Introduction 3

5

5

1.2. Classification of financial resources 10

1.3. Principles of functioning of the financial resources of the state 12

2. Analysis public finance Russian resources 15

2.1. Sources of formation of state financial resources of the Russian Federation 15

2.2. Directions for the use of state financial resources of the Russian Federation 22

25

25

31

Conclusion 39

42

Introduction

Finance and financial resources are not identical concepts. Financial resources do not define the essence of finance, do not reveal their internal content and social purpose. Financial science does not study resources, but public relations arising on the basis of education, distribution and application of resources.

The relevance of the topic lies in the fact that financial resources are the most necessary source of expanded production, social economic growth society. Increasing the volume of financial resources is one of the most important tasks of the state's financial policy. A decrease in the size of financial resources has a negative impact on the development of society, leads to a decrease in investment, a decrease in consumption funds, and creates an imbalance in the distribution of the social product and national income. Financial resources act as material carriers of financial relations. Therefore, the study of their structure and problems of formation comes first in the process of studying the finances of the state.

The influence of financial resources on economic growth is not unilateral, in turn, the composition and volume of financial resources depend on the indicator of the state's economic growth, on the effectiveness of production.

The object of the work is the financial resources of the state.

The subject of the work is the problems and prospects of financial resources Russian Federation.

aim term paper is to study the problems and prospects of the financial resources of the Russian Federation.

In connection with the goal, it is necessary to perform the following tasks:

Expand the definition of the concept of financial resources of the state;

Consider the composition of financial resources and methods of their mobilization;

Analyze the sources of formation of financial resources and directions of their use.

The first chapter is devoted to the theoretical foundations of financial resources. Their essence, classification and content, principles of their functioning are considered. The balance of financial resources is considered.

The second chapter is devoted to the structure of financial resources. The structure of financial resources, sources of their formation are considered. The function of the state budget in the creation and distribution of financial resources has been studied.

The third chapter deals with the problems and prospects for the growth of financial resources. The main factors of growth of financial resources for present stage.

When writing the work, the works of the authors Burkhanov I. V. Zharkovskaya, E.P. Gryaznova, E.V. Myslyaeva, I.N. Sviridov, O.Yu., Tax Code of the Russian Federation, Budget code RF, press publications, Internet data.

1. Theoretical aspects of financial resources

1.1. The concept and essence of financial resources

Financial resources are created in the process of economic and financial activity as a result of the creation and distribution of the gross social product of the state, accumulated by the state and business entities and act as one of the main factors of production, called money capital.

Financial resources are classified into centralized funds (state budget, off-budget funds) and decentralized financial resources (cash funds of organizations) (Fig. 1.1).

Allocate in addition the financial resources of the state, regions, organizations. The main source of creation of centralized financial resources at the general level is the national income. The financial resources of the state are a complex of all monetary resources managed by the state, its organizations, organizations, institutions as enterprises to cover their costs.

Based on the distribution and distribution of national income, centralized funds of monetary resources are created.

A part of the national income is created and remains under the control of organizations, more precisely, decentralized resources are created at the macro level, which are used for production costs in the organization.

Another necessary source of creating financial resources is depreciation deductions, which are formed due to part of the cost of the main production assets.

Centralized financial resources are the result of the distribution of net income through tax and non-tax payments and deductions.

Rice. 1.1 - Characteristics of financial resources

In addition, centralized financial resources are created thanks to a part of the national wealth involved in the economic turnover from the sale of the gold reserves of the state, the sale of energy resources, proceeds from externally economic activity, and in addition thanks to the resources received from the implementation of public valuable papers.Finance is a tool that ensures the education, distribution and use of Money economic entities in the process of production, distribution and use of the gross domestic product. This sphere of the economic structure of society, through financial transactions, serves the production, sale and consumption of goods and services. Finance is based on money and its movement. Finance organizes cash flows and provides for the needs of enterprises, the state, households and other entities in the formation and spending of cash funds. In this regard, finance reflects the relationship of all legal business entities and households associated with the formation and movement of cash funds.

Public finances are an integral part of the overall financial system. As is known, the economies of countries, in accordance with the system of national accounts, are divided into five sectors: non-financial corporate and quasi-corporate enterprises; financial institutions; government bodies; private non-profit institutions serving households (population); households. To these sectors is added the sector of the rest of the world. Each of these sectors includes corresponding institutional units. The totality of the finances of the institutional units of each sector, in their interaction with each other and with other sectors, forms the finances of the sectors of the economy and the financial system of the country as a whole, and the total amount of financial resources of the institutional units and economic sectors characterizes the amount of the country's financial resources. The set of finance institutional units of the public sector forms the system of public finance.

The motives of the financial activities of the state differ from the motives of the activities of other subjects of economic life. The main motive for household activity is to receive profit and income in the form of wages, interest, dividends, etc. In the field of entrepreneurial activity, the determining factor in decision-making is obtaining financial benefits, which has an impact on the formation of the material structure of reproduction. The main motive for the financial activity of the state is the formation and expenditure of funds for the implementation of its functions.

Public finances are a tool for mobilizing funds from all sectors of the economy to carry out public internal and foreign policy. They represent a single set of financial operations of government bodies, with the help of which funds are accumulated and cash expenditures are made.

The main financial fund of the country, providing the formation, distribution and use of centralized funds of funds as mandatory condition functioning of any state is the state budget. Along with state budgets, off-budget funds play a significant role. Together they make up the country's public finances.

The financial resources of the general government sector are formed mainly from taxes and contributions paid by enterprises, organizations and households.

The need for public finance is generated by the very fact of the existence of the state and the need for monetary support for the functions it performs. In the most general view the main function of government bodies is to conduct state policy and fulfill state tasks through the provision of non-market goods and services for their consumption by the population and society as a whole, as well as through the redistribution of income (transfers) and wealth.

Funds mobilized through public finance are used for public spending that cannot be met by private enterprise. These include, in particular, public administration, public safety of citizens, social programs, ecology, defense. The accumulation of funds in the budget allows the state to implement social programs aimed at developing a person, culture, healthcare, education, supporting low-income families, and solving the housing problem. By collecting and distributing financial resources, the state gets the opportunity to correct the action of self-regulating market mechanism, influence the functioning of markets for goods and services, financial markets and the distribution of income in sectors of the economy. With their help, intersectoral, intersectoral and interterritorial redistribution of GDP, state regulation and economic stimulation are carried out, taking into account the long-term interests of the country. Redistribution of resources between sectors of the economy, industries, social groups and territories is a lever for the restructuring of the economy, the implementation of spruce and scientific and technical programs.

The state performs its functions not in order to obtain commercial benefits or profits, but to ensure collective consumption. In this regard, public finance reflects the relationship between the state, on the one hand, and legal entities and households, on the other hand, about mandatory payments to state funds and the use of these funds in the interests of taxpayers.

The main source of financial resources is the national income, the profits of organizations regardless of ownership, depreciation fund, insurance funds. The use of financial resources is carried out mainly through cash funds. special purpose, although a non-stock form of their application is also possible.

financial funds are an integral part of the entire system tender funds that operate in the national economy. Background The new form of using financial resources has some advantages: it ensures the concentration of resources in the main areas of growth of the national economy, makes it possible to more fully link public and private interests and more actively influence production.

1.2. Qualification of financial resources

Acting as material carriers of financial relations, financial resources have a significant impact on all stages of the production process, thereby adapting the factors of production to the needs of society. The result of their creation and application affects the rate of economic growth in the country. The profit on this type of resources and the movement of financial flows underlie the grouping and regrouping of factors of production, the creation of organizations, the growth of industries, and the performance of the national economy.

The principal assumptions that should be taken into account in the process of determining financial resources are the following:

1) financial resources, as a definition, belong to the basic category "finance", including the field of enterprise finance;

2) the nature of the essence of the basic concepts implies the attribution of the concept to distribution, cost processes;

3) the resource is considered from the standpoint of the potential for use and intended purpose.

The final, decisive category is finance - relations regarding the distribution of the created value. They are a tool for distributing the gross national product (GNP) and a tool for creating and using the financial resources of business entities and the state formed with their participation.

