Internal and external aspects of business financing. Cheat sheet: The core of a financial organization, its structure and optimization What kind of assets are called the cores of the financial activity of an enterprise

NIZHNY NOVGOROD INSTITUTE OF MANAGEMENT AND BUSINESS

Department of Finance

Course work

from discipline

Financial management

“Directory of the organization’s financing, its structure and optimization”

Vikonala: full-time student,
4 courses, specialty "Finance and Credit", FEF

Having verified:

Nizhny Novgorod, 2010

Introduction………………………………………………………………………………….3

Chapter 1. Dzherela and methods of financing the activities of the organization..5

Chapter 2. Management of the power and position capital of the organization…….16

Section 3. Optimization of the structure of financial resources entrepreneurial activity…………………………………………..27

Conclusion………………………………………………………………………………...32

List of wikis and literature………………………….34

Program

Enter

Dzherela finance - these are the functional and well-developed channels for withdrawing financial sums, as well as a list of economic entities that can deposit these sums. The basis of the project financing strategy lies in the development of financing schemes based on the individual characteristics of the project and the factors that affect the new one.

When choosing a way to finance a business activity, you must consider five main tasks:

· Significant consumption of short-term capital;

· Identify possible changes in the stock of assets and capital by identifying their optimal stock and structure;

· Ensure stable payment capacity and, therefore, financial stability;

· With the maximum profit of vikorystuvat vlasnі and pozikovі koshti;

· Replace spending on financing government activities.

The relevance of this work lies in the fact that the managers of enterprises are not faced with such a problem as choosing a financing option.

The main focus of the coursework is based on the main elements of financing, their types, and features.

The object of investigation of this work is related to financing.

When writing this course work, the following was stated:

1. Look at the main aspects of financing, their essence and appearance;

2. Consider the main features of financing

3. Look at the financing process from the perspective of a real business.

The work has a traditional structure and includes an introduction, the main part, which consists of 3 sections, subsections and bibliographic list.

Chapter 1. Dzherela and methods of financing the activities of the organization.

Finance sovereign activity Entrepreneurship is a collection of forms and methods, principles and minds of financial security of simple and expanded creation.

When choosing a way to finance a business activity, you must consider five main tasks:

Significant consumption of short-term and long-term capital;

Identify possible changes in the stock of assets and capital by identifying their optimal stock and structure;

Ensure stable payment capacity and, therefore, financial stability;

With the maximum profit of vikorystuvat vlasnі and pozikovі koshti;

Replace spending on financing government activities.

Organizational forms finance :

Self-financing (non-distribution of profits, depreciation, reserve capital, additional capital, etc.).

Shareholder and share financing (participation in statutory capital, purchase of shares, etc.).

Positional financing (bank loans, placement of bonds, leasing, etc.).

Budgetary financing (loans on a rotating basis from the federal, regional and local budgets, allocations from the budgets of all countries on a free basis, single federal investment programs, the state is in debt what).

Special forms of financing (project financing, venture financing, financing of foreign capital).

The basic principle of financing any enterprise is statutory (stock) capital (fund), which is concealed from the deposits of the principals. Specific methods of studying statutory capital depend on the organizational and legal form of the enterprise. The minimum amount of statutory capital on the day of registration of the partnership is:

For a partnership with an interconnected service (TOV) – 100 minimum payment rates (MROP). Federal law dated 19 June 2000 No. 82-FZ “On the minimum amount of payment for work” The minimum wage is calculated at 100 rubles;

For a closed joint stock partnership (ZAT) – 100 minimum wages;

For a closed joint stock partnership (BAT) – no less than 1000 minimum wages.

The founders of a joint stock company or other partnership are required to contribute statutory capital throughout the first period of activity.

The formation of the power financial resources of the enterprise should be divided into external ones internal parts. To the internal vents, it is possible to bring in a surplus that has been lost in the orderly production, depreciation recovery from the main components of moisture, which are being recovered , Other internal processes for the formation of financial resources. You can add the receipt of an additional share or share capital, receiving free financial assistance from the enterprise

Structure of power capital

Undivided income є reinvestment of the bank's capital to replace existing and new investments.

The profit of the enterprise lies in the balance of income deducted from activity accounts, from expenses that ensured this income. You can see gross profit, profit from sales, operating profit, profit before sales (after data accounting aspect), deposited profits (according to the data of the revenue structure), non-distribution (net) profits of the capital period, reinvestment (capitalization of non-distribution) profits.

The income that is deprived of the authorized organization is a large part of the financing of its needs. However, the main directions of the division of income are accumulation and profit, the proportions of which indicate the prospects for the development of enterprise.

The formation of funds accumulated and accumulated, as well as other penny funds, can be transferred by the installation documents and the adopted regional policy of the enterprise, then their established obligations, or the decision to directly receive income from this fund There are fees for shareholders for taxes for directors (participants).

Profits are also the main means of forming reserve capital (fund).

Reserve capital - Part of the capital that is seen as a profit to cover possible surpluses. Jerel’s formation of reserve capital is a net profit, the profit that was lost from the authorized organization.

According to the obligatory procedure, the reserve fund is created by the joint stock company. The minimum size of the reserve fund is 5% of the statutory capital. In this case, the amount of short-term liabilities to the reserve fund cannot be less than 5% of the net profit until the amount established by the partnership statute is reached.

Koshti of the partnership reserve fund is vikorist:

To cover the profits of the partnership;

Repayment of bonds;

Purchase of shares of a joint stock company from various types of others pennies worth.

Reserve capital cannot be used for other purposes.

Depreciation and drainage. Depreciation is a method of discharging capital spent on the creation and acquisition of assets, which is amortized by the stepwise transfer of capital assets and intangible assets to manufactured products.

Depreciation functions are divided into economical і Podatkov .

Podatkova depreciation is indicated according to the Tax Code of the Russian Federation, and the same role plays in the changed taxable income.

Accounting depreciation It may be possible to have more tax depreciation in accordance with the accepted method and according to the strict accounting standards.

Depreciation and drainage Main costs be included in the stock of products according to established standards up to the balance sheet of the main components. The main factors are grouped together according to the term of the cortical vicinity, and the norms of depreciation and drainage will be established until the skin group is ready.

For accounting purposes, there are four ways to account for depreciation of fixed assets:

1. linear;

2. exchanged surplus;

3. write-off of vartosti for the sum of numbers of rocks in the line of korisnogo vikoristannya;

4. write-off of goods in proportion to the total amount of products.

The chosen method of charging depreciation is fixed in the regional policy of the organization and is subject to the entire term of operation of the facility's main features.

Additional shares leading to a change in the power of the existing shareholders, and they may be left behind in their yearly meetings. If, when establishing a partnership, it is allowed to pay for shares in the amount of 50% up to the time of registration, and in other amounts - over time, then when issuing additional shares, at least 25% of the nominal value of their additional shares must be paid, and in other cases sum - no later than fate from the moment of their placement. Nominal according to the legislation of the Russian Federation

The risk of placement of preferred shares may exceed 25% of the statutory capital of the company.

Placement of valuable papers(shares, bonds) on the primary market, securities come in two forms:

Through an intermediary

There is a direct route to investors, then. direct sales of valuable documents from the enterprise to investment funds (firms) and private individuals.

Shortages of shareholder financing:

Additional issuance of shares is a very expensive and difficult process;

Issues may be accompanied by a decline in the market price of shares of the issuer company;

There is no feed shield.

Additional capital It is a specific power source for financing the organization’s enterprise. In addition to statutory capital, it is not divided into parts (shares) and shows the underlying power of all participants (shareholders).

The formation and increase of additional capital can be carried out in the following cases:

1. Withdrawal of emissive income.

2. When re-evaluating the objects of the main features.

3. When there is a difference in exchange rates, there is a difference in the formation of statutory capital expressed in Foreign currency.

4. When target investment costs are withdrawn from the budget to finance capital investments (for non-profit organizations).

bank loans. Credit can be issued in penny or commodity form on the basis of terms, payment, turnover and material security.

The main amount of the fight for the withdrawn position or the loan is insured by the sponsoring organization, in accordance with the agreement of the position (or the loan agreement) in the amount of pennies that were actually received, or at the varsity assessment of other speeches, transferred oh agreement.

Looking at the option of earning money for an additional long-term loan, the business takes the bank, which offers a lower rate for other equal minds. The terms of the loan agreement are optimal for both parties, as the basis for the agreement is market rate of interest rate, which allows for the equalization of the market value of the capital withdrawn in exchange for debt, and the current value of payments for it, which looms in the future.

The interest rate for the loan is determined by the way the premium is added to the base rate. The base rate is set by each bank individually, based on the regional rate of the Central Bank of Russia. The surcharge is included in the term of the position, the level of security and the level of the credit risk associated with it.

In yakosti credit security accept:

Zaporuka lane

Bail,

Bank guarantee,

State and municipal guarantees,

The assignment to the bank was facilitated by the third person.

Unimportant to low shortages for business (on the one hand - the deterioration of the structure of passive organizations, the need for time and financial expenses for the preparation of a qualified business plan, for the processing of a loan application in a commercial bank), long-term bank lending, as before, is one of the most effective ways of financing. To ensure that the warehouse has a mine of long-term positional cash, it is a positive thing, as long as the mother allows her to receive the cash in a difficult time. Long-term loans to Russian enterprises can be withdrawn by both Russian and foreign banks.

A commercial loan is a line of payments from one government entity to another. Forms of a commercial loan - advance payment, advance payment, sub-line and incremental payment for goods and services. Vikorists are entrepreneurs who are engaged in simple (related) types of activities, for example, manufacturers-sellers and fellow buyers of the same product. The object of a commercial loan is in the commodity form.

The credit document for issuing a commercial loan is a bill of exchange. Commercial credit may also be available under closed conditions. The open bank account is a “bill-free” form of commercial lending, a special form of rozrakhunkovye payments between enterprises, there is mutual supply, then. What are permanent counterparties from different interests? tactfully, enterprises open credit lines to one another, from which mutual supplies are exchanged. Investment tax loan - a sub-line of the tax payment, which is issued by the authorities sovereign power chi subordinate organs.

A bond position is a position that transfers the issue to the owner of the bonds in the form of bonds.

A bond is a valuable security document that secures the right of its owner to withdraw from the issuer of the bond in the transfer of its terms of nominal value and fixed value. according to this value and other mine equivalent. The holders of the bond do not have the rights of power and shares in the capital of the company or institution that issued the bond.

The bonds are constant (by value) up to the issuer's income (equal to the amount of periodically paid sums), as well as fixed to the issuer's assets (equal to the amount of repayment). As a rule, interest rates on bonds mature within six months. However, there is a problem with this rule: in some cases, the interval for paying out hundreds of bills shortens to one month, and even rarely the payment is made once per week. The amount of the paid amount is included in the coupon.

The balance sheet volatility of a bond position generally does not match its market volatility. Rinkovoi Vartosti Obligati will be in the urahuvanni low downs, in the skids of the Niy Samiy: OFITSIINA DATE VIPUSKA, NOMINAL WARTIST, Termin extinguished, blessed the bid, Viditi Vidsotkiv. Businesses that issue positions should try to bring the agreed bond rate as close as possible to the market rate that is in effect at the time the position is placed. Changing the market rate and the market price, the position of the issuing company is at the gate. If the market rate exceeds the stated value, then the bonds that are placed are sold at a discount ( discount), and in a protracted situation, it is possible to reach full capacity bonus. The issue of bonds is allowed to joint-stock partnerships and partnerships with interconnected responsibility. Russian legislation has a low requirement for issuing bonds. It is important to ensure the preparation of the enterprise before the current issue, which may result in the establishment of various methods of placement of bonds.

Leasing - The lease policy has been expanded. The owner of the property (landlord) gives the owner (landlord) the ability to exploit the property in exchange for regular rent payments. Leasing deposits act, in essence, as credit areas, since the lease is taken away from the timely supply of goods, installed in the machines and installed, on the minds of the exchange and payment.

Chapter 2. Management of the power and position capital of the organization

Management of power capital involves managing the process of its formation, supporting and effective recovery, and managing already formed assets. This conveys both the management of the moisture capital of the gas and the management of its structural elements.

The management of power capital can be transferred to the effectiveness of its management at a later stage. Analysis of the necessary allocation of reserves for molding moisture.

The basis for managing the power capital of an enterprise is to manage the formation of its financial resources. In order to ensure effective management of this process in the enterprise, a special financial policy is developed, aimed at obtaining power financial resources from various sources, depending on the needs of its development in the future. oh period.

