Basic concepts and principles financial logistics

St. Petersburg

Specialty 080506 - Logistics and supply chain management

FINANCIAL LOGISTICS

S. E. Barykin

Department of Logistics and Organization of Transportation

Saint Petersburg State

Federal Agency for Education

State educational institution

higher professional education

University of Engineering and Economicsʼʼ

Lecture notes

admitted

Editorial and Publishing Council of St. Petersburg State Institute of Economics

as an educational publication

Compiler

Doctor of Economics Sciences, Assoc. S.E. Barykin

Reviewer

Doctor of Economics sciences, prof. E.R. Schislyaeva

Prepared at the department

Logistics and transportation organization

Approved by the scientific and methodological council of the specialty

080506 - Logistics and supply chain management

submitted by the compiler

INTRODUCTION .................................................. ................................................. 4

TOPIC 1. SUBJECT AND METHOD OF FINANCIAL LOGISTICS AS A SCIENCE. THE PLACE OF FINANCIAL LOGISTICS IN LOGISTICS MANAGEMENT .............................................................. ................................................. ............................ 6

TOPIC 2. CASH MANAGEMENT IN MICROLOGISTIC SYSTEMS................................................................. .. nineteen

TOPIC 3. DISTRIBUTION OF MONEY BY OBJECTS OF FINANCING ............................................................ ............................................... 44

TOPIC 4. SYSTEM OF MODELS FOR MANAGING CASH RESERVES AND MATERIAL FLOWS............................................................ ................ 57

TOPIC 5. NEURAL NETWORK METHODS OF CASH MANAGEMENT ............................................................ ................................................. .... 66

CONCLUSION................................................. ......................................... 78

BIBLIOGRAPHY................................................ ......................... 79

INTRODUCTION

The purpose of the discipline ʼʼFinancial Logisticsʼʼ is to form students' knowledge about the implementation of finance functions in logistics systems, logistics models and methods for managing the company's financial flows.

The tasks of the discipline are:

· Formation of the concept of financial flow, its purpose and place in the system of logistics management;

・Learning the basics strategic management providing financial resources companies;

· Consideration of issues of distribution of financial resources in areas of investment;

· Study of methods of grouping objects of financing;

Studying the methodology for implementing integrated management of financial and material flows in logistics system;

· Logistic models of formation of a company's cash reserve.

The discipline ʼʼFinancial logisticsʼʼ is a discipline of the specialization ʼʼSupply chain managementʼʼ of specialty 080506 - Logistics and supply chain management.

The discipline ʼʼFinancial Logisticsʼʼ is based on the disciplines ʼʼFundamentals of Logisticsʼʼ, ʼʼStrategic and innovation managementʼʼ, ʼʼFinancial managementʼʼ, ʼʼOperational (production) managementʼʼ, ʼʼSupply chain managementʼʼ, ʼʼ Economic fundamentals Logistics and Supply Chain Managementʼʼ, ʼʼSupply Logisticsʼʼ, ʼʼProduction Logisticsʼʼ, ʼʼDistribution Logisticsʼʼ, ʼʼInventory Management in Supply Chainsʼʼ, provides disciplines ʼʼProject Management in Logisticsʼʼ, ʼʼIntegrated Logistics Chain Managementʼʼʼ and planning ʼʼ

The lecture notes offered to the reader are the basis for independent work in the study of the discipline "Financial Logistics" is aimed at the formation of a systematic understanding of the integrated management of interconnected material and financial resources in logistics systems.

Working programm discipline provides for five topics on which the lecture notes reveal the basic knowledge, skills and questions for self-control.

TOPIC 1. SUBJECT AND METHOD OF FINANCIAL LOGISTICS AS A SCIENCE. THE PLACE OF FINANCIAL LOGISTICS IN LOGISTICS MANAGEMENT

Cash is part of current assets enterprises. Without this asset, the operating and investment activities of the company are impossible. Cash assets of the enterprise include money on the current account in commercial banks and on hand. Different kinds assets have different liquidity, which is understood a period of time required to convert that asset into cash and the cost of making that conversion. Only cash corresponds to absolute liquidity. It is extremely important for an enterprise to have a certain level of absolute liquidity in order to be able to pay suppliers' bills.

Maintaining the company's liquidity level involves some costs. If the company has a minimum stock Money, then there are costs to replenish this stock, the so-called ʼʼcosts of attracting financial resourcesʼʼ. If the company accumulates a significant cash reserve, then the costs associated with unused opportunities (stock holding costs) increase. Τᴀᴋᴎᴍ ᴏϬᴩᴀᴈᴏᴍ, the problem of determining the optimal cash supply arises.

Not all the needs of the enterprise in cash are provided solely at the expense of funds in the accounts of the enterprise. Part of these needs can be provided by liquid securities, which are assets that are almost equivalent to money. From the standpoint of the theory of investment, cash is one of the special cases of investing in inventory. For this reason, they apply General requirements that apply to inventories. Enterprise motives can be divided into three groups:

1) the company needs a basic supply of money to perform current calculations;

2) certain funds are needed to cover unforeseen expenses;

3) the company is interested in owning a certain amount of money for the planned expansion of its activities.

Consequently, models developed in the theory of inventory management and allowing to optimize the amount of cash are applied to cash. The company should solve the following tasks in the process of managing the cash reserve:

- define overall volume Money;

- the time frame for converting cash into securities and vice versa.

Let's consider the most known models of formation of an investment portfolio.

1. Model G. Markowitz. In accordance with this model, the invested capital is distributed according to different types assets: stocks, bonds, real estate, etc. The Markowitz model is applied at the first stage of asset portfolio formation.

2. W. Sharp's model. In 1963 ᴦ. W. Sharp, a student of G. Markowitz, proposed a one-factor model of the capital market, in which ʼʼalpha-ʼʼ and ʼʼʼʼʼʼ characteristics of stocks first appeared. Sharpe's one-factor model is applied at the second stage of the investment portfolio formation, when the capital invested in a certain segment of the asset market is distributed among individual specific assets.

