5265 pieces with a par value of 5 rubles (declared shares).

The purpose of society is to make a profit.

JSC "Krasnoyarsk bread" carries out the following main activities:

produces bread, bakery, confectionery and other goods and sells them;

manufactures and sells other consumer goods and products for industrial purposes, provides paid services to the population (including catering);

currency and other transactions for the purchase and sale of goods;

acquires and uses licenses, patents, know-how, other property and non-property rights;

transactions with land, real estate, securities and other assets with any counterparties directly or through brokerage houses or exchanges;

organizes the transport economy and provides transport services;

commercial, including foreign economic activity in accordance with the law;

activities related to the use of firearms to protect the Company's property, protect the life and health of shareholders and for other purposes.

Today OJSC "Krasnoyarsky Khleb" is one of the leading enterprises for the production of bakery and confectionery products in the Krasnoyarsk Territory, whose mission is to produce healthy and tasty products. Now the joint-stock company has more than a dozen structural divisions: 4 large bakeries, 10 mini-bakeries. Over the past 15 years, the company has been continuously upgrading equipment with the latest domestic and Western technologies, building modern workshops, mini-bakeries. "Krasnoyarsk bread" is the only enterprise in the region that has its own Central Quality Laboratory, where specialists carefully monitor compliance with technological processes, examine raw materials and the quality of finished products. Every day, the Central Laboratory receives information from the laboratories of all factories on the compliance with the level of acidity, humidity, baking mode, and organoleptic properties of products.

The range of products manufactured by JSC is about 450 active positions, which are divided into 54 assortment groups according to technological features.

In 2009, the company was one of the first manufacturers of bread, bakery and confectionery products to be certified according to ISO 9001 and confirmed its status at the beginning of this year. This will allow the company to more effectively participate in tenders and meet the quality requirements for food manufacturers.

The governing bodies of OAO Krasnoyarsky Khleb are:

General Meeting of Shareholders;

Board of Directors (Chairman of the Board of Directors, Deputy Chairman of the Board of Directors, Secretary of the Board of Directors).

Executive body - LLC Management Company Krasnoyarsk bread.

Figure 1-Organizational structure of JSC "Krasnoyarsk bread"

Control over the financial and economic activities of OAO Krasnoyarsky Khleb is carried out by the Audit Commission. The procedure for the activities of the audit commission is determined by the “Regulations on the procedure for the activities of the audit commission”, approved by the general meeting of shareholders on June 28, 2002. The audit commission is elected in the composition of 5 people by the general meeting of shareholders for a period until the next annual general meeting shareholders. The competence of the audit committee includes:

Verification of the financial documentation of the Company, financial statements, conclusions of the property inventory commission, comparison of these documents with primary accounting data;

Analysis of the correctness and completeness of accounting, tax, management and statistical accounting;

Analysis of the financial position of the Company, its solvency, liquidity of assets, ratio of own and borrowed funds, net assets and authorized capital, identification of reserves for improving the economic condition of the Company, development of recommendations for the Company's management bodies;

Checking the timeliness and correctness of payments to suppliers of products and services, payments to the budget and extra-budgetary funds, accruals and payments of dividends, interest on bonds, repayments of other obligations;

Confirmation of the accuracy of the data included in the Company's annual reports, annual financial statements, profit and loss statements (profit and loss accounts), distribution of profits, reporting documentation for tax and statistical authorities, government bodies;

Verification of the competence of the sole executive body to conclude contracts on behalf of the Company;

Verification of the legitimacy of decisions taken by the Board of Directors, the sole executive body, the liquidation commission, and their compliance with the law and the charter of the Company;

Analysis of decisions of the general meeting for their compliance with the law and the charter of the Company.

