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

At external financing the funds coming into the organization from the outside world are used. Founders, citizens, the state, financial and credit organizations, non-financial organizations can be sources of external financing.

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

The financial resources of the organization, unlike material and labor, are fungible and susceptible to inflation and devaluation.

At present, the actual problem for domestic industrial enterprises is the state of wear and tear of which has reached 70%. In this case, we are talking not only about physical, but also about moral wear and tear. There is a need to re-equip Russian enterprises with new high-tech equipment. At the same time, it is important to choose the source of financing for this re-equipment.

The following sources of funding are distinguished:

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

Internal sources of financing of the enterprise

Involved funds

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

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

Credit as a source of financing for an enterprise

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

Loan benefits:

• the credit form of financing is more independent in the use of the funds received without any special conditions;
• most often, a loan is offered by a bank serving a particular enterprise, so that the process of obtaining a loan becomes very operational.

The disadvantages of a loan include the following:

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

Leasing as a source of enterprise financing

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

Advantages of leasing:

• Leasing involves 100% lending and does not require immediate start of payments. When using a conventional loan to purchase property, the company must pay about 15% of the cost at its own expense.
• Leasing allows an enterprise that does not have significant financial resources to start implementing a large project.

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

A leasing agreement is more flexible than a loan. A loan always involves a limited size and repayment period. When leasing, an enterprise can calculate the receipt of its income and work out with the lessor an appropriate financing scheme that is convenient for it. Repayment can be made from funds received from the sale of products that are produced on equipment leased. Additional opportunities open up for the enterprise to expand production capacity: payments under a leasing agreement are distributed over the entire term of the agreement and, thereby, additional funds are released for investment in other types of assets.

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

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

Leasing payments paid by the company wholly related to production. If the property received under leasing is taken into account on the balance sheet of the lessee, then the enterprise can receive benefits associated with the possibility of accelerated depreciation of the leased asset. Depreciation charges for such property may be charged on the basis of its value and norms approved in the prescribed manner, increased by a factor not exceeding 3.

Leasing companies unlike banks no deposit needed if this property or equipment is liquid in the secondary market.

Leasing allows an enterprise, on completely legal grounds, to minimize taxation, and also to attribute all expenses for equipment maintenance to the lessor.

Sources of financing of the enterprise are own and equivalent funds; funds mobilized in the financial market; funds received in the order of redistribution (Fig. 6).

Funds mobilized in the financial market are: credit investments, income from the sale of securities, government subsidies.

Credit investments are borrowed funds, including bank loans, financial loans from various investors, debts to creditors, are external sources of financing activities.

Borrowed funds on a long-term basis (more than a year) are usually attracted for the acquisition of fixed assets, and on a short-term basis (up to a year) for the purchase of goods, resources and replenishment of working capital.

Rice. 6. Sources of formation of financial resources of the enterprise

The sale of own securities, being a means mobilized in the financial market, allows you to attract the necessary investments to ensure the operation of the enterprise or its development.

State subsidies are provided to enterprises that solve important social problems, which, for objective reasons, are not adequately compensated by income.

Own funds and equivalent funds consist of income and depreciation charges.

Own funds of the enterprise and equivalent to them are financial resources owned by the enterprise on the basis of property rights. They are the basis for the implementation of economic activities and include income from the sale of products, fixed assets and financial transactions, as well as depreciation charges equivalent to them, which provide an increase in sustainable liabilities.

To replenish its own sources of financing, an enterprise can receive income from the sale of part of its fixed assets if they are not used or used inefficiently.

Income from financial transactions can be received from lending funds, from placing free funds on deposits, due to exchange rate differences, when buying and selling foreign currency.

Depreciation is the funds deducted to compensate for the depreciation of fixed assets by including part of their value in the cost of output, therefore, in the price of products. Depreciation deductions are carried out in accordance with the normative terms of service of fixed assets and deduction rates established by law. They remain at the disposal of the enterprise. The vocation of depreciation is the provision of simple reproduction.

