Sources of formation of financial resources of the organization of the enterprise include. Summary: Sources of formation and structure of financial resources of the enterprise. Types of sources of financial resources

Equity is characterized by ease of attraction, provides a more stable financial condition and reduces the risk of bankruptcy. The need for own capital is due to the requirements of self-financing of enterprises. Own capital is the basis of independence and independence of the enterprise. Peculiarity equity is that it is invested on a long-term basis and is exposed to the greatest risk. The larger the share in the total amount of capital own funds and less - borrowed, the more firmly protected from losses of creditors, and therefore, the risk of loss is reduced.

However, it should be borne in mind that equity capital is limited in size. In addition, financing the activities of an enterprise only at its own expense is not always beneficial for it, especially when production is seasonal. Then, in certain periods, large funds will accumulate in bank accounts, and in others they will be lacking. It should also be borne in mind that if the prices for financial resources are low, and an enterprise can provide a higher return on invested capital than it pays for credit resources, then by attracting borrowed funds, it can control larger cash flows, expand the scale of activities, increase the profitability of own (share) capital. As a rule, a company takes out a loan to strengthen its position in the market.

At the same time, it should be borne in mind that in proportion to the growth in the share of borrowed capital, the risk of reducing the financial stability and solvency of the enterprise increases, and the profitability decreases. total assets through the interest paid. The disadvantages of this source of financing should also include the complexity of the procedure for attracting, the high dependence of the loan interest on the financial market conditions and, as a result, the increase in the risk of reducing the solvency of the enterprise.

The financial position of the enterprise largely depends on the ratio of own and borrowed capital.

Thus, at the expense of financial resources, investments are financed, as well as advances in working capital, i.e. all business expenses.

Consider the use of financial resources by the enterprise in some areas, the main of which are:

* payments to the financial and banking system (tax payments, payments to the budget, payment of interest to banks for the use of loans, repayment of previously taken loans, insurance payments);

* investing own funds in capital expenditures (reinvestment) associated with the expansion of production and its technical renewal, the transition to new progressive technologies, the use of know-how;

* investing in securities purchased on the market: stocks and bonds of other companies, in government loans;

* the formation of monetary funds of an incentive and social character;

* charitable purposes, sponsorship.

The main source of financing is equity. It includes authorized, accumulated capital (reserve and additional capital, retained earnings) and other income (target financing, charitable donations, etc.).

Scheme 2. Composition (sources of formation) of the enterprise's own capital

Within the framework of financial management, the analysis of the advantages, disadvantages and limitations of the use of equity is of greatest interest. Russian companies, as they determine the possibilities of financing the company [Lisitsyna E.V. Formation of own and borrowed capital of the company// Financial management. - 2007.-№1.-p. 134].

Table 1. Characteristics of the main elements of equity

Basic elements of equity	Components	Sources of financing	Directions of use
Authorized capital	Capital raised through ordinary shares; Capital raised through preferred shares	Issue of shares	Ensuring the statutory activities of the organization
Extra capital	Invested additional capital	Share premium Donated valuables	Direction of additional capital funds to increase the authorized capital; Direction of a part of the additional capital that arose during the gratuitous receipt of valuables for repayment by losses formed as a result of the gratuitous transfer of property to other enterprises and persons; Repayment at the expense of additional capital of the amount of reduction in the value of property formed as a result of an increase in the value of property during revaluation; Repayment at the expense of additional capital of the loss identified based on the results of the enterprise's work for the reporting year. Distribution of the amounts of additional capital between the founders of the enterprise.
Revaluation capital	Revaluation of assets
Accumulation capital
Reserve capital	Reserve capital, formed on a mandatory basis		Covering losses, expenses and losses; Redemption of bonds; Redemption of shares in the absence of other funds
Undestributed profits		Implementation of the statutory activities of the company

The authorized capital is the amount of funds of the founders to ensure the authorized activity. At state enterprises, this is the value of property assigned by the state to the enterprise on the basis of full economic management; at joint-stock enterprises - the nominal value of shares; for limited liability companies - the sum of the shares of the owners; for a rental enterprise, the sum of the contributions of its employees, etc. The authorized capital is formed in the process of initial investment of funds. Founders' contributions to authorized capital may be in the form Money, property and intangible assets. The value of the authorized capital is announced during the registration of the enterprise, and when adjusting its value, re-registration of the constituent documents is required.

When creating an enterprise, the authorized capital is directed to the acquisition of fixed assets and the formation working capital in the amounts necessary for conducting normal production and economic activities, licenses, patents, know-how, the use of which is an important income-generating factor. Thus, the initial capital is invested in production, in the process of which value is created, expressed by the price of products sold.

Additional capital, as a source of enterprise funds, is formed as a result of the revaluation of property or the sale of shares above their nominal value.

The reserve capital is created in accordance with legislative acts or constituent documents at the expense of the net profit of the enterprise. It is an insurance fund to compensate for possible losses and protect the interests of third parties, if profits for the repurchase of shares, redemption of bonds, payment of interest on them will not be enough. By its value judge the stock of financial strength of the enterprise. The absence or its insufficient value is considered as an additional investment risk factor.

Undistributed profit (uncovered loss) of the reporting period is reflected in the balance sheet as a cumulative total from the beginning of the year. After distribution, its balance is added to the balance of retained earnings of previous years.

The formed fixed capital needs to be replenished in the process of economic activity. Allocate internal and external sources of replenishment of own capital.

Scheme. 3. Sources of replenishment of the company's own capital

The main source of equity capital replenishment is profit. Being economic category, it characterizes the effect obtained as a result of the financial and economic activities of the enterprise. When compared with the price of capital in relative terms, it characterizes the change in the value of the company.

Profit maximization is the goal of financial and economic activity commercial enterprises. Profit acts as a universal source of financing for all costs of an enterprise related to production, financial, investment, environmental and social activities. Profit is a source of formation not only of decentralized funds of funds remaining at the disposal of enterprises, but also of centralized ones - budgets of all levels [Borodin I.A., Borodina E.I., Ivanova M.I. Theoretical basis enterprise finance. - 2nd ed., revised. And extra. - Rostov and / D: Publishing House of the RGEU "RINH", 2002.- p.107].

Profit is at the heart of almost any financial management goal: increasing the value of the company (when compared with risk), increasing the wealth of capital owners (profit attributable to equity) or directly accruing the profit itself. Profit becomes an element of equity after it passes the stage of formation in the operating, investment and financial areas of the enterprise, the stage of use to cover obligatory payments for debt service and fiscal payments, the stage of distribution for the formation of reserve capital and the payment of dividends, that is, it will take the form of retained arrived. Profit distribution is determined by the goals and objectives of the company's development, is one of the main tools for influencing growth market value company [Polyak G.B., Akodis I.A. Financial management. - M.: Finance; UNITY, 2007.-p. 204].

Scheme 4. Use of profit

The formation and distribution of profit is built according to the following scheme:

1. Profit from production(in wholesale selling prices) (volume marketable products) - (cost).

2. Profit from the sale of products or services= (profit from issue) +/- (profit in carry-over balances of unsold products).

3. Gross profit, or according to the report - balance sheet profit= (profit from sales) +/- (results from other sales) +/- (non-operating results).

4. Estimated profit or taxable profit= (gross profit) - (rental payments) - (profit not taxed or taxed in a special manner) - (reserve fund of the enterprise).

5. Profit net =(gross profit) - (profit tax) - (deductions to centralized funds).

Scheme 5. distribution of net profit.

The remaining profit of the enterprise is spent at its discretion for consumption, accumulation and development, incl. for investment.

Factors affecting the proportions and efficiency of profit distribution are divided into internal and external.

Internal factors

1. Stage life cycle enterprises. At the first stages, the company is forced to invest more funds for its development, limiting payments to capital owners. In the future, the enterprise, on the one hand, has more opportunities to attract borrowed funds, and on the other hand, it is forced to spend more money to maintain its investment image by increasing dividend payments. Such financial decisions are reflected in the change in the proportions of profit distribution.