Let's consider the financial and economic characteristics of the OJSC, based on indicators characterizing the results of the financial and economic activities of the company for the last 2 years.

capital profit enterprise

Table 2 - Analysis of the main indicators of the financial and economic activities of the organization

Indicators	Deviation (+;-)	changes

1 Revenue from the sale of goods (works, services)
2 Payroll
3 Average monthly salary
4 Number of employees
5 Cost of sold goods, works, services
6 Gross profit
Gross profit level
7 Selling expenses
Level of selling expenses
8 Management expenses
Level of management expenses
9 Profit (loss) from sales
Profitability of sales
10 Income from participation in the activities of other enterprises
11 Interest receivable
12 Interest payable
13Other income
14 Other expenses
15 Profit (loss) before tax
Profitability of the enterprise
16 Income tax and other similar obligatory payments
17 Net profit (loss) of the reporting year
Profitability of the final activity
18 Average annual property value
19 Average annual value of non-current assets
20 Average annual value of current assets
21 Time of circulation of current assets
22 Average annual cost of own funds
23 Average annual cost of borrowings
24 Net assets

As can be seen from the presented table, the company's revenue in the reporting year increased by 8.68% and amounted to 937,058 thousand rubles.

The number of employees decreased by 9.69% and amounted to 1025 people. This is due to the interest of the enterprise in the use of more qualified personnel.

The wage fund increased at a higher rate compared to the number of employees (by 5.77% to 182,921 thousand rubles), which led to an increase in the average monthly wages 1 employee up to 8.67 thousand rubles. in 2010 against 15.08 thousand rubles. in 2009

The cost of sales growth rate exceeded the revenue growth rate and amounted to 110.91%. Thus, the cost price in 2010 amounted to 732,036 thousand rubles. And the gross profit increased by 1.39% and reached a value of 2816 thousand rubles. Selling expenses in 2010 amounted to 156,967 thousand rubles, which is 15.03% more than in the previous year.

A significant increase in commercial and administrative expenses led to a loss of the company, which in 2010 amounted to 15,211 thousand rubles. This situation can only be assessed negatively.

The following changes occurred in relation to other income and expenses:

Interest receivable increased by 2 thousand rubles. and amounted to 24 thousand rubles in 2010;

Interest payable in 2010 increased by 19.96% and amounted to 18,153 thousand rubles;

Other income increased by 71.24% to 82,732 thousand rubles;

Other expenses also increased: an increase of 15.35%. The indicator reached a value of 61,506 thousand rubles.

The current dynamics of changes in other income and expenses of the enterprise led to a decrease in loss before tax by 73.21% in 2010 to the amount of 12,114 thousand rubles.

Loss of the reporting year JSC "Krasnoyarskikh Khleb" amounted to 12637 thousand rubles, compared with the previous year it increased by 2958 thousand rubles, this trend is assessed negatively.

With regard to the property of the organization, it can be noted that its average annual value in 2010 increased by 22.67% to a value of 295,115 thousand rubles.

In turn, the increase in current assets of OAO Krasnoyarsky Khleb cannot be assessed positively. With a significant increase in their average annual value by 39.77% to 169,803.5 thousand rubles, there was an increase in the time of circulation of current assets to 65.2 days (an increase of 14.5 days.

Thus, based on the results of the analysis, we can conclude that the situation of the enterprise as a whole is deteriorating and the efficiency of its activities is decreasing.

2.2 Composition, structure of the organization's own capital

Own capital can act in the form of: cash (cash, loans issued to borrowers, etc.); investments in securities of any issuers; investments in real estate and other inventory items.

Own capital is one of the main sources of formation of the property of the enterprise. Own funds (capital) are calculated in accordance with the procedure determined by the instructions of the enterprise and the current accounting rules.

The analysis of the composition and structure of capital is carried out on the basis of the initial data of the financial statements and is presented in table 2.2.

Table 3 - Analysis of the composition and structure of the capital of JSC "Krasnoyarsky Khleb" for 2010.

Composition of capital	At the beginning of the period	At the end of the period	Deviation (+,-) for	Growth rate, %
	amount, thousand rubles	specific weight, %	amount, thousand rubles	specific weight, %	amount, thousand rubles	specific gravity, %

capital, total including:
Equity
Borrowed capital

The result of the analysis presented in Table 3 shows that there have been some changes in the structure of the organization's funding sources. The financial resources of the organization compared with the beginning of the period increased by 55284 thousand rubles. This increase is due to the fact that at the beginning of the period the share of borrowed capital in the total capital of the organization increased (from 92.2% to 97.80% or by 5.2 percentage points). Accordingly, the share of equity decreased by 5.2%. All of the above characterizes a negative trend, because a decrease in the amount of equity is, as a rule, a consequence of inefficient, unprofitable activities of the enterprise.