The financial resources of the state include budgetary resources, resources of state off-budget funds and off-budget funds local government, and in addition, the resources of state financial institutions: the National Bank, state insurance agencies, state credit institutions.

The main areas of application of the financial resources of the state are:

Costs for the growth of the business sector, its structural transformation;

Funding institutions social area;

Social protection of society;

Foreign economic activity;

environmental protection;

Control;

State defense;

Creation of material and financial reserves;

Other directions.

Organizations use financial resources to:

Expanded reproduction and growth of the organization;

Solving social problems of the team;

Financial incentives;

Creation of financial reserves;

Other directions.

The main source of centralized and decentralized financial resources in their primary calculation is the net income of entrepreneurs, regardless of the form of ownership, thanks to which financial resources are created, both by enterprises and the state.

1.3. Principles of functioning of the financial resources of the state

Balance of all incomes and expenses of the Russian Federation, subjects of the Russian Federation and municipalities, including income and expenses that are located in the respective territory of entrepreneurs and extra-budgetary funds. Cash income and expenses of the company are not included in the balance of financial resources. Distinguish the balance of financial resources: the Russian Federation; subject of the Russian Federation; local government. The balance of financial resources of the Russian Federation is a complex of revenues and expenditures of the state budget, state off-budget funds and the balance of financial resources of the regions.

The balance of financial resources of a constituent entity of the Russian Federation is the sum of the balance of income and expenditures of the budget of a constituent entity of the Russian Federation and the balance of financial resources of municipalities. The balance of financial resources of local self-government is the balance of revenues and expenditures of the budget of local self-government, and in addition to entrepreneurs in a given territory.

The development of a balance of financial resources is one of the components of the forecast for the socio-economic growth of the Russian Federation, a constituent entity of the Russian Federation, and local self-government. The balance acts as a tool that makes it possible to determine the need for the adoption of certain proposals and decisions at the level of macroeconomic growth forecast.

In the process of compiling the balance of financial resources, the following are used: reporting information State Committee of the Russian Federation on statistics, the Ministry of the Russian Federation on taxes and fees, budget statistics, the balance sheet of financial resources for the previous year. The specificity of territorial balances is the presence in the balance structure of a region or local self-government of resources received from the state budget or the budget of a subject of the Federation.

The revenue part includes the balance of mutual settlements - the difference between the resources received by the subjects of the Federation or local self-government from the federal or regional budget, and the resources transferred in accordance with the current budgetary and tax legislation to the federal or regional level, including mutual settlements with non-budgetary funds.

The income forecast of the balance of financial resources contains data on the socio-economic growth of the relevant territory for the last reporting period, expected data before the end of the base year, data for the next period, including the expected assessment of the result of entrepreneurs' activities, tax and non-tax revenues, other budget revenues, extra-budgetary funds.

The forecast of expenses of the balance of financial resources is based on the forecast of similar income balance items, taking into account the need to reduce the deficit of a certain budget and a possible reduction in government spending. Whenever possible, expenditures in the territories of the constituent entities of the Russian Federation are taken into account in the process of estimating expenses thanks to the resources of the state budget. This is associated with certain difficulties, because part of the resources of the state budget is distributed among the regions by federal ministries and departments and goes to the recipients of the resources, passing through the budgets of the subjects of the Federation. In connection with these costs, they are assumed taking into account the expert assessment of such resources.

The deficit of the balance of financial resources cannot be equal to the deficit of a certain budget, because the balance takes into account all incomes that are received in the corresponding territory, and all expenses in this territory. The balance deficit reflects the deficit of all financial resources in the complex, and not just budgetary ones. At the same time, when forecasting the balance deficit, they rely on provisions that limit the budget deficit, take into account the directions of the state budget policy to save public spending and achieve a deficit-free budget.

Therefore, in the process of preparing the balance of financial resources, measures are being developed to reduce costs and possibly reduce costs. Sources of repayment of the balance deficit can be attracted resources, both internal and external: loans from credit institutions, government loans, government loans, etc.

2. Analysis of the state financial resources of the Russian Federation

2.1. Sources of formation of state financial resources of the Russian Federation

The volume and structure of financial resources are directly related to the level of production growth: the larger the scale of production and the higher its result, the greater the volume of mobilized and applied financial resources. The financial resources of the Russian Federation include the following links in financial relations:

the state budget system;

extrabudgetary special funds;

State loan;

These three blocks of financial relations belong to centralized finance and are used to regulate the economy and social relations at the macro level. The financial relations of enterprises belong to decentralized finance and are used to regulate and stimulate the economy and social relations at the micro level.

The financial relations that develop between the state and enterprises, organizations, institutions and the population are called budgetary. The specificity of these relations as part of financial ones is that, firstly, they arise in the distribution process, in which the state (represented by the relevant authorities) is an indispensable participant, and, secondly, they are associated with the formation and use of a centralized fund of funds. , designed to meet national needs .

Budget relations are characterized by great diversity, since they cover different areas of the distribution process (between sectors of the economy, spheres of public activity, sectors of the national economy, territories of the country) and cover all levels of management (federal, republican, local).

In the process of functioning, budgetary relations receive their corresponding material and material embodiment; they are materialized (embodied) in the budget fund of the country, which has a complex organizational structure. The specific value of the budget fund, which reflects the degree of centralization of financial resources in the hands of the state, depends on a number of factors: the level of economic development; management methods at enterprises, organizations, institutions; economic and social tasks solved by society, etc.

The totality of budgetary relations in the formation and use of the country's budgetary fund constitutes the concept of the state budget. In terms of economic essence, the state budget is monetary relations that arise between the state and legal entities and individuals regarding the redistribution of national income (partially - and national wealth) in connection with the formation and use of a budget fund intended to finance the national economy, social and cultural events, needs of defense and public administration. Thanks to the budget, the state is able to concentrate financial resources on decisive areas of economic and social development.

Being an economic form of existence of real, objectively determined distribution relations, fulfilling a specific public purpose - to meet the needs of society and its state-territorial structures, the budget can be considered as an independent economic category. This category, being part of finance, is characterized by the same features that are inherent in finance in general; but at the same time it has features that distinguish it from other areas and links of financial relations. Features include the following:

The state budget is a special economic form of redistributive relations associated with the separation of a part of the national income in the hands of the state and its use in order to meet the needs of the whole society and its individual state-territorial formations;

With the help of the budget, there is a redistribution of national income, less often - national wealth between sectors of the national economy, territories of the country, spheres of public activity;

The proportions of the budgetary redistribution of value, to a greater extent than in other parts of finance, are determined by the needs of expanded reproduction as a whole and by the tasks facing society at each historical stage of its development;

The area of ​​budget distribution occupies a central place in the composition of public finances, which is due to the key position of the budget in comparison with other links.

The view of the budget as an economic category was not immediately recognized. Only in recent years has the prevailing point of view become, according to which the state budget, from the standpoint of economic essence, can be considered as an independent economic category, and from the standpoint of the legislative establishment of the financial base of the state, as its financial plan.

The essence of the state budget as an economic category is realized through distributive (redistributive) and control functions. Thanks to the first, there is a concentration of funds in the hands of the state and their use in order to meet national needs; the second allows you to find out how timely and fully the financial resources are at the disposal of the state, how the proportions in the distribution of budgetary funds actually add up, and whether they are effectively used. Features of the state budget as an economic category leave their mark on the functions it performs. The content of functions, the scope and object of their action are characterized by defining specificity.

The scope of the distribution function is determined by the fact that almost all participants enter into relations with the budget. social production. The main object of budgetary redistribution is net income; however, this does not exclude the possibility of redistribution through the budget and parts of the cost required product and sometimes national wealth.

The control function lies in the fact that the budget objectively - through the formation and use of the state's fund of funds - reflects the economic processes taking place in the structural links of the economy. Thanks to this property, the budget can "signal" how financial resources come into the state's disposal from different business entities, whether the size of the state's centralized resources corresponds to the volume of its needs, etc. The basis of the control function is the movement of budgetary resources, reflected in the relevant indicators of budget revenues and expenditure assignments.

The state budget has always been an important tool for influencing the development of the economy and social sphere. With its help, the state, carrying out the redistribution of national income, can change the structure of social production, influence the results of management, carry out social transformations, etc.