2. Necessity and possibility of real investment. If an enterprise decides to implement a real investment project, then the share of retained earnings increases.

3. The ratio between risk and return. Under the conditions of risky financial and economic transactions, the enterprise should allocate funds for the formation of various reserve funds, thereby reducing the amount of retained earnings.

4. Corporate relations. The expectations of the owners of capital in terms of the level of profitability and prospects for the development of the company and the interests of the company's management largely determine the proportions of profit distribution.

External factors

1. Legal restrictions on the profit distribution process.

2. Tax system.

3. Average market rate of return on invested capital.

Depreciation charges as cash reflect the amount of depreciation of fixed production assets and intangible assets. They are part of the cost of manufactured products and after its sale in the form of revenue are transferred to the current account of the economic entity. By economic nature, depreciation allowances provide a simple reproduction of values, but they are related to financial resources. The fact is that the wear and tear of buildings, structures, machines, equipment, Vehicle is not reimbursed immediately as depreciation is accrued and formed. The latter can be accumulated and spent on the expansion and renewal of production, on investments in securities and highly profitable projects, placed on deposits, etc.

Taking into account the time factor, when depreciation accumulates in a “pure” form, conditionally speaking, it accumulates from the moment of acquisition of specific fixed assets until the time of their retirement, and the desire for accelerated implementation of achievements scientific and technological progress into practice, it is legitimate to assert that depreciation is used for expanded reproduction, since it mediates the restoration of fixed capital on a more highly developed technical base. That is, the depreciation fund not only provides compensation for the consumed cost of fixed capital, but also performs the functions of accumulation [Borodin I.A., Borodina E.I., Ivanova M.I. Theoretical foundations of enterprise finance. - 2nd ed., revised. And extra. - Rostov and / D: Publishing house of the RGEU "RINH", 2008.- p.108].

The Tax Code of the Russian Federation (Chapter 25, Article 259) provides for the use of two depreciation methods: linear and non-linear [Tax Code of the Russian Federation. Parts I and II. - M.: ELITE, 2009].

1. When applying the straight-line method, the amount of depreciation accrued for one month in respect of an object of depreciable property is determined as the product of its initial (replacement) cost and the depreciation rate determined for this object. When applying the straight-line method, the depreciation rate for each item of depreciable property is determined by the formula [Tax Code of the Russian Federation. Parts I and II. - M.: ELITE, 2009]..

K \u003d (1 / n) * 100%,

where K is the depreciation rate as a percentage of the original (replacement) cost of the depreciable property;

2. When applying the non-linear method, the amount of depreciation accrued for one month in relation to an object of depreciable property is determined as the product of the residual value of an object of depreciable property and the depreciation rate determined for this object. When applying the non-linear method, the depreciation rate of an object of depreciable property is determined by the formula

K \u003d (2 / n) * 100%,

where K is the depreciation rate as a percentage of the residual value of the depreciable property;

n -- the useful life of this depreciable property, expressed in months.

In this case, from the month following the month in which the residual value of the depreciable property reaches 20% of the original (replacement) value of this object, depreciation on it is calculated in the following order:

Sufficient value of the depreciable property and for the purpose of depreciation is fixed as its base value, for further calculations;

2) the amount of depreciation accrued for one month in respect of this depreciable property item is determined by dividing the base cost of this item by the number of months remaining until the expiration of the useful life of this item.

The structure of equity in each company is individual, it is associated with the specifics of its activities, the stage of the life cycle.

The charter determines the number, par value, categories and types of shares placed by the company, the amount of its authorized capital, which is made up of the par value of the shares, and in accordance with Russian legislation the par value of all ordinary shares must be the same.

In accordance with current legislation a share is an issuance security that secures the right of its holder (shareholder) to receive part of the net profit in the form of a dividend and, as a rule, to participate in the management of a joint-stock company and to receive part of the property remaining after the liquidation of the joint-stock company.

The price of shares differs from their nominal value by an amount depending on supply and demand, the level of the dividend paid and the loan interest.

A joint-stock company has the right to issue both ordinary and preference shares. In this case, one condition must be observed: the share of preferred shares in the total authorized capital of a joint-stock company should not exceed 25% [Civil Code of the Russian Federation. Ch. I and II. - M.: Prospekt, 2009].

An ordinary share is a security that gives the right to vote at a meeting of shareholders and to receive a dividend paid out of profit after paying mandatory payments and deductions from it, paying dividends on preferred shares and replenishing the reserves provided for by the constituent documents and the decision of the meeting of shareholders.

After analyzing the investment characteristics of an ordinary share and the rights granted to its owner, it is possible to formulate the advantages and disadvantages of financing through the issue of ordinary shares.

In the event of liquidation of the company, the claims of the owner of a preferred share are satisfied after the claims of creditors, but before the obligations to ordinary shareholders. Preferred shareholders have preemptive right on the assets of the company and its income, they usually do not receive voting rights in most decisions.

Preferred shares are characterized by great diversity and quite significantly differ in the set of rights they provide. As a result, by choosing best type issuance of preferred shares, it becomes possible to realize the goals that the company set for itself when forming capital. Schemes can be devised to not only solve the funding problem, but also minimize the price that society has to pay to raise funds.

The share issue management process includes the following steps:

1. Opportunity research efficient placement proposed issue of shares. The decision on the proposed initial or additional issue of shares can be made on the basis of:

Comprehensive preliminary analysis stock market;

Evaluation of potential investment attractiveness

shares of this company.

Analysis of the stock market situation, both exchange and over-the-counter, includes

* characteristics of the state of supply and demand for shares;

* the dynamics of the price level and their quotation;

* volume of sales of shares of new issues.

The assessment of the potential investment attractiveness of the shares of enterprises is carried out from the position of taking into account the prospects for development, the industry's competitiveness of products, as well as the levels of indicators financial condition enterprises compared to industry averages.

2. Determination of the purposes of share issue. In connection with high cost attraction of own capital from external sources, the purpose of the issue should be determined from the position strategic development enterprise and the possibility of a significant increase in its market value in the coming period. The main objectives of the share issue are:

1) real investment, requiring a large amount of financial resources, associated with sectoral and regional diversification of production and economic activities, incl. creation of a network of new branches, subsidiaries, new industries with a large volume of output;

2) the need for a significant improvement in the structure of capital used, incl. increasing the share of equity in order to increase the level of financial stability, ensure a higher level of own creditworthiness and thereby reduce the cost of attracting borrowed capital, increase the amount of the effect of financial leverage;

3) the planned merger or acquisition of another enterprise in order to obtain a synergistic effect.

3. Determination of the issue volume. When determining the volume of share issue, it is necessary to proceed from the previously calculated need to attract own financial resources from external sources.

4. Determination of the par value, types and number of issued shares. The par value of a share is determined taking into account the main categories of prospective buyers. The highest par values ​​of shares are calculated for legal entities, the smallest - for the purchase of the population ( individuals). In the process of determining the types of shares, the expediency of issuing preferred and ordinary shares is established. The number of shares to be issued is determined based on the volume of the issue and the face value of one share.

5. Estimation of the cost of attracted share capital. In accordance with the principles of evaluation, it is carried out according to two main parameters:

1) the expected level of dividends, which is determined based on the selected type of dividend policy;

2) based on the costs of issuing shares and placing an issue.

The calculated cost of capital raised is compared with the actual weighted average cost of capital and the average level of interest rates in the capital market. After that, the final decision on the issue of shares is made.

Financial resources are the material basis of finance and are monetary funds. These monetary funds take the form of income, savings, receipts, which are formed in the course of the economic agent's own activities or are attracted from the internal or external financial market.