3. Capital asset valuation model (CAPM). We should agree with the opinion of Yu. F. Kasimov that the main result of the CAPM model was the establishment of a relationship between the profitability and risk of an asset for an equilibrium market. At the same time, when choosing the optimal portfolio, the investor takes into account the systematic risk, and not the entire level of risk associated with the asset, as in the Markowitz model. This risk is quantified by the ʼʼbeta-ʼʼ coefficient (introduced by Sharp in his one-factor modelʼʼ). The rest of the risk level is unsystematic risk, which depends on the choice of investment portfolio.

4. Arbitration model for asset valuation (ARM). In 1977 ᴦ. S. Ross proposed an alternative model for the valuation of capital assets - the arbitrage model. According to proponents of this model, its advantage is that it allows empirical testing to a greater extent than the CAPM model. The APM model is based on the principle that, in essence, the ratio between return and risk should be such that no individual investor receives an unlimited return on a transaction, regardless of the risk of investing money in acquiring an asset.

5. Black-Scholes model. In 1973 ᴦ. M. Scholes and F. Black developed an option model based on the possibility of making a risk-free transaction with the simultaneous use of a share and an option written on it. The price of such a transaction should coincide with the assessment of risk-free assets in the market. The probabilistic assessment of the value of the option depends on the dynamics of the market price of the share.

6. Cash management models. Financial management includes the study of activities related to the acquisition, merger, financing, asset management, but does not pay enough attention to the study of the formation of an optimal cash reserve. One of the areas of research cash flows is an exploring the possibilities of managing cash reserves in a similar way to managing stocks of material resources .

At the same time, it is necessary to consider in detail the application of models and methods of the theory of logistics in the process of managing cash reserves. Logistic models of financial management allow you to combine the methods of financial management (discounting and increasing cash flows) and methods and models of the theory of logistics.

The logistical management of the company's finances considers the interaction of three basic flows (financial, informational and material) and is not limited to financial management tools. The methodological apparatus of financial logistics includes three basic principles:

1. The principle of studying the interaction of flows of material, financial and information resources in the micrologistics system, taking into account their relationship and mutual influence.

2. The principle of similarity of the analytical description of material, financial and information flows.

3. The principle of finding a compromise between the costs of attracting material and financial resources and the costs of their maintenance.

In the process of studying the discipline "Financial logistics" we will rely on the definition of the logistics system given by V. S. Lukinsky:

Logistics system - ϶ᴛᴏ complex organizationally complete (structured) economic system, which consists of elements - links interconnected in a single process of managing material and related flows.

Financial flows accompanying material flows should be considered as a subsystem of the logistics system. Let's formulate the definition of the company's financial management logistics system, based on the categories ʼʼthingʼʼ, ʼʼpropertyʼʼ and ʼʼrelationshipʼʼ. A system is defined as a set of objects on which a certain relation with fixed properties is implemented. Let be S means the property of the thing m to be a logistical system. Then the definition of the system can be expressed in following form:

where P– property; R is a relationship that has this property.

The rule for moving from one variable to another is formulated as follows: the values ​​of the variable outside the square bracket are chosen arbitrarily; the values ​​of the variable inside the square bracket but outside the parenthesis are chosen to suit the outer variable, and the symbol of the thing inside the parentheses can only have values ​​that agree with the values ​​of the other two variables.

The logistics system of financial management (financial logistics system) of the company includes financial, material and information flows, the functioning of which is aimed at achieving main goal logistics system. Let us choose as an integrating feature the degree of interconnection between the movement of financial, informational and material resources. The material, informational and financial flows of a corporation are interconnected and interdependent. A high degree of interdependence allows us to talk about a high degree of "systematic" of the studied single logistics flow.

Having defined a property, we can define a relation that has this property. All elements of the financial logistics system are in relationships that have a certain property - maintaining the structure of the logistics system. It is possible to provide several options for organizing financial flows for each scheme for the movement of material resources of the company. The financial flow accompanying the material flow is aimed at the implementation of the company's logistics activities. The purpose of the financial flow is subordinate to the main goal of the company's logistics activities.

Under micrologistics systems, it is customary to understand companies - corporations (legal entities) or a group legal entities, interconnected by a common business ( corporate structures in the form of financial and industrial groups, holdings).

Basic concepts and principles of financial logistics - concept and types. Classification and features of the category "Basic concepts and principles of financial logistics" 2017, 2018.

10.1 The concept and essence of financial logistics

10.1.1. Definition of financial logistics

10.1.2. Financial logistics as a factor in determining the effectiveness of an enterprise

10.2 Main characteristics of financial logistics

10.3. Tasks and principles of financial logistics

10.4. Financial flow as the basis of financial logistics

10.4.1 Main characteristics of the financial flow

10.4.1.1. Stages of financial flow management

10.4.1.2. Support information technology management of financial logistics relations

10.4.1.3. Estimation of the financial flow

10.5. Financial flows in transport logistics

10.5.1. Classification of financial flows in transport logistics

10.5.2. Management of financial flows in transport logistics

10.6. Financial flow rate

Models and tools of financial logistics

Topic 10. Financial logistics

The concept and essence of financial logistics

Definition of financial logistics

Currently Russian enterprises operate in conditions of significant instability of the economic environment, which makes it necessary to search highly effective methods and ways to manage activities industrial enterprises. One of these methods is logistics, which allows reaching a qualitatively new level of management of material, financial and information flows of an enterprise in order to improve the final results of its production and economic activities and ensure a stable position in the market.

In the context of the transition to market economy increasing the efficiency of production and sales of products determines the need to identify and study logistics financial flows, corresponding to the movement of both inventory and inventory items, which, in the process of moving from one economic entity to another, can be considered as the corresponding commodity flow. At the same time, its movement is due to the implementation of a number of logistics operations.

