Sources of formation of financial resources are. Own sources of formation of financial resources at the enterprise. study of the theoretical foundations of the formation of resources for the organization's activities

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 of own funds in the total amount of capital and the smaller the share of borrowed funds, the more firmly protected from creditors' losses, and consequently, 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, due to financial resources investments are financed, as well as working capital advances, 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 capital is of the 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 the decrease in the value of property formed as a result of the 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 companies with limited liability- 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 can be in the form of cash, 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 normal production economic activity, 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 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 an 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 foundations of 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 solutions are reflected in the change in the proportions of the distribution of profits.

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 face value of all ordinary shares should be the same.

In accordance with the 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 liquidation 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 total volume the authorized capital of a joint-stock company should not exceed 25% [ Civil Code RF. 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 acquisition 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 the 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.

The financial resources of the enterprise are transformed into capital through appropriate sources of funds. Today, their various classifications are known.

Funding sources can be conditionally divided into three groups: used, available, potential. Used sources are a set of such sources of financing the activities of the enterprise, which are already used to form its capital. The range of resources that are potentially real for use are called available. Potential sources are those that can theoretically be used for the functioning of commercial enterprises, in conditions of more advanced financial, credit and legal relations.

One of the possible and most common groupings is the division of sources of funds by time:

sources of short-term funds;

advanced capital (long-term).

Also in the literature there is a division of funding sources into the following groups:

own funds of enterprises;

borrowed funds;

involved funds;

budget appropriations.

However, the main division of sources is their division into external and internal. In this version of the classification, own funds and budget allocations are combined into a group of internal (own) sources of financing, and external sources are understood as borrowed and (or) borrowed funds.

The fundamental difference between the sources of own and borrowed funds lies in the legal reason - in the event of the liquidation of the enterprise, its owners have the right to that part of the property of the enterprise that will remain after settlements with third parties.

2.2. Internal (own) sources of financing of the enterprise

Internal sources include:

authorized capital;

funds accumulated by the enterprise in the course of its activities (reserve capital, additional capital, retained earnings);

other fees of legal and individuals(target financing, charitable contributions, donations, etc.).

Equity capital begins to form at the time of the establishment of the enterprise, when its authorized capital is formed, that is, the totality of monetary terms contributions (shares, shares at par value) of the founders (participants) to the property of the organization during its creation to ensure activities in the amounts determined by the constituent documents. The formation of the authorized capital is associated with the peculiarities of the organizational and legal forms of enterprises: for partnerships - this is the share capital, for joint-stock companies - share capital, for production cooperatives - a share fund, for unitary enterprises - statutory fund. In any case, the authorized capital is the starting capital necessary to start the activity of the enterprise.

The methods of formation of the authorized capital are also determined by the organizational and legal form of the enterprise: by making contributions by the founders or by subscribing to shares, if it is a JSC. A contribution to the authorized capital may be money, securities, other things or property rights having a monetary value. At the time of the transfer of assets in the form of a contribution to the authorized capital, the ownership of them passes to the economic entity, that is, investors lose property rights to these objects. Thus, in the event of the liquidation of the enterprise or the withdrawal of a participant from the company or partnership, he has the right only to compensate for his share within the residual property, but not to return the objects transferred to him in due time in the form of a contribution to the authorized capital.

Since the authorized capital minimally guarantees the rights of creditors of the enterprise, its lower limit is legally limited. For example, for LLCs and CJSCs it cannot be less than 100 times the minimum monthly wage (MMOT), for JSCs and unitary enterprises - less than 1000 times the size of MMOT.

Any adjustments in the size of the authorized capital (additional issue of shares, reduction of the nominal value of shares, making additional contributions, admission of a new participant, joining part of the profit, etc.) is allowed only in cases and in the manner provided for by the current legislation and constituent documents.

In the process of activity, the enterprise invests money in fixed assets, purchases materials, fuel, pays for the labor of employees, as a result of which goods are produced, services are provided, work is performed, which, in turn, are paid for by buyers. After that, the money spent as part of the proceeds from the sale is returned to the enterprise. After reimbursement of costs, the enterprise receives a profit, which goes to the formation of its various funds (reserve fund, accumulation funds, social development and consumption) or forms a single fund of the enterprise - retained earnings.

In a market economy, the amount of profit depends on many factors, the main of which is the ratio of income and expenses. At the same time, the current regulatory documents provide for the possibility of a certain regulation of profits by the management of the enterprise.