The main tasks of power capital management are:

allocation to the full amount of power capital;

an increase, if necessary, in the amount of government capital for the share of undivided profits or additional issue of shares;

The rational structure of shares that are being issued again;

The implementation of the dividend policy is important.

The development of a policy for the formation of power financial resources of an enterprise follows the following main stages.

Analysis of the formation of power financial resources of the enterprise in the recent period. The method of such analysis is to identify the potential for the formation of power financial resources and its correspondence to the pace of development of enterprise.

2. The importance of external consumption from government financial resources. The uninsurable underground demand consumes the necessary amount of power financial resources, which are formed both for internal and external resources.

3. Estimation of the rate of production of water capital from various sources. Such an assessment is carried out in terms of the main elements of the water capital, which is formed by the structure of internal and external elements. The results of such an assessment form the basis for the development of management decisions for the selection of alternative means of forming power financial resources that will ensure an increase in the power capital of the enterprise.

4. Ensuring maximum access to government financial resources with the help of internal resources.

5. Ensuring the necessary obligation to obtain powerful financial resources from external sources. The effort to obtain powerful financial resources from external sources of funding is to ensure that part that could be formed with the help of internal sources of financing. Since the amount of financial resources obtained from additional internal resources will completely cover the essential needs of the planned period, then the resources obtained from additional external resources are not necessary.

6. Optimization of the relationship between internal and external forces for the formation of power financial resources. This optimization process is based on the following criteria:

ensuring a minimum total cost of obtaining government financial resources;

Secured conservation management of corn crops.

Managing the power capital of an enterprise also includes determining the optimal relationship between power and existing financial resources.

If you want power capital to become the basis of any business, in low-level economic enterprises the debt to the vykoristovannyh position costs significantly outweighs the debt to power capital. In connection with this, the management of earnings and the effective recovery of positional costs is one of the most important functions of financial management, directly aimed at achieving high final results of government activities. Enterprises.

Positive capital, derived from entrepreneurship, characterizes at once the obligation of yogo financial crops (zagalnu sum borg). These financial challenges in current government practice are differentiated in the following way:

1. Long-term financial obligations (deposit capital from the term of the exchange rate under 1 rik).

2. Short-term financial duties (all forms of received position capital from the line of your vykoristannya up to 1 term).

In the process of developing a business from paying off financial debts, the need arises for obtaining new positions. Dzherela and the forms of earning positional rewards through business are very varied. Positive cats are classified by purpose, type, form and period of acquisition, as well as by form of care.

The classification of positional assets differentiates the methods of managing their earnings.

Management of the received stock capitals for the purpose of direct process of their formation from different cores and in different forms is consistent with the needs of the enterprise in the positive capital at various stages Yogo development.

Stages of development of the policy of earning benefits by taking positive benefits
	Analysis of the gain and recovery of positional costs in the early period
	Significant goals of earning positional rewards in the coming period
	The value of the border obligation for obtaining position costs
	Estimation of the potential for generating position capital from various sources
	Significant relationship with positional costs that are obtained on a short-term and long-term basis
	The significance of the forms of obtaining positional costs
	Assignment to the warehouse of the main creditors
	Shaping effective minds obtaining loans
	Ensuring effective recovery of loans
	Securing current expenses for withdrawn loans

The object of investigation of this course is the joint stock company “Novator”.

The completed design bureau "Novator" was created in 1947. on the basis of the department of the Chief Designer of the Plant im. M.I. Kalinina (factory No. 8) as OKB-8. Pochatkov's specialization is the development of large-caliber anti-aircraft guns. In addition to the military agreements, the Novator Design Bureau developed and put into operation land and sea meteorological missile systems. OKB "Novator" continues to actively work on the creation of new concepts in rocket technology, which correspond to the demands of the hour.

VAT "Novator" has an independent balance, structure and other dimensions. The marriage is a good friend, so that I can take revenge on my outside company name with my Russian and inscription on my place of origin. The partnership has the right to stamp and form its own company name, official logo, as well as register a trademark and other means of individualization in accordance with the established procedure.

Roztashovane at the address: 620017, Russia, metro station Yekaterinburg, Kosmonavtiv Ave., 18

Analysis financial state VAT OKB Novator

An analysis of the financial situation of an enterprise is carried out based on accounting data and information about profits and surpluses for 2008. (Addendum 1 and Addendum 2).

Recent indicators of financial strength.

Security ratio for current assets:

SOS = KR-VA, de (2.1)

SOS - powerful werewolf cats;

OA – current assets;

KR - capital and reserves, result of section 3;

VA – non-current assets.

The wet cash security ratio indicates the level of security of the organization with the wet cash necessary for its financial stability, and is insured as a result of losses and capital assets and scaled-up non-current assets to the amount of total assets.

Since the value of the coefficient is greater than the previous units, the company's current assets completely secure its current assets and has absolute financial stability. The lower the coefficient value, the more unstable the financial situation of the enterprise. The enterprise reaches a critical financial position if the coefficient is 10% and above.

We can safely say that the beginnings of good fortune, the enterprise has reached a critical financial crisis, leaving the coefficient at a value of 2.6%. less than 10%. Until the very end, however, one must be careful that the enterprise for the sale of heavy cash will completely secure its current assets and have virtually absolute stability.

Inventory security ratio for wet baked goods:

- recommended value is 0.5-0.8 de (2.2)

Z – stock up.

p align="justify"> The cash flow financing ratio shows how much of the material current assets is financed for the balance of the power capital.

If this coefficient is greater than one, then the amount of current assets exceeds the amount of reserves and expenses, and the enterprise has absolute financial stability.

This coefficient shows. At the end of the world, approximately 50% of tangible current assets are financed by the share of capital.

Maneuverability coefficient:

(2.3)

p align="justify"> The coefficient shows how much of the capital is used to finance the current activity. invested in current assets, as part of it is capitalized, then. deposited in non-current assets.

Index of permanent assets:

Characterizes some of the main features and non-current assets of the capital companies.

Since the maneuverability ratio and the fixed price index for the family give 1, the organization is not exposed to long-term loans and positions.

Autonomy coefficient:

, de (2.5)

SB – balance sheet currency.

p align="justify"> The autonomy coefficient shows the share of financial assets in the total amount of finance. This financial ratio makes it possible to assess the relevance of the business to external financing sources, then. the possibility of promoting activity without additional acquisition of position capital. On the other hand, the autonomy coefficient shows to what extent the financial needs of an enterprise can be covered by the use of power capital.

Until the end of the eastern period, it is possible to increase a small increase in this indicator, by 0.063 or 6.3%, and then, the storage of moisture resources as posikovs has shortened, and thus the growth of moisture resources has increased.

Absolute independence coefficient:

, de (2.6)

DO – long-term goiter.

p align="justify"> The coefficient shows what part of the total value of the enterprise's assets is formed using the most reliable means of financing, then. do not lie under short-line positional costs. In fact, without clarification the coefficient of autonomy.

Financial leverage ratio (borgu):

, de (2.7)

KO – short-term goiter.

The leverage ratio of an enterprise means the extent to which the assets of an enterprise are financed by the share capital market. In addition, a large part of position costs reduces the payment ability of the enterprise, supports its financial stability and, obviously, reduces trust in new counterparties and changes the availability of credit.

Both at the beginning and at the end of the fateful fate, the production has approximately the same amount of storage as posable fruits. However, it cannot be said that a portion of position costs reduces the organization’s payroll capacity.

Financing ratio:

(2.8)

The financing ratio provides the greatest overall assessment of the financial strength of an organization. It shows how many positions are invested in the assets of the enterprise. There is an increase in the number of deposits in the capital, then. about the decline in financial stability, and so on.

Leverage of financial importance:

(2.9)

The responsibility of financial importance carries the principle of information for both the business and the banker. Great leverage means a significant risk for both participants in the economic process.

Investment ratio:

The investment ratio shows to what extent non-current assets are covered by the power capital of the enterprise.

Until the end of the great fate, this indicator moved up by 0.172 or 17.2%, which means that by 17.2% the capital became more covered by non-current assets.

Return on capital:

, (2.11)

de Rsk - profitability of capital,

ChPr – net profit

KR – credits and positions (the average value is taken).

The return on capital of the power capital characterizes the efficiency of the investment in the power capital organization. The return on water capital shows how much net profit is lost from carbonated water capital.

For every 1 karbovanets of cash flows in 2008, there is 5.9 kopecks of net income.

Inflow of Profitability of Sales:

(2.12)

Due to the influx of profitability on sale, the profitability of capital decreased by 1.7%.

Section 3. Optimization of the structure of financing resources for enterprise activities

Optimal capital structure There is also a consistent ratio of moisture and position costs, which ensures the most effective proportionality between the financial profitability ratio and the financial ratio ratio bones of enterprise, then. Your market price is maximized.

The process of optimizing the capital structure of a business follows the following stages:
-Analysis of enterprise capital
-Assessment of the main factors that determine the formation of the capital structure
-Optimization of the capital structure based on the criterion of maximizing the level of financial profitability;

- optimization of the capital structure based on the criterion of minimizing the level of financial risks;

-Optimization of the capital structure based on the criterion of minimizing its risk.

One of the mechanisms for optimizing the structure of enterprise capital is financial leverage, which allows you to determine the amount of positive assets received by the enterprise per unit of capital. The indicator that reflects the amount of additionally generated income on the water capital for different parts of the vicoristics of the position costs is called the effect of financial leverage. You can get your insurance according to the following formula:

EFR = (1 - Сн) × (KR - Sk) × ZK / SK,

de:
EDF- Effect of financial importance,%.

Sn- profit rate, in tenths.

KR- Return on assets ratio (gross profit is set to the average return on assets), %.

Sk - average size interest rates for loans, %.

ZK- The average sum of the vicoristic position capital.

SK- The average sum of the powerful capital.

This formula opens up to the financial manager a wide range of possibilities for determining the safe payment of position funds, the expansion of the permissible minds of crediting, the ease of tax collection for enterprises, and the importance of adding shares to enterprises. Between these and other values of the differential, leverage is important and the level of the EDF as a whole.

The food is blamed: “What is the value of the EDF that needs to be ignored?” Many modern economists believe that the gold mean is close to 30 - 50 hundred rubles, then. The EDF can optimally cover one third to half of the EP assets. The EDF will then be created to compensate for the tax deductions and ensure a good return for the cash flows. Moreover, with such a correlation between the EDF and the ER, the shareholder risk significantly decreases.

When choosing a means of financing a business, you must:

determine the consumption of short-term and long-term capital;

analyze possible changes in the stock of capital assets in order to determine their optimal structure for each activity and type;

ensure stable payment capacity and, therefore, financial stability;

vikorystuvat as much as possible the moisture and positivity of the hair;

reduce spending on financing government activities.

The uninsurable indicators of financial stability for the analysis period indicate that at the beginning of the dawn of fate, the enterprise reached a critical financial stage, leaving the security ratio for power working capital to be 2.6 %, which is less than 10%. Until the very end, however, one must be careful that the enterprise for the sale of heavy cash will completely secure its current assets and have virtually absolute stability. As a matter of fact, approximately 50% of the organization's tangible current assets are financed with the help of equity capital. At the beginning of the period, 2.3% of the total capital, and finally 16.4% was invested in current assets. A low value of the agility indicator (below 50%) means that a significant part of the power of the enterprise is fixed in values of an immobile nature, which are less liquid, then. They can’t finish cooking the liquid. The remaining agility ratio and fixed price index are immediately set to 1, therefore, the organization is not exposed to long-term loans and positions. Until the end of the Continental period, a slight increase in the indicator of autonomy can be achieved, by 0.063 and 6.3%; however, the storage of moisture in the population has decreased, and the growth of moisture has also increased. Both at the beginning and at the end of the fateful fate, the production has approximately the same amount of storage as posable fruits. However, it cannot be said that a portion of position costs reduces the organization’s payroll capacity. Until the end of the doom, the investment indicator moved up by 0.172 or 17.2%, which means that by 17.2% the capital began to cover non-current assets more.

The increase in the share of financial resources changes the financial risk of the business, and at the same time greatly reduces the income of the business, especially the revenue. However, earning additional position capital through the right financial strategy and sound financial management can dramatically increase the income of company owners on their capital investments. The reason is that an increase in financial resources, when properly managed, leads to a proportional increase in sales and, most often, net profits. This is especially true for small and medium-sized companies.