Financial resources are the material basis of the financial circulation of capital

Financial resources are formed at the level of an economic entity, primarily as a result of its main activity, and the main source of their formation is the proceeds from sales. Along with this, an economic entity attracts financial resources by borrowing and investing in financial market.

Individuals form their financial resources also from their own sources, receiving income from entrepreneurial activity, wages, interest and dividend from participation in authorized capital, interest on deposits, pensions and various social benefits. At the same time, an individual can attract borrowed financial resources using the services of the financial market.

The state generates financial resources also in the form of its own and borrowed. The state's own financial resources are created in the form of non-tax and tax revenues.

Not tax income: share premium of the state; income from the exploitation of state property; income from the sale of state property; dividend from participation in authorized capitals; interest on granted loans; commissions from the activities of the state as a guarantor; sale state reserves; transfer of part of the profits of the Central Bank to the state; proceeds from the sale of national wealth; income received as a result of confiscation and indemnity.

Tax revenues are formed in the form of forced withdrawals of part of the added value of economic entities and part of the income of the population.

The state can form borrowed financial resources by borrowing in the international financial market from other states, from international financial and credit organizations, as well as from other economic agents.

General structure by sources of financial resources should be as follows:

Up to 90% of financial resources should be generated by the state at the expense of GDP;

7-8% should give an export-import balance;

2-3% should be formed by using part of the national wealth.

17. Finance of enterprises as a link in the financial system of the Russian Federation

The financial system of the country is the entire sphere of economic relations of all business entities and government agencies participating in economic life, as well as regulating economic relations within national boundaries. Since in a market economy, as well as in a transitional economy, almost all economic relations exist in the form of commodity-money, insofar as almost all of them appear, exist in the form cash flows. A colossal variety of types of these flows form the country's financial system. In the financial system, public finances, finances of enterprises and finances of the population are distinguished.

The financial system as a form of organization of monetary relations can be divided into three interrelated subsystems that ensure the formation and use of financial resources, respectively: a) for business entities, b) for the population, c) for the state and local governments.

Each of the selected subsystems uses specific forms and methods of formation and use of financial resources; each of them has its own functional purpose and an appropriate financial mechanism, focused on achieving their own goals of each of the subjects of economic relations.

The existing differences both in the functional purpose of these subsystems, and in the methods, methods of formation and use of financial resources make it expedient to single out separate systems of financial relations: 1) finances of organizations (economic entities); 2) public finance (state and municipal finance); 3) household finances (households).

These subsystems, in turn, are divided into separate links (private subsystems) depending on the mechanism for the formation and use of monetary funds by specific economic entities..

The basis of the financial system is decentralized finance, since it is in this area that the predominant share of the state's financial resources is formed. Some of these resources are redistributed, in accordance with the norms of financial law, to budget revenues at all levels and to off-budget funds. At the same time, a significant part of these funds is subsequently directed to financing budget organizations; commercial organizations in the form of subventions, subsidies, and is also returned to the population in the form of social transfers (pensions, allowances, scholarships, etc.).

Rice. 1. General structure of the country's financial system

Among decentralized finance, the key place belongs to the finance of commercial organizations. Here material goods are created, goods are produced, services are provided, profit is formed, which is the main source of production and social development of society..

Of particular importance in the system of decentralized finance and in the entire financial system of the developed countries of the world are the finances of financial intermediaries, which are companies that specialize in organizing the interaction of persons with temporarily free funds with persons in need of funds. Huge financial resources are concentrated in this link of the financial system in the developed countries of the world, used primarily for investment purposes..

Despite the variety of types of financial intermediaries, they perform general function: acquire and sell various "financial products", ensuring the efficient movement of financial resources to their end users.

Household finances play a significant role both in the formation of centralized finance through tax payments and in the formation of the country's effective demand. The higher the income of the population, the higher its demand for different kinds material and non-material benefits and the greater the opportunities for the development of the economy, the social sphere.

Finance non-profit organizations have their own specifics related to the formation of income, the procedure for their use, ownership of property, etc.

The finances of economic entities, which include commercial and non-profit organizations, are economic relations expressed in monetary terms that arise in the process of establishing these organizations, in the course of production and sale of products, provision of works and services, formation of current and non-current assets, attraction of various sources of financing , distribution and use of borrowed funds.

Thus, the finances of economic entities as part of the overall financial system cover the processes of creation, distribution and use of the gross domestic product in terms of value.

Initial formation financial resources necessary for the implementation of activities determined by the charter occurs at the time of the establishment of the organization, when the authorized capital (for commercial organizations) or the authorized fund (for non-profit organizations) is formed. The sources of their formation, depending on the chosen organizational and legal form of management, are the funds of shareholders, members of partnerships and cooperatives, budget resources, initial contributions and donations of individuals and legal entities.

Additional sources of financial resources and directions for their use are determined by the target and functional (statutory) activities of the organization.

The whole set of financial relations of economic entities can be systematized in the following areas:

financial relations related to the formation of authorized capital or statutory fund business entity; the authorized capital (fund) is the main source of formation of the initial assets necessary for the implementation of the authorized activities at the initial stage


financial relations related to the production and sale of products and the provision of services;


financial relations related to the issue and placement of debt and equity securities, equity participation in the creation of joint ventures;


financial relations between economic entities and its separate divisions(branches and representative offices), a higher organization (ministry or management company), unions and associations of which they are members;


financial relations between economic entities and financial authorities of the state for the payment of taxes and fees and other payments to the budget and extra-budgetary funds;


financial relations between economic entities and financial and credit institutions in the process of financial settlements and keeping money, obtaining and repaying loans, paying interest, using banking services to speed up financial settlements;


financial relations between business entities and insurance companies arising from the insurance of property, commercial contracts and commercial risks, employees of the enterprise, etc.;


financial relations between an economic entity, its owners, employees and investors arising from the distribution and use of income, remuneration, payment of dividends on shares and interest on bonds.


It is obvious that financial relations, being part of monetary relations, arise mainly in the real cash flow as a result of the activities of an economic entity. The amount of income received determines the possibility of further development. The financial stability of an economic entity depends on the effectiveness of the organization of its activities, the coordination of income and expenses, the rational use of material, financial and human resources..


A positive financial result of economic activity, expressed in the growth of the company's assets, its cash income and net profit, indicates the effectiveness of the methods and forms of management of material and financial resources; on the contrary, a negative result indicates deficiencies in resource management, which can lead to the bankruptcy of an economic entity.


The primary distribution of the value of the gross domestic product (GDP) takes place in the sphere of finance of business entities and, first of all, with the help of the finance of commercial organizations, i.e. this element can be considered as the starting point for the entire financial system.


In general, the finance of commercial organizations as a link in the financial system, regardless of organizational, legal and industry specifics, has the following features:


- financial resources are owned by commercial organizations (with the exception of unitary enterprises);


- financial management of a commercial organization is focused on the implementation of its main goal - making a profit;


- limited in comparison with other parts of the financial system, state regulation of the finances of commercial organizations. The exception is organizations that are fully or partially state or municipally owned..


The financial relations of enterprises are built on the following principles, which predetermine their freedom to dispose of financial and material resources and related to the basics of economic activity.


The principle of economic independence. Its implementation is ensured by the fact that economic entities, regardless of the form of ownership, independently determine their costs, sources of financing, directions of investments of funds in order to make a profit. At the same time, the state regulates a number of aspects of their activities; in particular, it determines the minimum size of the authorized capital for various organizational and legal forms of ownership, conducts licensing certain types activities, determines the requirements for labor protection, compulsory social and medical insurance of employees of the enterprise and the minimum wage.


Self-financing principle. Self-financing means full payback of costs for the production and sale of products, investment in the development of production at the expense of own funds, etc. if necessary, through bank and commercial loans.


The principle of material interest. Its objective necessity is dictated by the main goal of entrepreneurial activity - making a profit in order to improve the welfare of the owners of the enterprise and its employees.