These regulatory procedures include:

accelerated depreciation of fixed assets;

the procedure for valuation and amortization of intangible assets;

the procedure for assessing participants' contributions to the authorized capital;

choice of evaluation method production stocks;

the procedure for accounting for interest on bank loans used to finance capital investments;

the composition of overhead costs and the method of their distribution;

Profit is the main source of formation of the reserve fund (capital). This fund is designed to compensate for unforeseen losses and possible losses from economic activity, that is, it is insurance in nature. The procedure for the formation of reserve capital is determined by the regulatory documents governing the activities of an enterprise of this type, as well as its statutory documents. For example, for a joint stock company, the value of the reserve capital must be at least 15% of the authorized capital, and the procedure for the formation and use of the reserve fund is determined by the charter of the joint stock company. The specific amounts of annual deductions to this fund are not determined by the charter, but they must be at least 5% of the net profit of the joint-stock company.

Accumulation funds and fund social sphere are created at enterprises at the expense of net profit and are spent on financing investments in fixed assets, replenishment of working capital, bonuses to employees, payment of wages to individual employees in excess of the wage fund, provision of material assistance, payment of insurance premiums under supplementary medical insurance programs, payment of housing, purchase apartments for employees, catering, payment for transportation and other purposes.

In addition to funds formed from profits, an integral part of the company's equity capital is additional capital, which, by its financial origin, has different sources of formation:

share premium, i.e. funds received by the joint-stock company - issuer in the sale of shares in excess of their nominal value;

revaluation amounts non-current assets arising as a result of an increase in the value of property during its revaluation at market value;

exchange rate difference associated with the formation of the authorized capital, i.e. the difference between the ruble assessment of the debt of the founder (participant) on the contribution to the authorized capital, estimated in the constituent documents in foreign currency, calculated at the exchange rate of the Central Bank of the Russian Federation on the date of receipt of the amount of deposits, and the ruble assessment of this contribution in the constituent documents.

Additional capital funds can be used to increase the authorized capital; to pay off the loss identified based on the results of work for the year; for distribution among the founders. Regulatory documents prohibit the use of additional capital for consumption purposes.

In addition, enterprises can receive funds for the implementation of targeted activities from higher organizations and individuals, as well as from the budget. Budget assistance can be allocated in the form of subventions and subsidies. Subvention - budgetary funds provided to the budget of another level or to an enterprise on a gratuitous and irrevocable basis for the implementation of certain targeted expenses. Subsidies are budgetary funds provided to another budget or enterprise on the basis of shared financing of targeted expenses.

Targeted funding and revenues are spent in accordance with the approved estimates and cannot be used for other purposes. These funds are part of the organization's own capital, which expresses the residual rights of the owner to the property of the enterprise and its income.

The financial resources of an enterprise are cash income and receipts at the disposal of a business entity and intended to fulfill financial obligations, incur expenses for expanded reproduction and economic incentives for employees. The formation of financial resources is carried out at the expense of own and equivalent funds, mobilization of resources for financial market and cash receipts from the financial and banking system in the order of redistribution.

The initial formation of financial resources occurs at the time of the establishment of the enterprise, when the statutory fund is formed. Its sources, depending on the organizational and legal forms of management, are: equity capital, shares of members of cooperatives, sectoral financial resources (while maintaining sectoral structures), long-term credit, and budgetary funds. The value of the authorized capital shows the amount of those funds - fixed and circulating - that are invested in the production process.

The main source of financial resources for operating enterprises is the value of products sold, various parts of which, in the process of distribution of proceeds, take the form of cash income and savings. Financial resources are formed mainly from profit (from the main and other activities) and depreciation. Along with them, the sources of financial resources are: proceeds from the sale of retired property, stable liabilities, various targeted revenues, etc.

Sources of financial resources are of two types: own and borrowed.

Own sources include:

expansion of the circle of founders;

· formation of accumulation funds, reserve funds, i.е. those that are formed as a result of the activities of enterprises.

· undistributed balance of net profit or by capitalization of dividends.

These are all long-term sources of funding.

Short-term sources of financing are short-term accounts payable (to suppliers, contractors, employees, budgetary and non-budgetary funds). This source is equal to one's own until it is free, and when pennies and fines appear, it ceases to be free.

Borrowed (attracted) sources include:

Bank loans, government loans (budget, targeted loans);

Loans from other legal entities;

issue of bonds.

These are all long-term borrowed sources.

Short-term borrowings include:

short-term loans of banks and other legal entities;

overdue accounts payable.

Long-term borrowed sources should also include leasing, and short-term - sale and purchase of short-term securities; factoring.