Sustainable liabilities occupy a special place among the sources of financing of the enterprise. From the standpoint of obligations, sustainable liabilities are external sources, and from the standpoint of the possibility of management's influence on the procedure for their payment, they are internal sources, so they are singled out as a separate element of financing the enterprise's activities.

The growth of sustainable liabilities is formed by installment payment of obligations. It includes: advances from buyers and customers; wage arrears to employees of the enterprise and social insurance bodies; reserves for future expenses and payments; temporarily free funds of special funds; increase in depreciation charges; accounts payable (your debts for already used resources), rent.

For example, wages are included in the price of each unit of products sold, but are paid to employees only once or twice a month, and are used by the enterprise for its own purposes in the period between payments. It also happens with taxes and other obligatory payments included in the price of the goods, but paid only by a certain date.

Funds received in the order of redistribution include: insurance compensation funds, as well as dividends and interest on securities of other issuers.

Insurance indemnity funds appear at the enterprise only if there is insurance for various risks: transactions, emergencies, etc., as a result of compensation by insurance organizations for the damage incurred by the enterprise.

Dividends and interest on securities appear when an enterprise acquires shares and other securities of other issuers.

The choice of sources of financing for activities depends on numerous factors: the volume of sales, the nature of markets, the scope of activities, the specifics of products, the nature of government regulation and taxation, connections with financial markets, etc.

When managing finances, it must be remembered that an increase in depreciation charges, due to an increase in the cost of fixed assets, or the choice of a depreciation method leads, ceteris paribus, to a decrease in profitability. However, if at the same time the enterprise remains profitable, then the total amount of depreciation and net profit remaining at its disposal increases by a greater amount than profit decreases.

Introduction

Management of the financial resources of the enterprise

4 Formation and use of financial resources at the micro and macro levels

Conclusion

Bibliography

Introduction

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

The main condition for the growth of financial resources is an increase in national income. Finance and financial resources are not identical concepts. Financial resources by themselves do not determine the essence of finance, do not reveal their internal content and social purpose. Financial science does not study resources as such, but social relations that arise on the basis of the formation, distribution and use of resources; it explores the patterns of development of financial relations.

Although finance belongs to the basic category, it largely depends on the financial policies pursued by governments.

Finance is, first of all, a distributive category. With their help, secondary distribution or redistribution of national income is carried out.

Increasing the effectiveness of the impact of the financial strategy on the sustainable development of the enterprise, built on the regulation of business processes based on balanced scorecards, is carried out by harmonizing interests in the external and internal environment of the enterprise. This implies a corresponding reorientation of the financial strategy during its formation.

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

consideration of the principles and features of the organization of finance of enterprises;

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

characteristics of own sources of financing of enterprises;

characteristics of borrowed sources of financing for enterprises.

Due to the relevance of this topic, the degree of its development in the domestic scientific and educational literature is quite high. You can find a lot of literature of domestic scientists who pay attention to this issue.

1.Enterprise financial resources

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

Among the economic categories mentioned above, the category “Financial resources” is the most complex. There is still no generally accepted point of view among scientists-economists about the essence of this category. However, many economists believe that "financial resources" are the funds available to enterprises.

However, cash is an independent economic category. Their concept includes the funds of enterprises that are on accounts with banks, at cash desks, etc. They are taken into account in the active accounts of enterprises and are reflected in the assets of their balance sheet.

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

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

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

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

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

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

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

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

Other additional capital - the amount of revaluation of non-current assets; the value of assets received free of charge by the enterprise from other legal or natural persons, and other types of additional capital.

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

Target financing - the amount of targeted revenues received from the budget.

Thus, the authorized capital and additional sources of financing (financial resources) formed during the operation of the enterprise form its own capital.

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

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

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

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

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

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

the amount of promissory notes issued by the enterprise to suppliers, contractors to ensure the supply of products, the performance of work, the provision of services, etc.