Principle liability . Means the existence of a certain system of responsibility for the results of the financial and economic activities of the enterprise.


The principle of securing financial reserves. In the conditions of market relations, the consequences of entrepreneurial risk fall directly on the enterprise (more precisely, its owners), which voluntarily and independently, at its own peril and risk, implements the program developed by it. production activities .


67. Financial resources of a commercial organization, the specifics of their use


Financial management is a process, the purpose of which is to improve the financial condition of the enterprise and obtain certain financial results.


Any enterprise is an element of the economic system and enters into certain relationships with business partners, budgets of various levels, owners of capital and other entities. In the process of formation and use of financial resources, the enterprise has financial relations with other market entities. It is these relationships that constitute the essence of enterprise finance.


Thus, the finances of an enterprise are monetary relations that arise in the course of its production and economic activities and are associated with the formation and distribution of its financial resources.


Table 1 shows the enlarged groups of financial relations of the enterprise and the monetary funds accompanying them.


Main directions financial activities of any economic entity - the formation and use of monetary funds, through which the production and economic activities of the enterprise are provided with cash, simple and expanded reproduction is carried out.


In accordance with the legislation of the Russian Federation, the formation of the enterprise's monetary funds begins from the moment of its organization.


The authorized capital is the first and main source of the company's own funds. The name "authorized capital" indicates that its value is fixed in the charter of the organization and is subject to registration in the manner prescribed by law. The authorized capital is used to form fixed and working capital, which are used for the acquisition of fixed and working capital, respectively.


Additional capital is the cash fund of the company's own funds, received during the year through the following channels: increase in the value of fixed assets as a result of their revaluation; income from the sale of shares in excess of their nominal value (share premium); gratuitously received monetary and material values ​​for production purposes.


Table 1 - Financial relations and cash funds of the enterprise


Enterprise Finance
financial relations	cash funds
With other enterprises and organizations With suppliers of raw materials, materials, etc. With buyers of finished products with construction companies with transport organizations with audit firms with law firms Inside the enterprise With company employees With branches, workshops, teams With the financial and credit system With budgets of different levels With extrabudgetary funds with commercial banks With other market institutions With exchanges With investment funds with insurance companies	Authorized capital of funds Working Capital Fund Extra capital Reserve capital Investment fund accumulation fund Sinking fund consumption fund Fund for the payment of wages Monetary Fund Fund for payments to the budget

The additional capital can be used by the enterprise to increase the authorized capital and to pay off losses (from activities in the accounting year, from a decrease in the value of property identified as a result of revaluation).


Reserve capital - the cash fund of the enterprise, which is formed in accordance with the legislation of the Russian Federation in the amount determined by the charter, but not less than 15% of the authorized capital. For its formation, at least 5% is annually deducted from the net profit of the enterprise until the established size is reached. The presence of reserve capital in a market economy is the most important condition for maintaining a stable financial position of an enterprise.


It is used to cover the losses of the enterprise, as well as the payment of dividends in the absence of the required profit.


Fund
accumulation is intended for the development of production, it is formed from the net profit of the enterprise. From the accumulation fund, the enterprise provides an increase in working capital, finances capital investments. It also serves as a source of increase in the authorized capital, since investments in the development of production increase the property of the enterprise.


Consumption fund - funds formed from net profit and directed to meet the material needs of the enterprise's employees, financing non-production facilities, and compensation payments.


The currency fund is formed at enterprises that receive foreign exchange earnings from the export of products and buy foreign currency for import operations.


The implementation of financial relations requires that the enterprise has financial resources. However, the enterprise operates in conditions of limited resources, including financial ones, in relation to the possibility of their use. Therefore, in financial management, ensuring the financial needs of the enterprise is considered as a priority. The financial well-being of the enterprise, as well as the well-being of its owners and employees, depends on how effectively the financial resources are managed at the enterprise.


Financial resources are all sources of funds accumulated by an enterprise to form the assets it needs in order to carry out all types of activities, both at the expense of its own income, savings and capital, and at the expense of various kinds of income.


In conditions market economy financiers operate with the concept of "capital"; capital - a real object of influence for profit. Capital and financial resources have the same nature - cash. However, capital is the cost of financial resources put into circulation by the enterprise and generating income from this turnover. In this sense, capital becomes a converted form of financial resources, since it cannot remain in the form of money for a long time.


The formation of financial resources is carried out from various sources, which can be divided into internal and external. Internal sources are formed at the expense of own and equivalent funds and are associated with the results of management. External - the receipt of resources by the enterprise from the outside.


The composition of financial resources coming from internal and external sources is shown in Table 2.


Table 2 - The composition of the financial resources of the enterprise


Enterprise financial resources
Internal sources		External sources
Formed with own funds	Formed at the expense of equivalent funds	Mobilized in the financial market	Arriving in order of redistribution
operating income profit from research and other targeted income profit from financial operations income from work performed by an economic method other income, financial resources coming from unions, associations, sectoral structures budget allocations, subsidies, subventions	depreciation deductions proceeds from the sale of retired property stable liabilities accumulation of retained earnings earmarked income reserve fund shares and other contributions of members labor collective	funds from the sale of own securities (stocks, bonds, etc.) credits and loans	risk insurance claims implementation of insurance policies and pledge certificates financial resources formed on a share basis (equity participation in current investment activities) dividends, interest on securities of other issuers

Among the internal sources of financial resources, the most important are profit and depreciation.


Profit enterprise is formed in the process of its production activity, being its end result. In a competitive environment, the labor collective is interested in the growth of profit, since it serves as a source of production growth, and, consequently, the growth of the well-being of the employees of the enterprise. However, such a source is not the entire gross profit received as a result of the economic activity of the enterprise, but only a part of it remaining after paying taxes and payments to the budget - net profit. It is used to form accumulation and consumption funds, a reserve fund.


Depreciation deductions represent monetary value the cost of depreciation of fixed production assets and intangible assets. Depreciation deductions are included in the cost of production and then, as part of the proceeds from the sale of products, are returned to the settlement account of the enterprise, becoming internal source formation of an accumulation fund.


In a market economy great importance acquire external sources of financial resources. Among them, relatively new species have appeared in recent years, and the structure of their formation has also changed.


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


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


With the formation in Russia of the market for the means of production, capital and labor, the formation of a multi-structural economy and market pricing, the financial management mechanism at the enterprise is radically changing.


Organization effective management financial resources, taking into account methods adequate to a market economy, is carried out within the framework of financial management.


86. The theory of John Keynes (1883 - 1946)


The first and most serious test of the classical theory of macroeconomic equilibrium was the global economic crisis of 1929-1933, usually referred to in the historical literature as the Great Depression, which hit primarily developed countries, whose economies for four long years were gripped by catastrophic unemployment, a decline in production, and a reduction in business activity.


It was during this period that John. Keynes, in the course of his analysis, found that the market mechanism in itself is not able to establish equilibrium at the level of full employment. From the point of view of J. Keynes, the general equilibrium is not Pareto-optimal, since it can be achieved even in a crisis state of the economy, with significant unemployment. Moreover, capacity-level production is the exception rather than the rule in an unregulated market economy. On this occasion, he wrote: “I will give evidence that the postulates of the classical theory are applicable not to the general, but only to the special case ... Moreover, the characteristic features of this special case do not coincide with the features economic society in which we now live, and therefore their preaching leads astray and leads to fatal consequences when trying to apply this theory in practical life. one


Equilibrium in the economy is no longer achieved by lowering the price level, but by reducing supply. The result is an underemployment equilibrium. Establishing an equilibrium at full employment presupposed an increase in aggregate demand to the potential level of national output. Why there is a lack of aggregate demand in the economy and how it can be increased is one of the central and innovative provisions of Keynesian economic theory.