At present, a significant share in the dynamics of short-term and long-term debt is played by various offset schemes, where monetary surrogates also participate: tax exemption, financial and commodity bills.

When deciding on the choice of a particular source, one should take into account the following factors:

the degree of accessibility of the source;

· the cost (price) of this source (which can be expressed as an interest rate, the cost of issuing and distributing securities, etc.);

· Assessment of the magnitude of the risk associated with raising funds from a particular source (the risk of interest rates, debt default, loss of financial stability, dilution of shares).

· effective distribution of financial resources (investment policy of the enterprise and asset management of the enterprise). That is, a financial manager must be able to form an effective investment portfolio, made up of both real and financial investments. To do this, the manager must know the main characteristics of securities (profitability, riskiness, etc.), be able to evaluate financial efficiency investment projects, manage working capital (maximize its turnover), be able to determine the amount of working capital, manage accounts receivable in terms of its reduction.

Significant financial resources, especially for newly created and reconstructed enterprises, can be mobilized in the financial market. The forms of their mobilization are: the sale of shares, bonds and other types of securities issued by this enterprise, credit investments.

The use of financial resources is carried out by the enterprise in many areas, the main of which are:

· payments to the financial and banking system, due to the fulfillment of financial obligations. These include: tax payments to the budget, payment of interest to banks for the use of loans, repayment of previously taken loans, insurance payments, etc.;

· investing own funds in capital costs associated with the expansion of production and its technical renewal, the transition to new advanced technologies, the use of know-how, etc.;

· investing financial resources in securities purchased on the market: shares and bonds of other firms, usually closely associated with cooperative supplies with this enterprise, in government loans, etc.;

the direction of financial resources for the formation of monetary funds for incentive and social character;

· use of financial resources for charitable purposes, sponsorship, etc.

The financial resources of institutions and organizations of the non-profit sector of the economy are the funds mobilized by them from various sources for the implementation and expansion of their activities. The sources of formation of financial resources depend on two factors - the type of services provided and the nature of their provision. Some of the services can be provided to consumers only on a free basis, others - only on a paid basis, and still others - on a combination of both.

Currently, the following sources are used to finance institutions and organizations that provide a variety of services of a socio-cultural nature:

· budget funds allocated to institutions and organizations on the basis of established standards;

funds of state and municipal, private and cooperative enterprises, public organizations, citizens arriving for the performance of work, paid events held in accordance with agreements concluded with legal entities and orders from the population;

income from rendering paid services to the public and other consumers and the sale of products own production;

income from the lease of premises, structures, equipment;

· Voluntary contributions and gratuitous material values ​​transferred to institutions and organizations from state enterprises, cooperatives, public organizations, charitable and other public foundations, individual citizens;

other cash receipts.

All institutions that carry out commercial activity if they have an independent balance sheet and current account, they are entitled to use a bank loan. At the same time, short-term loans are issued to them for the costs associated with the implementation of current activities, and long-term loans for the purposes of production and social development with subsequent repayment at the expense of the production and social development fund.

The mobilization and use of financial resources in institutions and organizations of the non-market sector of the economy is carried out in different ways - depending on the methods of managing the economy. There are estimated financing and full self-sufficiency.

With estimated financing, basic services are provided to consumers free of charge. The main source of formation of financial resources are the budgetary funds provided for in the cost and income estimates. Along with budget allocations, institutions and organizations also use other types of cash receipts, which are also reflected in the estimate.

On the basis of self-sufficiency and self-financing, those organizations operate whose costs are fully reimbursed from the proceeds from the sale of intangible goods and services. These include some cultural and educational institutions, individual medical institutions entertainment enterprises, art institutions, etc. The formation and use of their financial resources is reflected in financial terms according to the relevant items of income and expenses.

The financial resources of the company are made up of the financial resources of economic entities, the financial resources of the federation and the subjects of the federation, the financial resources of municipal governments and the financial resources of insurance companies.

Financial resources are created in the process of distribution of the total social product and national income:

National income (based on the distribution and redistribution of national income, centralized funds of funds are created; a part of the national income that is formed and remains at the disposal of enterprises creates decentralized funds of funds);

Part of the national wealth (previously accumulated funds: from the sale of gold reserves, the sale of energy resources, foreign exchange reserves, insurance reserves, etc.);

Cash income of organizations and enterprises production area. First of all, they include profit, which acts as one of the forms of value of the surplus product;

Depreciation deductions formed at the expense of a part of the cost of fixed production assets;

Contributions of enterprises to state extra-budgetary social funds, property and personal insurance;

Borrowed and borrowed funds (in the form of bank loans, commercial loans, accounts payable; funds received from the issue of securities, etc.);

Receipts from the population (taxes, fees, proceeds from loans and lotteries);

Income from foreign trade operations, external government loans and borrowings, income from securities purchased in the external financial market, foreign investment and humanitarian assistance.

