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Introduction

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 public relations arising on the basis of education, 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 influence financial strategy on the sustainable development an enterprise built on the regulation of business processes based on balanced scorecards is carried out by harmonizing interests in the external and internal environment enterprises. 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.

In connection with the relevance of this topic, the degree of its development in domestic scientific and educational literature large enough. You can find a lot of literature of domestic scientists who pay attention to this issue.

1. Financial resources of the enterprise

The main link of the economy in market conditions economic entities are enterprises that act as economic entities. They are for exercising economic activity, obtaining products, income and savings use certain types of resources: 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 attracted 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 profit.

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. Thus, 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 (equity) contributions of the founders, voluntary contributions of legal and individuals etc. All these contributions (funds) represent the authorized (initial) capital and are accumulated in the authorized capital of the established enterprise.

Therefore, 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 equity 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 founding 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 is not 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 the own sources of financing (financial resources) additionally formed in the course of the enterprise's operation 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 non-budgetary funds (to the social insurance fund, to the Pension Fund, the Fund for Insurance of Enterprise Property 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.

2. Management of the financial resources of the enterprise

2.1 Centralized and decentralized financial resources

basis financial system are 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 financing budget 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 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. How more income population, the higher their demand for different kinds tangible and intangible benefits and the greater opportunities for the development of the economy, 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 budget system are state-owned or owned local 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 finance allocate state and municipal loans. 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 subjects Russian Federation, local governments, on the one hand, and legal entities, individuals, foreign states, international financial organizations, on the other hand, regarding obtaining loans, providing loans or guarantees.

State municipal loans are funds raised from individuals, legal entities, foreign states, international financial institutions, for which debt obligations of the Russian Federation, constituent entities of the Russian Federation, municipalities arise as borrowers or guarantors. State and municipal authorities executive authorities of the Russian Federation primarily act as a borrower and guarantor. 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.

2.2 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 domestic 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 state and municipal enterprise- the amount of the authorized capital. 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, providing it industrial development in the upcoming 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 higher holding companies 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 authorized capital joint ventures and direct investments international organizations, states, individuals and legal entities.

To cover the need for basic and revolving funds in some cases, it becomes necessary for the enterprise to attract borrowed capital. Such a need may arise for reasons beyond the control of the enterprise. They may be optional partners, emergency circumstances, reconstruction and technical re-equipment of production, 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.

2.3 Policy for the formation of own financial resources

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

1. Authorized fund. It characterizes the initial amount of the company's own capital invested in the formation of its assets to start economic activity. 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, society with limited liability) minimum size statutory fund is regulated by law.

2. Reserve fund (reserve capital). It represents a reserved part of the company's own capital, intended for internal insurance of its economic activities. 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 deductions of profit to the reserve fund is regulated by law).

3. 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 enterprises.

4. Retained earnings. 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.

5. 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 liability.

Equity management is not only about providing effective use already accumulated part of it, 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 their own financial resources, the main place belongs to the profit remaining at the disposal of the enterprise - it forms predominant part 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 external sources formation of its own financial resources, the main place belongs to the attraction by the enterprise of additional share capital (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 the gratuitous financial help(as a rule, such assistance is provided only to individual state 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 forming own financial resources is 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:

1. 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.

2. 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 this assessment serve as the basis for the development management decisions concerning the choice of alternative sources of formation of own financial resources, providing an increase in the own capital of the enterprise.

3. 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 the increase in the amount of depreciation deductions in the process of accelerated depreciation certain types fixed assets leads to a corresponding decrease in the amount of net profit.

4. 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.

5. 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 funds for the reproduction process of elements 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 - value. work force. Target funds created from decentralized financial resources are used to ensure the social arrangement of employees, 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 assets. 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.

Overwhelming majority Russian enterprises oriented towards 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 of 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, state property and personal insurance fund. Part of the financial resources is created by redistributing the value required product in the form of deductions to the state budget of taxes from the population, deductions 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 nationwide 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, government controlled, payments of sums insured for all types of property and personal insurance, etc.

3. Distribution of financial resources

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

The following main areas 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.

Placement in securities of other issuers, bank deposits and other assets.

* Distribution of profits between the owners of the organization.

* Stimulation of employees of the organization and support for their families.