However, the structure of capital, re-emphasised by positional costs, presents extremely high profits before its profitability, as the probability of non-payments increases and the risks for the investor increase. In addition, clients and employees of the company, having noticed a high percentage of positive returns, can start looking for more reliable partners, which will lead to a drop in revenue. On the other hand, even a low part of the position capital means a lack of growth of potentially cheap, low power capital, and financing. Such a structure could lead to higher capital expenditures and protections until the profitability of future investments.

The optimal structure for capital also includes the placement of power and positioning devices in order to ensure optimal coordination between the levels... then. The market value of the enterprise is maximized. When optimizing capital, it is necessary to protect the skin part.

Power capital is characterized by the following additional points:

1. Simplicity of acquisition (the need for the decision of the ruler rather than other subjects of government).
2. High rate of return on capital investments, because Hundreds of bonuses are not paid from the sums earned.
3. Low risk of loss of financial strength and bankruptcy of the enterprise.

Few of the rich kosts:

1. Objezheniy obsyag zaluchenya, tobto. It is impossible to expand the activities of the rulers.
2. The possibility of increasing the profitability of power capital for the rate of earning positive assets is not considered.

Advantages of position capital:

1. Wide possibilities of obtaining capital (subject to conditions and guarantees).
2. Increasing the financial potential of the enterprise due to the need to increase the obligations of government activity.
3. Property increases the profitability of capital.

Shortages of position capital:

1. The foldability of the training, because The decision was made to remain separate from other subjects of government.
The need for guarantees.

2. Low rate of return on assets.

3. Low financial stability of the enterprise.

Based on these features and the analysis of the enterprise of the VAT OKB "Novator" it is possible to reach an unambiguous conclusion that the quality of the enterprise will be the same as the position capital, there is a greater potential and opportunity There is an increase in the profitability of capital, but at the same time, its financial stability is lost. If a careful decision is made about the growth of power capital as a result of financing, then financial stability will be the most important thing, otherwise the possibility of increasing profits will be limited.

Visnovok

Under financing we mean the process of creating capital and, in a broader sense, the process of creating capital for an enterprise is important in all its forms.

Classification of financial resources It is varied and can be carried out using the following signs:

Behind the power lines are the power and financial positions.

The types of power are determined by the state's resources, the costs of legal entities and physical characteristics that foreign dzherela.

Based on the time-sensitive characteristics of the financing system, financing can be divided into short-term and long-term.

At the warehouse of internal tanks, the formation of power financial resources is formed. The main place is to make a profit that is being deprived of the organized enterprise - it forms an important part of its power financial resources.

The important role of storage of internal parts is also played by depreciation and drainage; I want the sum of the power capital of the enterprise to increase.

Other internal devices do not play a significant role in the formation of power financial resources of the enterprise.

In the warehouse of external resources for the formation of power financial resources, the main place is to obtain additional shares and share capital. For certain enterprises in one of the external sectors for the formation of power financial resources, the financial assistance that is provided to them may be free of charge (as a rule, such assistance is provided only to certain state-owned enterprises of various rivers Nya).

The market is starting to become stagnant and non-traditional instruments for financing the activities of Russian enterprises. These can include commercial credit, options, outsourced operations, factoring operations, leasing, etc.

None of the financing of enterprises is in an unsatisfactory state through the marriage of high-income funds for self-financing, the availability of sufficient government financial support, the high risk and risk of innovation, etc. the urban nature of the capitalization of innovative projects and the dominance of conservative investors instead of aggressive ones. For further successful development, Russian companies need to complete two tasks: first, to optimize financing for the development of new projects; friend - learn to select such innovative projects that will bring real benefits to the crisis.

Chapter 2 of the investigation is devoted to the analysis of the capital structure of VAT "Novator". In general, this research directly involves the implementation of current concepts of capital management and the implementation of the optimization of the structure of financing of VAT “Novator”. The investigation carried out allows us to formulate the conclusion that the care of the enterprise must consider all possible options for withdrawing long-term loans and streamlining the process.

List of Wikipedia and Literature

1. Federal law dated 19 November 2000. No. 82-FZ “About the minimum amount of payment” // Vidomosti of the Verkhovna Radio of Ukraine - 26 June 2000, - No. 26, - art. 2729.

2. Kovalova A.M., Lapusta M.G., Skamai L.G. Company finance. - M.: INFRA - M, 2007. - P. 212.

3. Sheremet A.D. Finance of enterprises: management and analysis - M. Finance 2006. - P. 156

4. Stock Market: Chief Pos_bnik for the highest initial deposits of the economic profile N.I.Berzon, E.A.Buyanova, M.A.Kozhevnikov, A.V.Chalenko Moscow: Vita-Press, 2008

5. Lukasevich I.Ya. Analysis of financial transactions. Methods, models, calculation techniques: - M.: Finance, UNITI, 2008. - P. 203

6. Form I. A. Financial management: basic course. - 2nd view, revised ta add. - K.: Elga, Nika - Center, 2005. - 656 p.

7. Financial management: basic handbook/Ed. E.I. Shokhina. - M.: VD FBK-PRES, 2008. - 408 p.

8. Economic analysis of financial and government activity / Ed. M.V.Melnik. - M.: Economist, 2006. - 320 p.

10. Balance sheet of VAT OKB "Novator" for 2008. (form 1)

11. Report on profits and earnings of VAT OKB “Novator” for 2008. (Form 2).

Kovalova A.M., Lapusta M.G., Skamai L.G. Company finance. - M.: INFRA - M, 2007. - P. 212.

Federal Law dated June 24, 2008 N 91-FZ “On introducing changes to the statute 1” Federal law“About the minimum amount of payment” [Text] // Vidomosti of the Supreme Russian Federation - 06/30/2008. - N 26. - Art. 3010.

Sheremet A.D. Finance of enterprises: management and analysis - M. Finance 2006. - P. 156

Stock Market: A Basic Guide for Higher Initial Investments of the Economic Profile N.I. Berzon, E.A. Buyanova, M.A. Kozhevnikov, A.V.

Lukasevich I.Ya. Analysis of financial transactions. Methods, models, calculation techniques: - M.: Finance, UNITI, 2008. - P. 203

Financing the activities of the organization– this is the totality of forms and methods, principles and minds of financial security of simple and expanded creation. Under financing, the process of establishing funds and, in a broader sense, the process of providing capital to a company is important in all its forms.

Domestic financing transfers the secondary financial resources that are created in the process of financial and government activity of the organization (net profit, depreciation, accounts payable, reserves for future expenses and payments, future income x periods).

At external financing cats are being selected to enter the organization from the outside world. The recipients of external financing may be leaders, communities, governments, financial and credit organizations, and non-financial organizations.

See this Dzherela finance:

· Internal aspects of the enterprise (Net income, depreciation, recovery, sale or rental of assets that are not subject to rent).

· Obtained property (foreign investments).

· Pozikovі koshti (credit, leasing, bills).

· Zmishane (complex, combined) financing.

Domestic financing transfers a waste of moisture and directly to us - a net profit and depreciation recovery.

At the warehouse of the capital you can insure:

Statutory capital (formed after the contribution of the founders of the company for their creation)

Additional capital (formed as a result of the revaluation of the organization’s fixed assets)

Reserve capital (formed with the help of additional recovery from the organization’s income in the event of non-transfer of consumption)

Funding for rakhunnyh kostiv is low advantage:

1) for the rate of replenishment from the income of the enterprise, its financial stability increases;

2) the molding and recovery of moisture contents is stable;

3) expenses from external financing (from servicing the debt to creditors) are minimized;

4) the process of making management decisions for the development of enterprise is forgiven, leaving the remaining costs of covering additional expenses from afar.

The rate of self-financing of enterprises lies not only in the internal possibilities, but also in the external environment (tax, depreciation, budgetary, monetary and penny-credit policies of the state).

External financing transfers the wealth of the state, financial and credit organizations, non-financial companies and communities: bank loans, commercial loans, etc. positions of other organizations; the issue and sale of shares and bonds of the organization; budgetary allocations on a return basis and etc.

Allows you to speed up the turnover of werewolf assets, increase the obligations of government operations that are in progress, and speed up the obligations of unfinished production. However, to bring to the fore the obvious problems associated with the need for further maintenance of the bog crops that have been taken on.

Credit - A position in a penny or commodity form, which is given by the creditor to the position owner in the minds of the mind, most often with the payment by the position owner for the use of the position. This form of financing is the most extensive. Advantages of the loan:

· There is great independence in the stagnation of the cut-off costs without any special minds;

· Most often, the loan is issued by the bank that services the specific enterprise, and therefore the process of withdrawing the loan becomes even more efficient.

Until the shortcomings The loan can be secured as follows:

· The term lending in some cases is overweighted by 3 factors, which is unbearable for businesses aimed at long-term income;

· To cancel a loan, a business requires a loan amount, most often equivalent to the amount of the loan itself;

· With this form of finance, the enterprise can use the standard depreciation scheme for acquired assets, which requires paying taxes for the entire duration of the period of investment.

Leasing allows one party - the leasing owner - to effectively renew fixed assets, and the other - the lessor - to expand between activities on a mutually beneficial basis for both parties.

Advantages of leasing:

· Leasing is 100% credit-free and does not require immediate payment .

· Leasing allows a business that does not have significant financial resources to undertake the implementation of a great project.

It’s easier to cancel the leasing contract, but also to ensure the satisfaction of the agreement itself. Leasing property is great, low position. The position then transfers the size and line of repayment. When leasing, a business can secure its own income and negotiate a unique financing scheme with the lessor. Leasing does not move the borg in the balance of the place and does not interfere with the balance of moisture and positional costs, then. does not reduce the possibility of accepting additional items. Leasing payments, which are paid by the enterprise, are deposited to vitrati virobnitstva.

33. Officials who designate the structure of financial services.

Capital Any kind of business can be represented by two warehouse workers: with hair and poses with koshta.

In stock power capital Two main warehouses can be seen: investment capital, etc. capital, investments by government officials into enterprises, and capital accumulations, etc. creations for the production of those that have been initially advanced by the rulers.

Investment capital in joint stock partnerships includes the nominal value of common and preferred shares, as well as additional payments (based on the nominal value of shares) capital. The first part of the stock of invested capital is represented on the balance sheet of joint stock companies by statutory capital, the other – by additional capital (on the part of the issued income).

Accumulation capital know your impression of the items that come from the division of net income (reserve fund, savings fund, non-division of income, other similar items).

Pozikovі koshti There are legal and sovereign obligations to third parties.

The size of the postures characterizes the possible future development of the company's bones, associated with previously acquired goiters. The main types of goiters required by businesses include:

· Long-term and short-term bank loans;

· Long-line and short-line positions;

· Creditor's debt of the enterprise to the customers and contractors, which was created as a result of the divergence between the hours of withdrawal of commodity-material values or the related services and the date of their actual payment;

· Obsession with the budget, which resulted from the difference between the time of payment and the date of payment;

· the company's duty to its workers to pay for their work;

· Obstruction of organs social insurance that carelessness;

· Engagement of the enterprise with other government contractors.

Positive cats must be classified according to the stage of the term of their repayment and the method of security.

behind stage of terminology extinguishment The demands are divided into two lines and more precisely. The funds that are generated on a long-term basis should be directed to the addition of assets of the trival stock, which is also the flow of liabilities, as a rule, as a result of the molding of general funds.

Dreams for a purpose low factors , which is poured into the structure of capital, which is responsible for the formation:

1.rate of increase in business turnover. The accelerated rate of growth in turnover requires increased financing. Therefore, due to the high rates of growth in the growth of enterprises, there is a call for an increase in the share of positive expenses in financing sectors;

2. stability of dynamics of turnover. A business with a stable turnover can afford a significantly greater supply of positive assets in its liabilities;

3. rate and dynamics of profitability. It has been noted that the most profitable enterprises are found to have a relatively low share of position costs in the middle stretch of the dry season. The enterprise generates sufficient income to finance development and pay dividends and manage important cash flows;

4. asset structure. Since the enterprise has its ordered significant assets of legal significance, which by their nature serve as secured loans, then an increase in the share of positive assets in the liability structure is entirely logical;

5. severity of compression. The higher the income tax, the smaller the tax payments, the more money you have for obtaining financing for the position deposits through payments that would be a part of the hundred for the joint venture loan. Moreover, the more important the taxes are, the more the business is aware of the shortage of funds and the more often they are afraid to reach for a loan;

34. Special activity of the enterprise.

Issue policy- part of the global policy is the formation of financial resources of the enterprise, which is aimed at ensuring the receipt of the necessary obligations for the exchange of the current funds for the release and placement on the primary stock market of valuable securities (aka tsіy, bonds then). In modern minds, businesses have shares that are important for placement on the stock market.