The main source of society's financial resources are national income, profits of organizations regardless of ownership, depreciation fund, insurance funds.

Sources of financial resources at the disposal of the authorities state power and local government, are the gross domestic product(its parts: the amount of indirect taxes, national income), as well as part of the value of national wealth in the form of previously accumulated funds and receipts from external economic activity.

The use of financial resources is carried out mainly through monetary funds special purpose, although a non-stock form of their use is also possible. The stock form of using financial resources has some advantages: it ensures the concentration of resources in the main directions of economic development, makes it possible to more fully link public and personal interests and more actively influence production. Under market conditions, the financial resources of public authorities and local self-government bodies are formed and used in the stock form. Such funds include the budgets of the corresponding levels and state off-budget social funds.

The composition of the financial resources of economic entities is formed under the influence of the following factors:

Areas of activity (material production or non-production sphere);

Farming method (on a commercial or non-commercial basis);

Organizational and legal form;

Industry specifics.

The main sources of formation of financial resources of economic entities consist of:

own funds;

Attracted funds.

The own sources of formation of financial resources of commercial organizations include:

Share capital (in joint-stock companies), share contributions (in consumer companies, production cooperatives), statutory contributions (at the time of establishment of the enterprise);

Net revenue from core activities (this is revenue from the sale of products, work performed, services rendered; revenue from investment activity; proceeds from financial activities);

Non-operating income (received fines, penalties, forfeits for violation of the terms of contracts; assets received free of charge; receipts in compensation for losses caused to the enterprise, etc.);

Operating income (income from the provision of temporary possession and use of the organization's assets for a fee; proceeds from the sale of fixed assets and other assets other than cash (except for foreign currency), products, goods; receipts related to participation in the authorized capital of other organizations, including interest and other income on securities, etc.);

Extraordinary income (receipts arising as a consequence of extraordinary circumstances of economic activity ( disaster, fire, accident, etc.), insurance compensation, as well as the cost of material assets remaining after the write-off of assets unsuitable for restoration and further use).

The attracted sources of formation of financial resources of a commercial organization include:

Borrowed funds (long-term and short-term loans of banks and organizations);

Accounts payable;

Budget loans;

Foreign investment.

The main source of the formation of financial resources of an operating commercial organization is the net proceeds from the main activity, primarily the net proceeds from the sale of products (works, services), due to which gross income and profit are formed, as well as depreciation deductions.

The financial resources of a commercial organization are used in the following areas:

Payment of taxes and fees to the budget system of the country (budgets different levels and state non-budgetary social funds of the federal and territorial levels);

Payment of interest for the use of a loan;

Repayment of loans;

insurance payments;

Financing of capital investments;

Increase in working capital;

Financing of research and development work;

Fulfillment of obligations to the owners of a commercial organization (for example, payment of dividends);

Financial incentives for employees of the organization;

Financing the social needs of employees of the organization;

Charitable purposes;

Sponsorship, etc.

The form of use of financial resources of economic entities is currently less regulated by the state. The procedure for the use of financial resources by commercial organizations is determined by their constituent documents, and therefore a combination of fund and non-fund forms is possible here.

Part of the resources of business entities can be directed to the formation of special-purpose funds (for example, economic and material incentives, reserve funds). The use of financial resources to fulfill financial obligations to the budgets of different levels, state non-budgetary social funds, banks, insurance organizations, the payment of penalties is carried out in a non-fund form.

To carry out statutory activities non-profit organization and its expansion form its financial resources. The composition of the sources of financial resources of a non-profit organization, as well as the mechanism for their formation and use, depend on its organizational and legal form and type of activity:

Contributions of founders and membership fees;

Income from entrepreneurial and other income-generating activities;

Budget resources;

Free transfers of individuals and legal entities;

Other sources.

The financial resources of a non-profit organization are used to achieve the main goal of its creation:

Employee salaries;

Expenses for the operation of the premises;

Expenses for the purchase of equipment;

Payments to the country's budget system (budgets of different levels and state extra-budgetary social funds);

capital investments;

Capital repairs of buildings and structures, etc.

At individual entrepreneurs operating without forming a legal entity, as well as legal entities, financial resources are formed.