Borrowed financial resources include long-term and short-term bank loans, as well as other long-term financial liabilities associated with the attraction of borrowed funds (except for bank loans), which accrue interest, etc.

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

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

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

2. Management of the financial resources of the enterprise

1 Centralized and decentralized financial resources

The basis of the financial system is decentralized finance (representing the macro level), since it is in this area that the predominant share of financial resources is formed. Part of these resources is redistributed in accordance with the norms of financial law and budget revenues of all levels and extra-budgetary funds. At the same time, a significant part of these funds is subsequently directed to finance budgetary organizations; commercial organizations in the form of subventions, subsidies, and is also returned to the population in the form of social transfers (pensions, allowances, scholarships, etc.).

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

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

Household finances play a significant role both in the formation of centralized finance through tax payments and in the formation of the country's effective demand. The higher the income of the population, the higher its demand for various types of material and non-material benefits and the greater the opportunities for the development of the economy and the social sphere.

Centralized finance is represented by the budget system, as well as state and municipal credit.

In the Budget Code of the Russian Federation, the budget system is defined as a set of budgets of all levels and budgets of state off-budget funds, which is regulated by law and is based on economic relations. The financial resources of the budgetary system are owned by the state or local self-government (municipal property). The functioning of the budget system of Russia is regulated by the Budget Code of the Russian Federation.

As an independent link in the system of state and municipal finances, state and municipal loans are distinguished. State and municipal loans are monetary relations between the state, municipalities, on behalf of which the executive authorities of the federal level, the level of constituent entities of the Russian Federation, local governments, on the one hand, and legal entities, individuals, foreign states, international financial organizations, with on the other hand, regarding obtaining loans, providing credit or guarantees.

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

2 Sources of formation of financial resources of the enterprise

The sources of formation of financial resources are a set of sources for satisfying additional capital needs for the coming period, which ensures the development of the enterprise.

In principle, all sources of financial resources of an enterprise can be represented as the following sequence:

own financial resources and intra-economic reserves,

borrowed funds,

attracted financial resources.

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

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

Own internal funds include:

·authorized capital,

·Extra capital,

retained earnings.

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

Additional capital includes:

· the results of the revaluation of fixed assets;

share premium of a joint-stock company;

gratuitously received monetary and material values ​​for production purposes;

· appropriations from the budget for the financing of capital investments;

funds to replenish working capital.

Undistributed profit is the profit received in a certain period and not directed in the process of its distribution for consumption by owners and staff. This part of the profit is intended for capitalization, i.e. to reinvest in production. According to its economic content, it is one of the forms of the reserve of the enterprise's own financial resources, which ensure its production development in the coming period.

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

In some cases, it becomes necessary for an enterprise to attract borrowed capital to cover the need for fixed and working capital. Such a need may arise for reasons beyond the control of the enterprise. They may be the optionality of partners, emergency circumstances, reconstruction and technical re-equipment of production, the lack of sufficient start-up capital, the presence of seasonality in production, procurement, processing, supply and marketing of products, and other reasons.

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

Borrowed capital about the term is divided into:

short;

long term.

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

By sources of financing, borrowed capital is divided into:

Bank loan;

placement of bonds;

loans of legal entities under debt obligations;

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

3 Policy for the formation of own financial resources

The financial basis of the enterprise is formed by its own capital.

Statutory fund. It characterizes the initial amount of the company's own capital invested in the formation of its assets to start economic activities. Its size is determined (declared) by the charter of the enterprise. For enterprises of certain fields of activity and organizational and legal forms (joint stock company, limited liability company), the minimum size of the authorized capital is regulated by law.

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

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

Undestributed profits. It characterizes the part of the enterprise's profit received in the previous period and not used for consumption by the owners (shareholders, shareholders) and staff. This part of the profit is intended for capitalization, i.e. for reinvestment in the development of production. According to its economic content, it is one of the forms of the reserve of the enterprise's own financial resources, which ensure its production development in the coming period.