The budget can have a great influence on the country's economy due to the fact that it can be used in the interests of accelerating scientific and technological progress. Creation of a fundamentally new mechanism for budget financing of science, improvement state system training and retraining of personnel, the use of a preferential tax regime in terms of taxing profits from the sale of new types of products, and similar budgetary measures are designed to stimulate scientific discoveries and new technical achievements, reduce the time for their introduction into production, and, as a result, serve as a catalyst for accelerating scientific and technological progress .

Budget revenues express the economic relations that arise between the state and enterprises, organizations and citizens in the process of forming the country's budget fund. The form of manifestation of these economic relations are various types of payments by enterprises, organizations and the population to the state budget, and their material and material embodiment is the funds mobilized to the budget fund. Budget revenues, on the one hand, are the result of the distribution of the value of the social product among the various participants in the reproduction process, and on the other hand, they are the object of further distribution of the value concentrated in the hands of the state, because the latter is used to form budget funds for territorial, sectoral and targeted purposes.

The basis for the growth of financial resources is the growth and improvement of production.

Factors that affect the amount of financial resources:

The total amount of profit, which depends on the size of production and sales of products, the price index, the amount of costs, structural shifts in the production of products, the services provided and the work performed

The amount of taxes, which depends on the rate indicator, the amount of taxable trade, the indicator of tax benefits, compliance with tax discipline

The volume of mandatory payments, depending on the indicator of insured tariffs, / indicator of benefits.

The main types of financial resources of the state include:

1) Loans from the IMF and other international organizations, plus domestic loans from the Central Bank.

2) Taxes.

3) Deductions to off-budget funds.

4). Company payments to the local budget.

5) Others.

The composition of the financial resources of the state and their form are presented in Table. 2.1.

Table 2.1 - Composition of financial resources

Type of financial resourcesLevelSublevelForm of financial resourcesOwn financial resourcesmacro-state income from leasing and selling state and municipal property; income from the activities of state, municipal unitary organizationsmicro-economic entityauthorized capital, profits, depreciationhouseholdsalary, income from the sale of personal propertyFinancial resources Mobilized in the marketmacro-statesissuance of securities and paper money, state creditmicro-economic entitysale, purchase of securities, state credithouseholdsReceived in order of allocation financial resourcesmacro-governmenttaxes, fees, paymentsmicro-business entityinterest and dividends on securities issued by other ownershousehold

AT financial resources include:

Own resources:

a) at the level of organizations and households - profit, salary, household income;

b) at the state level - income from state enterprises, privatization, and in addition from foreign economic activity;

Mobilized in the market:

a) at the level of organizations and households - the sale and purchase of securities, a bank loan;

b) at the state level - issuance of securities and money, state credit;

Resources received in the order of distribution:

a) at the level of organizations and households - interest and divi dendy on securities issued by other owners;

b) at the state level - mandatory payments.

The financial resources united by economic agents have different directions of their application. If centralized financial resources are spent, as a rule, on national and municipal purposes: for the maintenance of the state apparatus, meeting the social needs of society, ensuring the functioning of the area of ​​circulation, then decentralized - for purposes that are related to the needs of business and family.

Back at the end of 2011, as a result of the ongoing decline in the domestic economy and the threat of massive bankruptcies in the Russian banking system, the Central Bank began to provide limited lending to domestic market. Here is what the head of the Central Bank himself said about this:

The significance of this fact cannot be overestimated. In addition to Western securities, the assets of the Central Bank included liabilities of Russian banks, and I noted this earlier in a separate publication. This, one might say, was a historical moment, although the actions themselves were obviously dictated by force majeure, and not by some kind of decision to exit the colonial regime. Subsequently, the situation returned to the previous one, when the volumes of Western lending reached their previous levels.

But back in July 2012, it was reported that banks in July for 317 billion rubles. (+14.5%) increased the volume of borrowings from the Central Bank, bringing the debt to it to 2.577 trillion. rub., according to the statistics of the regulator. The debt to the Central Bank reached its annual maximum precisely on July 31 and now amounts to 5.7% of all assets of the system,

Like a month earlier (in June, an increase of 32.7%) was recorded, the resource base of banks expanded largely due to borrowings from the Bank of Russia, the regulator itself admits. The loan portfolio of banks increased by 372 billion (+1.4%) and exceeded 25.7 trillion. rub. Thus, banks continued to attract funds from the Central Bank to increase lending.

If we look at the balance sheet of the Central Bank at that moment, we find that foreign securities in the gold reserves were worth 14.964490 trillion. rubles, but the amount of cash (6.809902 trillion) and funds on accounts (9.635604 trillion) amounted to 16.445506 trillion, that is, by 1.481016 trillion. more rubles. Which means nothing more than an additional emission of money that goes beyond the usual buying of petrodollars.

The fact that the issue of money went beyond the gold reserves indicated that the Central Bank had gone beyond the formal boundaries of the currency regime. This was also noted in a separate publication. However, the fact that such an exit did not exceed a few percent of the total money supply indicates that in general the situation remained the same - there was an obvious shortage of money in the economy and the Central Bank eliminated only an acute peak of liquidity shortage to stabilize the situation.

Lending rates in the interbank market remained within 7% (MIBOR 30), which was twice as high as the pre-crisis rates of 2005-2006:

However, the tendency to increase lending to Russian banks by the Central Bank was still growing. By the end of 2012, the volume of loans amounted to 3.4 trillion. rubles. In 2013, the Central Bank reduced this level to 2.7 trillion. by the end of May, and then again began to increase. In December 2013, they amounted to 4.2 trillion. rubles, and in July 2014 reached almost 6 trillion.

If we compare the volume of gold reserves and money supply at the same time, we get the ratio of 15.878 trillion. rubles (GFR = gold + securities of foreign issuers) and 18.625 trillion. rubles of emission (cash + funds in the accounts of the Central Bank). The difference will be 2.747 trillion. rubles - this is the amount that removes the Central Bank from the framework of the currency regime.

It is no longer secured by foreign exchange reserves, but by the obligations of Russian banks. So far, this share is not large and has little effect on the level of monetization, but the trend is clearly positive and allows us to say that Russia is gradually getting rid of the colonial regime and forming an independent financial system.

3. Problems and prospects of state financial resources of the Russian Federation and their role in economic development

3.1. The main problems of the financial resources of the state

Russian budget expenditures in 2018, according to preliminary calculations, will amount to 13.98 trillion rubles. rubles, and income 13.6 trillion rubles. Earlier, in the budget for 2017 and the planning period of 2018-20159, it was said that the state budget expenditures would be at the level of 14.2 trillion. rubles, and revenues will amount to 14.02 trillion. rubles.

A similar reduction occurred with the plan for 2017. Expenses amounted to 15.36 trillion. rubles, and revenues to the treasury were at the level of 14.5 trillion. rubles. Previously, revenues and expenses under the plan amounted to 15.6 trillion. rubles. In 2018, Russia is also waiting for a deficit budget: spending 16.39 trillion rubles, and revenues of 15.9 trillion.

The budget deficit will be covered by increasing the public debt from 12.3% in 2015 to 14.3% by 2018.

The materials of the Ministry of Finance also indicate that due to the gradual reduction in duties on oil and oil products, the Russian treasury will lose 444 billion rubles, but the increase in the tax on mineral extraction will bring 618 billion rubles to the budget.

In addition, it was previously reported that, according to the calculations of the financial department, the salaries of officials and the military will fall under the cut. This does not mean that they will fall, they simply will not be promoted, as was originally planned. Also, the government may try to save on pensions. If earlier Russians were offered to choose between 6% of the funded part or 2% of their salary, now there is a choice between 6% and a zero funded part.