The sources of financial resources of individual entrepreneurs are:

Personal savings;

Income received as a result of economic activity;

Borrowed funds.

The financial resources of individual entrepreneurs are used for.

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Federal Agency for Education

GOU VPO Russian State University of Trade and Economics

Saratov Institute (branch)

Department of Foreign Economic Activity

Course work

on the topic: "Sources of formation of financial resources of the enterprise"

Saratov 2014

Introduction

1.2 Sources of formation of financial resources of the enterprise

2. Indicators for Russia

2.1 Indicators for the Saratov region (on the example of an organization)

3. Assessment of financial resources and sources of their formation at the enterprise (on the example of Absolut LLC)

3.1 The importance of assessing financial resources and sources of their formation

3.2 Analysis of sources of capital formation and sustainability

enterprises

3.3 Assessment of the attractiveness of the structure and solvency of the enterprise

3.4 Conclusions on the analysis of sources of formation of financial resources and recommendations for their effective use

Introduction

The finances of business entities are the basis for the functioning of the entire financial system of the country. They occupy a decisive position in this system, since they cover the most important part of all monetary relations in the country, namely: financial relations in the sphere of social reproduction, where the gross domestic product and national wealth are created - the main sources of the country's financial resources. Therefore, the possibility of meeting social needs and improving the financial situation of the country depends on the state of finances of business entities. The finances of business entities play an important role in ensuring a balance in the economy between material and monetary funds intended for the purposes of consumption and accumulation. The stability of the ruble, money circulation, the state of payment and settlement discipline in the national economy. financial resource capital

To start its activities and for the further successful functioning of any enterprise, various types of resources are needed. The term "resource" means "auxiliary means" in translation. The resources of the enterprise are the available funds that ensure the implementation of entrepreneurial activities. They are used and eventually consumed by the subject to achieve their goals.

The financial resources of an enterprise 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 types of income.

Financial resources are intended for fulfillment of financial obligations to the budget, banks, insurance organizations, suppliers of materials and goods, expenses for the expansion, reconstruction and modernization of production, acquisition of new fixed assets; wages and material incentives for employees of enterprises; financing other costs.

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.

Financial resources are necessary condition the functioning of the enterprise. No wonder they are associated with the circulatory system of each organization. Without sources of financial resources, activities are terminated. A comprehensively coordinated strategy for the formation of a rational structure of the sources of financial resources of an enterprise should ensure its solvency.

The chosen topic of work is relevant, because in order for production to be efficient, and huge financial resources, spent on the creation and acquisition of fixed production assets, were not lost in vain, the enterprise must ensure their effective functioning, and the analysis of the use of financial resources involves identifying shortcomings in the activities of the enterprise.

The problems of formation and use of financial resources are relevant not only for Russia, but also for all countries interested in effective economic development.

The aim of the work is to consider the financial resources of the enterprise and the sources of their formation (on the example of Absolut LLC).

To achieve this goal, the following tasks were set:

- study of the theoretical foundations of the formation of resources for the organization's activities;

- to study the concept of financial resources and sources of their financing;

- consider the theoretical foundations of funding sources;

- consider the main sources of financial resources;

- to study the main ways of formation of financial resources of enterprises;

- consider and calculate the main indicators used in the analysis of the property of the enterprise and the sources of their formation;

- to reveal the directions of using the financial resources of enterprises in Russia;

- consider the theoretical aspects of the concept and essence of the financial resources of the enterprise;

- to analyze data on the financial resources of the company on the example of Absolut LLC;

- identify and compare the sources of financing of Absolut LLC;

The subject of the study is the financial resources and sources of their formation of the enterprise "Absolut" LLC.

The object of the study was the enterprise - (financial resources of LLC.) LLC "Absolut".

Methodology and research methods. The methodological and theoretical basis of the study was the work of domestic and foreign scientists. The study is based on modern methods of scientific knowledge, including historical, comparative, index, tabular and graphical analysis, as well as a systematic approach.

The information base of the study was scientific and methodological literature, as well as Internet resources. The study was carried out on the basis of arrays of statistical information characterizing the property status of Absolut LLC.

Structure and scope of work. The structure of the work includes an introduction, three chapters, a conclusion, a list of references and references (25 sources). The work contains 3 tables, 6 figures and 14 calculation formulas.