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

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

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

As part of the external sources of the formation of its own financial resources, the main place belongs to the attraction by the enterprise of additional share (through additional contributions to the authorized fund or equity (through additional emission and sale of shares) capital. For individual enterprises, one of the external sources of formation of their own financial resources may be provided by them gratuitous financial assistance (as a rule, such assistance is provided only to individual state-owned enterprises of various levels.) Other external sources include tangible and intangible assets transferred to the enterprise free of charge and included in its balance sheet.

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

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

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

At the first stage of the analysis, the total volume of the formation of own financial resources, the correspondence of the growth rate of own capital to the growth rate of assets and the volume of sales of the enterprise, the dynamics of the share of own resources in the total volume of formation of financial resources in the preplanning period are studied.

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

At the third stage of the analysis, the sufficiency of own financial resources formed at the enterprise in the preplanning period is assessed. The criterion for such an assessment is the indicator "self-financing factor for the development of an enterprise." Its dynamics reflects the trend of providing the development of the enterprise with its own financial resources.

Estimation of the cost of raising equity capital from various sources. Such an assessment is carried out in the context of the main elements of equity capital formed from internal and external sources. The results of such an assessment serve as the basis for the development of management decisions regarding the choice of alternative sources for the formation of own financial resources that ensure the growth of the enterprise's own capital.

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

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

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

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

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

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

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

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

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

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

ensuring the maximization of the formation of the profit of the enterprise, taking into account the acceptable level of financial risk;

formation of an effective profit distribution policy (dividend policy) of the enterprise;

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

borrowed dividend current asset

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

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

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

At the same time, decentralized financial resources, formed at the expense of a part of net income, are a source of expanded reproduction of the second element of the total social product - the cost of labor. Target funds created from decentralized financial resources are used to ensure the social arrangement of workers, additional material incentives, etc.

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

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

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

The overwhelming majority of Russian enterprises rely on funding from the state budget. Firstly, this is the most traditional source of funding, and therefore, trying to get funding from the regional administration or the government is more common and does not require new knowledge and skills from management. Secondly, preparing a project for a private investor is an order of magnitude more difficult than for the state: the state's requirements for information disclosure and preparation of investment projects are more formal than professional. Thirdly, the state is the most loyal creditor, and many enterprises do not return loans received from it on time without fear of being declared bankrupt.

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

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

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

Sources for the formation of centralized funds of financial resources are also deductions from economic entities to state social insurance bodies, property and personal insurance, to various extra-budgetary funds (social protection fund, road fund, employment fund, etc.).

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

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

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

The main part of financial resources is accumulated in the centralized fund of financial resources of the state - the state budget. The concentration of large sums of money in the budget contributes to a unified financial policy and makes it possible to finance the most important national programs. Financial resources are directed to the development of the economy, financing of social and cultural events, social protection of the population, pensions, financing of defense and law enforcement agencies, public administration, payment of sums insured for all types of property and personal insurance, etc.

Distribution of financial resources

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

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

capital investments.

Expansion of working capital.

Implementation of research and development work.

Payment of taxes.

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Own sources of financial resources include:

1) authorized capital;

2) depreciation;

3) profit;

4) reserve fund;

5) repair fund;

6) insurance reserves and other sources.

To own sources of formation of financial resources enterprise includes: authorized capital, funds accumulated by the enterprise in the course of its activities, other contributions from individuals and legal entities.

Authorized capital(fund) - the minimum size of the property of the enterprise, which is formed at the time of the establishment of the enterprise; determines the right of participants in the enterprise to manage and distribute profits; guarantees the return of debts to creditors; is the financial basis for the operation of the enterprise.

The authorized capital is formed at the time of the establishment of the enterprise.

The formation of the authorized capital is associated with the peculiarities of the organizational and legal forms of management: for unitary enterprises - the authorized capital, for partnerships - share capital, for companies with additional liability - authorized capital, for joint-stock companies - share capital, for production cooperatives - share fund.