The transition to market relations, the expansion of the scale of economic activity, the increased need to strengthen all types of relationships in the processes of managing financial flows generated by marketing commodity flows, determined the main requirements for new forms and methods of improving the efficiency of managing enterprises, increasing the effectiveness of their activities, improving financial condition. The formation of financial flows of logistics at enterprises, the use of logistics principles and methods, will allow approaching the solution of traditional problems on a new basis, increasing the efficiency of their production and economic activities.

Financial logistics is a system for managing, planning and controlling financial flows based on information and data on the organization of material flows .

Financial logistics is a less explored area of ​​logistics. This happens mainly for two reasons: for objective reasons - the transition to a market ideology took a long time in Russia, when, as the market develops, scientists and practitioners gradually come to understand the crucial role of finance in the logistics system; and subjectively - the management of financial flows requires high professionalism and is associated with significant risks for each enterprise or company.

The success of the enterprise depends on the quality of production management technologies economic activity, and in particular - commodity-material flows. The technologies for managing material resource flows developed in the field of logistics consider financial flows as ensuring the functioning of already existing systems, although it is with their help that the management of production activities takes place. A promising approach that allows focusing on the financial aspect of the enterprise's activities during the logistics process is the impact on material flows through cash flow management in logistics systems.

Western "marketers", which domestic economists often habitually focus on, have gone far ahead, although they were much earlier engaged in the study of the main interdependencies between logistics and the financial goals of firms, as well as the consideration of the share of supply chain management in total cost. production costs firms. And this is not surprising, since they have long been faced with the need for appropriate information to manage the investment process.

Speaking about the contribution of logistics to the profit of the enterprise, they note the need to analyze logistics solutions in terms of their cost effectiveness and the benefits received. key factor is customer service (logistics service) and its impact on profit margins. But extremes should be avoided, such as providing a very high level of service without the assurance that the client will appreciate the cost of such super service and be willing to pay for it. The other extreme is understanding logistics as the only source of costs and striving to reduce them in any way. According to Christopher, "Reducing costs in any business is a cost factor, but it is only worthwhile when it leads to higher profits."

10.1.2. Financial logistics as a factor in determining the effectiveness of an enterprise

To assess the effectiveness of logistics processes, cost criteria are usually used, taking into account the costs incurred and the income received, profitability and profitability indicators are calculated. The values ​​of these indicators will change significantly with different patterns of movement of material and related financial flows. So, depending on the conditions of supply, the parameters of storage systems and the selected distribution channels for products, the cost, volume and time of material flows will change. The latter, in turn, determine the amount and timing of the necessary funding.

financial logistics efficient use capital. Logistic variables essentially form the individual components of the balance sheet, namely:

Cash on hand and debt. Thanks to efficient logistics management, shorter order fulfillment cycles are achieved: the shorter the cycle, the faster the cash flow from the sale; the degree of implementation of the order is also important;

Stocks. The level of stocks in the form of raw materials, components, finished products is the result of the enterprise's strategy in the field of logistics services and the effectiveness of the monitoring and inventory management system;

Real estate, fixed assets and equipment. Optimization of the distribution network, achieved due to the found correspondence between the location and parameters of distribution nodes to the structure of demand, can lead to the release of capital;

current payments. They can be increased by limiting the volume and frequency of orders, which can be the result of implementing systems such as material requirements planning or distribution requirements.

Foreign specialists are initially focused on the fact that the main goal of the enterprise should be the maximization of its value, therefore, the strategy of the enterprise should be aimed at achieving this goal. And this, in turn, is impossible without the introduction of new methods of management - management through value. To use this management method, it is necessary to determine which processes and to what extent form the value of this cost and what role logistics plays in this.

In determining the value of a firm, free cash flows play a major role, providing the basis for paying dividends to shareholders, rising share prices, and sources of financing for firm growth. Importance also has an interest rate, the value of which reflects the cost of capital.

The analysis of domestic scientific publications, educational literature, training courses of various universities suggests that, unlike the West, in the practice of our management, the fetishization of the material flow continues and the reduction of logistics only to transport, storage, production, supply, marketing, stocks.

In most of the existing definitions of logistics, there is no clear definition of financial logistics. It is no coincidence that the financial movement is considered by many only as accompanying the material flow. Although, it is quite obvious that the movement of finance is a serious limiter to the benefits of the enterprise and an active "lever" of material flow management.

Perhaps that is why indicators for evaluating the effectiveness of financial flows have not yet been developed. Attempts by a number of economists to reduce them to classical indicators of financial management are completely unfounded. So, this does not reveal the relationship, or rather the interdependence of financial management and financial logistics. As is known, financial management is the art of managing the finances of an enterprise. As for financial logistics (logistics of financial flows), this concept is narrower and is a set of methods, tools, tools aimed at improving the efficiency of financial flows.

The management of financial flows necessary to ensure the movement of material resources is more efficient if the process is carried out continuously, throughout the entire period of the enterprise. At the same time, it is important to plan the expenditure of financial resources to reimburse logistics costs and expenses, organize the attraction of funds from funding sources, control the receipt of monetary compensation for sold products participants supply chain. A clear understanding of the structure and composition of financial flows will help managers evaluate and plan costs in the face of increasing complexity of production, transport and distribution systems. To do this, for each specific logistics system, the movement of financial resources is represented with a sufficient degree of detail. Moreover, the more branched schemes of movement of material flows, the more complex the chains of movement of financial flows corresponding to them will be, and the more time-consuming is the management process. It is also possible to increase the transparency of flow processes in both elementary and complex logistics systems (international logistics systems, warehouse terminals and distribution logistics centers) by studying and describing the financial environment - the environment for the circulation of enterprise finances.

The financial aspects of the functioning of logistics systems are poorly represented in the economic literature as key to ensuring the adoption of optimal decisions. There is a severe shortage teaching materials on financial flows. Among them: the basics of the theory of financial flow management in the logistics system; regulation of financial resource flows; organization of structuring, formation and management of financial flows in meso-, state and socially-oriented logistics systems; financial flows in banking, exchange, Internet trading systems.