1. Theoretical foundations of the financial resources of the enterprise and the sources of their formation

1.1 The concept, essence and economic content of the financial resources of the enterprise

The organization of economic activity requires appropriate financial support, i.е. initial capital, which is formed from the contributions of the founders and takes the form of authorized capital. When an enterprise is created, the authorized capital is directed to the acquisition of fixed assets and the formation of working capital in the amount necessary to conduct normal production and economic activities, i.e. is invested in production, in the process of which value is created, expressed by the price of products sold. After the sale, it takes the form of money - the form of proceeds from the sale of goods (works, services). Today, the management of any enterprise is faced with the goal of "survival", and, if possible, improving their own condition. To achieve these goals, the management of the enterprise must clearly regulate all the financial resources of the enterprise.

The capital of an enterprise as the most important economic category and, in particular, equity is the main source of financing of the enterprise's funds necessary for its functioning.

In Western countries, the expectations of the company's shareholders have a great influence on the efficiency of financial resource management. This factor requires the company to establish a minimum long-term rate of return that would provide shareholders with an income, and takes into account a number of points: potential dividends and opportunities for capital appreciation; an element of risk in business (in sectors with a low degree of risk, the income of members of a joint stock company as a whole is also low and vice versa); the amount of return that shareholders could receive elsewhere from an investment with comparable risk. Leontyeva V. M., Spitzner R. “Finance and accounting in market economy", St. Petersburg, "Knowledge", 2003-45 p.

Since the vast majority of shareholders do not have a clear idea of ​​the current or potential problems facing the company they have invested in, their income expectations are almost always unrealistic and overstated. The extent to which their expectations can be taken into account depends on how strong their impact on the company is. If the holders are dissatisfied, they can simply sell the shares.

The more competitive the industry, the greater the pressure on its shareholders in terms of investment in the renewal and modernization of equipment and facilities, research, training, and computerization. Neither of these areas is likely to have a quick return on investment in a year or even a little more. Moreover, the uncertainty of demand, manifested in changes in fashion, consumer behavior, technology, in the irregularity of the business cycle, competition, will be reflected in the errors that usually accompany the process of determining profit. When managing financial resources, it is necessary to decide how to determine both the cost of capital, taken as the basis for calculations, and its increment (disposal).

Any enterprise operating in isolation from others, conducting production or other commercial activities, must have a certain capital, which is a combination of material values ​​​​and money, financial investments, costs for acquiring rights and privileges necessary for the implementation of its economic activities.

Thus, from the point of view of budgeting, financial resources are the main source of formation of the enterprise's funds necessary for its functioning.

“The financial resources of an enterprise are the funds used to finance the activities of an enterprise. They differ from tangible, intangible and labor resources. Despite the heterogeneity of the composition, the level of liquidity of financial resources is maximum and higher than that of material resources. Only financial resources can be converted into any other kind of resources.” Sheremet A.D., Saifulin R.S. Enterprise finance. - M. : Infra - M., 2002 - 69 p.

The formation of a broad system of distribution relations, the formation of income and savings, the creation and use of financial funds are provided by the financial mechanism. The financial mechanism is an integral part of the economic mechanism, which is a set of forms and methods by which the financial activity of the enterprise is carried out. In fact, the financial mechanism includes types, forms and methods of organizing financial relations and ways of their quantification. Due to the fact that financial relations are very diverse and depend on many factors of a general economic, legal, managerial and other nature. The structure of the financial mechanism is very complex and, as a rule, specific to each particular enterprise. However, in all cases, the financial mechanism includes three organically interconnected blocks:

Financing - is to provide the economic activity of the enterprise with the financial resources necessary to cover the costs of a different nature. Financing can be carried out at the expense of own and borrowed funds;

Lending - the provision of loans (credit financial resources) to an enterprise or enterprise on the terms of urgency, repayment, payment, differentiation and purpose;

Investing is the investment of capital in any enterprise or business. If financing satisfies the current needs of the enterprise, then investment ensures the implementation of entrepreneurial, social, environmental and other projects. Komekbaeva L.S. Enterprise Finance: Tutorial. - Karaganda: "Bolashak-Baspa", 2000.-104 p.

The need for finance consists in the need of business entities and the state for resources that ensure their activities.

Financial resources are formed mainly from profit (from the main and other activities), as well as proceeds from the sale of retired property, stable liabilities, various targeted income, shares and other contributions from members of the labor collective. Stable liabilities include authorized, reserve and other capitals; long-term loans; payables constantly in circulation of the enterprise (for wages due to the difference in the terms of accrual and payment, for deductions to extra-budgetary funds, to the budget, for settlements with buyers and suppliers). Sheremet A.D., Saifulin R.S. Enterprise finance. - M. : Infra - M., 2002 - 120 p.