The authorized capital of the enterprise - the amount of funds of the founders to ensure the statutory activities, can be formed at the expense of cash and other assets (securities, land, transport, intellectual property, etc.), the assessment of which is carried out by the participants of the enterprise being created.

For each legal form, the law establishes a certain amount of the statutory fund at the time of registration and the terms for the formation of the statutory fund.

At state unitary enterprises, the statutory fund is the value of property assigned by the state to the enterprise on the basis of full economic management; for limited liability companies - the sum of the shares of owners, etc., in joint-stock companies - the nominal value of shares,

Contributions of the founders to the authorized capital can be in the form of cash, property and intangible assets.

When creating partnerships, limited and additional liability companies, the authorized capital is formed at the time of registration in the amount of 50%, the rest during the year.

When creating a joint-stock company and a unitary enterprise, at the time of registration, the authorized capital is formed in the amount of 100%.

At the time of registration of a production cooperative, the statutory fund may be formed in the amount of 10% of its value.

The statutory fund must be formed in full within a year.

The sources of increase in the statutory fund can be: external and internal investments, revaluation of assets, balances of consumption and accumulation funds.

When adjusting the authorized capital, re-registration of constituent documents is required.

An integral part of the equity capital of an enterprise is Extra capital, which has different sources of formation:

Share premium, that is, funds received by the joint-stock company - issuer when selling shares in excess of their nominal value;

Amounts received as a result of revaluation of production fixed assets and intangible assets at market value;

Exchange differences associated with the formation of authorized capital in foreign currency. They represent the difference between the assessment of the debt of the founder on the contribution to the authorized capital as of the date of receipt of the amount of the contribution and the ruble assessment of this contribution in the constituent documents.

To funds accumulated by the enterprise in the course of its activities, include the reserve fund, insurance funds, retained earnings (capitalized and consumed)

Reserve capital- part of the accumulated capital of the enterprise. It is formed in accordance with the procedure established by law and has a strictly targeted purpose. In particular, the legislation of the Russian Federation provides for the mandatory creation of reserve funds in joint-stock companies. Reserve capital funds are intended to cover losses, redeem the company's bonds, buy back own shares in the absence of other funds.

Undestributed profits- a part of the accumulated capital of an organization (firm), accumulating profit not paid in the form of dividends, which is an internal source of financial resources of the enterprise.

Enterprises can receive funds for the implementation of targeted activities from higher organizations, individuals, as well as from budgets. Budget assistance can be allocated in the form of subventions and subsidies. Subvention- budgetary funds provided to the enterprise on a gratuitous and irrevocable basis for the implementation of certain targeted expenses. Subsidy- budgetary funds provided to the enterprise on the terms of equity financing of targeted expenses, these funds are part of the enterprise's own capital.

Thus, equity- part of the value of the assets of the enterprise, which goes to its owners after satisfaction of the claims of third parties. Evaluation of equity can be performed formally (according to current accounting and reporting, or according to market estimates) or actually - in the event of liquidation of the enterprise.

To borrowed sources of formation of financial resources include financial and commodity loans; issue of bonds and other securities; internal accounts payable; amounts received on bail; temporary financial assistance.

Financial loans include bank loans and financial leasing. Bank credit resources These are loans in the form of money on a repayment basis with the payment of interest. Long-term loans are used, as a rule, for the acquisition of fixed assets. Short-term loans are used when there is a lack of own working capital to pay for acquired material assets, pay wages, transfer tax payments and other current expenses of the enterprise.

An enterprise can receive resources by issuing bonds. Bonds is a type of securities issued as debt instruments.

Commodity (commercial) credit may be provided in the form of a short-term deferred payment or in the form of a long-term deferred payment with the issuance of a bill.

Domestic accounts payable represents arrears on wages and payroll, minimum debt on taxes and fees, etc.

According to the balance sheet borrowedcapital- monetary value of funds provided to the enterprise on a long-term basis by third parties. Borrowed capital is subject to return on the conditions that the return is negotiated at the time of its mobilization; the amount of borrowed capital reflected in the balance sheet does not change over time.