Figure 2-Dynamics and structure of the capital of JSC "Krasnoyarsk Khleb" for 2010, thousand rubles.

In the course of further analysis, it is necessary to dwell on the study of the constituent elements and sources of property formation. The main features of the classification of equity capital are the sources of formation and directions of use. Classification of equity capital of the organization.

Equity, depending from the sources of formation, is divided into the following parts:

Invested , received by the organization from the founders (shareholders and shareholders) at the time of establishment and subsequent contributions from the outside (authorized capital, including its increase due to additional contributions from the founders; additional capital in terms of share premium and exchange differences that arose during the formation of the authorized capital);

- accumulated , generated by the organization in the course of its activities and used to create reserve funds, replenish the authorized capital, or left on the balance sheet of the organization as retained earnings. This part is the capitalized part of the profit;

Additional, formed as a result of a change in the value of assets (fixed assets and construction in progress) due to their revaluation and having no real cash coverage;

Table 4 - Analysis of the dynamics of the composition and structure of the equity capital of JSC "Krasnoyarsky Khleb" for 2009 - 2010

Types of own funds	As of December 31, 2009	As of December 31, 2010	Deviation, (+,-)	Rate of change, %
		specific weight, %		specific weight, %	specific gravity, %

Own funds, incl.

Authorized capital
Extra capital
Reserve capital
Targeted funding and income
Undestributed profits

Table 3 shows that the authorized capital occupies an extremely low share in the balance sheet of the enterprise, only 1.20%. The main share is occupied by additional capital 420.34%. The loss in 2010 increased by 12,637 thousand rubles.

Table 4 - Analysis of the composition and structure of receivables for JSC "Krasnoyarsk Khleb" for 2009-2010.

Types of debt	At the beginning of the period	At the end of the reporting period	Deviation (+;-)	Rate, changes, %
	amount, thousand rubles		amount, thousand rubles		by amount, thousand rubles	by specific weight, %

Accounts receivable, total
including:
Long-term accounts receivable
Short-term accounts receivable

Settlements with buyers and customers
Advances issued
Other debtors
Overdue accounts receivable

Accounts receivable valuation is an assessment of the value of the rights of claim arising from the economic activity of the enterprise. At this enterprise, from Table 4, accounts receivable amount to 123,642 thousand rubles, compared to last year, it increased by 22.8%.

The following changes have occurred in relation to short-term receivables:

Settlements with buyers and customers increased by 2.4% and amounted to 89951 thousand rubles;

Other debtors also increased by 20856 thousand rubles. The indicator in the reporting year reached the value of 33691 thousand rubles.

Table 5 - Dynamics of indicators of JSC "Krasnoyarsk Khleb" for 2009-2010

Indicators	Reporting period	Corresponding period of the previous year	Growth rate, %

Production output in physical terms, total:
including bread and bakery products
of which 1st grade bread
Marketable output
Selling price of 1 kg of bread of the 1st grade
Average price of 1 ton of flour of the 1st grade (excluding VAT)
Average headcount
Average monthly salary
The volume of shipped products of cond products
Release of confectionery
payroll fund

The achieved performance indicators of the enterprise in 2010 were somewhat lower than expected. General indicators growth rates of production and sales of 102% compared to 2009 in natural terms, and 103.9% in monetary terms.

For bakery groups, growth in monetary terms compared to 2009 amounted to 105%, in physical terms, the group added 1.6% in volume. The growth is due to the increase in sales of puff products, the growth of bakery and rich products amounted to 104%. Growth in the group of loaves is observed only in the group of new loaves. Sales of mass-produced breads are declining every year, which is due to the all-Russian trend towards a decrease in the consumption of these breads and the redistribution of the food basket towards healthy, low-calorie foods.

Figure 3 - Implementation in the context of assortment groups, thousand rubles.

Confectionery groups showed growth by 2009 at the level of 12% in kind and 5% in money terms. Growth in physical terms is primarily due to 24.9% biscuit and cream products. There is a decrease in sales in the group of wafers and biscuits by 17% and 13% respectively. The growth of 3% is demonstrated by the group of gingerbread.

Within the confectionery group, there is a redistribution between groups, so the share of biscuit-cream products in natural volumes increased and amounted to 34.2% in 2010 against 28% in 2009, while in...