* Charitable purposes.

Conclusion

Financial resources play a special role in economic relations.

Their specificity is manifested in the fact that they always act as 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.

Financial resources are used by the organization in the process of production and investment activities. They are in constant motion and arrive in cash only in the form of cash balances on a current account in a commercial bank and in the organization's cash desk.

At the heart of finance are distribution relations that provide sources of funding for the reproduction process (distribution function) and thus link together all phases of the reproduction process: production, exchange and consumption. However, the amount of income received by the organization determines the possibilities for its further development. Efficient and rational management of the economy predetermines the possibilities for its further development. And vice versa, disruption of the uninterrupted circulation of funds, the growth of costs for the production and sale of products, the performance of work, the provision of services reduce the income of the organization and, accordingly, the possibility of its further development, competitiveness and financial stability. In this case, the control function of finance indicates the insufficient impact of distribution relations on production efficiency, shortcomings in the management of financial resources, and the organization of production. Ignoring such evidence can lead to the bankruptcy of the enterprise.

Financing of activity of the enterprise can be carried out at the expense of own and borrowed funds.

Own 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 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.

The composition and structure of the sources of formation of current assets is not a permanent value once and for all. They depend on the state of the economy of enterprises, the characteristics of the formation of reserves and costs, and may change over time. However, an increase in the share of own sources and a decrease in the share of bank loans in the sources of formation of current assets increases the efficiency of their use and the level of profitability of the enterprise. Therefore, the establishment of an economically justified relationship between own and borrowed sources of formation of current assets is one of the most important conditions for increasing the efficiency of their use and the profitability of the enterprise.

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 availability of sufficient financial resources, their effective use, predetermine a good financial position enterprises 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 efficient use in order to increase the efficiency of the enterprise as a whole.

List of used literature

1. The Constitution of the Russian Federation - M., 2009.

2. Civil Code Russian Federation - M., 2009.

3. Tax Code of the Russian Federation - M., 2009.

4. Analysis of financial statements Ed. prof. O. V. Efimova prof. M. V. Melnik - M.: OMEGA-L, 2011.

5. Bakanov A.S. Annual reporting commercial organization. - M.: Accounting, 2010.

6. Bakanov M.I., A.D. Sheremet Theory of analysis of economic activity: Textbook. - M.: Finance and statistics, 2008.

7. Stoyanova E.S. M. G. Stern Financial management for practitioners: A short professional course. M.: Prospect, 2012.

8. Bogachev V.N. Profit?! (O market economy and capital efficiency). - M.: Finance and statistics, 2008.

9. E. K. Borodina, Yu. S. Golikova N. V. Kolchina Z. M. Smirnova Finance of enterprises. - M.: UNITI, 2011.

10. Accounting (financial) statements Ed. V.D. Novodvorsky. - M.: Infra-M, 2011.

11. Vakulenko T.G., L.F. Fomina Analysis of accounting (financial) statements for making managerial decisions. - St. Petersburg: Publishing House Gerda, 2009.

12. Enterprise Economics: Textbook Ed. prof. O.V.Volkova. - M.: Infra-M, 2010.

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The concept of dividend and dividend policy. Factors affecting the dividend policy. Features and stages of formation of the dividend policy. The specifics of the Russian stock market. Coordination of dividend policy with other areas of activity.

Financial resources are a complex economic category that cannot be fully identified with cash. At the same time, it is rather difficult to single out a clear criterion on the basis of which it is possible to establish the quantitative boundaries of financial resources and characterize their specifics, in contrast to the category “cash”.

Financial resources are an objective macroeconomic category, the content of which is determined by the conditions of the material and financial balance of the economy. The equality of the receipt and expenditure of financial resources indicates that the effective demand of enterprises, which is formed as a result of financing the costs of developing the national economy and functioning public institutions, has a material coverage, since it corresponds to the created financial resources. Therefore, the condition of material and financial balance can be represented both in the form of a correspondence between the amount of financial resources and the volume of material goods, and in the form of balance equality of their receipt and expenditure.

There are subjects and objects of financial resources. The subjects of financial resources are households, enterprises, states. The objects of financial resources are centralized and decentralized financial resources. Centralized financial resources are formed at the micro level, decentralized - at the macro level.