Keynesian theory operates with such indicators as the function of consumption, savings, investment. Under consumption
(FROM) in economics, the total quantity of goods bought and consumed during a period is understood. In other words, consumption is an expression of general consumer or solvent demand.


Under savings
(S) economics understands the portion of income that is not consumed. In other words, saving means reducing consumption. Economic importance savings lies in its relation to investment, i.e. production of real capital. Savings form the basis for investment.


Modern economic science considers savings as the basis of investment. The relationship between income and consumption, income and savings, income and investment can be shown graphically. On fig. 2 on the coordinate axes are the values ​​of consumption (vertically) and income after taxes (horizontally). A straight line drawn from the origin at an angle of 45 o shows that at each point Income after taxes is equal to consumption.




Rice. 2. Consumption function


In fact, the consumption curve rarely coincides with the bisector and o runs at an angle of less than 45 o . At the point of its intersection with the bisector, income will be equal to consumption. In the part where consumption exceeds income, life in debt begins. If income exceeds the level of consumption, then the difference forms the amount of savings.


On fig. 3 shows a savings curve, each point of which is equal to the vertical difference between the bisector and the consumption curve.




Rice. 3. Saving function


Savings form the basis of investment. The economy is in equilibrium at the point where saving equals investment. Let's show it graphically. For simplicity, let's assume that regardless of the income level of a society, investment opportunities are constant from year to year. Then the investment schedule will be represented by a horizontal straight line (Fig. 4).




Rice. 4. Investment schedule


At the point E- the point of intersection of the savings and investment curves - the system is in equilibrium and tends to be stable.


Equilibrium is a state in the economy in which economic decision makers have no incentive to change their plans. Based this definition and given the above analysis of equilibrium in the theory of supply and demand, one can consider the equilibrium state of the firm and the national economy. It should be noted that the same trend in the relationship between supply and demand at the firm level and at the macroeconomic level will be traced here.


The equilibrium of the firm is the position of the firm in which it has no incentive to change the price of its product and the volume of output.


The Keynesian approach to macroeconomic equilibrium is as follows:


- the equilibrium of the national income is also possible in conditions of full employment;


— price rigidity;


- savings are a function of income, i.e. S=C o +(1-MPC) x Y , then investments and savings are determined by different factors. If we recall that the produced national income is defined as Y=C+S , and used ND-Y=C+I , so then C+I=C+S , and we can write that I(r)=S(Y) , where r is the market rate of interest.


This equality is the condition of macroeconomic equilibrium.


Along with the classical model of equality of aggregate demand and aggregate supply, one can derive an equilibrium variant in the income-expenditure model, also called the Keynesian cross (see Fig. 5).


Dot E 0 in fig. 7 shows such a state of equilibrium of the national economy, when ND is equal to consumer spending, and S=0 , i.e. a stagnating economy. When adding private investment (Y=C+I) and then government spending (Y=C+I+O) the national economy will tend to a state of full employment (P).


This state can also occur under the influence of the multiplier effect.




Fig.5. Canisan Cross


It should be noted that an increase in the marginal propensity to save with an increase in the level ND not always favorably reflected in the state of the national economy. In a stagnant economy (i.e. during the period of stagnation of the entire economic activity) in combination with underemployment, a reduction in consumption will lead to overstocking and a decrease in national income, i.e. the paradox of frugality emerges.


Graphically, the violation of macroequilibrium will have the form shown in Fig. 6.




Rice. 6. Violations of macrobalance


Pregnant Y 1 at AD>AS under conditions of full employment, an inflationary gap occurs, i.e. I>S consequently, the lack of savings will lower the level of investment, resulting in a decrease in production, which, with growing demand, increases inflation.


Pregnant Y2 at AS>AD under conditions of full employment, a deflationary gap occurs; S>I . This situation is characterized by the growth of production with low current demand, which leads to national economy in a state of decline.


Macroeconomic balance is possible Ep , at HD=Y p , where AS=AD and I=S .


Properties of macroeconomic equilibrium:


1. Inflation is always the result of an excess of aggregate demand over aggregate supply, since in the absence of an excess of aggregate demand there is no reason for prices to rise. Although the excess of aggregate demand can occur for various reasons, including due to the state budget deficit and monetary expansion


2. Macroeconomic equilibrium does not guarantee full employment.


3. In a state of macroeconomic equilibrium, the volume of imports may exceed the volume of exports, hence the state accumulates external debt. In the opposite situation, foreign exchange reserves increase.


4. Under macroeconomic equilibrium, the government bears the cost of providing public goods and services to its citizens. If government spending exceeds tax revenue, the deficit is financed either by external borrowing or by additional emission of money. This situation affects the state of aggregate demand and aggregate supply, as will be discussed in other chapters.


The coefficient showing the excess of income growth over investment growth is multiplier.


If we subtract the increase in investment from the increase in national income, we get the value of secondary, or production, consumer spending due to initial investment.


The multiplier effect causes changes not only in investment, but also in the level of savings. If, presumably, the growth of thrift (S1) will cause the savings curve to move up, then the new equilibrium point (E 1) will lie to the left of the original, which corresponds to a decrease in the level of national income (Fig. 7).




Rice. 7. Dynamics of savings growth and investment decline


This is because an increase in the propensity to save leads to a reduction in consumption. Under these conditions, entrepreneurs are not interested in investing anymore (sales have decreased), therefore, both national production and national income will decrease.


The propensity to save has a significant impact on the national income and the economic balance of society, which is manifested, in particular, in the paradox of thrift.


Equilibrium in the economy is not in itself an optimal situation. If investment is low, the equilibrium level implies high unemployment (explicit and implicit). If investments begin to exceed savings, this becomes an impulse for an inflationary rise in prices.


Thus, the desired goal may be a level of national income close to that which can be obtained under conditions of full employment. Deviations from this level mean a deflationary or inflationary gap.




Rice. 8. Graphical interpretation of the animation effect


With a deflationary or inflationary gap, the state tries to change the level of income equilibrium and influence aggregate spending, i.e. on the amount of demand. As a result, to the initial two elements of demand - consumption and investment - are added government spending characterizing the demand from the state.


Thus, the essence of Keynesian analysis is that the economy, left to itself and functioning on the principle of "invisible hand", is very likely to fall into a situation of either inflation or unemployment. Once in this situation, it is not able to get out of it on its own, since in an economic system with fixed prices there is no internal mechanism that ensures automatic balancing of aggregate demand and aggregate supply at the level of full employment. At the time of the classics, such a mechanism existed, it was a system of flexible prices, primarily flexible wages. If there is unemployment in the economy, wage decreased and the demand for labor increased until all those who wanted to work found appropriate jobs. However, by the 1930s. the role and influence of trade unions in the labor market has significantly increased, which have managed to significantly limit the ability of entrepreneurs to lower the price of labor. Therefore, the economy of this period, having come to a state of equilibrium with underemployment, can be in it for an arbitrarily long time, without revealing the slightest tendency to involve unused resources in production, primarily free labor. Underemployment is on the rise.


Great Depression 1929-1933 was a convincing evidence of the correctness of the theoretical conclusions of J. Keynes. All hopes for the ability of a competitive economic system to cope with the global crisis that hit all highly developed countries turned out to be futile. The economy continued to function at a low level of employment, showing no signs of recovery. According to J. Keynes, only the state could lead it out of protracted stagnation. Only an increase in public spending can compensate for the shortfall in aggregate demand resulting from low consumer spending and the lack of incentives for private firms to invest, and bring about an economic equilibrium at full employment of resources.