The Ministry of Finance has begun revising the budget for the next 3 years against the backdrop of a slowdown in Russia's economic growth and stagnation in industry. In mid-September, it became known that the government decided to reduce all unprotected items of the state treasury by 5-10% in order to free up money and redirect it to more important needs. At the same time, the president asked not to call it a budget sequestration. The conditions that prevail today Russian practice, according to various estimates, are still in the nature of a transitional economy. Thus, the relations that arise in the process of formation and further spending of financial resources are the most important and relevant. In order to reveal weak sides of these processes, as well as to find ways to improve their mechanisms, an analysis should be carried out based on the statistical data of past years. The use of financial resources by public authorities and local self-government for the current 2015 and planned 2016 is mainly focused on fulfilling the social obligations of the state, taking measures to maintain the long-term sustainability of the country's pension system, financing large-scale projects, as well as effective management financial resources of the state. The budgetary policy of the state is aimed at achieving the strategic goals of the country, which are contained in such legal acts as decrees of the President of the Russian Federation and the Concept of long-term social - economic development Russian Federation for the period up to 2020 and others. The main objectives of the budget policy for the current and planned years this is, firstly, reducing the risks of imbalance in all budgets of the budget system of the Russian Federation, reducing the role of external economic factors in the federal budget revenue items, allocating additional allocations to improve the system of remuneration of employees of federal institutions, increasing the amount of pension payments and benefits every year, financing scientific activities and other. According to the long-term budget policy, it is also planned to reduce federal budget expenditures by 1.5%, then by 4.8% and 2.4% compared to previous years. State borrowings and proceeds from the processes of privatization of federal property these resources in the period from 2015 to 2016 will be the main source of budget financing. 2015 is forecast to double these resources. However, current trends in the use of financial resources are aimed at reducing many classic items of government spending, such as education and health care. This is due to the receding into the background of less priority expenditure items, which give way to expenditures that create favorable conditions for the budget system of the Russian Federation. However, according to the Main Directions of the Budget Policy, the expenditures of the consolidated budgets of the regions should increase to 39%, and the expenditures of the same regions on education should be equal to 40.5% of all regional expenditures. The expenditures of the consolidated budgets themselves should increase to 26% compared to previous periods. The question arises: how to increase the amount of expenses for several items without finding additional sources of income. The most inefficient but most popular solution reduction of other expenses. Improving the efficiency of the use of financial resources a long-standing problem of the state, which concerns all levels of the budget system. One of the measures to achieve improvements and obtain efficiency is the creation and adoption of policy documents. A case in point is the Efficiency Improvement Program budget spending for the period up to 2012, which was approved by the President of Russia. With its help, new “budgetary rules” were introduced, a reform was carried out regarding state and municipal institutions. Another achievement of this program is the fact that the concept of "Electronic budget" was approved. However, the problem is not completely solved, and problems remain open related to further reforming the budget process and control of the state and municipal level, the provision of services by the state, improving the use and distribution of interbudgetary transfers, and improving the legal framework for the state's financial relations. For this reason, it is important to adopt documents at the federal level that are focused on long-term development and perspective. These documents include the budget strategies of the Russian Federation, the essence of which is to make a forecast of the economic and social development of the country. As soon as the forecast is made, it will be possible to predict economic processes and regulate budget and tax policies. A very important role is played by the management of financial resources at the level of certain territories of the country, where the principle of independence gives the right to local governments to manage the financial resources of the regional budget. To achieve efficiency in the activities of local self-government bodies, the following decisions must be made: 1) reduce financial assistance from the federal budget to the budgets of the constituent entities of the Russian Federation. 2) improve the quality of financial management in the subjects. Despite the fact that there is practically no deficit in the budgets of state off-budget funds, they need to be improved and more efficient from the use of their budget revenues. So, for example, the long-discussed problem related to the issuance of pension payments has found its solution. The State Duma adopted laws on pension reform, which introduce a new procedure for calculating pension payments in 2015. It is assumed that the bar will be raised gradually and in 10 years will reach the value of 15 years. In other words, the new system provides choice and clearly delineates the requirements for a particular amount of pensions. Thus, in order to obtain effective results from the expenditure of certain state and municipal financial resources, it is necessary to carry out reforms, allocate priority expenditure items, approve socio-economic programs, adopt strategies, and also reduce the share of transfers to stimulate the own revenues of budgets of all levels of the budget system. RF. The Budget Code gives the following definition of the budget: the budget the form of formation and spending of the fund of funds intended for financial support of the tasks and functions of the state and local self-government, the costs incurred through lending to the Bank of Russia The state budget and its role in the economy The Budget Code of the Russian Federation considers the budget as a form of formation and spending of the fund of funds, which should be intended for financial support of the functions and tasks of the state and local self-government. According to the Budget Code of the Russian Federation, the budget this is a form of education and spending of funds intended for financial support of the tasks and functions of the state and local self-government. According to Art. 6 of the Budget Code of the Russian Federation, the budget system is a set of budgets of all levels and state extra-budgetary funds based on economic relations and state structure. The Budget Code gives the following definition of the budget: the budget a form of formation and spending of a fund of funds intended for financial support of the tasks and functions of the state and local self-government.

There are the following main risks of socio-economic growth in 2018-2019:

1) achieving an unsatisfactory indicator of the forecasted values ​​of the volumes and rates of GDP growth, including due to possible difficulties attraction of financial resources in order to ensure the planned indicator of domestic demand;

2) lower prices for oil and natural gas on world markets, due to both a possible slowdown in the growth of the global national economy and the development of alternative technologies for oil and gas production in countries that are traditional importers of these types of resources;

3) deviations of the ruble exchange rate against the US dollar from the predicted levels, due to the high dependence of the national currency exchange rate on the state of the global national economy and financial markets;

4) achievement of an unsatisfactory indicator of the expected growth in investment activity, including due to the continued high dependence of the growth rate of investments in fixed capital on the dynamics of investments in the fuel and energy and transport complexes;

5) achievement of an unsatisfactory indicator of target inflation levels, which are associated with a possible more necessary than predicted weakening of the ruble against the US dollar, rising prices for food and housing and communal services. However, despite some negative trends in Russian financial policy, the ongoing reforms open up broad prospects for the development of both the public and private sectors of the economy.

Many elements of state policy, including in the budgetary and tax spheres, are not yet fully focused on stimulating innovative development countries. The formation of conditions for modernizing the economy and changing the model of economic growth has not been completed. For the country's budget system, risks remain due to the high dependence of the economy and, accordingly, budget revenues on foreign economic conditions.

Summing up all of the above, it can be noted that the implementation of a rational and responsible financial policy is a necessary condition for the proper functioning of the Russian economy and, consequently, the implementation of the country's strategic development priorities.

3.2. Factors of growth of the financial resources of the state at the present stage

The current growth rate of nominal incomes of the population is about 8% per annum (as of October), for the first 10 months incomes grew by 8.5% compared to the same period last year. By December, the growth rate of nominal income will slow down somewhat (up to 6-7%) and slightly increase to 8-9% by March. But these are nominal incomes. Considering inflation, it's much worse.

At the end of October, real incomes fell by 0.5%, in November the fall was already by 1.5% (according to updated inflation data), in December the decline will accelerate to 3% (same as during the 2008 crisis). According to the official data of Rosstat, by the end of November inflation is already 9.1% per annum. By the end of December, at best, 10.3%, but it could be worse. By March, revenues could fall as much as 5%, the worst since the 2008 crisis.

Actually, below is a comparison of the rates of change in nominal and real incomes of the population (starting from November, my estimates of income changes)

In the public sector, among the majority of the category of state employees and officials, incomes (in the first 4 months of 2015) either remain at the level of 2013, or are moderately indexed by 6-10%, which is not enough to compensate for price increases. Due to the stagnation of the economy and the drop in oil and gas revenues, there is simply no money in the budget for large-scale injections, banknotes and wage growth.

In business, the mood is pessimistic, and against the backdrop of falling demand and business profitability, even a 5-7% nominal increase in wages can be a success.

By the way, there is an unambiguous correlation between real incomes and expenses.

On the graph, the real expenditures of the population from the GDP report and real incomes (according to my calculations, using nominal incomes and inflation).

For expenditures, the data is only for the 2nd quarter, but knowing the trends in income, it is possible to estimate the potential change in household expenditures. Following the above-illustrated correlation, in the first half of 2015 there may be a drop in household spending by 5-7%. The mood of the population, in general, is cautious and suspicious, which will contribute to an increase in the savings rate, fearing dismissal and loss of a source of income.

Lending to the population (as almost the main driver of increasing consumer activity over the past 2 years) slows down to 12-15% in December this year (in 2012 there was a 45% increase, in 2013 about 30%). In the first half of 2015 lending may slow down to 5% growth.

deflationary trends. Decrease in rates of crediting, increase in rate of savings, extremely suppressed demand. This, by the way, will limit the rampant prices in 2015, i.е. above 15-18% inflation is unlikely to rise.

Russia are increasingly being introduced into the budget process financial instruments and mechanisms focused on the implementation of the above priorities of the state financial policy, such as:

application of budgetary rules regarding the use of oil and gas revenues of the federal budget;

formation of federal budget expenditures in the structure of state programs;

attracting significant volumes of government domestic borrowings, leveling the growth in the cost of servicing the public debt.

Although the initial draft of the federal budget for 2015 and for the planning period was calculated on a conservative assessment of the main macroeconomic indicators of the Russian economy, in comparison with the indicators of previous budgets: a slowdown in economic growth, a lower level of world oil prices, a depreciation of the ruble against the US dollar and continued outflow of capital from the country. The real economic situation has destroyed even these very conservative forecasts.

Today, when developing the draft budget, an adequate assessment of the likelihood of negative scenarios was not given, which could significantly increase the risks for the Russian economy. And therefore, the approach of the full functional dependence of the Russian economy on the state of foreign markets for raw materials was again implemented in the budget.

In recent years, Russia's growth potential was estimated by most experts at a low 2-3%, in 2013 GDP growth was 1.3%, and its slowdown in 2014 was even more significant and the growth was only 0.6%. In such a situation, according to experts, questions about ways to stimulate the economy come to the fore.

Now, when the state is limited in resources, the tasks of development still need to be solved, but now under the conditions of sanctions and, focusing on import substitution programs. It is clear that fiscal stimulus has its limits. By stimulating demand, we should not stimulate asset bubbles, we should not stimulate inflation.

But when we talk about state demand, we must remember that we are introducing a federal contract system, and this is the rule for organizing this demand. Development of import substitution this is also an additional demand for the products of domestic manufacturers.

All export support measures this is also an additional demand from the outside world for the products of our enterprises. current situation it is important to use it for the rapid increase in domestic production, however, import substitution should be considered as a largely forced measure and not elevated to the rank of a strategy, we should not close ourselves off from global competition.

Of course, in the context of limited public financial resources, we should also talk about revising the mechanisms for financing budget expenditures. Unfortunately, even today we are at the initial stage of reformatting budget expenditures from a departmental expenditure structure into a programmatic configuration for presenting the federal budget.

We have to state that a full-fledged system of state programs, which allows, with the help of a set of interrelated measures and intersectoral interaction, to achieve the set goals and solve the planned tasks, has not yet been formed. State target programs it is still, in fact, the old tasks of the old goals and old programs reformatted to meet the new requirements of the budget process.

The problem is that the transition to the program principle implies the need to change the very system of decision-making that ensures real competition between state programs. That is, more effective programs should be eligible for more increased funding because they are producing results. Less effective programs that do not give results, in theory, should be curtailed.

Of course, over the past few years, some progress has been made in building a system of economic rules: they created a budget rule, moved to new rules of organization public procurement on contract system, in the monetary sphere, they practically switched to inflation targeting. This creates the prerequisites for achieving a balanced budget in the long run.

But at the same time, the coordination of these rules this is a problem that is still waiting to be solved. Moreover, within the "rules" themselves there are certain contradictions.

Thus, the impact of the slowdown in economic growth and the corresponding slowdown in the growth of budget revenues through the budget rule activates its impact on changes in the expenditure side of the budget, significantly restraining them.

If we take into account that a certain part of the economy's expenditures is artificially slowed down within the framework of the budget rule, it is clear that in this case not only inflationary processes, but also economic growth will naturally slow down.

As a kind of leveling of this influence, a general statement is introduced that in the near future the main source of increasing budget expenditures this is a source associated not with their absolute increase, but with the optimization of budget expenditures (both structural and technological) and an increase in their efficiency.

The reserve ruble mechanism as a means of increasing the country's financial resources. For the domestic economy, the internationalization of the ruble brings with it both benefits and costs. The most obvious advantages of the internationalization of the ruble include the following.

The most important positive consequence of the transformation of the ruble into a reserve currency is its inclusion in the processes of redistribution of global capital. In other words, Russia will regularly receive a significant additional inflow of long-term investments, and consequently increase the volume of financial resources. The redistribution of global capital between reserve currencies means providing significant advantages in global competition to those countries that issue currencies used by global investors as reserve ones. These advantages are realized in the form of additional resources for the development of enterprises in a given country, the acquisition of assets in other countries, for additional growth in the welfare of the population, etc. Therefore, the presence of a currency in Russia, considered as a reserve, is extremely important for enhancing its role on the world stage, sustainable socio-economic development, and the growth of the living standards of citizens.

In addition, other important positive consequences of the transformation of the ruble into a reserve currency should be noted. Cost minimization foreign trade. In connection with the transfer of contracts into rubles, the costs of exchanging currencies disappear. Foreign exchange risks for residents no longer exist, which allows more reasonable investment planning. Transaction costs (associated with foreign exchange and hedging operations, international payments and management of accounts in different currencies) are reduced.

Transparency of foreign trade and financial market conditions. Prices become more transparent, as it is easier for counterparties within the ruble's zone of influence to compare them, which contributes to increased competition. In addition, the transparency of pricing in financial markets is increasing. In international lending and investing in rubles, priority is given to assessing credit rather than non-currency risk.

Reduced volatility of export earnings. Currently, due to the fact that export contracts are denominated in dollars or euros, ruble revenue depends on exchange rate fluctuations. After the transfer of foreign trade to rubles, export earnings will stabilize, and, as a result, the volatility of economic growth will decrease. In addition, trade volumes within the zone of influence of the ruble (in the CIS) are stabilizing.

Increasing the size of the financial sector. Since significant amounts of ruble resources will be kept on accounts in Russian banks, their ruble liabilities will increase. The inflow of capital into the country for the purchase of reserves by foreign investors will lay the foundation for the growth of foreign liabilities and assets of the banking sector denominated in rubles.

Development of the market for long-term instruments. Choosing the ruble as a reserve currency, foreign central banks will be interested in acquiring long-term debt obligations with high credit rating. Thus, they will contribute to the formation of a market for conservative investors and ensure the demand for long-term instruments, which are in short supply in Russia.

Decreased financing costs. An increase in the size of the banking sector will lead to a discount (negative premium) for liquidity. Thanks to the influx of foreign capital, interest rates will decrease in the capacious and liquid ruble market.

Increasing the resilience of the national economy to external shocks. The growth of the banking sector and the strengthening of the securities market will contribute to greater stability of the national economy. Problems with the current financing of its development will disappear, which will reduce the country's vulnerability to external shocks.

Financing the trade deficit. Covering a hypothetical trade deficit is easier because capital flows are denominated in the same currency as current payments. Russia will be able to finance this deficit freely by issuing ruble-denominated debt instruments.

Minimizing the costs of Russian citizens traveling abroad. When traveling abroad with tourist or business purposes it will be possible to exchange the ruble for local currency easily and with minimal exchange rate losses on the cash market of the countries that are Russia's main partners. In addition, Russian citizens who are consumers of imported goods and services will receive additional savings when purchasing these goods and services due to the fact that the ruble will appreciate steadily. At the same time, the status of a reserve currency carries with it serious costs. For this reason, a number of countries, including Japan and China, do not encourage or even prevent the spread of national currencies outside their economies.

The main negative consequence of the ruble receiving the status of a reserve currency is the inevitable strengthening of the ruble exchange rate, leading to a weakening of the competitive advantages of Russian producers. Other negative consequences of obtaining the status of a reserve currency by the ruble should also be pointed out. Conclusion

Financial resources are monetary resources that are administered by the state, local governments and entrepreneurs, used by them for the purpose of expanded production, meeting the socio-cultural needs of society and for the state to fulfill its goals.

The volume and structure of financial resources are directly related to the level of production growth: the larger the scale of production and the higher its result, the greater the volume of mobilized and applied financial resources.