The financial resources include:

1) Own funds:

a) at the level of enterprises and households - profit. salary, household income,

b) at the state level - income from state-owned enterprises, privatization, as well as from foreign economic activity;

2) mobilized in the market: purchase and sale of securities, bank credit - for enterprises and households; at the state level - issue of securities and money, state credit.

3) Funds received in the order of redistribution "at the level of enterprises, interest and dividends on securities issued by other owners; at the state level - taxes, fees, duties.

Determining the essence of financial resources, it is advisable to proceed from their functional purpose in the process of expanded reproduction of GDP and ND. This process is characterized by the movement of commodity and money masses, consists of several stages, at each of which commodity and cash flows correspond to each other in different ways. At the initial stage of the movement (production) of GDP and the final (its use), cash flows mediate commodity flows. At the stage of distribution and redistribution, the monetary form of expression of GDP acquires a relatively independent movement, since it is at these stages that financial relations arise. As a result, various monetary funds are formed, they are regrouped and final incomes are formed. This is how the volume and structure of national production and the needs of the national economy are coordinated, which in practice is calculated as GDP in terms of expenditures and GDP in terms of income.

Part of the money turnover is strictly coordinated with commodity circulation, since it is realized as a result of the exchange of equivalents. Expressed in commodity form from the seller and monetary form from the buyer. When exchanging equivalents, there are no conditions for material and financial imbalance in society.

Another part of the money turnover is connected with the needs of expanded reproduction of GDP. They are provided in the process of its distribution and redistribution with the help of finance. This part of the cash flow represents financial flows., i.e. the movement of those funds that can be spent on the development of the national economy and the satisfaction of national and social needs.

A specific feature of financial flows, in contrast to cash flows, is their non-equivalence. As a result, it is finances that, in the process of distribution and redistribution of GDP, give rise to an independent movement of money, which is the basis for the material and financial imbalance of the national economy. Thus, financial resources are a quantitative characteristic of the financial result of the reproduction process for a certain period. These are the funds that it is lawful to direct to compensate for the retirement of fixed assets, productive and non-productive accumulation, and collective consumption. This macroeconomic indicator has a balance character, since it can be presented as the sum of both income and expenses.

The specific content of financial resources is due to the fact that they act as:

a. as funds of accumulative nature, which are formed as a result of the production, distribution and redistribution of the gross domestic product;

b. as final income, i.e. funds intended for exchange for goods and services;

c. as those incomes that have material coverage, since they are formed as a result of the sale of goods and services;

d. as sources of their formation (constituent elements): depreciation, profit, tax revenues. Non-tax revenues, capital transfers, target budget funds, state off-budget social funds, other receipts;

e. as final financial results reproduction process, since they are used to finance capital investments and major repairs of fixed assets, growth working capital, acquisition of equipment and durable items for budgetary organizations, expenses for social and cultural events, science, defense, maintenance of organs state power and management, etc.

It is illegal to include short-term credit resources in the composition of financial resources, since their formation is not associated with the creation of new material goods, but occurs as a result of the redistribution of financial resources.

The savings of the population in the form of an increase in the deposits of the population in commercial banks, in their economic essence, are a source of financial resources, since in the material aspect (in terms of the correspondence between the effective demand of the population and the resources of the product offer and the volume paid services) they correspond to material resources equal to the deferred demand in the ND.

So, the financial resources of the country are part of the GDP and can be represented as the sum of the following indicators of the system of national accounts (SNA): gross profit of the economy, contributions to state off-budget social funds, taxes on production and imports, taxes on individuals, household savings, loans received from foreign countries.

Thus, with the help of financial resources, that part of the GDP is allocated, which can be directed to the expansion of the socio-economic system as a whole. With their help, in the composition of the produced GDP, a part is distinguished that corresponds to the current costs of materials and labor consumed in the production process, and a fund for the expanded reproduction of production factors, including labor. From this point of view, it is legitimate to include society's expenditures on health care, education, social policy, etc. into the expanded reproduction fund.

Topic 1.3 Financial resources and funds of the enterprise. Methods of financing the activities of the organization

The financial mechanism of the enterprise. Principles of organization of finances of the enterprise.

financial mechanism enterprise is a set of forms of financial relations, financial methods and financial instruments that ensure the formation and use of the enterprise's funds.

financial methods- ways of carrying out activities by entities participating in financial relations. Financial methods include: financial planning, financial accounting, financial analysis, regulation, financial control.

Financial instruments- This established by law forms of interaction between the subjects of relations, from which either financial obligations, or a financial asset, or the right to participate in capital, in the management of other enterprises follow. To primary financial instruments include: financial contracts, securities, bank accounts, loan agreements. In addition, financial instruments include secondary instruments, which are duly executed obligations in relation to primary instruments (for example, derivative securities).

The basis of the organization of the finances of the enterprise are the principles. To general principles enterprise finance organizations include:

1) Independence

2) Self-sufficiency

3) Self-financing.

4) Formation of financial reserves.

5) Separation of fixed and working capital

6) Ensuring the safety of own working capital.

Questions for self-examination:

1. How do the classification features of an enterprise affect the organization of enterprise finance?

2. Explain the order of cash flow in the enterprise?

3. What are the financial relations of the enterprise? What factors influence them?

4. What is the subject of financial relations of the enterprise with various subjects of economic activity?

5. What is the content of the financial relations of the enterprise with the state?

6. What is the content of the financial relations of the enterprise with the institutions of the financial market and the credit and banking system?

7. Expand the content of financial relations within the enterprise itself?

8. What are the company's cash flows? How are they classified?

9. What elements form the financial mechanism of the enterprise?

10. What are financial instruments enterprises?

A number of authors refer to the financial resources of the enterprise the totality of funds at the disposal of the enterprise, intended for expanded reproduction. However, despite the initially close connection between the concepts of "financial resources" and "cash", their identification is not entirely correct.

Cash represent the money accumulated in cash and non-cash forms in the bank accounts and cash desk of the enterprise, which are at the disposal of the enterprise. Financial resources enterprises - part of the funds remaining at the disposal of the enterprise as a result of the implementation of the distributive function of finance.

Accordingly, the source of funds is the revenue of the enterprise, the source of financial resources is the newly created value, or the gross income of the enterprise.

The traditional view of finance as a monetary relationship is based on the correspondence between the value of the product created at the enterprise and the amount of money representing this value. In a financial crisis, this correspondence is violated, and the formation and movement of the financial resources of the enterprise is carried out in a gap from the movement of funds necessary for servicing: there is a demonetization of economic turnover. Under these conditions, the financial resources of the enterprise are formed and used through a system of barter transactions and various offsetting schemes. At the same time, finance is used as ideal money, or as a tool for valuation of exchanging equivalents. In this case, the company may have significant financial resources, but no cash. In such conditions, the differences between the financial resources and the cash of the enterprise are significantly manifested.

Currently, the sources of financial resources of the enterprise are classified as:

Own sources and equivalent funds;

Sources of financial resources coming from the financial market;

Sources of financial resources coming to the enterprise in the order of redistribution.

In the structure of sources of the enterprise, special attention deserves equity, i.e. total assessment of authorized capital, retained earnings, reserves, as well as additional capital. One of the main tasks of financial management of an enterprise is to determine the correct ratio between the volume of own and borrowed capital to ensure a sufficient level of financial stability of the enterprise.

Bayramova Myakhri Kakadzhanovna

(student of the 6th year of the correspondence department)

Diploma supervisor: Prikhodko R.V., Candidate of Economics, Associate Professor

Subject thesis:

“Improving the mechanism for managing the financial resources of an enterprise”

Plan

Introduction

1.1. Economic content of enterprise resources.

1.2. The concept of financial resources, their composition, structure and sources of formation.

1.3. The role of financial resources in the development of the enterprise

Chapter 2. The mechanism for managing the financial resources of an enterprise

2.1. Management of the formation and distribution of financial resources in the enterprise

2.2. Methods of managing the financial resources of an enterprise

2.3. Strategy for attracting financial resources: domestic and Foreign experience

Chapter 3. Ways to improve and increase the efficiency of the use of financial resources in Companies "Petroholod - food technologies"

3.1. Characteristics of the company "Petroholod - food technologies"

3.2. Assessment and analysis of the use of financial resources of the Petroholod - Food Technologies Company

3.3. Directions for increasing the efficiency of using financial resources of the Petroholod - Food Technologies Company

Conclusion

Bibliography

Applications

Chapter 1. Theoretical basis enterprise resources

Economic content of enterprise resources

The study of the economic content of enterprise resources should begin with the definition of resources and their classification. The category "resource" (from the French resource - means, stock, source of income) has a universal, interdisciplinary and multifaceted character. The dictionary of Russian synonyms gives the following definition of resources “Resources - means, stock; repertoire, reserve, potential, reserves, charge. Michelson's economic dictionary includes in the concept of resources (resources) everything that contributes to economic activity: natural resources (terrestrial, fossil, underwater); human resources, including abilities and qualifications; industrial goods.

The term "resources" is included in the conceptual apparatus of many fields of knowledge. To characterize this concept in relation to economic science, let us consider how it is interpreted by different authors. A team of authors led by L. I. Abalkin gives the following definition: “Economic resources are a fundamental concept economic theory, meaning sources, means of ensuring production.

Economic resources are a combination of various elements of production that can be used in the process of creating material and spiritual goods and services. Thus, economic resources are understood as all types of resources used in the process of production of goods and services. In essence, these are goods that are used to produce other goods. Therefore, they are often called production resources, production factors, factors of production, factors economic growth. In turn, the rest of the goods are called consumer goods.

Economic resources include:

§ natural resources (land, subsoil, water, forest and biological, climatic and recreational resources), abbreviated as land;

§ labor resources (people with their ability to produce goods and services), abbreviated as labor;

§ capital (in the form of money and securities, i.e. financial captain, or means of production, i.e. real capital);

§ entrepreneurial abilities (the ability of people to organize the production of goods and services), in short - entrepreneurship;

§ knowledge necessary for economic life (produced primarily by science and distributed mainly through education).

Even Aristotle, and after him, medieval thinkers considered labor to be one of the main economic resources. A similar approach was shared by the first economic school in the world - mercantilism. The physiocratic school attributed special importance to the land as an economic resource. Adam Smith considered such economic resources as labor, land and capital. However, the theory of the three factors of production was formulated most clearly by the French economist Jean-Baptiste Say (1767-1832). English economist Alfred Marshall (1842-1924) suggested adding a fourth factor - entrepreneurial ability (calling it by the term "organization"). In developed countries, in terms of importance as factors of economic growth, entrepreneurship and especially knowledge have come to the fore.

In life, we often encounter the fact that economic resources are limited, and economic needs, in contrast to them, are unlimited. This combination of two situations typical of economic life - limitless needs and limited resources - forms the basis of the entire economy, economic theory.

Rice. 1. Classification of economic resources

Economic resources are mobile (mobile), as they can move in space (within the country, between countries), although the degree of their mobility is different. The least mobile natural resources, the mobility of many of which is close to zero (land is difficult to move from one place to another, although it is possible). The labor resources are more mobile, which can be seen from the internal and external migration of the labor force in the world on a noticeable scale. Entrepreneurial abilities are even more mobile, although often they do not move on their own, but along with labor resources and/or capital (this is due to the fact that the carriers of entrepreneurial abilities are either hired managers or owners of capital). The last two resources are the most mobile - capital (especially monetary) and knowledge.

The interweaving of resources and their mobility partly reflect their other property - interchangeability (alternativeness). The entrepreneur (the organizer of production) constantly encounters and uses the indicated properties of economic resources. Indeed, in the conditions of limited resources, he is forced to find the most rational combination of them, using interchangeability. Search for this combination allocation (allocation) of resources.

The limited resources are manifested both in quantitative and qualitative terms. They are obviously not enough to satisfy the whole gamut of human needs. This is the principle of scarcity of resources.

Considering economic resources in relation to an enterprise, it should be noted that in the modern economy, the efficiency of an enterprise depends on many different factors, both external and internal. The efficiency of enterprise management is determined, first of all, by the efficiency of resource management. At the same time, in modern economic literature there is no consensus on what should be understood by the term "enterprise resources", and the answer to the question about their composition is also ambiguous. Resources come to the enterprise, are used to achieve the goal of its activities and give a result. This process is schematically shown in Figure 2.

Rice. 2. Place of resources in the enterprise management system

At the same time, the concept of "economic resources" is often associated with the concept of "factors of production". Economic resources become factors of production only after having previously turned into a product or service, into an object of market exchange; Factors of production include all types of resources used in production that have a decisive impact on the possibility and effectiveness of economic activity. The factors of production usually include everything that, participating in manufacturing process, creates, makes, produces goods and services; to resources - basic and auxiliary means, stocks of raw materials, opportunities, sources of something.

Rice. 3. Classification of economic resources of business structures

In domestic economic literature, the terms "factor" and "resource" are used differently. So, speaking of aggregated, generalized concepts of "land", "capital" and "labor", the term "factors of production" is used, and speaking of a specific worker or a specific means of labor, "resources". In cases where the degree of aggregation does not matter, both these terms are used as synonyms. The concept of "land" included the land itself with its inherent fertility, as well as reserves of mineral raw materials, forests and water with all their natural resources, that is, the entire natural environment that is not the result of any human activity. Labor refers to all types of costs. human resources(physical or intellectual) used in production.

Kleiman A.V. offers a classification of enterprise resources, shown in Figure 3.

Rice. 4. Classification of enterprise resources

Thus, the resources of an enterprise should be understood as the totality of those natural, material, technical, labor, financial, informational, temporary forces and opportunities that are used in the process of creating goods, services and other values. The composition of resources should be considered taking into account all possible approaches to their classification. Only a clear idea of ​​the essence and composition of all resources enables the management of the enterprise to achieve the maximum effect of managing it.

The concept of financial resources, their composition, structure and sources of formation

Financial resources and capital are the main objects of study of enterprise finance. The implementation of financial relations requires that the enterprise has financial resources. The formation of financial resources is carried out at two levels:

nationwide;

At every enterprise.

The financial resources of an enterprise are a combination of its own cash income and receipts from outside (attracted and borrowed funds) at the disposal of a business entity and intended to fulfill the financial obligations of the enterprise, financing current costs associated with the expansion of production and economic stimulation.

The financial resources of the enterprise are presented in the form of its fixed and working capital. The formation and replenishment of financial resources (fixed and working capital) is an important financial problem. The primary formation of these capitals occurs at the time of the establishment of the enterprise, when the authorized capital is formed.

Authorized (share) capital - the property of the enterprise, created at the expense of the contributions of the founders.

Capital is an objective factor of production, which can be constantly influenced in order to obtain new income for the enterprise. Thus, capital is a part of the financial resources involved in the turnover of the enterprise and generating income from this turnover. In this sense, capital acts as a transformed form of financial resources. In this interpretation, the fundamental difference between the financial resources and the capital of the enterprise is that at any time the financial resources are greater than or equal to the capital of the enterprise. At the same time, equality means that the enterprise has no financial obligations and all available financial resources are put into circulation. However, this does not mean that the more the size of capital approaches the size of financial resources, the more efficient the enterprise works.

In real life, there is no equality of financial resources and capital for an operating enterprise. Financial statements is constructed in such a way that the difference between financial resources and capital cannot be detected. The fact is that standard reporting does not present financial resources as such, but their converted forms - liabilities and capital.

From the definition of financial resources it follows that by origin they are divided into internal (own) and external (attracted). In turn, internal in real form are presented in standard reporting in the form of net profit and depreciation, and in converted form - in the form of obligations to employees of the enterprise. The composition of financial resources coming from internal and external sources is shown in Figure 5. As can be seen in the figure, the sources of formation of the financial resources of an enterprise are profit; proceeds from the sale of retired property; depreciation; growth of sustainable liabilities; loans; target receipts; share contributions. In addition, an enterprise can mobilize financial resources in various sectors of the financial market: sale of shares, bonds; dividends, interest; loans; income from other financial transactions; income from the payment of insurance premiums, etc. But the main source of the formation of financial resources is profit. Significant financial resources of the enterprise can be mobilized in the financial market.

Rice. 5. The composition of the financial resources of the enterprise

Net profit represents a part of the income of a small enterprise, which is formed after the deduction from the total amount of income of mandatory payments - taxes, fees, fines, penalties, forfeits, part of interest and other mandatory payments. Net profit remains at the disposal of a small enterprise and is distributed according to the decisions of its governing bodies.

Depreciation deductions represent a monetary expression of the cost of depreciation of fixed production assets and intangible assets. Depreciation charges are included 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, they are returned to the company's current account, becoming an internal source for the formation of an accumulation fund.

External or borrowed financial resources are also divided into two groups: own and borrowed. This division is due to the form of capital in which it is invested by external participants in the development of this enterprise: as entrepreneurial or as loan capital. Accordingly, the result of investments of entrepreneurial capital is the formation of attracted own financial resources, the result of investments of loan capital is borrowed funds.

Entrepreneurial capital represents the capital invested (invested) in various enterprises for the purpose of obtaining profit and rights to manage the company.

Loan capital- this is money capital, provided on credit on terms of repayment and payment. Unlike entrepreneurial capital, loan capital is not invested in the enterprise, but is transferred to it for temporary use in order to receive interest.

Financial resources mobilized in the financial market, are represented by cash received from the sale of own shares, bonds and other types of securities, also by borrowed funds. They consist of legal economic obligations to third parties: long-term and short-term bank loans, bond issues, as well as funds from other enterprises in the form of accounts payable. These funds, as a rule, are transferred to the enterprise for temporary use on the terms of payment and repayment. The only exception is the accounts payable of the enterprise to counterparties or employees of the enterprise.

As part of the financial resources formed in the order of redistribution, In recent years, the role of the developing insurance market has increased, providing the company with insurance compensation for risks. The privatization of state property has revealed new sources of financial resources in the form of share, share and other contributions of the founders, as well as income from securities issued by other enterprises. Particular attention should be paid to the markedly reduced role budget appropriations. In the recent past, they occupied an important place in financial resources, and enterprises most often received them free of charge.

All financial resources of the enterprise, both internal and external, depending on the time during which they are at the disposal of the enterprise, are divided into short-term (up to one year) and long-term (more than one year). This division is rather conditional, and the scale of time intervals depends on the financial legislation of the country, the rules for maintaining financial statements.

In the form of money, the capital of an enterprise cannot remain for a long time, since it must earn new income. Being in the form of money in the form of cash balances in the cash desk of the enterprise, or on its current account, in the bank they do not generate income. The transformation of capital from a monetary form into a productive one is called financing. There are two forms of financing: external and internal. This division is due to the rigid connection between the forms of financial resources and enterprise capital with the financing process. The characteristics of the types of financing of the enterprise are presented in table 1.

Table 1. Structure of enterprise financing sources

The source of formation of financial resources at the national level is the national income. The sources of formation of financial resources of the enterprise are:

a) own and equivalent funds (profit, depreciation, proceeds from the sale of retired property, stable liabilities);

b) resources mobilized in the financial market (sale of own shares, bonds and other securities, credit investments);

c) cash receipts from the financial and banking system in the order of redistribution (insurance compensation; receipts from concerns, associations, industry structures; share contributions; dividends and interest on securities; budget subsidies). The structure of financial resources is determined by the sources of their receipt, i.e. by nature and directions of use (table 2).

Table 2. Structure of financial resources by the nature and directions of use of their sources of income

The main source of financial resources at operating enterprises is the cost products sold(services rendered), various parts of which, in the process of distribution of revenue, take the form of cash income and savings. Financial resources are mainly formed mainly at the expense of profit (from the main and other activities) and depreciation charges. At the expense of profit, the reserve capital of the enterprise is formed. The reserve capital is intended to cover its losses.

The main elements of the financial resources of the enterprise are: the authorized capital, depreciation fund, special purpose funds, unused profits, accounts payable of all kinds, resources received from centralized and decentralized funds, and others.

AT modern conditions the problem of efficient use of financial resources is very relevant; since the constant shortage of both centralized and decentralized financial resources leads to disruptions in the normal functioning of enterprises, organizations, industries and the entire national economy.

The concept of effective use of financial resources, as well as any other types of resources (material, labor, natural) includes a comparison of the quantity and quality of the resources spent with the quantitative and qualitative expression of the results achieved. However, it should be noted that the efficiency of the use of financial resources is directly related to the efficient use of material, labor and other types of resources. Thus, a decrease in the material consumption of products, i.e., the release more production without increasing the volume of raw materials and materials used for this, leads to savings in financial resources. Reducing the cost of living labor per unit of output means an increase in the efficiency of the use of labor resources, which also leads to savings in financial resources through the growth of cash savings and a decrease in the needs of the enterprise for additional cash.

However, the concept of efficient use of financial resources also has an independent meaning. This concept reflects not only the result of the use of material and raw materials, labor resources, but also reveals certain economic relations inherent in the category of finance. So, using the distributive function of finance, enterprises through the principles of distribution of financial resources achieve the optimal mode of functioning in a market economy.

The effectiveness of the use of financial resources can be assessed by comparing the achieved results of activities (for example, profits) with the amount of financial resources that were at the disposal of the enterprise for the corresponding period.

However, the result of economic activity does not always depend only on the effective use of financial resources. So, by optimally distributing and using financial resources, an enterprise can incur losses as a result of a decrease in labor discipline, violations of production technology, overspending of materials, raw materials and other reasons. Therefore, in order to consider in more detail the problem of the effective use of financial resources, it is necessary to evaluate the effectiveness of the use of all constituent parts, which form the overall financial resources of the enterprise.

The structure of sources of formation of financial resources is of great importance, and, first of all, specific gravity own. The large share of attracted funds weighs down financial activity enterprises with additional costs for the payment of interest on loans from commercial banks, dividends on shares and bonds and complicates the liquidity of the balance sheet of the enterprise.

The formation and use of financial resources can be carried out in two forms: stock and non-stock. The enterprise uses part of the financial resources for the formation of special-purpose funds: wage fund, production development fund, fund financial incentives etc. The use of financial resources to fulfill payment obligations to the budget and banks is carried out in a non-fund form.

Accelerating the pace of economic development, increasing economic efficiency production, improvement of the state budget and finances of the enterprise largely depend on the rational use of sources of formation of financial resources both at the level of enterprises and at the state level, which is one of the most important tasks in the field of proper organization of financial management.

The size and structure of financial resources largely depend on the volume of production and its efficiency. Constant growth of production and improvement of its efficiency are the basis for increasing financial resources both at the national level and at the level of enterprises.

Conclusions on chapter 1.

The definition of financial resources is given. The place and role of financial resources in the structure of enterprise resources is reflected. Financial resources are a set of funds for strictly targeted use, with the potential to mobilize or immobilize. Financial resources are directed to the maintenance and development of non-production objects, consumption, accumulation, to special reserve funds, etc.

Financial resources are formed in the process of production of material values, i.e. when new value is created and GDP and national income arise. This process of formation of financial resources is characterized by the movement of goods and money. Financial resources are characterized by subjects and objects. The subjects are three subjects of financial relations (economic entities, households, the state). The ratios between these entities in terms of the volume of financial resources are different and the size of the financial resources of each entity is determined by the development of market relations. The more independence legal entities have, the greater the amount of their financial resources. The objects of financial resources are financial relations. As a result of these financial relations, monetary trust funds are created. These funds are concentrated in two blocks - decentralized financial resources and centralized financial resources. Decentralized financial resources are formed and function at the micro level, while centralized financial resources are created at the macro level and concentrated in budget funds and funds of state enterprises. Composition of financial resources: 1. Own funds. At the enterprise level, these are profits and wages, and at the state level, these are incomes from enterprises, from foreign economic activity and from privatization. 2. Funds mobilized in the market. At the level of enterprises, this is the sale of shares, a bank loan. At the state level - the issue of government securities, the issue of money and government credit. 3. Funds that come to a particular block as a result of redistribution. At the level of enterprises, these are interest and dividends on the securities of the enterprise. At the state level, these are taxes. Financial resources, although interconnected with financial relations, are not finance. There are qualitative differences between them. General: Both those and others are closely connected with the production process, regardless of the forms of formation. Both those and others are based on commodity-money relations.

Both those and others participate in the distribution and redistribution of the value of GDP and national income. Main difference: Financial resources do not define the essence of finance, i.e. they do not reveal the inner content of finance. Financial resources do not perform the functions that are inherent in financial relations. Financial resources can be quantified, financial relations cannot be calculated. Quantitative count is expressed in summary financial balance national economy