Formally, borrowed capital is presented in the liabilities side of the balance sheet as a set of long-term obligations of the enterprise to third parties.

Structure and sources of financial resources of enterprises

Financial resources can act in such forms as the financial resources of enterprises, non-profit institutions, public organizations, in the form of public finance. Each of these forms has its purpose, plays its role in the development of the state, the activities of enterprises and the population. As you know, an enterprise is the main link in the economy, and the financial resources of an enterprise speak of its solvency or insolvency. The economic situation of the state, the standard of living of its citizens depends on the results of the activities of enterprises (on the movement of financial resources, in particular).

Enterprise Finance form the backbone of the financial system. As an economic entity, the enterprise interacts with suppliers and buyers, partners in joint activities, with the bank, the budget, etc. However, financial relations arise only when, on a monetary basis, the formation of the enterprise's own funds, its income, the attraction of hired sources, the distribution of income, and their use for the development of the enterprise itself take place.

Enterprise Finance- this is a set of economic monetary relations associated with the formation and use of the fund of cash and savings of enterprises, as well as with the control over the formation, distribution and use of these accumulation funds.

The material carrier of financial relations are the financial resources that are at the disposal of enterprises and are intended to meet its production and social needs.

The formation of financial resources is carried out from sources that can be divided into internal and external.
Internal and external sources of financing are understood as own and borrowed (borrowed) funds, respectively. Various classifications of sources of funds are known.

The basis for the normal functioning of the enterprise is the availability of sufficient financial resources to ensure the ability to meet the emerging needs of the enterprise for current activities and development.

Enterprise financial resources- these are cash incomes and receipts at the disposal of an economic entity and intended for the fulfillment of financial obligations, the implementation of costs for simple and expanded reproduction and economic incentives at the enterprise

The formation of financial resources of enterprises is carried out at the expense of own and borrowed funds, the mobilization of resources in the financial market and the receipt of funds from the financial and banking system in the order of redistribution.

The fundamental difference between the sources of own and borrowed funds lies in the legal reason - in the event of the liquidation of the enterprise, its owners have the right to that part of the property of the enterprise that will remain after settlements with third parties.

Main sources of financing are own funds: authorized capital, profit, depreciation, etc.

Authorized capital represents the amount of funds provided by the owners to ensure the statutory activities of the enterprise. The content of the category "authorized capital" depends on the organizational and legal form of the enterprise:

· for a state-owned enterprise - the valuation of property assigned by the state to the enterprise on the right of full economic management;

for a limited liability partnership - the sum of the shares of the owners;

· for a joint-stock company - the total nominal value of shares of all types;

For a production cooperative - the valuation of property provided by the participants for conducting activities;

For a leased enterprise - the amount of contributions of its employees;

· for an enterprise of a different form, allocated to an independent balance sheet - a valuation of property assigned by its owner to the enterprise on the right of full economic management.

When creating an enterprise, contributions to its authorized capital can be cash, tangible and intangible assets. At the time of the transfer of assets in the form of a contribution to the authorized capital, the ownership of them passes to the economic entity, i.e., investors lose property rights to these objects. Thus, in the event of the liquidation of the enterprise or the withdrawal of a participant from the company or partnership, he has the right only to compensate for his share within the residual property, but not to return the objects transferred to him in due time in the form of a contribution to the authorized capital. The authorized capital, therefore, reflects the amount of the company's obligations to investors.

Authorized capital formed during the initial investment of funds. Its value is announced at the time of registration of the enterprise, and any adjustments to the size of the authorized capital (additional issue of shares, reduction in the nominal value of shares, making additional contributions, admission of a new participant, joining part of the profit, etc.) are allowed only in cases and in the manner prescribed by the current legislation and constituent documents.