The complicating economic and political situation will inevitably lead to the need for the growth of public, mainly state finances. The growth of budget expenditures will be affected by the growing need for financial resources for large investments in the modernization of production, in the development of new technologies, in the training of personnel. In other words, stimulating the economy must inevitably become costly for the country's consolidated budget.

Of course, one should not simplify the problem by reducing it only to the need to increase budget expenditures. One of the key choices facing the government it is the choice of a policy aimed at maintaining economic growth through current consumption, or a policy of sustainable growth, which assumes a proportional distribution of costs between current consumption and investment in infrastructure (“investment in the future”). But, of course, now is the time when we should think more about the mechanisms to support the proposal.

Budget policy should be oriented not only to ensure the current life of society, but also to create prerequisites for future development. It is in the future structure of the economy that new sources of income are formed not only for corporations, but also for the budget. From this point of view, infrastructure development is one of the key conditions for increasing total factor productivity (labor productivity, return on private capital, etc.) and creating prerequisites for long-term sustainable growth.

For many years, one of the main focuses of Russian budget policy was considered to be the stability of public finances, which was ensured by a low level of public debt, as well as the accumulation of sovereign funds.

The structure of the use of GDP testified that in Russia there is a fairly large reserve of unsatisfied consumer demand. Accordingly, artificial containment of the use of GDP for final consumption formed a niche of consumer demand, which was covered by the growth of imports.

Today, in the context of sanctions that have largely provoked a sharp depreciation of the ruble, excessive dependence on imports has led to many economic problems that could well have been avoided.

The financial policy of the state occupies a significant place in state activities and is a fundamental element in the financial management system. For the proper functioning of the state economy, it is necessary to conduct a balanced financial policy within the framework of the country's economy.

The rate of development of industry depends on the degree of its rationality. Agriculture, transport, communications and other industries, as well as subjects of the Russian Federation. Therefore, an important and relevant direction is the definition, analysis and study of financial policy problems, as well as the search for optimal ways to solve these problems.

In line with these issues and strategic development The Russian Federation defines the following goals and objectives:

Decrease in public debt;

Stabilization of the national currency and reduction of inflation rates sequentially from year to year

Transition to medium-term planning;

Balanced budgets of all levels and state off-budget funds;

Improving the model of budgetary federalism;

Increasing the reliability and reliability of economic forecasting;

Increase in the volume of subventions to the regions from the federal budget for the implementation of the federal powers transferred to them

The need to revise fiscal policy.

Thus, through these goals and objectives, it is necessary to ensure the balance and sustainability of the budget system, strengthen its role in stimulating long-term economic growth and raising the standard of living of the population, accelerating the country's innovative development and forming a sustainable pension provision mechanism for the long term.

Undoubtedly, the policy pursued by the government in the field of finance is ambiguous. It has both positives and many negatives. Political aspects of economic decisions have a large, often negative impact on it.

List of sources used

1. The Constitution of the Russian Federation (adopted by popular vote on December 12, 1993)
2. Budget Code of the Russian Federation dated July 17, 1998 (subject to subsequent amendments and additions)
3. Civil Code Russian Federation (Part I) of November 30, 1994 No. 51-FZ.
4. Civil Code of the Russian Federation (Part II) of January 26, 1996 No. 14-FZ.
5. Tax Code of the Russian Federation (Part II) dated August 5, 2000 No. 117-FZ.
6. Babich, A.M. State and municipal finance: textbook. for universities [Text] / A.M. Babich, L.N. Pavlova. M.: UNITI, 2009. 688 p.
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8. Burkhanova I. V. The budget system of the Russian Federation. Lecture notes [Text] / I. V. Burkhanov. M.: Eksmo, 2011. - 160 p.
9. Zharkovskaya, E.P. Finance: textbook. allowance [Text] / E.P. Zharkovskaya, I.O. Arends.-M.: Omega-L, 2011. 400 p.
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17. Finance: textbook / team of authors; under. ed. E. V. Markina. M.: KNORUS, 2014 - 432 p.
18. Official website of the Bank for International Settlements. Access mode. URL:#"justify">Official website of the Bank of Russia. Access mode. URL: #"justify">Official site of the Russian federal publication Gross domestic product. Kolganov A., Guidelines for the financial system of Russia // #"justify"> Rating agency "EXPERT RA" http://raexpert.ru
19. Federal Tax Service: http://www.nalog.ru/
20. federal Service State statistics of the Russian Federation: www.gks.ru

Financial resources are complex economic category, which cannot be fully identified with money. It is quite difficult to single out a clear criterion on the basis of which it is possible to establish quantitative boundaries of financial resources and characterize their difference from cash.

Determining the essence of financial resources, it is advisable to proceed from their functional purpose in the process of expanded reproduction. This process is characterized by the movement of commodity and money masses. It consists of several stages, at each of which commodity and cash flows correspond to each other in different ways.

On the primary stages of GDP movement (production) and ultimate(consumption) cash flows mediate commodity flows. On the stage distribution and redistribution the monetary form of GDP acquires a relatively independent movement, since it is at this stage that financial relations arise. As a result, various monetary funds are formed, they are regrouped, and final incomes are formed.

Thus, part of the cash flow 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 (from the buyer). Another part of the turnover connected with the needs of expanded reproduction of GDP. This part of the money turnover represents financial flows, that is, the movement of those funds that can be spent on the development of the national economy and the satisfaction of national and social needs. Consequently, a specific feature of financial flows (as opposed to cash flows) lies in their non-equivalent nature. It is finances in the process of distribution and redistribution of GDP that generate an independent movement of money. Based on the foregoing, we can give the following definition of financial resources.

Financial resources – is a set of cash funds that serve financial relations and are at the disposal of the state, business entities and households.

They concentrate in two blocks :

1. Decentralized financial resources that are created at the micro level (enterprises, households);

2. Centralized finance resources, which are created at the macro level (state).

The financial resources include:

Own funds, which are formed by state (municipal) authorities and economic entities as a result of their performance of their functional duties, production and other financial and economic activities. These resources take the form of own income and financial reserves. For - these are incomes from state enterprises, privatization, foreign economic activity. For organizations and households- this is profit, reserve funds, income from individual entrepreneurial and labor activities.

Funds mobilized in the financial market which are attracted on a repayable and paid basis (state (municipal) loans, budget loans, corporate loans (bonds), bank loans, accounts payable, etc.).

Funds received in the order of redistribution, which include all types of external revenues involved by subjects on a gratuitous, irrevocable and free basis and formed in the process of redistribution of GDP and ND. For state and local governments- these are all mandatory payments (taxes, fees, duties), intergovernmental transfers, gratuitous financial assistance from other states. For organizations and households- these are grants, subsidies, social payments, gratuitous financial assistance, etc.

The concept of financial resources in our country was first introduced in 1928 when setting the objectives of the first five-year plan for the development of the national economy of the USSR (five-year plan from 1928 to 1932).

There is no single definition of this concept and this is due to the practical volume of this phrase. A wide variety of financial resources and their compositions are allocated because of this, various directions economics give different definitions of this concept.

If we try to combine all these areas, we can conclude that financial resources are all the funds that an enterprise (organization, state) has to carry out its activities and maintain financial stability.

Properties of financial resources

In order to understand what financial resources are, it is necessary to establish the difference between the closely related concepts of “financial resources” and “enterprise capital”.

However, capital is a part of the financial resources of an enterprise, in addition to equity (cash, authorized capital, etc.) and borrowed capital (credits, loans, etc.), financial reserves include funds raised and the existing debt of counterparties, which is not managed to become part of the capital of the enterprise, but already constitutes a financial turnover.

As a result of a large list of components of financial reserves, they differ in a wide range of properties, in comparison with other financial performance activities. Among them are the main ones:

1. Close relationship between all components of financial reserves. No component is able to fulfill all the possibilities of reserves, thus, an enterprise (institution) cannot fulfill all possible development options only with its own capital, without attracting additional (borrowed) funds.
2. Interchangeability of all resource components. Enables an enterprise (institution) to carry out its plans, despite the lack of one or more types of financial opportunities. A temporary lack of net profit can replace a bank loan, and the absence of counterparty debt can replace budget allocations, etc.
3. Changing the shape of the components of financial reserves. All components of this type of enterprise resources are in constant circulation and tend to change their form and move from attracted to their own and vice versa. At the same time, within the framework accounting such a transition is not entrusted, and within the framework of economic planning, the funds of the financial reserve are constantly changing shape.
4. Exposure to economic influence. Financial reserves are highly susceptible to economic currency fluctuations such as inflation and devaluation. This suggests that this type of funds is presented, in most cases, in-kind cash or its equivalent, even if the company does not have cash, but there are loans and current receivables, which is the equivalent of natural (cash) cash .

Sources of financial resources

The main reason for the formation different types financial resources, is a wide variety of sources of their formation. In order to give a full assessment of the variety of this economic concept, it is necessary to understand the methods of obtaining these resources.

• Own. In this case, we are talking about all types of capital of the enterprise (authorized, reserve, etc.), retained earnings. In addition, always present accounts payable can be attributed to this source of financial resources.
• Attracted. The attracted sources include dividends and interest on securities and shares, additional contributions of the founders to the authorized capital, for example, share contributions.
• Borrowed. This source is the most diverse, since every year new sources are created to receive funds, with the subsequent return of the amount in installments.

Borrowed financial resources include:

• credit;
• loan;
• budget allocations;
• etc.

However, not always the listed sources will be able to generate the necessary finances. And the reason for this is the variety of enterprises. If you do not delve into the extensive structure of ownership in Russia, three main types of business entities can be distinguished:

• commercial enterprise;
• non-profit institution;
• state.

So for commercial enterprise, the purpose of which is to make a profit, the main source of financial resources will be sales proceeds.

For a non-profit institution that does not pursue the goal of increasing profitability and profits, the main source will be budget allocations.

The state, in turn, draws most of its financial resources from tax revenues, which for other types of subjects of the economic process are not a source of reserves, but an object of spending accumulated reserves.

Types of financial resources

In addition to the variety of sources for the formation of financial resources, there are several more criteria that divide them into several types.

Depending on the terms of attraction, financial resources can be:

• short-term (no more than 1 year);
• long-term (more than 1 year);
• perpetual.

The first two types are inherent in borrowed financial resources, such as credit, and the third type is typical for own, such as authorized capital.

There is also a variety of financial resources, according to the degree of availability:

• non-market;
• restricted resources;
• resources without limits.

Non-market resources include the funds of non-profit institutions and the state. Resources with limited access have additional requirements for obtaining and using them. It is customary to call resources without restrictions all possible loans and bank loans, as well as interest on securities.

Stages of formation of financial resources

In order to generate the required amount of financial resources, economists are developing a whole program to strengthen the economic position of an enterprise (institution) in the market and allocate financial reserves.

Such programs have a similar structure, which can be described in terms of main points of content.

Formation of the required amount of financial resources

In order to carry out this stage of the program, it is necessary to conduct a detailed analysis of the activities of the enterprise, while calculating the necessary amount of financial resources that could provide all the goals of the enterprise. Such goals may be strengthening in the market, competition for consumers or expansion of the sales sector.

In addition, it is necessary to analyze the sources of formation of financial resources with an assessment of their attractiveness for the organization. In other words, it is necessary to compile a list of all possible sources of obtaining funds and select from them the source with the most attractive conditions for the enterprise.

As a result, at this stage, economists determine the conditional amount of the financial reserve and the source of its formation, own funds or borrowed.

Development of effective use of the received volume of financial resources

Having determined the volume of the financial reserve, it is necessary to develop goals effective use accumulated funds. These goals should fully or partially, depending on the calculations, cover not only the economic needs of the enterprise, but also ensure its “social” development in the market. Also at this stage, the level of return of each goal is calculated after the injection of resources into it. Thus, enterprises can determine the amount of funds that will become renewable, through, for example, sales proceeds, and which will become irrevocable.

Increasing the profit of the enterprise

After the analysis and distribution of financial flows, identified reserves, it is necessary to carry out activities aimed at increasing the net profit of the enterprise, it is the net profit, and not the balance sheet, that is an “indicator” indicator of the use of financial resources.

However, it is worth remembering that measures to increase net profit carry an increase in economic risks associated with the activities of the enterprise (institution). This is an integral direct dependence in the economy, so the next step will be the regulation of financial risks.

Development of measures to reduce financial risks

Financial risks are very difficult to regulate if the condition is met - an increase in net profit. However, if before using the identified financial resources, the economists of the enterprise will carry out work on the predictive calculation of the results of economic activity, financial risks may be reduced to a minimum.

So the basic rule of thumb is this stage programs are qualitative analysis and advance programming of the stages of the organization's activities.

Development of systems for controlling the cash flows of an enterprise

This stage is not only an independent item of the program, but also one of the levers for reducing financial risks. Since it is the high-quality synchronization of received and retired cash flows that allows you to manage financial dependence on your counterparties.

Many economists (V.F. Garbuzov, L.A. Drobozina) argue that a decrease in the balance of unused funds of an enterprise contributes to an increase in net profit, without increasing financial risks.

This approach creates a duality of funds in the overall flow of financial reserves. On the one hand, they (cash) continue to meet the needs of the enterprise, on the other hand, the enterprise cannot allocate their balances to any specific amount.

Consolidation of the obtained results and strengthening of the company's position in the market

This stage is the most favorable development in the formation and use of financial resources. If all the conditions were taken into account and accurate calculations were made, then we can conclude that the enterprise will achieve positive results from the implementation of a program to strengthen the economic position of the enterprise (institution) in the market.

It should be noted that the last stage, in terms of strengthening the company's position in the market, is the first stage of the next program, which involves the next analysis and calculation of the company's financial resources.

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 of 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). More mobile labor resources, which can be seen from internal and external migration work force around the world on a significant 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 money) 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 the economic resources in relation to the enterprise, it should be noted that in modern economy the effectiveness of the 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, when speaking about aggregated, generalized concepts of "land", "capital" and "labor", the term "factors of production" is used, and when speaking about 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 set of own cash incomes 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, finance current costs associated with the expansion of production and economic stimulation.

The financial resources of the enterprise are presented in the form of its main 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 objective factor 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 the part of the income of a small business that is formed after deducting from total amount 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. A large proportion of borrowed funds makes the financial activity of the enterprise heavier with additional costs for paying interest on loans from commercial banks, dividends on shares and bonds, and complicates the liquidity of the enterprise's balance sheet.

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, material incentive fund, 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 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.

1. The concept, essence and functions of enterprise finance.

2. Sources of formation and direction of use of the financial resources of the enterprise.

4. Taxes and taxation of the enterprise.

The financial resources of an economic entity are the funds at its disposal. Financial resources are directed to the development of production, the maintenance and development of non-production facilities, consumption, and may also remain in reserve. The financial resources used for the development of the production and trade process represent capital in its monetary form.

Sources of financial resources are all cash income and receipts that an enterprise or other economic entity has in a certain period (or date) and which are directed to the implementation of cash costs and deductions necessary for production and social development:

Repair fund;

Insurance reserves;

Other own financial resources.

The authorized capital is the sum of the contributions of the founders of an economic entity to ensure its vital activity. The amount of the authorized capital corresponds to the amount fixed in the constituent documents and is unchanged.

Borrowed financial resources include:

bank loan;

Credit from another financial institution;

budget credit;

Commercial loan;

Accounts payable, constantly in circulation;

Other borrowed resources.

Borrowed capital - capital that the company owns only for a certain time, after which the capital must be returned to its owner with payment for temporary ownership.

The composition of borrowed capital, in addition to loans taken from the bank, also includes capital raised by the issuance of securities (except for shares), and machines, equipment, and buildings leased by the enterprise.

AT recent times in the foreign practice of financing capital investments, there is a steady trend in the use of borrowed funds. If in the mid-1960s the share of own sources in financing capital investments was 90%, by the mid-1980s it had dropped to 60%, and in some countries even to 50%. An increase in debt entails a deterioration in economic results. It is also believed that if a company increases its turnover by more than 20%, then it necessarily needs long-term financing.

The attracted financial resources include:

Equity funds in current and investment activities;

Share and other contributions of members of the labor collective, legal entities and individuals;

Insurance compensation;

Funds received from the sale of securities;

Share and other contributions of legal entities and individuals;

Accounts payable permanently at the disposal of the enterprise;

Credit and loans;

funds from the sale of a pledge certificate, an insurance policy and other cash receipts (donations, charitable contributions, etc.).

The balance sheet profit is the sum of profits from the sale of products, from other sales and income from non-sales operations minus expenses on them. The income tax rate in 1993 was 32%, since 1994 - from 35 (38) to 43%. At the same time, it should be borne in mind that income from equity participation in other business entities and income from securities are taxed at a rate of 15%. Therefore, these incomes must be separated from taxable income in a separate group. The reserve fund is created by business entities in case of termination of their activities to cover accounts payable.

The formation of a reserve fund is mandatory for joint-stock company, cooperative, enterprise with foreign investment. Allocations to the reserve fund and other funds similar in purpose are made until the size of these funds established by the constituent documents is reached, but not more than 25% of the authorized capital, and for a joint-stock company - not less than 10%. At the same time, the amount of deductions to these funds should not exceed 50% of taxable profit.

The accumulation fund is a source of funds of an economic entity, accumulating profits and other sources for creating new property, acquiring fixed assets, working capital, etc. The accumulation fund shows the growth of the property status of the economic entity, the increase in its own funds. At the same time, operations to acquire and create new property of an economic entity do not affect the accumulation fund.

The consumption fund is a source of funds of an economic entity, reserved for the implementation of measures to social development(except for capital investments) and material incentives for the team.

Depreciation charges are a stable source of financial resources, they are formed as a result of the transfer of the value of fixed assets to the cost of the product and, in aggregate, constitute the depreciation fund.

Decree of the President of the Russian Federation dated May 8, 1996 No. 685 "On the main directions of tax reform in the Russian Federation and measures to strengthen tax and payment discipline" from January 1, 1998, a new depreciation procedure is in effect.

Property subject to depreciation for tax purposes includes property whose value exceeds 100 times established by law RF minimum size wages, the useful life of which is more than one year. Land plots, subsoil and forest plots, as well as financial assets are not classified as property subject to depreciation.

All property subject to depreciation is grouped into four categories:

1) buildings, structures and their structural components;

2) passenger cars, light commercial vehicles, office equipment and furniture, computer technology, Information Systems and data processing systems;

3) technological, energy, transport and other equipment and tangible assets not included in the first or second category;

4) intangible assets.

Annual depreciation rates are: for the first category - 5%, for the second category - 25%, for the third - 15% for all taxpayers, with the exception of small businesses and entrepreneurs, in respect of which the annual depreciation rates increase and amount, respectively, for the first category - 6%, for the second category - 30%, for the third category - 18%.

In relation to intangible assets, depreciation deductions are made in equal shares during the period of use of these assets. If the period of use of an intangible asset cannot be determined, the amortization period is set at ten years.

Calculation of depreciation deductions for property referred to the first category is made for each unit of property separately.

A stable source of financial resources of an economic entity is accounts payable, which is constantly at its disposal. This is primarily wage arrears, deductions to off-budget funds associated with the wage fund, a reserve of future payments, and more. The formation of wage arrears is caused by the fact that between the period of its accrual and the day of payment there is a certain number of days for work, in which the business entity still has to pay employees. The reserve for future payments is formed by accumulating funds intended to pay for the upcoming vacations of employees. These funds do not belong to an economic entity or have a designated purpose. However, they are permanently kept by the economic entity, which disposes of them at its own discretion until the debt is repaid.

A share, or share contribution, is the amount of a cash contribution paid by a legal or individual upon entering into a joint venture.

The investment contribution is a tool for self-crediting the activities of an economic entity. An investment contribution is a monetary contribution of an employee to the development of a given business entity, which accrues interest to the investor in the amount and within the time specified by the agreement or regulation on the investment contribution.

Among borrowed sources of financial resources, a loan, a loan and a credit are distinguished.

A loan is a transfer of a thing by one party (the lender) for free temporary use to another party (the borrower), which undertakes to return the same thing in the same condition in which it received it, taking into account normal wear and tear or in the condition stipulated by the contract (Article 689 Civil Code of the Russian Federation).

Loan - transfer by one party (the lender) to the ownership of the other party (the borrower) of money or other thing defined by generic characteristics, and the borrower undertakes to return to the lender the same amount of money (loan amount) or an equal amount of other things received by him of the same kind and quality ( article 807 of the Civil Code of the Russian Federation).

Credit - provision by a bank or a credit institution (creditor) of money (credit) to the borrower in the amount on the terms stipulated by the loan agreement, and the borrower undertakes to return the received sum of money and pay interest on it (Article 819 of the Civil Code of the Russian Federation). Thus, with a loan, the lender is a bank or financial institution, and the subject of the loan is only money.

Loans are: financial, commercial, investment tax.

Financial loan - a loan issued by a bank or a credit institution on the terms of urgency, repayment, payment. Depending on the term, they are divided into short-term and long-term: short-term - issued for a period of up to one year, long-term - for a period of more than one year.

A commercial loan is a deferral of payments from one economic entity to another. Commercial loans are provided to an economic entity by suppliers of products (works, services) in the form of a bill of exchange loan, a company loan or an open account, and by a buyer to a supplier in the form of an advance payment.

An investment tax credit is a tax deferral granted by state authorities or tax authorities. The Law of the RSFSR "On the Investment Tax Credit" provides for the deferment of tax payments for two categories of enterprises: for small enterprises when purchasing and putting into operation certain types of equipment and for privatized enterprises (with certain restrictions) on a loan to buy out the enterprise's property.

Sources of financial resources also include cash receipts from donations, charitable contributions (philanthropy), insurance premiums, from the sale of the debtor's mortgaged property, sponsorship contributions (aimed at financing an event).

The enterprise directs part of the financial resources to special-purpose funds: wage fund, production development fund, material incentive fund, and so on. Of particular importance now is the use of financial resources to fulfill payment obligations to the budget and banks. The pace of economic development, the improvement of the budget system, and the strengthening of the finances of enterprises largely depend on the nature of the use of financial resources. Another part of the financial resources is used by the enterprise to finance current expenses and investments.

Investments are risky (venture), direct, portfolio, annuity.

Venture capital is a term used to refer to a risky investment. Venture capital is an investment in the form of issuance of new shares, made in new areas of activity associated with high risk. Venture capital is invested in unrelated projects with the expectation of a quick return on investment. Capital investments are usually made by acquiring a part of the shares of the client enterprise or providing loans to it, including with the right to convert these loans into shares. Risky investment of capital is due to the need to finance small innovative firms in the areas of new technologies. Risk capital combines various forms of capital investment: loan, equity, entrepreneurial. He acts as an intermediary in the founding of start-up science-intensive firms, called ventures.

Direct investments - investments in the authorized capital of an economic entity with the aim of generating income and obtaining rights to participate in the management of this economic entity.

Portfolio investments are associated with the formation of a portfolio and represent the acquisition of securities and other assets. Portfolio - a set of various investment values ​​brought together, serving as a tool for achieving a specific investment goal of the investor. The portfolio may include securities of the same type (shares) or different investment values ​​(shares, bonds, savings and deposit certificates, pledge certificates, insurance policy, etc.).

The principles of formation of the investment portfolio are the safety and profitability of investments, their growth, liquidity of investments. Let us consider the concept of liquidity in more detail. The liquidity of any financial resource is understood as its ability to participate in the immediate acquisition of goods (works, services). The liquidity of investment assets is their ability to quickly and without loss in price turn into cash.

When considering the issue of creating a portfolio, the investor must determine for himself the parameters that he will be guided by:

1) choose the optimal type of portfolio. There are two types of portfolio: a) a portfolio focused on primarily receiving income from interest and dividends; b) a portfolio aimed at the primary increase in the market value of the investment values ​​included in it;

2) evaluate the combination of risk and income of the portfolio that is acceptable to you and, accordingly, determine the share of the securities portfolio with different levels of growth and income.