List of used literature

1. Babich A.M., Palova L.N. Finance.–M.: ID FBK-PRESS, 2007. FINANCIAL INSTRUMENTS Calculation of the effectiveness of the sources of formation of working capital of an enterprise

   2014-07-23

Principles

independence of enterprises in the financial sector - this principle is limited by the rights of state and municipal authorities, but these restrictions are strictly fixed by law

the principle of planning and forecasting - carried out on the basis of limits that descend in the form of order plans

the principle of self-sufficiency and self-financing of the production activity of the enterprise - in accordance with this principle, the costs of production and sale of products are carried out at the expense of own funds received as a result of economic activity.

the principle of responsibility of enterprises - enterprises are responsible for the result of the activity of the enterprise, such responsibility can be provided for under the GP, AP, UP

the principle of separating the financial resources of an enterprise from the financial resources of the state and municipalities - according to the Civil Code of the Russian Federation, the property of unitary enterprises is not included in the state or municipal treasury.

It should be noted that in the Russian Federation legislation there is no NLA, which generally regulated the issues of the legal regime of financial activity.

The Federal Law on state and municipal enterprises has largely eliminated the existing gaps in the existing area.

Detailed regulation at the legislative level was received only by enterprises arising only in relation to the enterprise.

As for the procedure for the formation and use of financial resources of unitary enterprises, the relationship of these enterprises and a number of other similar issues, these issues are regulated regulations different levels, mainly it is NA of the Government and NA of ministries and departments.

Statutes are essential for the regulation of enterprises. These statutes are approved by the Government of the Russian Federation and the Government of the constituent entities of the Federation by the administrations of the Moscow Region.

47. sources of financial resources of enterprises. profit of enterprises and the procedure for its distribution

Financial resources are the funds at the disposal of the enterprise and intended to ensure its efficient operation, to fulfill financial obligations and provide economic incentives to employees.

Financial resources are a set of funds for strictly targeted use, which has the potential to be mobilized (released from circulation) or immobilized (additional loading into circulation).

Financial resources are formed at the expense of own and borrowed funds.

Own sources of financial resources include:

1) authorized capital;

2) depreciation;

3) profit;

4) reserve fund;

5) repair fund;

6) insurance reserves and other sources.

Borrowed sources of financial resources include:

a) loans financial institutions;

b) budget loans;

c) commercial loans;

d) accounts payable, constantly in circulation and others.

The attracted sources of financial resources include:

1) funds of equity participation in current and investment activities;

2) funds from the issue of securities;

3) share and other contributions of members of the labor collective, legal entities and individuals;

4) insurance compensation;

5) receipt of payments for franchising, rent, selenge.

It is also distinguished as a source of appropriations from the budget and receipts from extra-budgetary funds.

The starting source of financial resources at the time of the establishment of the enterprise is the authorized (share) capital - property created from the contributions of the founders (or proceeds from the sale of shares).

The main source of financial resources operating enterprise serve as income (profit) from the main and other activities, non-sales operations. It is also formed at the expense of stable liabilities, various targeted revenues, shares and other contributions of members of the labor collective. To sustainable liabilities include authorized, reserve and other capital, long-term loans and constantly in the turnover of the company's accounts payable.

Financial resources can be mobilized in the financial market through the sale of shares, bonds and other types of securities issued by the enterprise; dividends on securities of other enterprises and the state; income from financial transactions; loans.

Financial resources can come in the order of redistribution from associations and concerns to which they belong, from higher organizations while maintaining industry structures, from insurance organizations. In some cases, an enterprise may be granted subsidies (in cash or in kind) at the expense of the state or local budgets, as well as special funds.

Distinguish:

Direct subsidies are government capital investments in facilities that are especially important for National economy, or in unprofitable, but vital;

Indirect subsidies implemented by means of tax and monetary policy, for example, through the provision of tax incentives and concessional loans.

The set of financial assets of the enterprise is usually divided into working capital and investments.

2. Profit and the procedure for its distribution at state and municipal enterprises

The most important indicator and criterion of the effectiveness of the financial activity of an enterprise is profit, which in its essence represents a part of the added value created as a result of the sale of products (goods), the performance of work, the provision of services. The financial and legal significance of the profits of state and municipal enterprises is that it is one of the sources of income of the budget system. In this aspect, the profit of unitary enterprises is a source of both tax and non-tax revenues of budgets of all levels: it is subject to certain taxes, and the free balance of profit can be withdrawn to the budget.

In the Russian practice of the financial activity of enterprises, the resulting profit is divided into gross, balance, net, profit remaining at the disposal of the enterprise, profit for tax purposes, etc.

Gross profit of an enterprise was defined by the Law of the Russian Federation of December 27, 1991 No. 2116-1 “On income tax of enterprises and organizations” as the sum of profit (loss) from the sale of products (works, services), fixed assets, other property of an enterprise and income from non-sales operations, reduced by the amount of expenses on these operations (item 2).

Profits are distributed state enterprises between the state (owner) and the economic entity itself. At the same time, the amount of profit of unitary enterprises to be transferred to the budget is not determined by the owner in advance. The ratio of shares and the order of such distribution largely depend on legal status enterprise, the state's interest in obtaining its products, the state's need for funds, etc. Specific forms and methods of profit distribution are established in the charter of each enterprise.

The part of the profit remaining at the enterprise after paying taxes and paying dividends is subject to distribution. Some local taxes may be paid on the remaining profits, as well as fines. The further process of profit distribution is carried out, as a rule, through the formation of funds and reserves of the enterprise, which it needs to finance its further activities.

The practice of carrying out financial activities of unitary enterprises based on the right of economic management shows that most often free profit is directed to the formation of funds: accumulation, consumption, reserve and social development.

The state, represented by the owner of unitary enterprises, also has an indirect influence on the distribution of free profits, for example, by providing tax benefits, stimulating its investment in authorized capital, fixed assets, and off-budget funds. Russian Federation etc.

The profit of state-owned enterprises has a more stringent legal regime, due to the peculiarities of state property, which is in operational management. The Civil Code of the Russian Federation (Article 115) and the Procedure for planning and financing the activities of state-owned factories determine the direction of the profit received from the implementation of the plan-order and independent entrepreneurial activity to finance the plan-order and the development plan next year, for other production purposes, as well as for social development. Profits for these purposes are distributed among individual funds, and the standards are annually set by the Ministry of Economic Development and Trade of the Russian Federation and the Ministry of Finance of the Russian Federation. After mandatory fund contributions, the free balance of profit is subject to withdrawal into income federal budget.

The main task of distributing the profits of state-owned enterprises is the material support of reproduction processes for the further fulfillment of state orders.

48. Concept and system of state and municipal revenues.

State revenues are part of the national income of the country, circulated in the process of its distribution and redistribution through various types of cash receipts in the ownership and disposal of the state in order to create the financial base necessary to fulfill its tasks of implementing socio-economic policy, ensuring the defense and security of the country, as well as for the functioning of state bodies.

Municipal (local) revenues also represent a part of the national income, serve to create financial basis local self-government and are used to resolve issues of local importance.

State revenues are credited to various state monetary funds - to the budgets of all levels of the budgetary system of the Russian Federation, extra-budgetary targeted state funds. Municipal revenues are credited respectively to local budgets and local off-budget funds. The current legislation makes it possible to draw a conclusion about the unity of state and municipal revenues, which means the legislative establishment of all types of revenues and the use of the same types of cash receipts in the formation of both state and municipal revenues.

2. The system of state and municipal revenues

State and municipal revenues are single system consisting of various types of income.

By economic feature state and municipal revenues are divided into internal and external. Domestic income includes national income and national wealth created within the country and used by the state to perform its inherent functions.

To external income - the national income, and in exceptional cases - the national wealth of another country, if they are borrowed in the form of state loans or come in the form of reparation payments.

To budget revenues in accordance with Art. 41 of the Budget Code of the Russian Federation include tax revenues, non-tax revenues and gratuitous receipts.