Studying the issues of financial logistics requires staying on the principles of science, involving the strengthening of the settlement principle at all stages of financial flow management - from planning to analysis. This approach can be observed subject to specificity, which implies a clear definition of the specific result of the goal of moving the financial flow in accordance with the technical, economic and other requirements of the business entity, as well as the principle of constructiveness, which consists in continuous monitoring of the movement of the financial flow and prompt adjustment of its movement.

And, finally, all financial logistical functions and the process of movement of financial flows should be performed with the maximum degree of automation, which is possible only if it is computerized.

It is important to keep in mind that, from the point of view of the logistics of finance, the progressiveness of economic systems is achieved not so much by increasing their material and technical base, but by improving its provision with financial resources.

The implementation of these principles leads to a reduction in the cost of storage and movement of material resources and finished products, increasing the balance in the management of the economic activities of transport systems, the rhythm of the functioning of structures and divisions that are part of the financial logistics system. In addition, the principles of financial logistics allow us to improve the methodology and improve the quality of organizational design, to ensure systems approach to the design of regional transport systems.

The basic principles of financial logistics should be supplemented by the principles of marketing, management and other scientific and applied disciplines that are synthesized by the theory and practice of logistics.

A study of the available materials and literature also gives grounds to conclude that the cost is interpreted management personnel and top managers of a number of enterprises solely as part of the taxation process. Therefore, the cost factor is not used as an objective criterion for increasing the activity and competitiveness of the main production.

The connection of financial and material flows, processes and work in the logistics system is provided by another type of flow - informational. Data on the conditions, terms and nature of the relationship between the participants in the logistics process, information on the movement of material flows is used in the construction of schemes for the movement of financial flows. At the same time, the movement of funds from the enterprise to other participants in the logistics process (consumers and suppliers, between warehouse, port and customs terminals, in logistics docking points traffic flows) are represented as directed motion financial resources. Such schemes make it possible to determine the sequence of inclusion of funding sources, the order in which incoming resources are distributed, and to identify bottlenecks in the movement of flows.

Flow management can be considered effective if it allows you to automatically solve the main production and economic tasks of the enterprise. These include: coordination of production and financial plans, establishing the required level of reserves, volumes and terms of the required resources. Through the impact on flows, it is possible to provide the logistics system with financial and material resources, to attract and return funds, and to distribute them according to the directions of use. The functions of flow management should also include monitoring the compliance of the parameters of financial and material flows, their impact on the efficiency of logistics activities, checking the optimality of resource flow patterns.

When managing the movement of financial and material flows, one should strive both to save resources spent on the impact, and to maximize end result. If possible, it is necessary to ensure that one control action changes the parameters as much as possible. more streams. In this case, the solution of problems will be carried out as quickly as possible and at the lowest cost.

By changing the movement of resources in accordance with financial parameters, it is possible not only to obtain full and timely provision production activities resources from the best sources at the lowest price, but also to increase the stability of the enterprise, reduce exposure to external influences. In the processes of procurement, supply, transportation, warehousing and marketing, focus on financial indicators allows you to optimize flow processes, identify ways and methods to reduce costs without compromising product quality.

Financial flows are understood as the directed movement of funds or resources in logistics systems and between them, necessary to ensure material and information flows.

Financial flow is a directed movement of financial resources associated with the movement of material, information and other resource flows both within the logistics system and outside it. Financial flows arise when reimbursement of logistics costs and expenses, attraction of funds from funding sources, reimbursement (in monetary terms) for products sold and services rendered to participants in the logistics chain.

The task of managing financial flows in logistics systems is complete and timely provision of volumes, terms and sources of financing. These funding sources must meet minimum price requirements.

Financial logistics faces the following tasks:

Studying the financial market and forecasting funding sources using marketing techniques;

Determination of the need for financial resources, selection of sources of financing, monitoring of interest rates on bank and interbank loans, as well as interest rates on valuable and government bonds;

Building financial models for the use of funding sources and an algorithm for the movement of cash flows from funding sources;

Establishing the sequence and links of the movement of funds within the business and the project;

Coordination operational management financial and material flows. First of all, the costs are estimated, for example, for the delivery of goods vehicle. The logistics manager builds material flows taking into account costs;

Formation and regulation of free balances on ruble, currency and budget accounts in order to obtain additional profit from operations in the financial market using highly profitable financial instruments;

Creation operating systems processing information about financial flows.

The principles of financial logistics include:

Self-regulation to achieve a balance in the flow of cash resources with the movement of material resources, production and minimization of production costs;

Flexibility associated with the possibility of making changes to the financing schedules for the purchase of materials necessary for the implementation of the project of finished products and when adjusting the terms of the order from consumers or partners;

Minimization of production costs while maximizing short cycles of project implementation;

Integration of financing, supply, production and marketing processes in a single project implementation body;

Modeling the movement of cash flows from funding sources to project executors with a turnover of free cash with maximum efficiency;

Correspondence of the volumes of financing with the volumes necessary costs;

Use of software and computer networks for financial management;

Reliability of sources of financing and provision of the project with financial resources;

Profitability (through an assessment of not only costs, but also the "pressure" on these costs);

Profitability when placing funds.

As you know, the key aspect of logistics activities is the management of material flows: the movement of raw materials, materials, semi-finished products and finished products. Each material flow that occurs during the purchase of materials or the sale of products, the transportation or storage of goods, is accompanied by a financial flow: an investment of finance or compensation for the sale of goods.

When preparing and organizing logistics processes, in addition to planning material flows, it is necessary to calculate and think over financial flow patterns. Yes, in international relations the choice of CIF and FOB delivery terms affects the distribution of freight and insurance costs between the buyer and the cargo supplier. During transportation, the costs for damage to the goods are borne either by the carrier or the supplier, depending on the contractual terms, the actual characteristics of the goods, and the data of the documents of title. Changing the parameters of the storage system affects the safety and quality of the goods, and consequently, the cost of services. The sale of goods on their own, with the help of sales agents, commission agents or consignees, requires different costs, provides a different turnover of goods and the duration of the financial cycle.