Significant financial resources, especially in newly created and reconstructed enterprises, can be mobilized in the financial market through the sale of shares, bonds and other types of securities issued by this enterprise; dividends and interest on securities of other issuers; income from financial transactions; loans.

Enterprises can receive financial resources from the associations and concerns to which they belong; from higher organizations while maintaining industry structures; from authorities government controlled in the form of budget subsidies; from insurance companies. The structure of the financial resources of the enterprise is shown in Figure 1.

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Figure 1 - The structure of the financial resources of the enterprise

The use of the financial resources of the enterprise is carried out in the following areas:

Current costs for the production and sale of products (works, services);

Investing in capital investments related to the expansion of production and its technical renovation, the use of intangible assets;

Investment of financial resources in securities;

Payments to the financial, banking systems, contributions to off-budget funds;

Formation of various monetary funds and reserves (for development, as well as incentive and social);

Charitable causes, sponsorship, etc. Dyusembaev K.Sh. Analysis of the financial position of the enterprise - Almaty "Karzhi-Karzhat", 1998 - 55 p.

Financial resources are used by the enterprise in the process of production and investment activities. They are in constant motion and remain in cash only in the form of cash balances on the current account in the bank and in the cash desk of the enterprise.

The enterprise, taking care of its financial stability and a stable place in the market economy, distributes its financial resources by type of activity and in time. The deepening of these processes leads to the complication financial work, use in practice of special financial instruments.

Speaking of financial resources, we mean not only the monetary capital of the enterprise, but also natural, labor resources as well as the means of production. Considering finance as a resource does not contradict the well-known formula of economic resources “land, labor, capital”, in which finance does not formally appear at all. After all, capital in this formula refers to the main means of production, called physical capital. It is real, not money capital. However, already in relation to physical capital as a type of economic resource, there is every reason to assert that it is closely related to the money capital allocated for the acquisition of means of production. And the means of production are, of course, economic resources. This means that the money spent on their acquisition or manufacture can rightfully be considered resources. This is where the concept of “financial resources” comes from.

In a broader sense, financial resources include the money spent on the purchase of goods and services. It is important to understand that financial resources do not necessarily immediately allow you to get the right product through its direct acquisition, purchase.

First, financial resources are cash, not money. So it is not excluded the need to first turn these funds into money, and then purchase the necessary things with them. Let's say a firm or a joint-stock company has issued shares. These are financial resources. But, only by selling shares on the securities market, the company will receive the money it needs to organize the business, make purchases, and pay expenses.

Secondly, if a company needs, for example, a building, it may not buy it, but build it. Available financial resources will first be spent on building materials and wages for builders. And only after the construction is completed, the financial resources will turn into the building itself.

Any provision of financial resources to economic entities, industries and sectors of the economy of the country, regions, enterprises, entrepreneurs, the population and its individual groups, as well as the targeted allocation of such funds for the implementation of programs or economic and social activities is called financing. Selection local authorities City of funds for the construction of the cinema there is construction financing. The provision of funds by the bank to the company in order to increase the volume of production - financing production. An item of expenditure in the state budget for the maintenance of the army is the financing of the armed forces. Financing can be full and partial, carried out from one or more sources, on a reimbursable or non-reimbursable basis.

Financial resources allocated not for current expenses, but for the construction of new facilities, the modernization of production, the purchase of equipment, are called capital investments, or investments. These are financial resources for future economic activity. You can invest money and funds in production, business, development of technical and technological innovations, science, culture, education, or, in the broadest sense of the word, in a person. Providing financial resources for innovations, i.e. innovations, is commonly called venture financing. Typically, such financing is associated with increased risk, but if successful, financial investments in scientific and technological achievements give a greater return, bring significant profits. Komekbaeva L.S. Enterprise Finance: Textbook. - Karaganda: "Bolashak-Baspa", 2000.- 66 p.

In general, financing is often tied to sources of financial resources. So, financing from the budgets of the state, regions, municipalities is called budget financing. And if an enterprise, organization, entrepreneur finances economic activity from its own sources, then they say that self-financing takes place. In some cases, financing of one organization, firm can be carried out by another organization or firm, which is called the sponsor. The sponsor does not always provide funds on a gratuitous, charitable basis, he can allocate them in the form of a loan subject to repayment, and even with interest. There with. 86/10, p. 86/.

Thus, the sufficiency of financial resources for the implementation of the enterprise's activities is an important factor ensuring the stability of the enterprise's activities and determining its current and future development. The domestic economy at the present stage is characterized by a shortage of financial resources, while the trends of financial investments in recent years indicate an increase in the volume of financial investments in the sectors of the domestic economy.