Among the internal sources of financial resources, the most important are profit and depreciation. The profit of the enterprise is formed in the process of its production activities, being its end result. In a competitive environment, the labor collective is interested in the growth of profit, since it is a source of production growth, and, consequently, the growth of the well-being of the employees of the enterprise. However, such a source is not the entire gross profit received as a result of the economic activity of the enterprise, but only a part of it, remaining after paying taxes and payments to the budget, called net profit. It is used to form accumulation and consumption funds of the reserve fund.

Depreciation deductions represent a monetary expression of the cost of depreciation of fixed production assets and intangible assets. Depreciation deductions are included in the cost of production and then, as part of the proceeds from the sale of products, are returned to the company's current account, becoming an internal source of formation of accumulation funds.

Profit- the main source of formation of reserve capital (fund). This capital is intended to compensate for unforeseen losses and possible losses from economic activity, that is, it is insurance in nature. The procedure for the formation of reserve capital is determined by the regulatory documents governing the activities of an enterprise of this type, as well as its statutory documents.

A specific source of funds are funds for special purposes and targeted financing: donated valuables, as well as non-refundable and repayable state appropriations for financing non-production activities related to the maintenance of social, cultural and municipal facilities, for financing the costs of restoring the solvency of enterprises located on full budget financing, etc.

Another source of internal reserves - additional capital - is formed as a result of an increase in the value of property revealed as a result of revaluation, the receipt of share premium (from an additional issue of shares, the sale of shares above par), gratuitous receipt of valuables or property from other enterprises and persons (as a rule, are strictly targeted). The statutory documents may provide for the creation of an indivisible fund in excess of the amount of the authorized capital, the fund is used as a financial resource.

External sources of financial resources of the enterprise The financial resources of the enterprise (or borrowed funds) are receipts from outside. They are formed at the expense of funds mobilized in the financial market and received in the order of redistribution. The resources mobilized in the financial market consist of funds from the sale of own securities (shares, bonds, etc.) and credit investments.

Resources coming in order of reallocation, consist of:

Claims insurance claims;

Implementation of insurance policies and pledge certificates;

Financial resources formed on a share basis (equity participation in current and investment activities);

Dividends, interest on securities of other issuers;

Financial resources coming from unions, associations, sectoral structures;

Budget appropriations, subsidies and subventions.

Financial resources mobilized in the financial market are represented by funds received from the sale of own shares, bonds and other types of securities, as well as borrowed funds or large investments. They consist of legal business obligations to third parties. These are long-term and short-term bank loans, bond issues, as well as funds of other enterprises in the form of promissory notes. These funds are transferred to the enterprise on the basis of payment and repayment.

e) Finance of non-profit institutions (FNU)

Non-commercial activities do not pursue the goal of obtaining certain income. But these revenues are used to develop the institution itself.*

Sources of financial resources for non-profit institutions:

Budget resources;

Extrabudgetary state funds;

Funds of the population;

Monetary deductions from various commercial structures, receipts of funds for work and services performed in accordance with contracts;

Proceeds from the sale of products, including funds from the sale of tickets for mass events;

Income from the rental of property;

Income from personnel training (retraining, advanced training, etc.).

f) OSF (finances of public organizations)

They include:

a) finances of public, including trade union organizations;

b) finances of political and social movements;

c) finances of special trust funds;

d) finances of charitable foundations.

A public association is a voluntary formation that arose as a result of the free expression of the will of citizens united on the basis of their common interests.

Financial and economic activity public organizations combines 2 ways of using financial resources: self-sufficiency and estimated financing.

The economic content of the FOO includes the following types and groups of monetary relations:

· monetary relations between public organizations and their members, associated with the payment of various contributions, the provision of material assistance, etc.;

· Monetary relations of public organizations with enterprises and institutions associated with voluntary donations that can be transferred to the funds of public organizations;

· Monetary relations of public organizations in the formation and use of targeted monetary funds;

· monetary relations between higher and lower structures of public organizations;

· monetary relations between public organizations and their subordinate production and economic structures.