For each scheme of movement of material resources, several options for organizing financial flows, different in cost and risk, can be provided. Financial institutions, third-party enterprises, consumers, the state, foreign persons are involved as investors and creditors, each of which offers resources on different terms. By calculating the moment of the deficit in finances, it is possible to attract resources in the right amount and at the right time and return them when sufficient income is received.

The choice of suppliers and sources of resources, methods of payment for services to carriers, the order of location of goods in the warehouse is also most rational to carry out according to financial parameters, since they provide comparability of heterogeneous estimates. It is possible to assess the feasibility of re-equipping a warehouse terminal by comparing the expected increase in the flow of goods and revenue per unit of time with the size necessary investments. Comparing losses and incomes, the cost of hedging risks and the possibility of their elimination, it is possible to build such schemes for the movement of financial and material flows in which logistics costs will be optimal.

In order to fulfill production plans, deliver the goods to the destination in right time, to obtain sufficient income from consumers, financing plans must be implemented. The increase in the cost of materials makes it necessary to attract additional sources of financing or change production technologies. Falling quotes of promissory notes accepted as a pledge of payment for supplies may lead to loss of revenue and disruption of relations between suppliers and consumers. Control and correction of deviations in the parameters of financial flows are necessary both for individual participants in logistics activities and for the system as a whole.

The parameters of financial flows also serve as indicators of the well-being and sustainability of enterprises, indicate the effectiveness of logistics activities, and are necessary when planning and organizing relationships with counterparties. So, when drawing up the budget for the current year, they predict the amount of future revenues and necessary investments, calculate the indicators of profitability and profitability, which are used in the preparation financial reporting, substantiation of attracting investments and loans, conclusion of contracts and agreements.

Thus, financial flows perform a number of important functions for ensuring, accounting and coordinating the movement of resources in logistics processes. Financial parameters largely determine the economic viability of enterprises, stability in the market, and the strength of relationships with suppliers and consumers. It is difficult to overestimate the importance of financial flow management for logistics systems.

Basic requirements for the parameters of financial flows in logistics systems.

For the full and timely provision of logistics activities, the requirement of sufficiency must be met - financial resources must be available in the required volume and at the time of the need for them. To fulfill the requirement of compliance with flow parameters, when developing financial plans, they take into account the time and cost of purchasing and transporting equipment and materials, warehousing and production standards, marketing and distribution technologies.

The next important requirement is the reliability of sources of resources and the efficiency of attracting finance. To comply with it, they monitor the situation in the financial markets (interest rates on loans and deposits, the market of corporate and government valuable papers), select sources of minimum cost and risk, determine the sequence of inclusion of funding sources, identify possible problems attraction of resources.

Cost optimization - a fundamental requirement of any activity - is achieved by rationalizing the attraction and distribution of resources.

Another requirement that is very important for logistics is the consistency of financial, material, information and any other types of resource flows throughout the entire chain of product movement. Its implementation contributes to the rationalization of the use of resources and funds. Control over the consistency of threads allows you to achieve system-wide optimization of resource processes.

Efficiency is a requirement related to the external environment of the logistics system. Flow patterns should change flexibly and quickly when the economic and political situation, legal and market conditions. Due to the fact that the participants in the logistics process belong to different areas of production and circulation, the structure and composition of financial flows must be adaptive for each counterparty.

In order for the flows to meet the above requirements, they must be subject to control and corrective actions. In this case, the condition of interconnectedness of information and financial flows must be fulfilled. This is facilitated by the use information systems decision support, the use of databases and corporate automation systems for the operational management of flow processes in logistics systems.

The environment for the circulation of financial flows - the financial environment - includes, as part of internal environment enterprises, and part of the external logistics environment. Elements of the financial environment are finances, sources and consumers of resources and financial flows associated with logistics relations.

The study of the financial environment is carried out for a specific logistics system. A number of parameters are determined: the value and significance of finance, the availability and liquidity of financial resources, the orderliness and controllability of the movement of finance, the number and competitiveness of sources and consumers of financial resources. When studying financial flows, it is necessary to choose the degree of their detail, determine the factors of influence of the external and internal environment on flow processes, and the possibilities of control actions.

The larger the logistics system, the more numerous and branched logistics chains in it, the more complex the schemes for the movement of financial flows. AT modern conditions As the production, transport and distribution systems become more complex, the process of financial management becomes more complicated, the task of structuring flows, determining their properties, factors of influence and impact becomes more urgent. To increase the transparency of flow processes in both elementary and complex logistics systems (international logistics systems, warehouse terminals and distribution logistics centers), it is necessary to have a clear understanding of the characteristics of flows.

Table 10.1 - Values ​​​​of indicators for assessing the cash flows of the company

With high capital costs, it is necessary to analyze the future return on these investments (in the form of profit and depreciation).

Liquid cash flow (LCF), or the change in net credit position, is a measure of an excess or deficit in the cash balance of an enterprise that occurs when all of its debt obligations are paid in full.

The formula for the calculation is as follows:

LDP \u003d (DK, + KK, - DS,) - (DKo + KK0 - TO),

Where DK - long-term loans at the end and beginning of the billing period, KK - short-term loans at the end and beginning of the billing period; DS0 - funds in cash on settlement, currency and other accounts at the end and beginning of the period.

In the absence of really attracted borrowed money this indicator is not informative.

The difference between the indicator of liquid cash flow and other liquidity meters (absolute, urgent and general) is that the latter reflect the ability of the enterprise to repay its obligations to external creditors. Liquid cash flow characterizes absolute value of funds received from the operational activities of the enterprise, therefore it is a more "internal" indicator expressing the effectiveness of its work. It is also important for potential investors and creditors of the enterprise.

The indicator of liquid cash flow includes the entire amount of borrowed funds and, as a result, shows the impact of loans and borrowings on the efficiency of the enterprise in terms of generating cash flow.