From the position of financial management the main method The economic policy is to obtain the necessary financial assets from the stock market in the minimum possible terms.

This process can be viewed as a number of blocks interacting with each other:

Pervinna emіsіya

Organization of valuable papers and payment of dividends

Purchasing valuable papers for free

The primary issue takes place when the shares are placed among the founders of the joint stock partnership with an increase in the statutory capital, forming the position capital by issuing bonds. The decision to issue valuable papers is made by the issuer’s governing body, which is subject to the laws and statutes of the joint stock company.

The volume of valuable papers includes the following stages:

The issuer's decision to issue valuable papers

Registration of the release of valuable papers

Preparation of a certificate for valuable papers

Placement of valuable papers

Registration of a call about issue pouches

The release of valuable papers by the issuer is carried out by the route of their placement. The placement of these valuable papers means their alienation by the issuer to the first rulers in the way of establishing civil law.

The development of an effective economic policy for enterprises is advancing Stage:

1. Investigation of the possibilities of effective placement of transferred shares.

Analysis of stock market conditions(Exchange and post-exchange) includes the characteristics of the stock market, the dynamics of the price level of their quotations, the sales obligations of shares of new issues and low other indicators.

Assessing the investment profitability of your shares carried out from the perspective of the prospects for the development of Galusia (aligned with other galusi), the competitiveness of products that are evolving, as well as the level of indicators of their financial state (aligned with the average Galusian nicknames).

To properly organize the financing of enterprise activities, you should classify the financing elements. It is significant that the classification of financing elements in Russian practice differs from foreign practice. In Russia all areas of financing entrepreneurial activities are divided into four groups:

power of enterprises and organizations;
posekovi koshti;
acquired property;
cost to the sovereign budget

Foreign practice strictly classifies the costs of an enterprise and the financing of its activities. The fragments and nutrition are closely related to each other, let’s look at their report. One of the largest groupings of enterprise costs in foreign practice is presented in Diagram 1.

In this classification of enterprise assets, the main element is power capital.

The structure of corporate capital is presented in Diagram 2.
There is another option for classifying the assets of an enterprise, where all assets are divided into sources and sources.

Before vlasnim koshtam The type of enterprise in which it appears:

statutory capital (costs from the sale of shares and share contributions of participants or principals);
sales revenue;
depreciation;
net profit of the enterprise;
reserves accumulated by the enterprise;
Other contributions of legal and physical persons (purpose financing, donations, charitable contributions).

Before let's get some cash appear:

bank positions;
Positive assets held in connection with the issue of bonds;
funds received from the issue of shares and other valuable papers;
creditor debt.

Foreign practice has different approaches to the classification of financing activities of enterprises.

Therefore, in one option, all financing options are divided into internal and external.

Before internal The financial resources of the enterprise must be financed.

Before external It is expected that:

bank positions;
posekovi koshti;
costs from the sale of bonds and other valuable papers;
creditor debt and other.

There is an option for financing for:
1) internal parts- This is the cost that the enterprise finances for the amount of net profit;
2) short-term financial cash- why don't you go to Vikory for viplati? salary, pay for materials and other operating expenses. Forms of implementation of financial support may be as follows:

bank overdraft - an amount that is transferred to the bank in excess of the cash flow. Overdraft allows payments to be made to any bank. Choose the cheapest form of position, the amount of interest you have is taken from 1-2% of the bank’s base interest rate;
bill of exchange (draft) - a penny document for which the buyer undertakes to pay the seller a sum at the terms established by the parties. The bank issues bills of exchange, giving their holders a position until maturity. As the payment for the deposited position on the bill of exchange, the bank accumulates a discount (in hundreds), the value of which changes daily. Transferable bills of exchange most often interfere with foreign trade payments;
The acceptance credit is stagnated if the bank accepts the bill of exchange before payment, writing on the behalf of its clients (resale of the right to acquire debt - factoring). And here the bank pays the creditor the bill at a high discount, and after the end of the term of repayment, it collects this amount from the debtor;
commercial credit - the acquisition of goods and services with a payment line of one to two months, which is sometimes longer. The value of commercial credit is determined by a specific type of government activity. It is important to pay attention to the speed of sales of goods and the possibility of delaying payments of the enterprise itself;

3) Mid-Range financial sums(from 2 to 5 years) are purchased to pay for cars, equipment and scientific research robots.
The purchase of cars from a loan by an enterprise, the possession and transport means is ensured by fixing the minds under the outpost of goods with regular repayments of the loan in installments.

The group of mid-tier financial costs includes car rental and installation. Payment for rent in rented money is made in regular installments, and the right of authority does not pass to the owner;

4) long-term financial capital(the term for 5 years) is used to add land, stability and long-term investments. The vision of kosti in these ways is as follows:

long-term (mortgage) positions - payments by insurance companies and pension funds to the outpost of land plots, amounting to 25 rubles;
bonds are bonds due to the established amount and repayment line. A significant part of the bonds has a nominal value;
issue of shares - retrieval of funds by way of sale different species promotions in the form of closed and closed subscription.

The appearance of such a classification of dzherel is associated with the peculiarities of internal corporate planning behind the border, which includes long-term, mid-line and short-line planning.

In case of significant consumption of penny resources, the following points must be insured:

for what purpose and what period (short-term and long-term) the required amount;
with what terminology do you need;
what are the necessary expenses between the enterprise and what will happen to other problems;
how to spend when paying the borgs.

Only after detailed consideration of all points should you try to choose the most pleasant option for the cost.

Domestic financing transfers a variety of financial resources, which are created in the process of financial-government activity of the organization. The butt of such devices can be net profit, depreciation, accounts payable, reserves for future expenses and payments, income for future periods.

At external financing cats are being selected to enter the organization from the outside world. The recipients of external financing may be leaders, communities, governments, financial and credit organizations, and non-financial organizations.

Grouping of financial resources of organizations with Dzherel Ikh molding presented a little lower.

The financial resources of the organization for the replacement of material and labor are divided by interchangeability and sensitivity to inflation and devaluation.

Currently, a pressing problem for agricultural and industrial enterprises is the country, the depreciation of which has reached 70%. In this case, it’s not just about the physical, but also about the moral. There is an urgent need to re-equip manufacturing enterprises with new high-tech equipment. In this case, it is important to choose the option of financing the designated re-equipment.

These are the types of financing:

Internal aspects of the enterprise(Net income, depreciation, recovery, sale or rental of assets that are not subject to rent).
Obtained property(foreign investments).
Pozikovі koshti(, Vekseli).
Zmishane(complex, combined) financing.

Internal areas of business financing

Obtained property

When choosing how to finance a foreign investor for the enterprise, ensure the fact that Investors benefit from high profits, the company itself has a lot of power. The greater the share of foreign investments, the less the control of the ruler of the enterprise is lost.

Loses Financing from Positive Costs, for whom the choice between and is to blame. Most often, the practical effectiveness of leasing is determined by the appearance of an equalization with a bank loan, which is not correct, as the skin needs to be treated in its own way.

Credit - as a means of financing an enterprise

- A position in a penny or commodity form, which is given by the creditor to the position owner in the minds of the mind, most often with the payment by the position owner for the use of the position. This form of financing is the most extensive.

Advantages of the loan:

the credit form of financing is becoming more independent from the standpoint of withdrawing money without any special minds;
Most often, the loan is issued by the bank that services the specific enterprise, and therefore the process of withdrawing the loan becomes even more efficient.

The following can be added to the loan:

the term lending in some cases is overweighted by 3 factors, which is unbearable for enterprises aimed at long-term income;
To cancel a loan, a business requires a deposit, most often equivalent to the amount of the loan itself;
In some cases, banks are proposing to open the rozrakhunkovy shell as one of the minds of bank lending, which will never be seen in business;
With this form of financing, the enterprise can use the standard depreciation scheme for the acquired assets, which requires paying the tax at the minimum level of the entire financing term.

Leasing is a means of financing an enterprise

It is a special complex form of entrepreneurial activity, which allows one party - the leasing owner - to effectively renew fixed assets, and the other - the lessor - to expand between activities on mutually beneficial basis for both x sides of minds.

Advantages of leasing:

Leasing transfers 100% crediting There is no need to reschedule payments. With the use of a basic loan for the purchase of a mine, the business can pay approximately 15% of the cost using additional cash.
Leasing allows a business, which has significant financial resources, to devote itself to the implementation of a great project.

For business, it is much easier to cancel the leasing contract, or even pleasing the needy is self-possession.

Leasing property gnuchkisha, nizh position. The position then transfers the size and line of repayment. When leasing, a business can secure its own income and negotiate a unique financing scheme with the lessor. Repayments may be made for the cost of the cost of the sale of products produced on the leased plant. Before accepting, additional possibilities are opened up from the expansion of additional requirements: payments under the leasing agreement are distributed throughout the entire term of the agreement and, thereby, the additional costs of investments in other types of assets are determined.

Leasing does not increase the balance of the enterprise and does not reduce the balance of power and position costs, then. does not reduce the possibility of accepting additional items. It is very important that the property added to the leasing agreement may not appear on the balance sheet of the lessee under this term of the agreement, and therefore does not increase the assets that the enterprise collects from paying taxes on the lease and koshti.

The Russian Federation has reserved the right to choose the balance sheet of the mine, reclaimed (transferred) from the financial lease on the balance sheet of the lessor or lessee. The total cost of the property that is the subject of leasing is the amount spent by the lessor on his rent. In addition, since 2002, depending on the chosen method of forming the main subject of the leasing agreement (on the balance sheet of the lessor or lessor), leasing payments are subject to change (Article 264 of the Tax Code of the Russian Federation). Article 269 of the Tax Code of the Russian Federation introduced an exchange rate for the amount of hundreds of millions of dollars for loans, which the lessor can contribute to a change in the base of the loan, and in other cases, the lessor can apply the amount of millions of dollars for a loan to change the bases and opodatkuvannya.

Leasing payments, which will be united by enterprise, selection will be put in place. If the lease is taken out of the lease, it is insured on the balance sheet of the lessee, then the business can withdraw benefits associated with the possibility of accelerated depreciation of the leased asset. The depreciation charges for such a mine may be charged according to the norms approved by the established procedure, increased by a coefficient of no more than 3.

For leasing companies under the supervision of banks no outpost needed, as it is possible to install liquidly on the secondary market.

Leasing allows businesses to operate on a completely legal basis, to minimize fees, and also to transfer all expenses for maintenance of the property to the lessor.

MOSCOW HUMANITIES AND ECONOMICS INSTITUTE

KALUZKA FILIYA

Department of Finance and Credit

COURSE WORK

from the discipline “Finance of organizations (enterprises)”

Dzherela financing of government activities of enterprises

KALUGA 2009

Enter

Chapter 1. Theoretical ambushes of finance

1.1 Substance and classification of business finance

1.3 Positions of business financing

Chapter 2. Management of enterprise financial resources

2.1 Management of power and position costs

2.2 Share management

2.3 Management of bank loan receipts

Chapter 3. Problems related to the financing of enterprises in Russia

3.1 Current instruments for financing enterprises

3.2 Problems of obtaining long-term funds for financing the activities of Russian enterprises in the minds of the financial crisis

Rozrakhunkova part

Visnovok

List of Wikipedia and Literature

Enter

The relevance of the research. With the formation of a market economy, the position of subjects of the state government changes in principle from what they previously occupied from the command-administrative system. The transformation processes that are taking place in the Russian economy and the emergence of different forms of power mean the diversity of the government’s behavior of economic subjects.

Ultimately, the final result of their activities will always be reduced to the reduction of profits and increased profitability, which is a rich source of financial assets and financing.

Availability of sufficient financial resources, their effective utilization means good financial status of the enterprise, payability, financial stability, liquidity. In connection with these most important tasks of enterprises, there is a search for reserves to increase financial resources and their most effective use in order to improve the efficiency of the work of enterprises as a whole. u.

Skin production during the process of its formation and development may mean how much energy capital may be invested in the skin. The effectiveness of obtaining one or another financial investment must be compared with the indicators of profitability of the investment of this type and the profitability of that investment. The need for business in wealthy and earned money is the object of planning, obviously taking a decision on this nutrition directly affects the financial situation and the possibility of survival of the business.