Free donations include:

Subsidies from other budgets of the budgetary system of the Russian Federation;

Subsidies from other budgets of the budgetary system of the Russian Federation (interbudgetary subsidies);

Subventions from the federal budget and (or) from the budgets of the constituent entities of the Russian Federation;

Other interbudgetary transfers from other budgets of the budgetary system of the Russian Federation;

Gratuitous receipts from individuals and legal entities, international organizations and foreign governments, including voluntary donations. Art. 41 of the Budget Code of the Russian Federation - Types of budget revenues

According to the right of ownership, state and municipal revenues are divided into own and borrowed. Own revenues are various types of payments, which, in accordance with the law, are transferred to the full possession, use and disposal of the Russian Federation as a whole, the constituent entities of the Russian Federation or municipalities. This group includes taxes, fees, duties and other obligatory payments, income from the use and sale of state and municipal property, voluntary receipts, etc. Borrowed income is the funds received as a result of state or municipal credit activities. Banks, individuals and legal entities can act as credit resources.

Depending on the order of formation, state and municipal revenues are centralized and decentralized. Centralized are incomes credited to budgets or extra-budgetary funds. Decentralized state and municipal incomes include incomes of state (municipal) enterprises, organizations that remain at their direct disposal and are independently used.

The division of state and municipal revenues into centralized and decentralized allows us to consider them in broad and narrow aspects. In a broad aspect, state (local) revenues cover the revenues of the budget system and non-budgetary state (local) funds, as well as the revenues of state (municipal) enterprises and organizations that remain at their disposal. In a narrow aspect, state (local) revenues include revenues from the state budget system and state (local) off-budget funds, i.e. the treasury of the state or municipality.

According to the territorial level, incomes are divided into federal, constituent entities of the Russian Federation, municipalities.

According to the methods of accumulation, state and municipal revenues are divided into mandatory and voluntary.

49. Non-tax revenues of the state and municipalities.

Non-tax revenues play an important role in the formation of state and municipal revenues. They differ from taxes in the peculiarities of the forms of payments and methods of attracting the state and municipalities to the disposal, the content of the rights and obligations of payers, on the one hand, and the authorities state power and local self-government on the other.

Non-tax revenues of the state and municipalities are incomes at their disposal from the use of state and municipal property and the activities of state authorities and local self-government, payments of an equivalent and penalty nature, as well as funds attracted on a voluntary basis.

So, unlike taxes, non-tax revenues can be not only mandatory, but also voluntary payments. In particular, on a voluntary basis, state and municipal lotteries are held, which serve as a source of income for the state and municipalities, the issuance of state and municipal securities, the attraction of funds to state and municipal off-budget funds and institutions in the order of charitable activities, etc.

Non-tax payments of a mandatory nature, unlike taxes, are characterized by a certain remuneration, since their collection is conditioned by granting the payer the right to carry out any activity (license, registration fees), receive legally significant services (state duty), to use property (rent) etc. Therefore, payers have the right to demand that state or municipal authorities perform actions, provide services, etc., related to this payment. Moreover, these payments may have a specific purpose, i.e. be spent on the object for the use of which they were paid (payments for the use of natural resources).

In addition to those mentioned above, non-tax revenues include punitive payments.

In general, the following groups can be distinguished in the composition of non-tax revenues.

Income from property that is in state or municipal ownership, or from activities.

These include:

Income from the use of property in state and municipal ownership;

Dividends on shares owned by the state and municipalities;

Income from the lease of state and municipal property (rent for the use of the forest fund, for agricultural and non-agricultural land, for the lease of other property);

Interest received from the placement of temporarily free budget funds or extra-budgetary funds in banks, from the provision of budget loans within the country and government loans provided to foreign states;

Income from the provision of services or reimbursement of state expenses;

Transfer of profit Central Bank Russian Federation;

Payments from state and municipal organizations, etc.

Income from the sale of state and municipal property:

Proceeds from the privatization of organizations that are state and municipal property;

Proceeds from the sale by the state and municipalities of their shares, income from the sale of apartments, production and non-production assets, vehicles, and other equipment;

Income from the sale of confiscated and ownerless property, property passing into state or municipal ownership by inheritance or donation, and treasures.

Administrative fees and charges:

Customs fees, other non-tax customs payments;

Fees charged State Inspectorate traffic safety of the Ministry of Internal Affairs of the Russian Federation, other payments levied by state and municipal organizations for performing certain functions.

Penalties, damages:

Receipts for the release and sale of products manufactured with deviation from the standards and specifications;

Sanctions for violation of the procedure for applying prices;

Administrative fines and other sanctions, including fines for traffic violations;

Amounts collected from persons guilty of crimes and insufficient material assets.

Income from foreign economic activity:

Receipts from centralized exports and other receipts from foreign economic activity.

Non-tax revenues are divided into three levels: federal, subjects of the Russian Federation and municipal (local).

Among non-tax revenues, there are payments (fees, duties, payments for the use of natural resources, etc.) that are close in some respects to taxes (compulsory payment, enrollment in the budget system or extra-budgetary state fund, controllability of payment by tax or, in appropriate cases, customs authorities). But they differ significantly from taxes in their reimbursable nature. The sign of obligation has a special manifestation in these payments - the obligation to pay them arises only in connection with an appeal to state or municipal authorities for a certain service (registration of a place of residence, permission to transport goods across the customs border, granting the right to certain activities, etc. ).

A special place among mandatory non-tax payments is occupied by insurance contributions to state social non-budgetary funds - the Pension Fund of the Russian Federation, the Fund social insurance Russian Federation, compulsory medical insurance funds and the State Employment Fund of the Russian Federation.

Also, on a voluntary basis, the state and municipalities raise funds through lotteries.

50. Tax law of the Russian Federation: concept, subject, principles. The place of tax law in the system of Russian law.

tax law is a branch of the legal system of the Russian Federation, which is a set of legal norms governing public relations in the field of taxation.

These social relations, which otherwise can also be called tax legal relations, constitute the subject of tax law. At the same time, such public relations in the field of taxation (tax legal relations) cover various areas of state, property, power and administrative relations and are of a complex nature.

1. Place and role of tax law in the system of Russian law

Another important theoretical issue of great practical importance is the question of the place of tax law in the system of Russian law.

In 1990-1995 individual researchers (for example, V.V. Gureev, E. Pokachalova) defined tax law as "an institution of financial law", "an institution of financial law - ... a major section of financial law with the prospect of further development."

Then, in 1997, N.I. Khimicheva notes that "as a result of the rapid development of tax law, it began to be characterized in relation to the financial law of the Russian Federation as its sub-branch."

Thus, in recent years, an opinion has been formed in legal science, according to which tax law is usually considered as a major division (sub-branch) of financial law. At the same time, it is noted that tax law is closely related to the norms of budget law.

Defining tax law as a sub-branch of financial law, however, it should be noted that:

firstly, tax law has its own specific features of the subject and method;

secondly, tax law, regulating a special type of financial relations, uses both the method of regulating financial law and its own method;

thirdly, this own method of tax law is complex.

In addition, it should be noted that the view of tax law as a sub-branch of finance is not the only possible one. For example, already in 1995 Yu.A. Tikhomirov pointed out that "in the future, on the basis of an array of legislation and by-laws, tax law will develop as an independent branch." V.I. agrees with this position. Goiman: "From experience foreign countries it can be assumed that there will be a spin-off of tax law from financial law (in the United States, for example, this is the largest branch of law).

Thus, from a certain point of view, tax law can also be considered as an independently emerging branch of law, currently at the stage of separation from financial law.

2. Principles (basic principles) of tax law

The principles or basic principles of tax law, according to Article 3 of the Tax Code of the Russian Federation, include:

universality of taxation;

tax equality;

economic feasibility of taxes and fees;

certainty of taxes and fees;

constitutionality of taxation;

legitimacy of establishing taxes and fees.

The universality of taxation means that each person, without exception, must pay legally established taxes and fees.

Tax equality presupposes the same conditions of taxation for all. It is not allowed to establish differentiated rates of taxes and fees, tax incentives depending on the form of ownership, citizenship of individuals or the place of origin of capital.