Estimation of the financial flow

The overall cash flow of the enterprise is mainly affected by the dynamics of sales proceeds, the economic profitability of assets and the amount of interest paid on borrowed funds. Change of net working capital mainly depends on the need for current assets and the volume of proceeds from the sale of products.

Cash flow in investment activities is most closely related to the need for fixed capital and long-term financial investments.

cash flow in financial activities depends on specific gravity borrowed funds in liabilities, coverage of interest on loans and the average period of repayment of loans.

The actual values ​​of these coefficients for assessing the dynamics of cash flows for industrial countries are given in table. 10.2.

Table 10.2 - Values ​​​​of indicators for assessing cash flows

For example, with high capital costs, it is necessary to analyze the future return on these investments (in the form of profit and depreciation).

When studying cash flows, it is advisable to pay attention to the following:

1) by what amount the volume of capital investments differs from the depreciation accrued for the year. If real investments are lower than accruals, then this is a factor in saving and generating funds, but only in a short period of time. The excess of the amount of investments over accruals by 5-10% confirms that the company maintains its fixed assets in working condition. In the case of a significant excess of capital investments over the sources of their coverage for a long time, a stable outflow of funds occurs, which is also unfavorable for the enterprise;

2) what is the share of net profit left at the disposal of the enterprise in gross profit as a source of its development;

3) the increase in receivables must exceed the amount of new share capital plus retained earnings;

4) the amount of net working capital must cover at least 30% of current assets and be at least 50% of inventories and costs, which ensures financial stability enterprises.

In practice, there are several reasons for the shortage of funds. However, the combination of a high share of borrowed funds in the liabilities side of the balance sheet (more than 60%) and a low return on assets with a negative cash flow balance are the most negative for the enterprise.

In addition to direct and indirect methods of measuring cash flows, there is the so-called liquid cash flow method, which allows you to quickly calculate the cash flow in the enterprise. This method can be used for express diagnostics of financial condition.

Financial logistics is a system for managing, planning and controlling financial flows based on information and data on the organization of material flows.

Financial flows are understood as the directed movement of funds or resources in logistics systems and between them, necessary to ensure material and information flows.

Financial flow is a directed movement of financial resources associated with the movement of material, information and other resource flows both within the logistics system and outside it. Financial flows arise when reimbursement of logistics costs and expenses, attraction of funds from funding sources, reimbursement (in monetary terms) for products sold and services rendered to participants in the logistics chain.

The task of managing financial flows in logistics systems is complete and timely provision of volumes, terms and sources of financing. These funding sources must meet minimum price requirements.

Financial logistics faces the following tasks:

studying the financial market and forecasting sources of financing using marketing techniques;

determination of the need for financial resources, selection of sources of financing, monitoring of interest rates on bank and interbank loans, as well as interest rates on valuable and government bonds;

building financial models for the use of funding sources and an algorithm for the movement of cash flows from funding sources;

establishing the sequence and links of the movement of funds within the business and the project;

coordination of operational management of financial and material flows. First of all, the costs are estimated, for example, for the delivery of goods by vehicle. The logistics manager builds material flows taking into account costs;

formation and regulation of free balances on ruble, currency and budget accounts in order to obtain additional profit from operations in the financial market using highly profitable financial instruments;

creation of operating systems for processing information and financial flows.

The principles of financial logistics include:

self-regulation to achieve a balance in the flow of cash resources with the movement of material resources, production and minimization of production costs;

flexibility associated with the possibility of making changes to the financing schedules for the purchase of materials necessary for the implementation of the project of finished products and when adjusting the terms of the order from consumers or partners;

minimization of production costs while maximizing short cycles of project implementation;

integration of the processes of financing, supply, production and marketing in a single body for the implementation of the project;

simulation of cash flows from funding sources to project executors with a turnover of free cash with maximum efficiency;

compliance of the volumes of financing with the volumes of necessary expenses;

use of software and computer networks for financial management;

reliability of sources of financing and provision of the project with financial resources;

profitability (through an assessment of not only costs, but also the "pressure" on these costs);

return on investment.

As you know, the key aspect of logistics activities is the management of material flows: the movement of raw materials, materials, semi-finished products and finished products. Each material flow that occurs during the purchase of materials or the sale of products, the transportation or storage of goods, is accompanied by a financial flow: an investment of finance or compensation for the sale of goods.

When preparing and organizing logistics processes, in addition to planning material flows, it is necessary to calculate and think over financial flow patterns. Thus, in international relations, the choice of CIF and FOB delivery terms affects the distribution of freight and insurance costs between the buyer and the cargo supplier. During transportation, the costs for damage to the goods are borne either by the carrier or the supplier, depending on the contractual terms, the actual characteristics of the goods, and the data of the documents of title. Changing the parameters of the storage system affects the safety and quality of the goods, and consequently, the cost of services. The sale of goods on their own, with the help of sales agents, commission agents or consignees, requires different costs, provides a different turnover of goods and the duration of the financial cycle.

For each scheme of movement of material resources, several options for organizing financial flows, different in cost and risk, can be provided. Financial institutions, third-party enterprises, consumers, the state, foreign persons are involved as investors and creditors, each of which offers resources on different terms. By calculating the moment of the deficit in finances, it is possible to attract resources in the right amount and at the right time and return them when sufficient income is received.

The choice of suppliers and sources of resources, methods of payment for services to carriers, the order of location of goods in the warehouse is also most rational to carry out according to financial parameters, since they provide comparability of heterogeneous estimates. It is possible to assess the feasibility of re-equipping a warehouse terminal by comparing the expected increase in the flow of goods and revenue per unit of time with the amount of required investment. Comparing losses and incomes, the cost of hedging risks and the possibility of their elimination, it is possible to build such schemes for the movement of financial and material flows in which logistics costs will be optimal.

In order to meet production plans, deliver goods to their destination at the right time, and generate sufficient income from consumers, financing plans must be met. The increase in the cost of materials makes it necessary to attract additional sources of financing or change production technologies. Falling quotes of promissory notes accepted as a pledge of payment for supplies may lead to loss of revenue and disruption of relations between suppliers and consumers. Control and correction of deviations in the parameters of financial flows are necessary both for individual participants in logistics activities and for the system as a whole.