1.3 Characteristics of own and borrowed sources of financing of the enterprise

Depending on the sources of formation, the financial resources of an enterprise can be divided into own, borrowed and borrowed funds. Sources of financial resources, like the resources themselves, can also be:

Own - represent a set of financial resources of the company, formed at the expense of the founders (participants) and the financial results of their own activities.

Borrowed - resources received in the form of a debt obligation. Unlike their own, they have a deadline and are subject to an unconditional return. Typically, periodic interest is charged in favor of the creditor (bonds, bank loans, various types of non-bank loans, accounts payable).

There may also be additional sources that have arisen with a positive balance cash flows enterprises. They are divided into external and internal.

External additional sources are received dividends, interest, grants, funds from the issue of securities, etc.

Internal additional sources include contributions from the founders, income from all types of activities, debt on wages personnel, etc. If internal sources enough to form their own financial resources, then external sources are not involved.

The sources of financial resources can also include such a form of accounts payable as stable liabilities, i.e. permanently in circulation of the enterprise, equated to its own, but not belonging to it, working capital. Sources of financial resources are financial assistance from individuals and legal entities, government subsidies and subsidies, grants, etc.

AT general view all sources of financing can be schematically divided into two groups.

Figure 2 - Sources of financing of the enterprise

Internal financing - implies the use of own capital;

External financing: its source is borrowed capital.

Let's take a closer look at both groups of funding sources.

Internal financing is based on the use of own financial resources (amortization and profit) and should ensure the processes of self-sufficiency and self-financing.

Self-financing is the financing of the activities of an economic entity at its own expense. Distinguish between self-financing in the narrow and in the broad sense. The first is financing only investment activities at the expense of own funds. The second is self-financing of not only the development of the enterprise, but also its current (operational) activities. The basis of self-financing is the financial independence of market entities.

1. “Equity is net worth property, defined as the difference between the value of the organization's assets (property) and its liabilities. Dyusembaev K.Sh. Analysis of the financial position of the enterprise - Almaty "Karzhi-Karzhat", 1998 - 70 p. The company's own capital includes various sources of financial resources in terms of their economic content, principles of formation and use of the authorized capital; retained earnings; special purpose funds; reserve fund; means of targeted financing aimed at increasing the accumulation funds of the enterprise (replenishment of its working capital, capital investments, etc.). It has the form shown in Table 1.

Table 1 Equity

"The equity of an enterprise is those current assets that remain with the enterprise in the event of a one-time full (one hundred percent) repayment of the enterprise's short-term debt." Encyclopedic Dictionary / Ed. I. A. Andrievsky. - St. Petersburg: Publishers F. A. Brockgauz, I. F. Efron, 2000 pay off current debt).

The lack of own working capital leads to an increase in the variable and a decrease in the permanent part of current assets, which also indicates an increase in the financial dependence of the enterprise and the instability of its position. Radostovets V.K. etc. Accounting at the enterprise. Edition 3 add. and reworked. - Almaty: Tsentraaudit, 2002 - 304s.

Capital maneuverability ratio, which is calculated using the following formula:

Where Kmk is the coefficient of capital maneuverability;

Juice - own working capital;

Sk - total equity.

The capital maneuverability ratio shows what part of equity is in circulation, i.e. in a form that allows you to freely maneuver these means. The ratio should be high enough to allow flexibility in the use of the enterprise's own funds. The normal limitation of the maneuverability coefficient is > 0.5. This ratio shows what part of equity capital is used to finance current activities, i.e. invested in working capital, and what part is capitalized. Ibid, p. 453

Profitability ratios serve as a generalizing characteristic of the efficiency of the use of equity capital. The economic meaning of the return on equity is to determine how many monetary units of net income fall on the monetary unit of equity. Return on equity is calculated as the ratio of net income to the average annual cost of equity.

The return on equity ratio is determined by the formula:

where P - profit (net income) of the enterprise is found by the difference between the amount of the enterprise's income and the amount of expenses;

Rsk - return on equity of the enterprise.

SVsk - the average annual value of own capital.

This ratio shows how much profit the company receives from each tenge invested in equity capital. Seidakhmetova F.S. Modern accounting. - Almaty: Economics, 2008. - 224 p.

2. "Borrowed capital is a part of the capital used by an economic entity that does not belong to him, but is attracted on the basis of a bank, commercial loan or issuance loan on a repayment basis." Encyclopedic Dictionary / Ed. I. A. Andrievsky. - St. Petersburg: Publishers F. A. Brockgauz, I. F. