The object of regulation is the existing financial resources of the enterprise, debt obligations, liquid assets. The task of financial management is to reduce losses and maximize business profitability.

Financial management focuses on the strategic goals of the company, quickly adapts to changes in the situation. The cash flow management structure is closely integrated with the departments of the company in order to control the amount of profit (loss) for each management decision.

Tasks

In terms of management, financial management is seen as part of the overall management of the business and a separate department in the company that performs a narrow list of functions.

• Financial management as a management system includes the creation of a financial strategy, building accounting policy, implementation of accounting software products, continuous monitoring of the company's performance. For example, the tasks of financial managers include building a budget, a system of material motivation for staff.
• Financial management, as a separate department, manages financial assets and risks, monitors cash flows, selects investment projects for participation, monitors information flows in the company. For example, the assessment of acquired fixed assets is carried out after studying the accompanying documentation.

The financial manager determines the investment policy of the company (a list of projects in which assets are invested), manages tangible assets (executes transactions for the sale of fixed assets), calculates and pays dividends to shareholders. The constant task of financial management is the classification and accounting of the company's income and expenses, the preparation of analytical reports for management.

The effectiveness of financial management depends on the quality external sources information that is used to collect and analyze indicators. For example, public data from banks and insurance companies, information from competitors, regulatory requirements from supervisory authorities, and the financial statements of an enterprise should be checked for completeness and accuracy.

Principles

Regardless of the specifics of the company, current and strategic goals of its development, financial management is a systemic activity aimed at solving specific problems by distributing cash flows. The activity of the financial manager is aimed at solving strategic objectives, achieving financial well-being in the long term.

• A compromise of risk and return. Financial management considers opportunity costs, overall market performance, projected returns and associated risks before making management decisions. For example, investing in startups brings high returns and is accompanied by the risk of losing investments.
• Asymmetry and time value of information. Confidential information about market characteristics obtained from counterparties or supervisory authorities can be beneficial in short term. For example, "tax holidays" for R&D companies may be valid for two years.

Financial management assumes an unlimited period of operation of the company, strives to meet the interests of business owners and employees, and fairly evaluate the available sources of financing.

WORKING PROGRAM OF THE DISCIPLINE

FINANCIAL MANAGEMENT

Direction of preparation - 080200.62 "Management"

Training profiles - Small Business Management, Human Resource Management, Regional and municipal government

Qualification (degree) of the graduate - Bachelor of Management

Form of study - correspondence

1. The goals of mastering the discipline .. 3

2. The place of discipline in the structure of the PEP HPE .. 3

3. Competences of the student, formed as a result of mastering the discipline .. 4

4. Structure and content of the discipline.. 5

5. Educational technologies. fourteen

6. Evaluation tools for current monitoring of progress, intermediate certification based on the results of mastering the discipline and educational and methodological support independent work students 14

7. Educational, methodological and information support of the discipline (basic and additional literature, software and Internet resources) 21

8. Logistical support of discipline.. 22

1. The goals of mastering the discipline

The study of the discipline "Financial Management" is an integral part of the process of preparing a bachelor in the direction 080200 "Management", training profiles - small business management, human resource management, state and municipal administration.

The subject of this discipline is the financial system of business. The object of study is the process of managing cash flow, the formation and use of financial resources of organizations. In conditions market economy the finances of organizations have become the main indicator characterizing final results their activities. quantitative and quality parameters the financial condition of the company determine its place in the market, the ability to function in a single economic space.

aim discipline is the formation of knowledge about the concepts and tools of financial management, as well as the skills to develop and implement sound and effective financial decisions.

The goal is achieved by solving the following tasks:

· mastery of the conceptual apparatus, the formation of a holistic view of financial management as a system that regulates the distribution and attraction of financial resources at the organization level;

study of the methodology of making financial decisions in the management of the organization;

obtaining knowledge about the methods and procedures for managing the organization's assets in cooperation with the sources of their financing;

· assimilation of the main directions and reserves to improve the efficiency of management of the organization when using the methods and tools of financial management.

The study of the discipline involves the development by students of the main provisions of the theory and practice of financial management, which allows them to apply their knowledge and skills in improving the financial management system, implementing financial restructuring of the organization's activities, developing strategic and current plans, organizations crisis management substantiation of the economic feasibility of making managerial decisions on various directions organization's activities.

2. The place of discipline in the structure of the PEP HPE

"Financial management" is a discipline of the basic part of the professional cycle and is mandatory for students studying in the direction of training "Management" (qualification (degree) "Bachelor") and refers to the profiles "Human Resource Management", "Small Business Management", " State and municipal administration”.

The discipline is based on the knowledge and skills gained in the study of the following academic disciplines: "Management Theory", "Economic Theory", "Accounting and Analysis", "Money, Credit and Banks" and a complex of other general professional and special disciplines.

As a result of studying the discipline, the student must

have an idea:

about the place of financial management in the management system of the organization;

· legal and financial environment;

information support of financial management;

basic concepts of financial management;

· specialized areas of financial management;

Qualification requirements for a specialist in financial management;

· the structure and elements of financial management;

the financial decision-making cycle;

know:

a system of indicators characterizing the financial condition of the organization;

· process and technologies of development of the financial plan;

forms and methods of financing the organization's activities on a short-term and long-term basis;

· methods of valuation of financial instruments;

· methodology for evaluating the effectiveness of real and financial investments;

the process of developing the financial policy of the organization;

· methods and models of working capital management of the organization;

· methodology for estimating the cost and analyzing the structure of capital;

Criteria for establishing bankruptcy, methods for predicting bankruptcy;

be able to:

Analyze the financial condition of the organization;

Determine present and future value Money;

Calculate operating and financial leverage;

determine the organization's need for working capital;

· calculate the price of capital, determine the optimal structure of capital;

· evaluate economic efficiency investment project;

predict the probability of bankruptcy of an organization based on the Altman model;

own:

· the skills of using financial management tools in the process of analysis, justification and management decision-making in the organization;

· experience in the analysis of the financial (accounting) statements of the organization.

3. Competences of the student,
formed as a result of mastering the discipline

The graduate must have the following professional competencies(PC):

organizational and managerial activities:

· the ability to analyze the relationship between the functional strategies of companies in order to prepare balanced management decisions (PC-9);

· use the basic methods of financial management for asset valuation, working capital management, decision-making on financing, formation of dividend policy and capital structure (PC-11);

· evaluate the impact of investment decisions and financing decisions on the growth of the value (value) of the company (PC-12);

plan the operational (production) activities of organizations (PC-19);

information and analytical activities:

ability to economic way of thinking (PC-26);

· the ability to apply quantitative and qualitative methods of analysis in making managerial decisions and build economic, financial, organizational and managerial models (PC-31);

the ability to apply the basic principles and standards of financial accounting for the formation of accounting policies and financial statements of the organization (PC-38);

· Possession of skills in the preparation of financial statements and awareness of the impact of various methods and methods of financial accounting on the financial results of the organization (PC-39);

the ability to analyze financial statements and make informed investment, credit and financial decisions (PC-40);

the ability to evaluate the effectiveness of the use of various systems of accounting and distribution of costs; have the skills to calculate and analyze the cost of production and the ability to make informed management decisions based on data management accounting(PK-41);

· the ability to analyze market and specific risks, use its results to make management decisions (PC-42);

· the ability to evaluate investment projects under various conditions of investment and financing (PC-43);

· the ability to justify decisions in the field of working capital management and the choice of sources of financing (PC-44);

· own the techniques of financial planning and forecasting (PC-45);

· understand the role of financial markets and institutions, analyze various financial instruments (PC-46);

The ability to analyze operating activities organizations and use its results to prepare management decisions (PC-47);

entrepreneurial activity:

· the ability to develop business plans for the creation and development of new organizations (lines of activity, products) (PC-49).

4. Structure and content of the discipline

5 years and 3 years of study

3.5 years of study

Section 1. Financial management in the organization's management system

Topic 1. Fundamentals of financial management

External and internal cash flows of the company. Characteristics of financial management as a management system. Reproductive, distributive and control functions of financial management. Structure and elements of the financial mechanism. Financial methods and management techniques. financial instrument.

Organization of financial management service at the enterprise. Functional responsibilities financial manager and qualification requirements to him.

Information support of financial management. Accounting (financial) reporting as an essential element information support financial management. The main forms of accounting (financial) reporting: balance sheet, income statement, cash flow statement.

Topic 2. Methodological basis for making financial decisions

Fundamental concepts of financial management.

Cash flows and methods for their evaluation. Discounting. Compounding. Fundamentals of financial mathematics. Percent. interest calculation methods. Simple and compound interest. Annuity. The theory of discounted cash flow.

Methods and tools for financial planning and analysis. DuPont formula as a tool for financial management and profit management. dead point method. sensitivity method. Methodology for analyzing the financial condition of the enterprise. Vertical and horizontal balance analysis. Vertical analysis and planning of financial results of the enterprise.

Topic 3. Risk and return on financial assets

Methods for valuation of financial assets. Risk and return. business and financial risk. Systematic (non-diversifiable) and non-systematic (diversifiable) risk. Portfolio of stock assets. Portfolio analysis. Risk and return of the financial portfolio.

Financial management in conditions of inflation. Valuation methods and accounting for inflation.

Topic 4. Operational analysis

Break even analysis ( operational analysis): goals, conditions and methods of conducting. Variable, fixed costs. Mixed cost allocation methods. The concept of relevant sales revenue and relevant costs. Relevant period. Production (operational) leverage (leverage). Critical production volume. Critical revenue (profitability threshold). Calculation of threshold revenue in multi-product production. Stock of financial strength. Factors that determine the level of operational risk of the company.

Topic 5. Financial planning and forecasting of the organization's activities

Financial planning and forecasting. Strategic, long-term and short-term financial planning. Financial strategy. Methods for forecasting the main financial indicators. Methods for planning financial indicators.

Organization of short-term (current) financial planning. Budgeting. Structure and main indicators of the financial plan. Cash flow plan.

Operational financial planning. Credit and cash plan.

Ministry of Education and Science of the Republic of Kazakhstan

1 Syllabus

1 .1 Instructor details and contact information

The Department of Finance is located in the main building of the university on the street. Lomov, 64 in office A-511. Contact phone (ext. 1172). Reception hours - according to the schedule of consultations of teachers.

1.2 Data about the discipline

The course "Financial Management" is a profile discipline that reveals the essential foundations of the interaction between the theory and practice of financial management, the need for financial management, the content of its traditional and special functions, the role and significance of this management in modern conditions.

1.3 Labor intensity of the discipline

Form of study

Amount of credits

Number of contact hours by type of classroom

Number of hours of independent work of the student

Forms of control

practical

Full-time based on OSO

term paper, exam

Full-time based on open source software

Correspondence on the basis of vocational and higher education

term paper, exam

1.4 The purpose and objectives of the discipline

The purpose of this course is to prepare specialists with sufficient knowledge, skills and abilities for financial management, in accordance with the state educational standard and employer requirements.

To achieve this goal, the following tasks should be solved:

Formation of students' knowledge of the conceptual foundations of financial management and the theoretical basis for managing own funds, fixed and working capital of an enterprise;

Formation of a system of knowledge about the functions, structure and modern methods of financial management;

Formation of ideas about the strategy and tactics of financial management in a modern market economy;

Instilling the skills of practical use of the acquired knowledge in the process of the enterprise.

1.5 Requirements for knowledge, skills and abilities

As a result of studying the discipline, students should have an idea about:

Features of the organization of financial management at the enterprise;

Forecast the cash flows of an investment project;

Manage fixed and working capital;

Form a dividend policy.

As a result of studying the discipline, students should acquire practical skills:

Analysis of the cost and structure of capital;

Evaluation of production and financial risk;

Operational analysis.

1.6 Prerequisites

To master this discipline, knowledge, skills and abilities acquired during the study of following disciplines: economic theory ; mathematics for economists; microeconomics; macroeconomics; management; marketing; Money, credit, banks; finance, corporate finance

1.7 Postrequisites

The knowledge, skills and abilities gained in the course of studying the discipline are necessary for passing industrial practice, preparing a report on it and writing a thesis.

1.8 Thematic plan of the discipline

Topic name

Number of contact hours by occupation

Full-time education

Extramural studies

practical lessons

practical lessons

Section 1 Fundamental concepts of financial management

Goals and objectives of financial management

Risk and return. Corporate risk management

Models and methods for asset valuation

Section 2 Project Cost Management

Cost of capital

Methods of analysis of investment projects. Project Risk Analysis

Forecasting the cash flow of an investment project. Capital budget optimization

Section 3 Company Value Management

Long-term financial planning

Company Value and Value-Based Management

Company value management using multipliers

Section IV Capital Structure and Dividend Policy

Capital Structure Theory: Modigliani-Miller Models, Compromise Models

Dividend policy management

Section V Short-Term Financial Decisions

Inventory Management

1.9 Short description disciplines

The course "Financial Management" is a special discipline that forms theoretical and practical knowledge of the methodology of financial management. Particular attention is paid to the management of the company's finances, investment resources, securities portfolio and an objective financial assessment of business success. It also discusses the basic concepts and method of financial management of an enterprise in a market economy. Methods of financial analysis and financial planning are studied; ways of choosing and forming the capital structure; assessment of the cost of capital; models and valuations of financial assets; methods; short-term financial management; methods of making investment decisions, methods of managing corporate risks.

1.10 Course components

List of practical classes

Questions and tasks:

Purpose, tasks and role of the financial manager

Stages of development modern theory financial management

Strategy and tactics of financial management

Financial planning and control as the main functions of financial management.

Practicing exercise:

Calculation baseline financial management (ROE, ROA, ROI, EVA, EVIT, EVT, NOPAT)

risks

Questions and tasks:

Definition and measurement of risk

Autonomous (general) risk compared to market risk

Choosing the optimal portfolio

Questions and tasks:

Valuation of stocks and bonds.

Discounted cash flow model.

Financial asset valuation model

Capital market line. Securities market line. Coefficient concept.

Topic 5 Cost of capital

Practicing exercise:

Calculation of the cost of capital

Subject

Practicing exercise:

Investment project analysis

Topic 7 Forecasting the cash flow of an investment project. Optimization byudjeta investment

Practicing exercise:

Cash flow estimate

Questions and tasks:

Strategic and operational plans.

Financial planning based on the method of proportional dependence of indicators on the volume of sales.

Factors that determine the level of need for external financing.

Practicing exercise:

Calculation of the impact force of the operating lever

Practicing exercise:

Effect calculation financial leverage

Questions and tasks:

Modigliani-Miller models

Compromise models

Questions and tasks:

Dividend preference theories

Questions and tasks:

2) Cash turnover.

3) Scope and funding strategies working capital.

Topic 17 Inventory management

Practicing exercise:

1) Calculation of the optimal lot of the order.

Questions and tasks:

1) Accounts receivable management.

2) Credit policy.

Reporting Form

Type of control

Volume in hours

Preparation for lectures

glossary

participation in classes

Preparation for practical exercises

workbook

participation in classes

Elaboration of issues that are mandatory for study, but not included in the lecture material

abstract

Completion of course work

course work

Preparation for boundary control

Topic 1 Goals and objectives of financial management

The qualification requirements for financial manager, in the context of the transformations taking place in the financial sector of the Republic of Kazakhstan. Financial service in the organizational structure of the company.

Definition of categories: assets, liabilities, capital, income, expenses, financial instruments and risks, valuation methods, capital concepts (as amended by IFRS). The time value of money, the value of risky assets.

Topic 3 Risk and return. corporate managementrisks

Value at risk. Measuring Autonomous and Market Risk in Excel. Identification of types of corporate risks and measurement. Fundamentals of insurance. Exposure to the risk of loss of property. Exposure to the risk of loss due to liability. Diversification as a risk management tool. Exposure to the risk of financial loss.

Topic 4 Models and methods of asset valuation

alternative theories. The Theory of Arbitrage Pricing. Option pricing theory. Measuring intrinsic values ​​and returns using built-in Excel services and functions.

Topic 5 Cost of capital

Components of capital and their value. The cost of the source of "borrowed capital". The cost of the source "preferred shares". Methods for estimating the value of the source "retained earnings". The cost of the source of "new issue shares". Weighted average cost of capital. marginal cost of capital.

Subject6 Methods of analysis of investment projects. Project Risk Analysis

Autonomous (single) risk project Intra-company or corporate risk. Market risk. Sensitivity analysis, implementation of the method using built-in services and Excel functions. Scenario analysis. Monte Carlo method, simulation of the method in Excel. Decision tree analysis.

Topic 7 Forecasting the cash flow of an investment project. Optimization byudcapital investment

Determination of relevant cash flows. Change of net working capital. Analysis of the feasibility of substitution. Confusion about cash flow estimation. Evaluation of projects with unequal durations. Financial result from the termination of the project. Investment opportunity chart. Schedule marginal price capital. Joint analysis of MCC and IOS charts. Formation of the optimal investment budget.

Topic 8 Long-term financial planning

acceptable growth rate. Problems of the approach to planning based on the method of proportional dependence of indicators on the volume of sales. Alternative forecasting methods. Computerized financial planning models. Budgeting as a tool for financial planning in the enterprise.

Topic 9 Company Value and Value-Based Management

Value-oriented management. Practice value oriented management. Corporate Governance and shareholder welfare. Measures to prevent the "entrenchment" of managers. Using compensation to bring the interests of managers and shareholders closer together.

Topic 10 Managing the value of companies using multipliers

Multipliers "price / profit" and PEG. Book value multipliers. Tobin's Q multiplier. Revenue multipliers. Specific sector multipliers.

Topic 11 The effect of operating leverage. Management of the current costs of the company

Operating lever. Force of operating leverage (DOL). DOL. and the breakeven point. DOL and business (operational) risk.

Form of control - abstract.

Topic 12 The effect of financial leverage. Engagement policy borrowed money

financial leverage. Point of indifference. Strength of financial leverage (DEL). DEL and financial risk. The total risk of the firm. A measure of a firm's relative cumulative risk. A measure of a firm's relative business risk. A measure of a firm's relative financial risk. Aggregate (Combined Leverage), Aggregate Leverage Strength (DTL).

Topic 13 Theory of capital structure: Modeliani-Miller models, compromise models

Production and financial risks in the context of market risk. Miller model. Criticism of the Modigliani-Miller model and the Miller model. Costs associated with financial difficulties and agency costs. compromise models. Optimal capital structure. Target capital structure. Variation in capital structure among firms. Balance valuations versus market valuations. Capital structure and merger.

Topic 14 Dividend policy management

Stability of dividends. Formation of dividend policy in practice. Dividend reinvestment plans. Buyback of shares. Share dividends and share splits.

Topic 15 Management current assets and short term liabilities

Sources of short-term financing. Accounts payable for goods, works and services (trade credit). Short-term bank loans. The price of a bank loan. Bank selection. Commercial papers. Securing short-term loans.

Topic 16 Cash management.

Cash management methods. Evaluation of the effectiveness of the cash management system. Securities management.

Topic 17 Inventory management

Goals of inventory management. The main decisions taken in the inventory management process. Classification of costs associated with inventory. Accounting and valuation of stocks. Inventory Management. Model of the optimal batch of the order. Inventory control systems.

Theme I8 Accounts receivable management

Determining the loan period and credit standards. Policy for working with debtors. Discount for payment within the agreed time. Analysis of the consequences of alternative credit policy options: construction of a forecast income statement. Incremental analysis.

The form of control of independent work of students is an oral survey, checking notes.

Calendar schedule of control measures for the implementation and delivery of tasks for the IWS and work in the classroom for full-time students

Max score per week

form of control

Poppy. score

form of control

Poppy. score

form of control

Poppy. score

Completion of course work

form of control

Poppy. score

Max score per week

Attending and preparing for lectures

form of control

Poppy. score

Visited and preparation for practical (sem) classes, the implementation of the house. assignments

form of control

Poppy. score

Working out additional material

form of control

Poppy. score

Completion of course work

form of control

Poppy. score

Line control 2 100

Calendar schedule of control measures for the implementation and delivery of tasks for the IWS and work in the classroom for students of correspondence courses

Maximum score

Deadline for issuing the assignment

Deadline

form of control

Attending and preparing for lectures

at the first lesson

Scheduled

at the first lesson

Completion of course work

at the first lesson

according to the schedule of the MTSP before the start of the next session

Visit and preparation for practical classes

at the first lesson

Scheduled

Study of additional material not included in the lecture course, but mandatory for study

Completion of course work

course work

1.11 Course policy

In the course of mastering the discipline, in accordance with the thematic plan and the calendar schedule of control activities, you will have to perform the following extracurricular work:

Prepares for each practical lesson, that is, do homework;

To study the educational material necessary for the successful completion of each practical work;

Solve problems independently;

Work out obligatory, but not included in the lecture material, course topics and make notes;

Complete coursework.

If you attend all classes without delay, are ready for all classes and actively work on them, complete all tasks efficiently and on time, then you will score the maximum score indicated in calendar chart control measures.

Participation in the learning process means attending classes, being ready and active in discussions and group work, and answering questions from the teacher.

Your preparation for the practical exercises will be checked by surveys, checking the implementation of the DZ, participation in the work of the group. Preparation for the lesson after it has been held will not be assessed. Late completion of the CDS leads to a decrease in the score for the week. If more than a week late, score for completion homework will not be displayed.

For violation of discipline and removal from the lesson, the score for attending and preparing for the lesson will be 0.

It is required to observe discipline in the classroom and behave in accordance with the internal rules of the university.

Checking the course work is carried out in order to assess the students' performance of its sections throughout the semester. The maximum score is received by students who timely complete the sections of the course work and eliminate the supervisor's comments. The course work is defended only after obtaining the permission of the supervisor. Course work is evaluated based on the results of the defense, taking into account the performance of its sections during the semester. The maximum score for coursework is 100.

Students who have scores for current performance (TU) are allowed to the boundary control. According to the results of the technical specifications and the RK, the rating of P1 and P2 is determined. They are determined by the following formula

TS1(2) - current performance for the first (second) half of the semester;

RK1(2) - the first (second) boundary control.

The rating is not determined if the student did not pass the RK or received less than 50 points in the RK. In this case, the dean sets individual deadlines for the submission of the RC. The assessment of the admission rating (RD) of a student in the discipline for the semester is equal to

The final score (I) is the sum of the exam scores (EC), admission rating scores and their respective weightings. Determined by the following formula

IC - points for the exam.

Boundary control is carried out in writing. Each student is given one question and a task. The final exam will be held in the form of testing.

2 Reference abstract lectures

Topic 1 Goals and objectives of financial management

Financial management is the science of financial management, the process of managing cash flow, the formation and use of financial resources of an enterprise. It is also a system of forms, methods and techniques by which the management of money circulation and financial resources is carried out.

The financial management strategy is a system of measures aimed at achieving long-term prospects.

The tactics of financial management is aimed at using the existing potential to achieve current goals.

From a practical point of view, financial management is the link between accounting and the theory of finance.

The theory of finance underlying financial management is based on the hypothesis of ideal capital markets, which are markets where there is no difficulty between the exchange of securities and money. As a result, transactions are carried out easily and do not involve any costs.

The functions of financial management determine the formation of the structure control system. There are two main types of financial management functions: functions of the object of management and functions of the subject of management.

The functions of the control object include:

Organization of money circulation;

Supply of financial resources and investment instruments;

Organization of financial activities, etc.

The functions of the subject of management are a general type of activity that expresses the direction of the implementation of the impact on the attitude of people in the economic process and in financial work. It's a specific kind management activities, consistently consisting of the collection, systematization, transmission, storage of information, development and decision-making.

The functions of the subject of management include:

Planning;

Forecasting;

Organization;

Regulation;

Coordination;

stimulation;

The control.

Planning in financial management is the process of developing a specific plan for financial activities, generating income, effective use financial resources.

Forecasting in financial management is the development of long-term changes in the financial condition of the object as a whole and its individual parts.

The function of an organization in financial management is to bring together people who jointly implement a financial program based on certain rules and procedures.

Regulation in financial management - the impact on the management object, through which a state of stability is achieved financial system in the event of a deviation from the specified parameters.

Coordination in financial management is the coordination of the work of all parts of the management system, the management apparatus and specialists.

Incentives in financial management are expressed in encouraging employees of the financial service to be interested in the results of their work.

Control in financial management comes down to checking the organization financial work, run financial plans etc. Through control, information is collected about the use of financial resources and the financial condition of the object, additional reserves and opportunities are revealed, changes are made to financial programs, to the organization of financial management.

The time factor occupies the most important place in financial calculations: money has such an objective existing characteristic as a temporary value. Two basic concepts play a key role in describing the process of transformation of the value of money over time: the future value of money and its present value.

FV (Future Value) - the future value of money is the amount of money invested at the moment, into which they will pass after a certain period of time, taking into account the conditions of investment. Determining the future value of money is associated with the process of increasing this value, which is a gradual increase in the original amount by adding interest payments to its initial amount.

PV (Present Value) - the present (present) value of money is the amount of future cash receipts, given using a certain coefficient (discount or discount rate) to the present period. Determination of the present value is connected with the process of discounting this value. This operation is reverse in relation to the accrual operation with a fixed amount of cash.

The operation of determining the current value of the accumulated amount is called discounting, and the operation of determining the accumulated amount is called compounding.

Along with future and present values, the main indicators used in the theory and practice of financial management are the following.

EBIT (Earnings Before Interest and Tax) - profit before taxes and interest - a measure of the company's profit before income tax and accrued interest on loans.

EBT is earnings before tax.

NOPAT (Net Operating Profit After Tax) - after-tax operating profit - net operating profit after taxes. This indicator is used in investment analysis and in assessing the company's profitability.

EPS (Earnings Per Share) - earnings per share - financial indicator, equal to the ratio of the company's net profit available for distribution to the average annual number of ordinary shares . Earnings per share is one of the main financial indicators used to evaluate a company in the stock market, for comparison. investment attractiveness companies and their performance.

DPS (Dividends Per Share) - dividends per share - a financial indicator equal to the ratio of the company's net profit available for distribution to the average annual number of ordinary shares. This indicator is used in assessing the investment attractiveness of companies, along with the EPS indicator (earnings per share).

ROA (Return On Assets) is the ratio of return on assets, which shows the ratio of a company's net profit, excluding interest on loans, to its total assets. The return on assets ratio characterizes the ability of the company's management to effectively use its assets to make a profit. In addition, this ratio reflects the average return received on all sources of capital (own and borrowed).

ROI (Return On Investment) - return on investment ratio - a financial indicator that characterizes the return on investment. ROI is a generalized formula for analyzing the profitability of arbitrary investments in assets.

In practical use, financial management is associated with the management of various financial assets, each of which requires the use of appropriate management techniques and taking into account the specifics of the corresponding link in the financial market. Therefore, financial management can be considered as a complex management complex, which includes:
1) risk management;
2) management of credit operations;
3) management of operations with securities;
4) management of foreign exchange operations;
5) management of operations with precious metals and precious stones;
6) management of real estate transactions.
Financial management is carried out in time. The time sign affects the goals and directions of management. On a temporary basis, financial management is divided into:
strategic management;
operational-tactical management.
Strategic financial management is investment management. It is related to the implementation of the chosen strategic goal and presupposes, first of all:
financial assessment capital investment projects;
selection of criteria for making investment decisions;
choosing the most optimal option for investing capital;
identification of funding sources.
The evaluation of investments is made using various criteria, which can be very diverse. For example, it is profitable to invest capital if:
the profit from investing capital in the project exceeds the profit from the deposit;
return on investment exceeds the rate of inflation;
the profitability of this project, taking into account the time factor, is higher than the profitability of other projects.
All investments proceed in time, therefore, in strategic management, it is important to take into account the influence of the time factor: firstly, the value of money decreases over time; secondly, the longer the investment period, the greater the degree of financial risk. Therefore, strategic management widely uses such techniques as capitalization of profits (i.e., the transformation of profits into capital), capital discounting, compounding, and methods of reducing the degree of financial risk.
Operational-tactical financial management is operational management cash. Cash flow is expressed as a cash flow indicator and will be discussed later.
Cash management is aimed at:
to provide such an amount of cash, which will be sufficient to meet financial obligations;
to achieve high returns from the use of temporarily free cash as capital.
There are three goals of cash management:
increase the speed of cash receipts;
decrease in the speed of cash payments;
ensuring maximum return on investment of cash.
Each goal has its own management methods. So, for the first purpose, methods are used that allow you to collect funds as quickly as possible, for example, through the sale of manufactured products (works, services), using effective forms of payment; by receiving money from debtors, etc.
Accounts receivable management involves:
managing the turnover of funds in settlements in order to accelerate them;
control over the prevention of unjustified receivables (i.e. debts of financially responsible persons for shortages, theft, damage to valuables, etc.);
reduction in the amount of receivables.
In the management process, the selection of potential buyers and the choice of conditions and forms of payment for goods (works, services), for example, receiving advance payments, prepayments, effective types letters of credit, etc.
Buyers can be selected based on the following criteria:
observance by them in the past of payment discipline;
their condition financial stability;
the level and dynamics of their solvency.
Accounts receivable management includes control over its duration. To do this, it is advisable to group receivables according to the timing of their occurrence: up to 1 month, up to 3 months, up to 6 months, etc.
To fulfill the second goal, methods are needed that allow you to defer payments in order to keep the money in circulation for as long as possible, for example, an investment tax credit.
To fulfill the third goal, you should use a cash management method that allows you to reduce it to a minimum, and, accordingly, increase the amount of money for investing in income-generating assets.

More on the topic 1.3. Financial management as a management complex:

1. 2. Essence, prerequisites for the emergence and development of the science "Financial management"
2. 3. Financial management as a management system. Subjects and objects of management.
3. Kvochkina VI. Theoretical foundations of financial management: Educational and methodological complex. For fourth-year students studying in the specialty 080105 "Finance and Credit" with a specialization in "Financial Management" - Michurinsk: MichGAU Publishing House, 2007. - 122 p., 2007
4. 3. Main functions and mechanisms of financial management
5. 1.4. TECHNOLOGY OF MANAGEMENT DECISION-MAKING IN THE FINANCIAL MANAGEMENT SYSTEM
6. 1.6.1 Information in financial management: concept and requirements for information, accounting principles
7. 1.1. THE CONCEPT OF FINANCIAL MANAGEMENT. FINANCIAL MANAGEMENT AS A MANAGEMENT SYSTEM
8. Topic 6. Financial management as a way to manage the company's finances
9. The role of financial management in financial management of organizations. Purpose, tasks and functions of financial management.
10. Topic 1. Financial management as a system and mechanism of financial management

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Short Course in Financial Management

1. The concept, goals and objectives of financial management

1. The concept of management (eng. management– management-1) means the process of organization management, planning and control and is used in almost all areas of the organization. To fulfill its tasks, the head of the organization must use technical and financial means, as well as human potential. The manager must carry out key types of management activities: planning, building organizational relationships, motivation and control, which in general are management practices.

All management goals are reduced to the survival of the organization and the preservation of its place in the market for a long time. Common goals management imply the development of the organization as a whole and are focused on the long term. Specific management objectives are developed within the framework of the general objectives for the main activities of the organization.

The main goal of management– achievement and maintenance of harmony in the development and functioning of the organization.

2. There are production, financial, personnel, innovative types of management.

Financial management- This is a system of economic management of production, the functioning of which is aimed at achieving common goals of management.

The subject of financial management- economic, organizational, legal and social issues arising in the process of managing financial relations at enterprises (in organizations, commercial structures).

There are two subsystems of financial management: managed (object) and control subsystem (subject). Control object in financial management - a set of conditions for the existence of money circulation, the circulation of value, the movement of financial resources.

Subjects of management include organs government controlled, financial and tax authorities, banks, insurance authorities, etc. The main subject of management- owner.

There are the following main functions of the financial management object: organization of money circulation; supply of financial resources and investment instruments; provision of basic and revolving funds; organization of financial work.

It is customary to single out the following main functions of the subject of financial management: analysis financial position on financial reporting to adjust existing business models; determination of the necessary volumes and schemes for financing the needs of the enterprise (organization, commercial structure); ensuring sufficient solvency for timely payments; identifying opportunities to improve performance.

3. Financial management includes strategy and tactics. Under strategy refers to the general direction and method of using funds to achieve long-term goals, under tactics- specific methods and techniques to achieve the goal in a short period of time under certain conditions.

4. There are the following main sections of financial management:

☝ diagnostics of the financial condition;

☝ management of short-term financial resources;

☝ managing the investment of long-term financial resources;

☝ analysis of possible risks.

To the necessary conditions for the functioning of financial management include business activities; self-financing; market pricing; labor market; capital market; state regulation activity of enterprises, based on the system of market legislation.

4. The following main goals of financial management: profit maximization; increase in income of your own enterprise (organization, commercial structure); growth in the market value of shares; achieving stable liquidity of assets.

The main goal of financial management– ensuring maximization market value enterprise, which corresponds to the ultimate financial interests of its owners.

In the main financial management tasks includes: the formation of the required amount of financial resources; effective use of the formed volume of financial resources; optimization of the cash flow of the enterprise (organization); profit maximization; minimization of the level of financial risk and constant financial balance of the enterprise.

5. The ratio of own and borrowed capital in the structure of the sources of the enterprise (organization, commercial structure) determines the final financial results of its activities (the optimal ratio in turnover is 50: 50%). Many organizations prefer to use only their own resources. However, it has been economically proven that the attraction borrowed sources expedient under the condition of their payback, when the use will increase the profitability of own funds.

For the effective use of the formed volume of financial resources, it is necessary to establish proportionality in their use for the purposes of production, economic and social development organization, payment of the required level of income on invested capital to the owners of the enterprise (organization, commercial structure).

Optimization of the cash flow of the enterprise is solved by effective management cash flows organizations in the process of cash turnover in order to minimize the average balance of free cash assets.

Profit may be one of the goals of the enterprise, while its size must be adequate to the level of financial risk. main goal activities modern enterprise must be its value.

Minimizing the level of financial risk is one of the main goals of an enterprise (organization, commercial structure). The connection between risk and profit makes it necessary to constantly consider them as interrelated concepts.

The constant financial balance of the enterprise, i.e. balance, should be achieved by maintaining a high level of financial stability and solvency, the formation of an optimal capital and asset structure, and a sufficient level of self-financing of the investment needs of the enterprise.

2. Basic concepts and principles of financial management

1. Financial management is based on a number of interrelated fundamental concepts developed within the framework of the theory of finance. concept (lat. conceptio- understanding, system) is a certain way of understanding and interpreting a phenomenon.

With the help of a concept or a system of concepts, the main point of view on a given phenomenon is expressed, some constructivist frameworks are set that determine the essence and directions of development of this phenomenon.

There are the following main financial management concepts: cash flows; trade-off between risk and return; current value; time value; asymmetric information; opportunity costs; temporary unlimited functioning of an economic entity.

2. Main content cash flow concepts make up the issues of attracting cash flows, identification of cash flow, its duration and type; assessment of the factors that determine the magnitude of its elements; choice of discount factor; assessment of the risk associated with this flow.

The concept of trade-off between risk and return is based on the fact that earning any income in business always involves risk. The relationship between these interrelated characteristics is directly proportional: the higher the required or expected return, the higher the degree of risk associated with the possible non-receipt of this return.

Present value concept describes the patterns of business activity of the enterprise and explains the mechanism of capital increment. Every day, an entrepreneur is forced to manage many transactions for the sale of goods (products), services, investment funds. In this regard, the manager needs to determine how expedient it is to perform these operations, whether they will be effective.

The concept of time value argues that the currency available today is not equivalent to the currency available some time later. This is due to the effect of inflation, the risk of not receiving the expected amount and turnover.

The concept of asymmetric information is based on the fact that certain categories of persons may have information that is inaccessible to all market participants equally. In this case, one speaks of the presence of asymmetric information.

Opportunity cost concept proceeds from the fact that the adoption of any decision of a financial nature in the vast majority of cases is associated with the rejection of some alternative option. The concept of opportunity costs is especially pronounced in the organization of systems managerial control. Any control system costs certain costs, while the lack of systematic control can lead to much more serious financial losses.

The concept of temporary unlimited functioning of an economic entity claims that a company, once established, will last forever. This concept is, in a certain sense, conditional and is applicable not to a specific enterprise, but to the mechanism of economic development through the creation of independent, competing firms.

3. In modern management practice, the following main principles of financial management:

☝ priority of the strategic goals of the development of the enterprise (organization, commercial structure);

☝ connection with the general enterprise management system;

☝ obligatory allocation of financial and investment decisions in the financial department;

☝ building and maintaining the financial structure of the enterprise;

☝ separate cash flow and profit management;

☝ harmonious combination of profitability of the enterprise and increase in liquidity;

☝ variability and complex nature of the formation of management decisions;

☝ High control dynamism.

4. Based on principle of priority of strategic goals of enterprise development even projects of managerial decisions in the field of financial management of the current period that are highly effective from an economic point of view should be rejected if they conflict with the strategic directions of the enterprise's development and destroy the economic basis for the formation of its own financial resources.

The principle of communication with the overall enterprise management system means that financial management covers issues of all levels of management and is directly related to operational, innovative, strategic, investment, anti-crisis management, personnel management and some other types of functional management.

The principle of mandatory allocation in financial management of financial and investment decisions states that financial solutions work to find financial resources. Investment decisions answer the question of where and how much money should be invested.

The principle of building and observing the financial structure implies that in the activities of the enterprise, structures of a different nature and purpose can be distinguished, but the financial structure of the enterprise is formed by its main activity.

According to the principle of separate management of cash flow and profit cash flow is not equal to profit.

Cash flow is the movement of funds in real time.

Profitability and liquidity are interrelated concepts, but the relationship between them can be inversely proportional: this is how the principle of a harmonious combination of profitability and increasing the liquidity of the enterprise(organization, commercial structure).

5. All activities of the enterprise are the result of making decisions that are different in nature and goals, but interconnected in content, in the field of the formation, distribution and use of financial resources and the organization of the enterprise's cash flow. These decisions are closely interrelated and have a direct or indirect impact on its financial results. This is the action the principle of variability and the complex nature of the formation of managerial decisions.

management, according to principle of dynamism should be appropriate and efficient. Management decisions must be taken into short time, since the outer and internal environment businesses are constantly changing.

3. Basic functions and methods of financial management

1. The functions of financial management determine the formation of the structure of the control system. As the main types of financial management functions, the functions of the object and subject of management are distinguished.

To functions of the control object include: organization of money circulation, supply of financial resources and investment instruments, organization of financial work, etc.

Functions of the subject of management sequentially consist of collecting, systematizing, transmitting, storing information, developing and making a decision, transforming it into a team.

These include planning, forecasting or foresight, organization, regulation, coordination, stimulation, control.

2. financial planning as a management function, it covers the entire range of measures for the development and implementation of planned targets in practice.

Forecasting in financial management - the development of long-term changes in the financial condition of the object as a whole and its various parts. Forecasting, unlike planning, does not set the task of directly implementing the developed forecasts in practice. These forecasts represent a prediction of the corresponding changes.

Organization function– creation of governing bodies, building the structure of the administrative apparatus, establishing the relationship between management units, development of norms, standards, methods, etc.

Regulation in financial management - the impact on the management object, through which the state of stability of the financial system is achieved in the event of a deviation from the specified parameters.

Coordination– coordination of work of all parts of the management system, management apparatus and specialists. Coordination ensures the unity of relations between the object of management, the subject of management, the management apparatus and the individual employee.

Stimulation in financial management, it is expressed in encouraging employees of the financial service to be interested in the results of their work. Through stimulation, the distribution of material and spiritual values ​​is managed depending on the quantity and quality of labor expended.

The control in financial management is reduced to checking the organization of financial work and the implementation of financial plans. Through control, information is collected on the use of financial resources and on the financial condition of the object, changes are made to financial programs, and additional reserves and opportunities are revealed.

3. K basic methods of financial management include forecasting, planning, insurance, self-financing and lending.

The practice of modern financial management includes non-formalized methods of expert assessments, scenarios, comparisons, building systems of indicators and analytical tables, morphological.

These methods are based on the description of analytical procedures and do not suggest the use of strict analytical dependencies.

The formalized methods of financial management are based on strict formalized analytical dependencies.

4. In the practice of financial management, the following main groups of formalized methods are distinguished:

☝ elementary methods of factor analysis used to assess and predict the financial condition of an enterprise (organization, commercial structure), identify the main factors for its improvement (methods of chain substitutions, arithmetic differences, balance, highlighting the isolated influence of factors, percentage numbers, differential, logarithmic, integral, simple and compound interest);

☝ traditional methods economic statistics(methods of averages and relative values, grouping, graphical, index, elementary methods for processing time series);

☝ mathematical and statistical methods for studying relationships used in calculating various stock market indicators, predicting possible bankruptcy (correlation analysis, regression analysis, analysis of variance, principal component analysis, covariance analysis, cluster analysis and etc.);

☝ methods of economic cybernetics and optimal programming (methods of system analysis, machine simulation; linear, non-linear, dynamic, convex programming, etc.); econometric methods based on the postulates of econometrics (matrix methods, harmonic analysis, spectral analysis, methods of the theory production functions, methods of the theory of input-output balance).

5. When conducting financial analysis, the following are used main methods of researching financial reports:

☝ Horizontal (temporal) analysis, meaning comparison of each reporting position with the previous period;

☝ vertical (structural), i.e. revealing the impact of each reporting position on the result as a whole;

☝ comparative (spatial) - comparison of summary indicators of the reporting of an enterprise (organization, commercial structure) with similar indicators of competitors, on-farm analysis structural divisions enterprises (organizations, commercial structures);

☝ factorial - analysis of the influence of individual factors (reasons) on the performance indicator using deterministic or stochastic methods of research;

☝ relative indicators (ratios) is based on the calculation of the relationship between the individual positions of the financial statements in order to determine the relationship of indicators.

4. Primary and derivative financial instruments

1. Carrying out operations in the financial market, the enterprise selects the appropriate financial instruments for their conduct. Financial instruments are a variety of circulating financial documents that have a monetary value, with the help of which operations are carried out in the financial market.

financial instrument- a contract under which there is a simultaneous increase in the financial assets of one enterprise (organization, commercial structure) and financial liabilities of a debt or equity nature of another enterprise (organization, commercial structure).

There are derivative and primary financial instruments, represented by varieties of securities.

2. It is customary to single out the following main financial management tools: budgeting; the financial analysis; attraction of borrowed funds; placement of free funds; leverage; investments; issue of capital management; trust operations; factoring; leasing; insurance.

Budgeting– technology of planning, accounting and control of money and financial results. The financial analysis - obtaining a small number of key parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors. Management of borrowing funds – rational management of attraction of borrowed funds. Free Funds Management- the use of direct and portfolio investments, commercial loans in order to obtain additional profit. Leverage- the process of asset management, aimed at increasing profits. Investment management- investment management, carried out through the formation of an investment portfolio. Issue of capital management– capital flow management: cash flow and portfolio management. Trust Operations– trust operations of banks, financial companies, investment funds for managing the client's property and performing other services in the interests and on behalf of the client as a trustee. Factoring- a type of trade and commission transaction related to lending to working capital (collecting the buyer's receivables; providing him with a short-term loan; releasing him from credit risks on operations). Leasing- a form of long-term lease. Insurance- relations to protect the property interests of economic entities and citizens in the event of the occurrence of certain events at the expense of monetary funds formed from the insurance premiums they pay.

3. Capital can exist in monetary, productive and commodity forms, securities can also be considered a form of existence of capital.

security paper- a financial document certifying the property right or the ratio of the loan of the owner of the document to the person who issued such a document (issuer).

Stock– equity securities confirming the right of their owner to participate in the management economic society, the distribution of the latter's profits and the receipt of a share of property proportional to its contribution to the authorized capital. Bonds- securities that confirm the obligation of the issuer to reimburse the owners of their nominal value within a certain period of time with the payment of a fixed percentage, unless otherwise provided by the terms of the bond issue. Treasury bills- a type of government securities that are issued by the Ministry of Finance of Russia and are used as a means of payment for the current debt of the federal budget to enterprises and industries. bill of exchange- a monetary obligation of the debtor of a strictly established form, giving its owner the unconditional right to demand from the debtor or the acceptor the payment of the amount specified in it upon the due date. Check- a monetary document drawn up in the form prescribed by law, containing an order from the owner of the personal account who issued the check to pay the owner of the latter sum of money. Deposit certificate- a written certificate of a credit institution (issuing bank) on the deposit of funds, certifying the owner's right to receive the amount of the deposit and interest on it after the expiration of the established period. Unlike deposit savings certificate intended for individuals.

4. Derivative financial assets arose as a result of the development of traditional financial relations, when, as a result of financial transactions, not the asset itself is acquired, but the right to acquire it.

Hedging- a way to compensate for possible losses from the occurrence of certain financial risks by creating counter currency, commercial credit and other claims and obligations.

Based on the derivative financial instrument there is always some underlying asset (security, commodity, etc.). The price of a derivative financial instrument, usually determined based on the price of the underlying asset.

The most common hedging techniques include forward and futures contracts, swaps, options, repos, and warrants.

forward contract– an agreement on the sale and purchase of a commodity or financial instrument with an obligation to deliver and settle in the future.

Option unlike futures and forward contracts, it does not provide for the mandatory sale or purchase of the underlying asset, which, under unfavorable conditions (erroneous forecasts, changes in the general market situation, etc.), can lead to direct or indirect losses of one of the parties.

Futures contract (futures)- a type of securities aimed at gaining from price changes.

Swap- an agreement between two entities regarding the exchange of liabilities or assets in order to improve their structure, reduce risks and costs. A swap simplifies the settlement mechanisms between participants in a business transaction. REPO operations(securities repurchase agreement) - an agreement on borrowing securities under a certain guarantee of cash or funds against securities.

Share warrants- securities that give its owner the right to buy a certain number of shares of a given company within a certain time at a fixed price.