The choice of ways to finance an enterprise depends on a variety of factors: the entry of enterprises into the market, its current financial status and development trends, the availability of these and other means of financing.

However, it is necessary to point out that business can only find capital in those minds that Danish hour In reality, operations are carried out from the financing of similar enterprises, and beyond these elements, which are invested in investments in the general market (in the Ukraine, Galuzia, regions).

Using a robotic method Vivcheniya jerel financing of government activities and problems from earnings.

Decisions on the next steps are transferred to the target zavdan :

Let's take a look at the theoretical approaches to financing;

Vivchiti techniques keruvannya dzherelami;

Follow the problems related to the financing of Russian enterprises.

Subject of investigation - the purpose of financing the government's business activities

Research methodology. The theoretical and methodological basis for the research was the dialectical method of learning and the systematic approach. During the era of the Great Patriotic War, illicit science and special investigative methods were used.

Dzherela information. As a matter of fact, information on the subject of financial research on the basics of capital management and the development of the dividend policy of the organization is provided periodically.

Explain the structure of the course work. The course work is written in 53 typewritten text and 1 small one.

The introduction reflects the relevance of the topics, the study, the purpose and assignment of the course work, the subject of research, as well as the methods of research, the selected literature, the structure and substitution of the course work.

The first section “Theoretical foundations of financial resources” examines the classification of financial resources and the storage of power and position assets.

Another section, “Management of financial resources,” provides the basic mechanisms for managing government activities of enterprises.

The third chapter, “Problems of financing enterprises in Russia,” examines current instruments for financing enterprises and examines the problem of obtaining a long-term financing agreement for enterprises. Russia.

The basic principles and coursework programs will be replaced.

The list of references consists of 27 articles.

1. Theoretical ambushes for financing

1.1 The essence and classification of business financing

The financing of government activity of enterprise is a set of forms and methods, principles and minds of financial security of simple and expanded creation.

When choosing a way to finance a business activity, you must consider five main tasks:

Significant consumption of short-term and long-term capital;

Identify possible changes in the stock of assets and capital by identifying their optimal stock and structure;

Ensure stable payment capacity and, therefore, financial stability;

With the maximum profit of vikorystuvat vlasnі and pozikovі koshti;

Replace spending on financing government activities.

Organizational forms of financing :

Self-financing (non-distribution of profits, depreciation, reserve capital, additional capital, etc.).

Shareholder and share financing (participation in statutory capital, purchase of shares, etc.).

Positional financing (bank loans, placement of bonds, leasing, etc.).

Special forms of financing (project financing, venture financing, financing of foreign capital).

For a partnership with an interim service (TOV) – 100 minimum payment rates (MROP);

For a closed joint stock partnership (ZAT) – 100 minimum wages;

For a closed joint stock partnership (BAT) – no less than 1000 minimum wages.

The founders of a joint stock company or other partnership are required to contribute statutory capital throughout the first period of activity.

Resolution on changes to statutory capital 2/3 of the government's votes are received and voting shares are implemented in one of two ways:

changes in the nominal value of shares;

Additions and redemptions of part of shares (as provided by the statute of the organization).

Resolution on increasing statutory capital accepts private collections of shareholders. This is due to an increase in the nominal value of shares, or the placement of additional authorized shares. In order to develop the business, there will be insufficient capital contributed by the founders (shareholders). During the business process, it is necessary to accumulate other available funding sources (Fig. 1).

Dzherela financing of enterprises

Small 1. Dzherela financing of enterprises

1.2 Replacement of power resources for financing enterprises

Undivided incomeє reinvestment of the bank's capital to replace existing and new investments.

The profits of the enterprise lie in the balance of income received from activities, expenses, which ensured this income. You can see gross profit, profit from sales, operating profit, profit before deposits (according to the accounting data), deposit profits (according to the accounting data), non-distribution (net) profits of the financial period, reinvestments (capitals) names of non-divisions) profits.

The presence of undivided profit lies in the profitability of the joint stock company and the dividend payment ratio. The dividend payment ratio characterizes the organization adopted dividend policy, The location of which will be looked at later.

Profits are also the main means of forming reserve capital (fund).

Koshti of the partnership reserve fund is vikorist:

To cover the profits of the partnership;

Repayment of bonds;

Purchase of shares of a joint stock company from a variety of other assets.

Reserve capital cannot be used for other purposes.

In a voluntary manner, reserve funds can create enterprises. The size and procedure for forming funds are established in the installation documents.

Depreciation functions are divided into economical і Podatkov .

Podatkova depreciation is indicated according to the Tax Code of the Russian Federation, and the same role plays in the changed taxable income.

Accounting depreciation It may be possible to have more tax depreciation in accordance with the accepted method and according to the strict accounting standards.

For accounting purposes, there are four ways to account for depreciation of fixed assets:

1. linear;

2. exchanged surplus;

3. write-off of vartosti for the sum of numbers of rocks in the line of korisnogo vikoristannya;

4. write-off of goods in proportion to the total amount of products.

The chosen method of charging depreciation is fixed in the regional policy of the organization and is subject to the entire term of operation of the facility's main features.

For the purpose of supplying depreciation to the object of the main features, it is necessary to use the linear and non-linear (accelerated) methods to determine the value of the object - the reliability of the object. singing shock-absorbing group.

For additional depreciation, the property is also extinguished intangible assets.

For accounting purposes, depreciation of intangible assets is measured in one of the following ways:

1. linear;

2. exchanged surplus;

3. in proportion to the total production.

The risk of placement of preferred shares may exceed 25% of the statutory capital of the company.

Placement of valuable papers(shares, bonds) on the primary market, securities come in two forms:

Through an intermediary

There is a direct route to investors, then. direct sales of valuable documents from the enterprise to investment funds (firms) and private individuals.

The secular practice of Russia has the greatest expansion underwriting- a method of placing valuable papers on the capital market through an intermediary . The essence of this is that all securities issued are sold to an intermediary, who is represented by an investment bank (underwriter) at a price agreed between the bank and the company. The bank often takes on risks and sells shares (bonds) on the securities market at a high price. For the underwriting operation, the bank receives compensation based on the difference between the price of the bank acquiring valuable papers from the enterprise and the price of their sale on the stock market.

KRIM Pay for the Bank for the Operations of Anderraiting, the new ACCOCISHIC INSHII Administ Vitrati: the Allocation of the Reed Sobor for the Emixie Prospekt, Vitrati for Druk, File File valuable papers(0.8% of the nominal value of newly issued shares) and other expenses.

Most of the leading companies are extremely reluctant to issue additional shares as a permanent stock financial policy.

Shortages of shareholder financing:

Additional issuance of shares is a very expensive and difficult process;

Issues may be accompanied by a decline in the market price of shares of the issuer company;

There is no feed shield.

The size of the market value of shares means the capitalization of the enterprise. Capitalization– the market value of the enterprise whose shares may be traded on the market, then. the market price of the share, multiplied by the number of shares (most often, preferred shares are not insured during the breakdown of this indicator).

Issue of depositary receipts. Depository receipt – This is a secondary (secondary) valuable document that is widely traded on the stock market, on shares of a foreign company, deposited with a large depository bank, which issues receipts in the form of certificates or in book-entry form. ADR- market securities that trade on the US stock exchange and overseas markets, which represent a large number of stocks that underlie them (it is rare to imagine the value of securities besides them). Global depositary receipts ( GDR) may be sold outside the United States in other countries.

There is a low requirement for the issuance of American Depositary Receipts.

The purposes of placement of depositary receipts by Russian companies:

1) earning additional capital and increasing capitalization on the international market;

2) security of valuable papers that are sold by listing on wire exchanges all over the world;

3) indirect commitment to the respect of the whole world to the products or services provided by the issuing company;

4) an increase in the price of their valuable papers on the Russian stock market, an increase in their liquidity.

In order to sell official depositary receipts, the Russian company must:

Find a foreign partner bank that can identify buyers and help document sales receipts;

mother garnu zvitnіst;

be an absolutely insightful company;

Display data (subject to international standards) about Vlasnik companies, their financial system for the rest of the rocks, the structure of assets and borgovyh crops. Moreover, due to the hordes of war, the company’s risks may be forming beyond the reserves.

The formation and increase of additional capital can be carried out in the following cases:

1. When emission income is withdrawn.

2. When re-evaluating the objects of the main features.

3. In case of exchange rate differences, the result is the formation of statutory capital denominated in foreign currency.

4. When target investment costs are withdrawn from the budget to finance capital investments (for non-profit organizations).

3 fig. 1. It is clear that before the financial resources, equated to power, there are costs that need to be reorganized: insurance coverage for fallouts, losses budgetary funds(before payment medicine leaves, vouchers at the sanatorium and other) and other supplies.

1.3 Posikov's efforts to finance enterprises

Russian bank loans. Credit can be issued in penny or commodity form on the basis of terms, payment, turnover and material security.

In yakosti credit security accept:

Zaporuka lane

Bail,

Bank guarantee,

State and municipal guarantees,

The assignment to the bank was facilitated by the third person.

Unimportant to the low shortages for business (on the one hand - the deterioration of the structure of passive organizations, the need for time and financial expenses for the preparation of a qualified business plan, for processing a loan application to a business bank), long-term bank lending, as before, one of the most effective ways finance. To ensure that the warehouse has a mine of long-term positional cash, it is a positive thing, as long as the mother allows her to receive the cash in a difficult time. Long-term loans to Russian enterprises can be withdrawn by both Russian and foreign banks.

Russian enterprises will urgently demand the most long-term infusions, directly for the renewal and modernization of fixed assets, which will lead to the expansion of long-term lending to the real sector of the economy and the promotion of more “friendly” rates for such loans . However, according to statistics, the greatest emphasis in the loan portfolios of Russian commercial banks is to provide loans to enterprises with a repayment term of 6 months to 1 month. This situation is due to the reluctance of banks to accept unpredicted credit risks of a systemic nature, due to the impermanence of the macroeconomic situation in Russia.

Foreign bank loans (European loans). The value of Eurocredits includes commissions (to the bank for management, to members of the banking syndicate), bank margin and interest rates for loans. Interest rates are adjusted every 6 months to match the current or base rates. The LIBOR rate is taken as a basis. Other types of rates may be used: the US prime rate is the lowest rate that is set for the most reliable clients, PIBOR (Paris Interbank offered rate), etc.

Russia has almost every day financial institutions that issue loans in hundreds of millions of dollars in terms of more than one or two years. Therefore, for project and trade financing, large domestic companies receive money from foreign banks.

It has become possible to withdraw loans from non-residents without the necessary withdrawal of permission from the Central Bank of the Russian Federation to carry out operations that would lead to a collapse in capital. Therefore, great Russian companies often skimp on the cost of lending outside the border, due to the complexity documentation loan to the foreign bank and external positions.

And the benefits and shortcomings of winning foreign bank loans.

Bonds issued before. A corporate bond is a valuable document, which is confirmed by the positions between the owner (creditor) and the person who issued it (the principal), and the rest are the shareholders of the partnership, enterprise and body Examples of other organizational and legal forms of power.

Corporate bonds are classified as follows:

1. Behind the terms of repayment .

Bonds with a fixed maturity date: short-term, mid-term and long-term. Bonds without a fixed redemption term: liquid bonds, bonds with the right of redemption, bonds to be continued.

2. In order of Volodinya: The name is for the presenter.

3. For the purposes of bond position: primary and objectives.

4. For the form of payment of coupon income: coupon, discount (no coupon), bonds with payment at your choice.

5. Dedicated to safety: secured by the outpost, unsecured by the outpost.

6. Behind the character of the beast: converted. unconverted.

The balance sheet volatility of a bond position generally does not match its market volatility. Rinkovoi Vartosti Obligati will be in the urahuvanni low downs, in the skids of the Niy Samiy: OFITSIINA DATE VIPUSKA, NOMINAL WARTIST, Termin extinguished, blessed the bid, Viditi Vidsotkiv. Businesses that issue positions should try to bring the agreed bond rate as close as possible to the market rate that is in effect at the time the position is placed. Changing the market rate and the market price, the position of the issuing company is at the gate. If the market rate exceeds the stated value, then the bonds that are placed are sold at a discount ( discount), and in a protracted situation, it is possible to reach full capacity bonus. The issue of bonds is allowed to joint-stock partnerships and partnerships with interconnected responsibility. Russian legislation has a low requirement for issuing bonds. It is important to ensure the issuance and preparation of the enterprise before the current issue, it is possible to establish various methods of placement of bonds.

Corporate European bonds. The following types of Eurobonds are classified:

Eurobonds with a fixed rate:

a) primary bonds with a fixed rate ("Straight bonds"),

b) bonds that can be converted into shares (“equity-linked”),

c) bonds with a warrant and a certificate for prepayment,

d) foreign currency bonds;

Eurobonds with floating rate:

a) “mini-max” bonds,

b) bonds FLIP-FLOP ,

c) bonds with regulated rates (“mismatch”)),

d) bonds with a fixed upper limit (“capped issues”),

e) bonds with a currency option;

Other types of bonds that appear on international markets.

The Eurobond position is expressed in dollars or euros. The Europosition rate (can be fixed or floating) is calculated using the formula: LIBOR rate (or the interest rate of the Central Bank of either country or the Federal Reserve System of the USA) plus a number of percentage points. However, there are some peculiarities in the establishment of coupon rates for Eurobonds of Russian nafta companies.

Budget loans As a result of long-term financing of enterprises, they can receive budget loans. Competitive enterprises that seek to renew fixed assets may be able to withdraw loans and statutory guarantees issued by the state to obtain financial resources from other credit institutions, as well as by making investments them subsidy pilga.

The desire for investment activity on the side of the state is entirely limited to a limited number of objects and spheres of activity, which is entirely consistent with world practice.

Mortgage lending. Under the mortgage we mean the outpost of land plots, enterprises, buildings, disputes, non-residential premises, apartments and other unruly lane. It is not allowed to mortgage plots over natural territories that are especially protected, other land acquired from turnover, land, as, according to federal law, there cannot be a brutal reduction of a large number of apartments and individual residential buildings and apartments, what is in the sovereign or municipal authority, and also the lane, which is protected by privatization under the established federal law.

Is based on non-medical schemes mortgage lending, which arise mainly in the minds of loan withdrawal, interest payment schemes and amortization of the principal amount of the bank. The most broad ones are: a loan with a fixed payment, a loan that is self-amortizing, a loan with an variable rate, a Canadian rollover.

The mortgage agreement must be established and gains authority from its sovereign registration.

There are many differences in secular practice Models for organizing mortgage lending:

1. Model of a spare bank.

2. Contract-based (German) model.

3. Mortgage bank model (one-tier model).

4. Two-church model (American).

In Russia, the mortgage institution is only just beginning to take shape, so we have a complex and organized infrastructure for the mortgage market, which is why we are sorry, as well as a clear system of legal security and procedures. Mayzhe does not apologize for the second market of outposts. In fact, behind the so-called quasi-mortgage schemes, the position on the Russian mortgage market is created by banks.

There are a handful of schemes for the Russian market.

1) for the protection of foreign investors.

2) for a rakhunok of budget costs.

3) For the protection of securitization.

Chapter 2. Management of enterprise financial resources

2.1 Management of power and position costs

Pid power capital Of course, there is a huge amount of money that should be owned by the enterprise and used for the formation of assets. The totality of assets formed with the help of other capital invested in the capital is “net assets of the enterprise”.

The legal amount of the power capital of the enterprise is supplemented by the sum of the first section “Liability” of the balance sheet. The structure of the articles of this section makes it possible to clearly identify the initial part invested (that is, the amount of money invested by the owners of the enterprise in the process of its creation) and the accumulated part in the process of effective government any activity.

The basis of the first part of the power capital of an enterprise is its statutory capital.

Another part of the power capital is represented by additional capital investments, reserve capital, non-distribution of profits and other types of activities.

The formation of corporate capital is subject to two main goals:

1. Formation of the necessary share of non-current assets for the share of capital. The amount of capital of the enterprise, advanced from various types of non-current assets (fixed assets; intangible assets; work in progress; long-term financial investments, etc.), is characterized by the term "power fixed capital".

The amount of the principal capital of the enterprise is to be insured according to the following formula:

SK OS = VA-DZK V

de SK OS - the amount of financial fixed capital formed by the enterprise;

VA – the legal amount of non-current assets of the enterprise;

DZK B is the amount of long-term position capital that is used to finance the non-current assets of the enterprise.

2. Formation for the exchange rate of current assets. The amount of government capital advanced from various types of current assets (inventories of raw materials, materials and manufactured drinks; assets of work in progress; inventories of finished products; current accounts receivable; penny assets ін), characterized by the term working capital.

The amount of the working capital of the enterprise is to be insured using the following formula:

SK About= OA-DKZ About- KZK

de SK About- The amount of working capital generated by the enterprise;

OA – the total amount of current assets of the enterprise;

DZK pro - the amount of long-term position capital that is used to finance the current assets of the enterprise;

KPC is the amount of short-term position capital received by the enterprise.

Management of power capital is connected not only with the provision of effective resources for the already accumulated part, but also

formation of power financial resources, which will ensure the development of enterprise. The molding control process

their financial resources are classified according to the criteria of their formation.

Until now, the formation of power financial resources includes the free transfer of tangible and intangible assets to the enterprise, which are included in its balance sheet.

The increase in the power capital of an enterprise is directly related to the management of the formation of its financial resources. The main task of this management is to ensure the necessary level of self-financing and the development of government activity in the coming period.

1. Analysis of the formation of power financial resources of the enterprise in the recent period. The method of such analysis is to identify the potential for the formation of power financial resources and its correspondence to the pace of development of enterprise.

At the first stage of the analysis, the underlying process of formation of power financial resources, the relationship between the rate of growth of power capital and the rate of growth of assets and production of enterprises, the dynamics of the flow of power resources are taken into account. In summary, we discussed the formation of financial resources during the pre-planning period.

At another stage of the analysis, internal and external channels for the formation of power financial resources are examined. We first examine the relationship between external and internal engines for the formation of power financial resources, and guide the ability to obtain power capital from various resources.

At the third stage of the analysis, the sufficiency of power financial resources generated for enterprise in the pre-planning period is assessed. The criterion for such an assessment is the indicator “sum of the increase in net assets of the enterprise.” Its dynamics defy the trend in the level of security of the development of enterprises with financial resources.

2. The importance of external consumption from government financial resources. This need is indicated by the following formula:

P OFR = - SK N - P R

de P OFR - the final demand for the financial resources of the enterprise during the planned period;

P K – capital demand for capital at the end of the planning period;

SK has planned a drink for the power of the capital in the zagalny yogo sum;

SK N - the amount of power capital for the beginning of the planned period;

P R - the amount of profit that is directly applied to profit in the planning period.

3. Estimation of the rate of production of water capital from various sources. Such an assessment is carried out in terms of the main elements of the water capital, which is formed by the structure of internal and external elements.

4. Ensuring maximum access to government financial resources with the help of internal resources. When looking for reserves for the growth of power financial resources for the exchange of internal resources, it follows from the need to maximize their total amount.

PP+AT®SFR MAX

de NP - the amount of net profit of the enterprise is planned;

AT – the planned amount of depreciation expenses;

SFR MAX – the maximum amount of power financial resources that can be formed using internal resources.

5. Ensuring the necessary obligation to obtain powerful financial resources from external sources.

The need to obtain government financial resources for the exchange of external resources is covered by the following formula:

SFR ZOVNISH = P SFR - SFR VNUT

De SFR ZOVNISH – demand from the received financial resources for the share of external resources;

P SFR - essential demand for the financial resources of the enterprise during the planned period;

SFR VNUT is the sum of the government's financial resources that are planned to be received for the share of internal funds.

6. Optimization of the relationship between internal and external forces for the formation of power financial resources. This optimization process is based on the following criteria:

a) ensuring a minimum aggregate risk of obtaining government financial resources. Since the risk of earning power financial resources for the use of external resources really outweighs the planned chance of earning positional sums, then such a formation of power resources will be supported;

b) safe management of cob plantings. The increase in additional share or share capital for the contribution of third-party investors can lead to the loss of such reserves.

p align="justify"> The effectiveness of the fragmented policy for the formation of public financial resources is assessed as an additional factor for the self-financing development of enterprises in the upcoming period.

The self-financing coefficient for business development is insured using the following formula:

de K sf - coefficient of self-financing for further development of enterprise;

SFR – planning for the formation of government financial resources;

A – planned increase in the assets of the enterprise;

P sfr - planning obligations for the expenditure of power financial resources of the enterprise using the method of profitability.

Effective financial activity of a business is impossible without the steady earning of positive profits. Vikoristannya position capital allows you to completely expand the government's activities, ensure more efficient allocation of power capital, accelerate the formation of various special-purpose financial funds, and ultimately promote markets at the level of enterprise.

1. Long-term financial obligations (deposit capital from the term of the exchange rate under 1 rik).

2. Short-term financial duties (all forms of received position capital from the line of your vykoristannya up to 1 term).

The classification of positional assets differentiates the methods of managing their earnings.

The management of the earnings of positive capitals for the purpose of directing the process of their formation from different cores and in different forms is consistent with the needs of the production of positive capital at different stages of its development.

The process of managing the earning of positive benefits by the enterprise will follow the following main stages.

1. Analysis of the acquisition and recovery of positional costs in the early period. The purpose of such an analysis is to identify the practice, structure and forms of earning postural benefits by the enterprise, as well as assessing the effectiveness of their rewards.

2. The purpose of obtaining positional benefits in the future period.

3. The value of the boundary obligation for obtaining positional costs.

4. Estimation of the potential for obtaining position capital from various sources. 5. Significant relationship with positional costs that are obtained on a short-term basis.

6. Variation of forms of obtaining positional costs.

7. Assignment to the warehouse of the main creditors.

8. Formation of effective minds for obtaining loans.

9. Securing effective financing of loans.

10. Securing the current expenses for withdrawn loans.

2.2 Share management

The process of managing an issue of shares will follow the following main stages.

1. Investigation of the possibilities of effective placement of the transferred shares. The decision is about the transfer of the first (in case of reorganization of the enterprise into a joint-stock partnership) or additional (if the enterprise has already been created in the form of a joint-stock partnership and will require an additional influx of capital) of existing shares can only be praised on the basis of a comprehensive forward analysis of the stock market conditions and assessment of potential investment profitability of their shares.

2. Purpose of the mission. The main goals that the enterprise pursues, going to the extent of forming power capital, are:

a) real investment;

b) the need for a fundamental improvement in the structure of the capital that is being invested;

c) demolition of other enterprises to reduce the effect;

d) other purposes that require rapid accumulation of significant capital.

3. The obligation of the em_sіi.

4. Varying the nominal value, depending on the number of shares that are being issued. The nominal value of shares is determined based on the main categories of future buyers (the highest nominal values of shares are oriented with their additional income from institutional investors, and the lowest - for additional to the population). In the process of identifying types of shares (simple and preferred) the deadline for issuing preferred shares is established; If such an issue is recognized as complete, then the relationship between ordinary and preferred shares is established (in which case the mother's trace of respect, which is consistent with the strict legislation of some preferred shares, cannot exceed 10% for Galal obsyag emisіi).

5. Assessing the value of shareholder capital that results. It is clear that the principles of such an assessment are based on two parameters: a) the transferred level of dividends (this is determined based on the type of dividend policy); b) cost for the issue of shares and placement of shares (aimed at the average size). The Rozrakhunka capital varity that results is based on the actual average capital varity and the average level of the capital market rate.

After all, we can only praise the rest of the decision about this special action.

2.3 Management of bank loan receipts

In the warehouse of financial credit, obtained by enterprises of expanded government activity, a priority role belongs to bank credit. This credit is intended for a wide range of purposes and can be extended to extremely lucrative forms.

Pid bank loan we understand the sums that the bank gives to the client for target vikoristannya on the introduction of the term under the singing height.

Bank loans are provided to enterprises at stages in the following main types:

1. Blank (unsecured) loan under the development of several government operations. As a rule, it is issued by a commercial bank that provides cash services to the enterprise. Although formally it has an unsecured nature, it is actually ensured by the size of the receivables of the enterprise and its costs on the bank account and other accounts at the same bank. This type of loan is usually only available for a short period.

2. Contract credit (“overdraft”) ). When granting a loan, the bank opens a contractual account for insuring both credit and financial transactions. The current account balance is used as a basis for the loan in the obligation, which does not exceed the maximum negative balance established in the loan agreement (contractual limit). In addition to the excess of the current account balance, the enterprise pays the bank to establish a loan; under which agreement it may be stipulated that for the positive surplus of which the bank will pay the business deposit amount. Balancing is necessary and payments for the company's current account system are achieved through the interval established by the agreement with the breakdown of credit payments.

3. Seasonal loan with monthly amortization . This type of loan is provided due to the formation of a replaceable part of current assets for the period of their growth in connection with the seasonal needs of the enterprise. Its peculiarity lies in the fact that a number of thousands of servicing of this loan (a monthly payment of a hundred for it) is transferred by the loan agreement and a monthly amortization (repayment) of the principal amount to the borg. The schedule of such depreciation is based on the size of the bonds in order to reduce the seasonal demand of businesses in the country.

4. Type of credit line. The agreement has different terms, and the amount of money given to a bank loan is limited if there is a real need. To accept the advantage of this type of loan, it lies in the fact that the vykoristovaya positional funds are in line with their real needs. The credit line is opened by the term until the end. The peculiarity of this type of bank loan is that it does not have the nature of an insane contractual obligation and may be canceled by the bank if the financial status of the enterprise - the client is destroyed.

5. Revolver (automatically renewed) loan . Vіn characterizes one of the types of bank credit, which is expected for a new period, during which it is allowed both a gradual “selection” of credit sums, and a gradual or frequent repayment of the loan. The advantage of this type of loan is equal to the amount of the credit line and the minimum interest rate imposed by the bank, although the monthly interest rate behind it is higher.

6. On-call loan. The peculiarity of this type of loan is that it is granted to the borrower without a designated term for his loan (within the framework of short-term lending) due to the obligation to repay the remainder at the discretion of the creditor. When this loan is repaid, there is a grace period (in good practice – up to three days).

7. Lombard loan . Such a loan can be withdrawn by the enterprise in exchange for high-quality assets (bills, sovereign short-term bonds, etc.), which are transferred to the bank during the loan period. The size of the loan at times corresponds to a small part (but not all) of the share of assets transferred to the mortgage. As a rule, this type of loan is short-term in nature.

8. Mortgage loan . Such a loan can be withdrawn from banks that specialize in the type of long-term positions under the outpost of the main interests and the main complex of mortgage enterprises (mortgage banks). The business transfers its information to the checkpoint and can insure them with the bank. With this mortgage, the bank may continue to engage in business.

9. Rollover credit . The loan is one of the types of long-term loan with an interest rate that is periodically adjusted.

10. Consortium (consortium) loan . The bank that services the enterprise may receive other banks before lending to its client (the union of banks implementing such credit operations is called a “consortium”). After establishing a loan agreement with the client-enterprise, the bank accumulates the funds of other banks and transfers them to the customer, apparently distributing the amount of hundreds of dollars per hour of servicing the bank.

The variety of types and minds of obtaining a bank loan indicates the need for effective management of this process in enterprises with a high demand for this type of financial assets. This type of management is based on such basic stages.

1. The purpose of obtaining a bank loan is obtained.

2. Assessment of official creditworthiness.

In current banking practice, assessing the level of creditworthiness of the principals when differentiating the minds of their lending comes from two main criteria: 1) the level of the financial sector of the enterprise;

2) the nature of the repayment by the enterprise of its previously canceled loans - both hundreds of them and the principal debt.

3. Select the necessary types of bank loan to obtain.

It is necessary, before the transfer of types of credit is established, that it happens that the enterprise carries out an assessment and assessment of commercial banks that can provide them with these types of loans.

4. Assessment and assessment of the minds of bank lending across different types of loans. This stage of formulating a policy for obtaining bank loans is the most difficult and due to the diversity of estimating minds and the changes in numerical divisions.

5. “Verification” of credit minds in the process of establishing a loan agreement. The term “verification” characterizes the process of bringing the minds of a particular loan agreement into line with the average minds of buying and selling credit instruments on the financial market. As the main criterion in the process of “verification” of credit minds, the “grant-element” indicator and the effective interest rate on the credit market are used.

6. Security of minds for effective access to bank loans. The criterion for such effectiveness is such intelligence.

7. Organization of control over the ongoing servicing of bank loans. Precisely, the servicing of a bank loan depends on the payment of hundreds of dollars behind it, depending on the minds of the terms of the loan agreements. These payments are included before the payment calendar, which is divided by the enterprise, and are controlled in the process of monitoring its ongoing financial activity.

8. Ensuring timely and regular amortization of the amount of the main debt for bank loans.

Chapter 3. Problems related to the financing of enterprises in Russia

3.1 Current instruments for financing enterprises

Options

In the market middle, an important tool that facilitates the placement of emitted corporate securities is the option.

The essence of an option is that it gives one party the right to choose: to terminate the contract or to withdraw from it. Two individuals share their fate. One way is buying an option, then. the right to choose, otherwise - sells (writes an option), then. gives the right to choice. For the loss of the right to choose, the buyer of the option pays the seller of the wine city, which is called a premium. The buyer has the right to exercise an option, then. buy or sell a financial asset at the same price as is fixed in the contract. This price is called the Viconn price.

The option allows investors to formulate a variety of strategies. The simplest way is to add additional shares and options. For the issuer of shares, the issue of a so-called short-purchase option for existing shareholders allows for the elimination of possible loss of control over the enterprise and a reduction in the percentage of income per share. With such an option, the number of shares that can be purchased is specified, and the price is fixed, which is the same as the subscription price.

Options are priced by paper and can be traded on the market independently, in which case their market price can significantly increase from the nominal price. This is directly related to the expectations of investors regarding the shares of a particular company.

In countries with a market economy, options add an expanded tool to the financial policy of companies. As for Russia, it is clear that current minds of the economic crisis may be encouraged to stimulate the successful placement of shares of Russian enterprises. This means that the form of the option allows you to sell shares at the price of their possible future price increase.

Great foreign companies also issue warrants simultaneously with their bond positions. The warrant is issued without a trivial term or may be without a line. In addition, the price of the replacement of the warrant increases the exchange rate by 10-20%, which may increase its profitability, as well as create the opportunity to increase the statutory capital at the time of renewal of the warrant.

Outpost operations

In countries with an aggravated market economy, outpost operations have become widely expanded, with banks at the bottom of the banks with companies that are difficult to pay with equal payability, fragments for credit institutions are important to provide a guarantee repayment of a visible loan. The secured parties may have a settlement, which is a way of securing the debt, in which the creditor-guard obtains the right to obtain satisfaction from the other mortgaged property.

The subjects of outpost operations are the outpost and the creditor (outpost). The purveyor is a person who forces the subject to belong either to the rights of power or to permanent sovereignty.

The agreement can be transferred and the pledged lane can be transferred to the Volodinya outpost. Such an agreement is recognized as a mortgage. When mortgaging the mortgage, the owner has the right to take ownership of the subject of the mortgage, and the income that is withdrawn from this, or other benefits, will go to the repayment schemes for the loan or the loan itself, secured by the mortgage.

The mortgage of a business, which was, was, directly connected with the land, at the same time with the land plot and the right of ownership of it, is called a mortgage. The peculiarity of the mortgage is its extension to all major enterprises, including its statutory capital, financial assets, mining rights, etc.

The mortgage position has seen wide developments in countries due to the disturbed market economy, which is part of the line of long-term financing. Suma poses zazvichiy nizcha estimated value the mine that is laid, and this river is regulated by the legislation of the powers. So, for example, in the USA, behind the scenes, a position is defended that exceeds 80% of the estimated value of the mine. As a rule, the objects of the outpost are residential buildings (in the USA they account for 3/4 of the total amount of outposts), land, farms, etc.

Mortgage positions can be offered by commercial banks, special mortgage banks, and various mortgage interest associations.

Mortgage items may be presented in different minds. It seems to be a standard and typical mortgage position, which means that the lender withdraws a sum from the creditor, which then pays off the debt with equal, perhaps thousands, deposits. The term mortgage can be quite trivial (for example, in the USA - up to 30 years).

We see non-traditional mortgage schemes. Most of them are aimed at reducing the level of payments to the Positor at the initial stages of the operation and transferring the main obligation to repay the debt to a later period. Thus, there are positions with proportional increases in payments, a mortgage with periodic increases in the amount of deposits (every 3-5 years) etc.

Remnants of the mortgage position can be seen on the market term, they are associated with the current risk, due to the change in the level of the hundred dollar rate on the penny market. In order to mitigate the risk of potential expenses, take advantage of mental positions with a periodic review of the interest rate. And here the parties of every 3-5 years renew the credit from the settlement of the changed level of the hundred dollar rate to the penny market. In essence, mid-line financing is provided upon long-term repayment of the debt.

Insurable prices on the penny market and mortgages with variable interest rates. The price level of the rate is fixed in the agreement as a specific value that is “linked” to any financial indicator or index. The bet is reviewed once per match. In this case, to soften the stakes, a limiting adjustment rate may be applied (for example, no more than 2%), a minimum adjustment amount may be determined.

Factoring operations

As a rule, the factoring company enters into a trilateral agreement between the postal buyer and the buyer, which obviously guarantees the postal buyer the payment of the items issued to the regular payer through the factoring account. Such agreements may be long-term, or they may also be designed for one-time transactions. Whereby the clients who have entered into a factoring agreement, under the terms of the agreement, issue payment invoices to the payer on behalf of the factor company in the amount that changes the amount of payment for this operation.

In fact, factoring operations will result in accelerated expansion and savings on working capital of the enterprise. For the provision of factoring services, the factoring company deducts a commission and a positional amount from the surplus withdrawn, which is the difference between the advance payment paid to the client and uncollected deposits. The hundred is calculated from the day the advance payment is made until the debt is paid off. Commissions are established on hundreds of accounts from the total amount of purchased items and lie under the obligatory turnover of that level of the rizik.

Leasing

Leasingє long-term lease of a ruined and undamaged mine and є indirect form of financing the business activity.

From a commercial point of view, when leasing, the same thing is observed that when buying and selling, the payment plan is in mind: the leasing owner must make monthly (quarterly, annual) payments under the terms of the term. before leasing installation, which reserves for the period of ownership the right of authority to finance 'ect.

Leasing has the advantage of a bank loan, but it also allows the leasing owner to make payments over the agreed term for the installation, which is rented for the implementation of the lease. Newly installed products.

Payments by the leasing provider are based on the liability of its products and thereby reduce rental income. However, the addition of such payments leads to increased costs and may cause an increase in prices and, as a result, a loss of competitiveness. Therefore, when making decisions about leasing, follow the reporting breakdown of the amount of payments for the mine that is charged for leasing, compare them with the financial breakdowns associated with the addition of similar property for the lease and koshti or in the form of a long-term bank loan.

The most common advantages of leasing, compared with the purchase of investment assets for the price of moisture, are the following:

The leasing owner takes away ownership from the time-consuming cost of the road without one-time financial expenses;

The lessee insures himself as much as possible against the moral damage of the object. This advantage is especially important for other and medium-sized enterprises that do not have high liquidity;

The lessor will provide the leasing owner with a full range of services including the organization of financing, consulting, and technical maintenance of the property;

The separation of the right to ownership of the property from the right to ownership of leased properties economically requires the leasing holder to take advantage of it during the period of maximum profitability;

Leasing allows the lessee to place the pennies that are being deposited into other assets.

It is possible to formulate the advantages of leasing based on the bank position received:

The object of the leased land is not included on the balance sheet of the leasing owner as a result of his debt. This allows the leasing enterprise to maintain optimal liquidity in the balance sheet (the balance of cash and position assets) and not interfere with the receipt of penny resources from financial and credit institutions;

In early years of operation, leasing payments are usually smaller than the amount paid for the loan;

Financial leasing of additional assets against additional installations with an additional loan, while you still have 100% financing of the property, while the loan covers only 70-80% of the additional installations;

Under the terms of the leasing agreement, fixed payments, more frequent payments, and lower loan repayment payments are established. This changes the size of one payment and ensures the stability of the leasing operator’s finances;

The terms of the leasing agreement can range from 3 to 20 or more terms.

Forfeiting.

Forfaiting– for the purchase of crops, the extinguishment of which is subject to a period of time for the future without the right of recourse (turnover) of any front-runner.

Forfaiting is a financial transaction involving the refinancing of receivables under an export trade credit through the transfer (endorsement) of a bill of exchange to a bank (forfaiting company) with payment of the remaining commission to the city. The forfeiter bank undertakes to finance the export operation by paying for an insurance bill (sorry or transferable), which is guaranteed to the bank of the importer's country. As a result of the forfeiting, the purchase of a commercial loan is transformed into a financial debt (to the benefit of the bank). The purchase of bills is formalized by a standard agreement, which contains a precise description of the terms, conditions, expenses, guarantees, etc.