Economic justification as a principle requires that taxes and fees have an economic basis and are not arbitrary.

Certainty requires when establishing taxes to accurately determine all elements of taxation. Acts of legislation on taxes and fees should be formulated in such a way that everyone knows exactly what taxes (fees), when and in what order he must pay.).

Constitutionality means that when taxing, the provisions of constitutional law must be taken into account.

The legality of the establishment implies that federal taxes and fees should be established, changed or canceled only by the Tax Code of the Russian Federation, and regional and local - respectively, by the laws of the constituent entities of the Russian Federation and regulatory legal acts of representative bodies of local self-government on taxes and fees, again in accordance with the Tax Code RF.

Currently, many enterprises are forced to pay more and more attention to the problems that are associated with the formation and increase in the efficiency of the use of their financial resources, to look for new sources to improve their condition, so the consideration of this topic is relevant.

The success of the development of each organization depends on how well it manages its available resources in the conditions modern market, since its effectiveness depends not only on the amount of resources used and attracted, but also on how it knows how to manage them.

There are 3 types of main resources of the organization:

• material resources;
• human resources;
• financial resources.

Let us consider in more detail what the financial resources of the organization are. Finance is the backbone of the entrepreneurial system. Financial resources are the funds at the disposal of the enterprise and intended for the implementation of current costs and expenses for expanded reproduction, for the fulfillment of financial obligations and economic incentives for employees. Financial resources are also directed to the maintenance and development of non-production objects, consumption, accumulation, to special reserve funds, etc.

It should be noted that the financial resources of enterprises are initially created from income received as a result of the formation of equity capital, production and entrepreneurial activities, the sale and lease of their property, the collection of share and statutory contributions, state support, and receipt of insurance compensation. All of the above resources are subsequently used to pay taxes, wages, purchase fixed and working capital, repay debts and make deferred expenses.

In more detail, the sources of formation of financial resources are considered in Figure 1.

Figure 1 Sources of formation of financial resources

Financial resources can be formed through:

• own funds;
• borrowed funds.

Own funds include:

• authorized capital;
• Extra capital;
• retained earnings.

The enterprise first of all tries to use internal (own) sources of financing.

The formation of financial resources occurs at the time of the foundation of the enterprise, when the authorized capital is formed. The authorized capital is the property of the enterprise, which is created at the expense of the contributions of the founders. Therefore, it should be noted that the effective use of the authorized capital, its organization, as well as its management is one of the main tasks. financial service enterprises.

Additional capital may include the results of revaluation of fixed assets, funds for replenishment of working capital, share premium, gratuitous monetary and material values ​​received for production values.

Retained earnings is profit received in a certain period and not directed in the process of its distribution for consumption by owners and staff. It is also a profit that can be used to reinvest in production. An enterprise that uses only its own financial resources has the highest financial stability.

In some cases, it becomes necessary for an enterprise to attract borrowed capital to cover the need for fixed and working capital. Its use can help raise the financial potential of the development of the enterprise, as well as the possibility of increasing the financial profitability of the enterprise. But an extremely large amount of borrowed capital can lead to the fact that the company is exposed to financial risk or the threat of bankruptcy.

Borrowed capital includes a bank loan, financial leasing, commodity (commercial) credit, issue of bonds, and others.

Borrowed capital is divided into:

• short;
• long term.

A distinctive feature of borrowed capital is that it can be obtained from other organizations or individuals on the terms of the subsequent return of funds, as a rule, with the payment of interest for the temporary use of property.

As a rule, borrowed capital with a maturity of up to one year refers to short-term, and from one year or more - to long-term. The question of how to finance certain assets of the enterprise - at the expense of short-term or long-term capital must be discussed in each specific case. The effectiveness of the investment of borrowed capital is determined by the degree of return of fixed or working capital.

Thus, summing up, it should be noted that the effective formation of financial resources in the future can allow the enterprise to invest in new production in a timely manner, ensure the expansion and technical equipment of the enterprise, and finance research and development.

The financial resources of an enterprise, as already noted, are a combination of all types of funds, financial assets that an economic entity has and can dispose of. Their formation is carried out in the process of creating enterprises and the implementation of their financial relations in the course of economic activity.

When creating enterprises, the sources of formation of financial resources depend on the form of ownership on the basis of which the enterprise is created. Thus, when creating state enterprises, financial resources are formed at the expense of the budget, funds of higher management bodies, etc. When creating collective enterprises, they are formed at the expense of share (share) contributions of the founders, voluntary contributions of legal entities and individuals, etc. All these contributions (funds) represent the authorized (initial) capital.

According to the sources of education, financial resources are divided into own (internal) and attracted to different conditions(external) and arriving in the order of redistribution (Fig. 1.1).

Figure 1.1 - The composition of the financial resources of the organization

In order for the enterprise to be able to carry out economic activities, it is necessary to have appropriate financial security. One of the main sources of financial resources of the enterprise is the initial capital, which is formed from the contributions of the founders of the enterprise and takes the form of authorized capital. Consequently, the authorized capital is the total value of assets fixed in the constituent documents, which are the contributions of the owners to the capital of the enterprise.

The next two elements are inextricably linked: profit and depreciation. The initial capital invested in production creates value, expressed in the price of products sold. After the sale of products, it takes the form of money - the form of revenue. However, revenue is not yet income, although it is a source of reimbursement for the funds spent on the production of products and the formation of cash funds and financial reserves of the enterprise. One of the ways to use the proceeds is the formation of an amortization fund. It is formed in the form of depreciation deductions after the depreciation of fixed production assets and intangible assets takes the form of money. A prerequisite for the formation of an amortization fund is the sale of manufactured goods to the consumer and the receipt of proceeds.

Both profit and depreciation are the result of the circulation of funds that have been invested in production, and the company's own financial resources, which it manages independently. However, the profit received by the enterprise does not remain completely at its disposal: part of it in the form of taxes goes to the budget. The profit remaining at the disposal of the enterprise is the main source of financing its needs.

In the process of further work, the financial resources of enterprises can be replenished at the expense of additionally created own sources, attracted and borrowed funds. At the same time, the composition of additionally formed own financial resources (own capital) includes: reserve capital, additional invested capital, other additional capital, retained earnings, targeted financing, etc. For example, reserve capital is the amount of reserves created from the retained earnings of an enterprise in in accordance with applicable law or constituent documents. Additional invested capital is the amount of the excess of the sale price of shares issued by the joint-stock company over their nominal value. Other additional capital shows the value of assets received free of charge by the enterprise from other legal entities or individuals, and other types of additional capital.

Attracted financial resources are formed at the expense of budget appropriations, mobilization of own resources in construction, equity participation funds, income from purchased securities and other financial assets. In order to receive additional income, enterprises have the right to acquire securities of other enterprises and the state, invest in the authorized capital of newly formed enterprises, lend them to other enterprises on terms of repayment, urgency and payment.

And finally, the structure of borrowed financial resources includes long-term and short-term bank loans, as well as other long-term financial liabilities associated with raising borrowed funds, commercial loans and other sources.

Own, borrowed and attracted capital, which forms, on the one hand, the financial resources of the enterprise and participates in the financing of their assets, on the other hand, it represents obligations (long-term and short-term) to specific owners - the state, legal entities and individuals.

From the foregoing, we can conclude that the composition of financial resources, their volumes depend on the type and size of the enterprise, the type of its activity, and the volume of production. At the same time, the volume of financial resources is closely related to the volume of production, effective work enterprises. The greater the volume of production and the higher the efficiency of the enterprise, the greater the value of its own financial resources, and vice versa. Therefore, the availability of sufficient financial resources, their effective use, predetermine a good financial position enterprises solvency, financial stability, liquidity. In this regard, the most important task of enterprises is to find reserves for increasing their own financial resources and their most effective use in order to increase the efficiency of the enterprise as a whole.

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