The parameters of financial flows also serve as indicators of the well-being and sustainability of enterprises, indicate the effectiveness of logistics activities, and are necessary when planning and organizing relationships with counterparties. So, when drawing up the budget for the current year, they predict the amount of future revenues and necessary investments, calculate profitability and profitability indicators, which are used in the preparation of financial statements, justification for attracting investments and loans, concluding contracts and agreements.

The financial flow is characterized by volume, cost, time and direction. Additional characteristics can be determined based on the specifics and needs of the enterprise and its place in the logistics system. The volume of the flow is indicated in its documentary, electronic or any other support in monetary units. The cost of a flow is determined by the costs of its organization, and time characterizes its availability for impact. Both the time and the direction of the financial flow are determined in relation to the enterprise that organizes it. Distinguish between incoming and outgoing flows in relation to the participants in logistics relations. Let's say receiving an advance payment is an incoming flow, and paying for deliveries is an outgoing flow.

The characteristics of financial flows are based on information about the conditions, terms and nature of the relationship between the participants in the logistics process, data on the parameters of resources and the movement of material flows. For all movements of funds from the enterprise to other participants in the logistics process (consumers and suppliers, between warehouse, port and customs terminals, in logistics junctions of traffic flows), the time and volume of receipts and investments, the cost of credit funds are calculated, the directions of the resulting flows are determined, others characteristics required for flow control.

The concept of the resulting financial flow is associated with several flows. Here it is necessary to introduce the concept of a financial transaction - a set of two or more interrelated financial flows. For example, attracting resources, investing them in production and receiving sales proceeds is a financial transaction consisting of at least three flows.

For financial transactions, parameters such as profitability and profitability are determined, showing how effective the impact on flows is. According to financial transactions, you can determine a number of other parameters that are essential for managing financial flows. For example, for a distribution logistics center in which the income and expenditure of financial resources is uneven, it is important to calculate the density of the financial flow, which characterizes the intensity of activity and is determined by the volume of the resulting flow per unit of time. When organizing procurement, you can calculate the time gap between receiving information from the supplier (incoming information flow) and making an advance payment (outgoing financial flow).

Thus, financial flows perform a number of important functions for ensuring, accounting and coordinating the movement of resources in logistics processes. Financial parameters largely determine the economic viability of enterprises, stability in the market, and the strength of relationships with suppliers and consumers. It is difficult to overestimate the importance of financial flow management for logistics systems.

Introduction

1. Financial logistics

1.2 Main characteristics of financial logistics

2. Financial flow as the basis of financial logistics

2.1 Main characteristics of the financial flow

2.2 Financial flow in transport logistics

Conclusion

Bibliography

Introduction

At present, Russian enterprises operate in conditions of significant instability of the economic environment, which makes it necessary to search for highly effective methods and methods for managing the activities of industrial enterprises. One of these methods is logistics, which allows reaching a qualitatively new level of management of material, financial and information flows of an enterprise in order to improve the final results of its production and economic activities and ensure a stable position in the market.

In the context of the transition to a market economy, increasing the efficiency of production and sales of products determines the need to identify and study logistical financial flows corresponding to the movement of inventory and commodity-intangible assets, which, in the process of moving from one economic entity to another, can be considered as a corresponding commodity flow. At the same time, its movement is due to the implementation of a number of logistics operations.

The transition to market relations, the expansion of the scale of economic activity, the increased need to strengthen all types of relationships in the processes of managing financial flows generated by marketing commodity flows, determined the main requirements for new forms and methods of improving the efficiency of managing enterprises, increasing the effectiveness of their activities, improving their financial condition . The formation of financial flows of logistics at enterprises, the use of logistics principles and methods, will allow approaching the solution of traditional problems on a new basis, increasing the efficiency of their production and economic activities.

1. Financial logistics

1.1 The concept and essence of financial logistics

Financial logistics is the least explored area. This happens mainly for two reasons: for objective reasons, the transition to a market ideology lasted too long in Russia, when, as the market develops, scientists and practitioners gradually come to understand the crucial role of finance in the logistics system; and subjective, since the management of financial flows requires high professionalism and is associated with significant risks for each enterprise or company.

However, it cannot be said that Western "marketers", who are often habitually guided by domestic economists, have gone far ahead, although much earlier they began to study the main interdependencies between logistics and the financial goals of firms, as well as considering the share of supply chain management in the total cost of production. firms' costs. And this is not surprising, since they have long been faced with the need for appropriate information to manage the investment process.

Speaking about the contribution of logistics to the profit of an enterprise, D.M. Lambert notes the need to analyze all logistics solutions both in terms of their cost effectiveness and the benefits received.

The key factor here is customer service (logistics service) and its impact on profit margins. But one should, he rightly warns, avoid extremes, such as providing a very high level of service without the assurance that the client will appreciate the cost of such super service and be willing to pay for it.

The other extreme is understanding logistics as the only source of costs and striving to reduce them in any way. According to the American economist M. Christopher, "reducing costs in any business area is a cost factor, but it is advisable only when it leads to increased profits."

Financial logistics, he admits, also contribute to the efficient use of capital. Logistic variables essentially form the individual components of the balance sheet, namely:

Cash on hand and debt. Thanks to efficient logistics management, shorter order fulfillment cycles are achieved: the shorter the cycle, the faster the cash flow from the sale; the degree of implementation of the order is also important;

Stocks. The level of stocks in the form of raw materials, components, finished products is the result of the enterprise's strategy in the field of logistics services and the effectiveness of the monitoring and inventory management system;

Real estate, fixed assets and equipment. Optimization of the distribution network, achieved due to the found correspondence between the location and parameters of distribution nodes to the structure of demand, can lead to the release of capital;

current payments. They can be increased by limiting the volume and frequency of orders, which can be the result of implementing systems such as material requirements planning or distribution requirements.