Forfaiting is an integral part of the form of bills (with their endorsement at the expense of the bank) and factoring (to any exporting enterprise in case of high credit risk).

Financial rates for forfaiting operations are higher than for other forms of lending.

3.2 The problems of obtaining long-term funding for the financial activities of Russian enterprises in the minds of the financial crisis

The Association of Managers of Russia, together with the international consulting company Pricewaterhouse Coopers, carried out an investigation of the thinking of the management of domestic companies about possible options business finance in the minds of the world financial crisis The results of the survey showed that up to the three largest stocks, problems in the capital market increased (54%), an increase in the risk of position stocks (48%) and a drop in stock prices markets (39%). The deteriorating situation on financial markets around the world, which was aggravated by investors, and the rise in interest rates arouses the anxiety of respondents about the possibility of obtaining capital.

One of the alternative financial instruments for entrepreneurship among market minds is the IPO (Initial Public Offer) mechanism, which allows solving the problems of financing intensive growth, increasing the risk of business, and welcoming shareholders iv, as well as the addition of leaders oriented towards a long-term perspective. An IPO opens up the route to cheaper capital by further increasing the level of publicity of the enterprise. Many foreign enterprises with foreign capital go to IPO for the benefit of foreign shareholders in order to increase profits and diversify the risks associated with the sale of their shares.

Based on the analysis of the current practice of bank lending, it is possible to come to the conclusion that long-term loans, associated with the flow of fixed capital, have little influence on the hidden dynamics of capital investments and play an active part in investment process. In the current economy, the share of bank loans in the global economy for investment financing falls to 8-9%. To put it into perspective: in foreign countries, 50% of investment projects are financed by bank positions. Regardless of the positive dynamics of the share of the average long-term loans in foreign credit investments of commercial banks, its share of GDP is still not high enough. Thus, at the end of 2008, the ratio of long-term loans to the economy to GDP was more than 19%.

This development is due to the presence of a friendly investment environment in the entire market space of Russia, the higher price of bank loans, which is reflected in the growth of high-hundred rates for loans and the level of profitability of the majority. receptions oriented towards the satisfaction of the inner spirit. Thus, the real sector can pay for long-term loans for investment purposes 10-15% of the total, leaving the average profitability of industrial enterprises at 13%. To support normal profitability, banks focus on the value of the initial refinancing rate, which is the base rate for them, and also insure a premium for the risk. The risk level increases when long-term loans are issued. These banks have the right to charge a higher interest rate for long-term loans, lower than for short-term loans, which suits the capabilities of the real sector of the economy.

One of the ways to organize the financing of investment projects aimed at the modernization of equipment and the creation of new industries is project financing. Project finance in its purest form is not common in Russia. Instead, “bred” project finance is actively developing in the region (usually with a recourse to existing business and acceptance at the outpost of essential assets, but with a focus on the flows that are generated by the project, either minimum, mainly the rotation of the deposits) . This is a specificity that reflects the objective realities of the economy of the country, corporate and investment risks. In case of strict legislative considerations, there is evidence of both the understanding of technology and the unsafety of the implementation of folding and great projects Commercial banks simply cannot take risks from business by practicing “pure” project finance. However, the increased reliance on “long-term” resources will result in an increased need for “brute” project financing, which can become one of the driving forces for the modernization and development of manufacturing enterprises throughout Russia.

In the published MEP RF Forecast of socio-economic development of the Russian Federation for 2010. and for the planning period 2011 and 2012. Explore different options for economical development. One of the main ideas for implementing the peacefully optimistic option is to increase the availability of credit resources and increase real lending obligations. In 2010, an increase in lending to non-financial organizations and the population is predicted to increase by no less than 13%, in 2011 – by 15-17%, in 2012 – by 25-27%.

The conservative option is characterized by an increasing imbalance between the banking and real sectors of the economy. The growth of bank credit in 2010 for this option is estimated at around 9-10%, which in real terms (due to inflation) and the continuation of the credit squeeze (or stagnation). In 2011-2012, lending to non-financial organizations will increase by 13-14%.

Incredibly, the expansion of activity in the banking sector and the reduction in interest rates are one of the most important factors in the renewal of investment activity. The Russian government is actively pursuing a policy of lowering the refinancing rate (currently set to 10%), however, in our country the refinancing rate is not an indicator for Russian banks to reduce rates for credit resources. To expand the capabilities of banks to issue long-term loans, it is necessary to expand the resource base of banks, and also reduce the risks of banks with the additional provision of sovereign guarantees. The main drawbacks for businesses from obtaining long-term financing are not only high interest rates, which increase with higher deposit terms, but also on the side of banks when the loan is high. kvidnyh outposts. Another reason is the lack of qualified financial managers capable of developing a valuable investment project that can benefit potential creditors.

Rozrakhunkova part

Zavdannya 1

The enterprise invested 40 million rubles in the motel. The planned costs for the operation of the motel over 4 years will amount to 35, 60, 80 and 100 million rubles. The discount rate is planned to be around 10%. Determine the payback period of the investment.

Decision:

Investment obligation - 40,000,000 rubles.

Income from investment

for the first person: 35,000,000 rubles;

for another person: 60,000,000 rubles;

for the third party: 80,000,000 rubles;

for the fourth person: 100,000,000 rubles.

Expensive discounted penny expenses for implementation:

1st river: 35,000,000 / (1 + 0.1) = 31,818,181

2nd river: 60,000,000/(1 + 0.1) 2 = 49,586,776

3rd river: 80000000 / (1 + 0.1) 3 = 60105184

4th river: 100,000,000 / (1 + 0.1) 4 = 68301345

AT ONCE: 52452867 rub.

Expired discount payback period:

IC = 40,000,000 rub.

= (31,818,181 + 49,586,776 +60 105,184 +68,301,345) / 4 = 52,452,867 rub.

DPP = @ 0.8 roku @ 9 ms.

Subject: investments are repaid in approximately 9 months

Zavdannya 2

The accounting data is analyzed in relation to the balance sheet of the enterprise.

Table 1 Analysis of the warehouse and structure of the dzherel koshtiv of AT "Progres"

Dzherela Koshtiv	For the beginning of the period		At the end of the period		Zmina (+, -)
Dzherela Koshtiv	yew. rub.	%	yew. rub.	%	yew. rub.	%
1. Dzherela koshtiv – everything
1.1 Powerful capital - everything including:	315 569	68,8	311 131	78,6	-4438	+9,8
Statutory capital	202,5	0,04	202,5	0,05	-	+0,01
Additional capital	256 806	56,0	235 465	59,4	-21 341	+3,4
Reserve capital	50,5	0,01	50,5	0,01	-	-
Social Sphere Fund	48 728	10,6	56 977	14,4	+8249	+3,8
Whole finance	3782	0,8	8279	2,1	+4497	+1,3
Undivided income	6000	1,35	10157	206	+4157	+1,25
1.2 Position capital - everything including:	142 942	31,2	84 825	21,4	-58 117	-9,8
Long-term goiter	1000	0,2	1200	0,3	+200	+0,1
Short-term goiter including:	141 942	31,0	83 625	21,1	-58 317	-9,9
Positions and credits	2000	0,4	-	-	-2000	-0,4
Creditors' liability	134 095	29,2	80 525	20,3	-53 570	-809
Debt to the principals from payment of income	5847	1,3	3100	0,8	-2747	-0,5

Currency balance 458 511 100 395 956 100 -62 555

At the end of the day, there were significant changes in the structure of the liability balance of JSC "Progress" (Table 1)

Power capital on the currency balance sheet:

On the cob of roku 68.8%

- at the end of fate 78.6%

Position capital on the currency balance sheet:

On the cob of roku 31.2%

- at the end of fate 21.4%

Thus, the power capital before the end of the fate changed to 4438 thousand. rub., And the position capital fell by 58,117 thousand. rub. The power capital of the cob and put an end to fate, becoming evidently 315,569 thousand rubles. and 311,131 thousand. rub., And positional - 142,942 thousand. rub. that 84,825 thousand rubles. In the capital market: since the share of capital at the end of the formation of assets was 78.6%, the share of positive capital was less than 21.4%. Posikovy capital has changed for two warehouses: rahunok shortened creditor debt – by 53,570 thousand. crb. and obligations to participants for payment of income - by 2747 thousand. rub. In the final amount of position capital, the creditor ratio at the beginning of the year was 93.8% (134,095:14,942*100), but at the end of the year it increased to 95.0% (80,525:84,825*100).

Obviously, AT “Progress”, trying to improve its financial situation, without going to the bank for loans and positions, intensively sought creditor debt to finance its activities for “cheap pennies”, “unpaid positions”, so the end pouch can lead to a decrease in confidence before organizing on the side of partners, clients, buyers and bankruptcy.

Table 2 Data for the distribution of sold products

Decision:

It is known that surpluses of unsold products are planned for the end of life

OK. = BB x N,

de BB – one-day release of commercial products; N is the norm for the stock one of these days.

OB = TP 4 quarters/90 days

At release prices

OB = 53825/90 = 598 UAH.

OK. = 598 x 8 = 4784 rub.

OB = 42000/90 = 467 UAH.

OK. = 467 x 8 = 3736 rub.

We know that we are obligated to sell products during the planned period

V = O f + TP - O to

At release prices

V = 168000 + 215300 – 4784 = 378516 rub.

For virtual cooperation

V = 13700 + 176500 – 3736 = 186464 rub.

Profit from the sale of commercial products

378516 - 186464 = 192052 rubles.

Subject: the total amount of sold products at selling prices is 378,516 rubles, and according to the sales price – 186,464 rubles; profit for the sale of products - 192,052 rubles.

Visnovok

Under financing we mean the process of creating capital and, in a broader sense, the process of creating capital for an enterprise is important in all its forms.

Classification of financial resources It is varied and can be carried out using the following signs:

Behind the power lines are the power and financial positions.

The types of power are determined by the state's resources, the cost of legal and physical entities, and foreign affairs.

Based on the time-sensitive characteristics of the financing system, financing can be divided into short-term and long-term.

The important role of storage of internal parts is also played by depreciation and drainage; I want the sum of the power capital of the enterprise to increase.

Other internal devices do not play a significant role in the formation of power financial resources of the enterprise.

List of Wikipedia and Literature

1. Civil Code Russian Federation(Part 1) dated November 30, 1994 (modified on July 18, 2009) No. 51-FZ [Text] // Russian newspaper - 07/20/2009.

2. Federal law dated 26 April 1995 (edited July 19, 2009) N 208-FZ “On joint stock partnerships” [Text] / / Vidomosti of the Supreme Russian Federation, 1996. - No. 1. - Article 1.

3. Federal Law dated June 24, 2008 N 91-FZ “On the minimum amount of payment for work” // Vidomosti of the Supreme Russian Federation-30.06.2008.-N26.-Art. 3010.

4. Bіlolipetskiy V.G. Financial management: chief assistant/V.G. Bilo-Lipetsky. - M.: KNORUS, 2008. - 448 p.

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Karpova O.M. “Problems of obtaining long-term funds for financing the activities of Russian enterprises in the minds of the financial crisis” I INTERNATIONAL INTERNET CONFERENCE “FINANCIAL AWARENESS FOR BEFORE ALL LIFE IS THE BASIS” INNOVATION DEVELOPMENT

Karpova O.M. Decree.

Karpova O.M. Decree. TV

Internal and external aspects of business financing. Cheat sheet: The core of a financial organization, its structure and optimization What kind of assets are called the cores of the financial activity of an enterprise

- optimization of the capital structure based on the criterion of minimizing the level of financial risks;

-Optimization of the capital structure based on the criterion of minimizing its risk.

EFR = (1 - Сн) × (KR - Sk) × ZK / SK,

de: EDF- Effect of financial importance,%.

Sn- profit rate, in tenths.

KR- Return on assets ratio (gross profit is set to the average return on assets), %.

Sk - average size interest rates for loans, %.

ZK- The average sum of the vicoristic position capital.

SK- The average sum of the powerful capital.

determine the consumption of short-term and long-term capital;

analyze possible changes in the stock of capital assets in order to determine their optimal structure for each activity and type;

ensure stable payment capacity and, therefore, financial stability;

vikorystuvat as much as possible the moisture and positivity of the hair;

reduce spending on financing government activities.

Internal areas of business financing

Obtained property

Credit - as a means of financing an enterprise

Leasing is a means of financing an enterprise

de:
EDF- Effect of financial importance,%.