Foreign specialists are initially focused on the fact that the main goal of the enterprise should be the maximization of its value, therefore, the strategy of the enterprise should be aimed at achieving this goal. And this, in turn, is impossible without the introduction of new methods of management - management through value. To use this management method, it is necessary to determine which processes and to what extent form the value of this cost and what role logistics plays in this.

In determining the value of a firm, free cash flows play a major role, providing the basis for paying dividends to shareholders, rising share prices, and sources of financing for firm growth. The interest rate is also important, the value of which reflects the cost of capital.

The analysis of domestic scientific publications, educational and methodological literature, training courses of various universities suggests that, unlike the West, in the practice of our management, the fetishization of the material flow continues and the reduction of logistics only to transport, warehouse, production, supply, marketing, stocks .

In most of the existing definitions of logistics, there is no clear definition of financial logistics. It is no coincidence that the financial movement is considered by many only as accompanying the material flow. Although, it is quite obvious that the movement of finance is a serious limiter to the benefits of the enterprise and an active "lever" of material flow management.

Perhaps that is why indicators for evaluating the effectiveness of financial flows have not yet been developed. Attempts by a number of economists to reduce them to classical indicators of financial management are completely unfounded. So, this does not reveal the relationship, or rather the interdependence of financial management and financial logistics. As you know, financial management is the art of managing the finances of an enterprise. As for financial logistics (logistics of financial flows), this concept is narrower and is a set of methods, tools, tools aimed at improving the efficiency of financial flows.

The financial aspects of the functioning of logistics systems are poorly represented in the economic literature as key to ensuring the adoption of optimal decisions. From this we can conclude that there is an acute shortage of methodological materials on financial flows. Among them: the basics of the theory of financial flow management in the logistics system; regulation of financial resource flows; organization of structuring, formation and management of financial flows in meso-, state and socially-oriented logistics systems; financial flows in banking, exchange, Internet trading systems.

Studying the issues of financial logistics requires staying on the principles of science, involving the strengthening of the settlement principle at all stages of financial flow management - from planning to analysis. This approach can be observed subject to specificity, which implies a clear definition of the specific result of the goal of moving the financial flow in accordance with the technical, economic and other requirements of the business entity, as well as the principle of constructiveness, which consists in continuous monitoring of the movement of the financial flow and prompt adjustment of its movement.

And, finally, all financial logistical functions and the process of movement of financial flows should be performed with the maximum degree of automation, which is possible only if it is computerized.

It is important to keep in mind that, from the point of view of the logistics of finance, the progressiveness of economic systems is achieved not so much by increasing their material and technical base, but by improving its provision with financial resources.

The implementation of these principles leads to a reduction in the cost of storage and movement of material resources and finished products, an increase in the balance in the management of the economic activity of transport systems, the rhythm of the functioning of structures and divisions that are part of the financial logistics system. In addition, the principles of financial logistics make it possible to improve the methodology and improve the quality of organizational design, to provide a systematic approach to the design of regional transport systems.

The basic principles of financial logistics should be supplemented by the principles of marketing, management and other scientific and applied disciplines that are synthesized by the theory and practice of logistics.

A study of the available materials and literature also gives grounds to conclude that the cost is interpreted by management personnel and top managers of a number of enterprises solely as part of the taxation process. Therefore, the cost factor is not used as an objective criterion for increasing the activity and competitiveness of the main production.

Flow management can be considered effective if it allows you to automatically solve the main production and economic tasks of the enterprise. These include: coordination of production and financial plans, establishment of the required level of stocks, volumes and terms of the required resources. Through the impact on flows, it is possible to provide the logistics system with financial and material resources, to attract and return funds, and to distribute them according to the directions of use. The functions of flow management should also include monitoring the compliance of the parameters of financial and material flows, their impact on the efficiency of logistics activities, checking the optimality of resource flow patterns.

When managing the movement of financial and material flows, one should strive both to save resources spent on impact and to maximize the end result. If possible, it is necessary to ensure that one control action changes the parameters of as many threads as possible. In this case, the solution of problems will be carried out as quickly as possible and at the lowest cost.

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Principles of financial flow management

Strategic and tactical tasks of financial logistics

Logistics costs, classification, evaluation and planning

1. Content, functions and principles of financial logistics

In a market economy, the activities of business entities largely depend on the continuous movement and effective use of financial flows. Financial flows are closely related to the sale of goods and services, investments, supplies of material assets and equipment, banks, stock exchanges, insurance companies, technological processes, etc. without fail are developed in all foreign corporations and banks.

In business international practice, financial logistics is understood as the optimization of the financial mechanism of the company, the coordination of financial flows and operations, ensuring orderliness and accurate “balancing”.

An important feature of financial logistics is the need to consider financial flows in conjunction with production, transport, supply, marketing and other business functions of the enterprise.

Thus, financial logistics is a management system (including planning and control) of financial flows based on information and data on the organization of material flows.

1. Principles of financial flow management

Management of financial and material flows is carried out with the support of information technologies and systems. The function of information flows in logistics systems is to ensure the communication interaction of participants in logistics relations. Financial logistics uses numerous indicators of information flows, for example, expected terms and volumes of deliveries, time of shipment, methods of payment, etc. In addition to information directly related to commodity flows, information is received about external environment: data on market conditions, total sales of this segment, market demand on finished products, price changes, strategies of potential competitors, etc. Information flows in the logistics system are determined by the specific needs of financial management in the performance of individual functions of planning, regulation, analysis and control.

Under the financial flow is understood: a) any movement of financial resources in the macro- or microeconomic environment; b) the movement of funds only in logistics systems or between them.

Financial flows in one form or another have always existed in any way of organizing business activities of economic entities. However, practice has shown that the greatest efficiency of the movement is achieved by applying the logistical principles of managing material and financial resources.

Thus, under financial flow in logistics should be understood directed movement of financial resources circulating in the logistics system, as well as between the logistics system and the external environment, necessary to ensure the effective movement of a certain commodity flow.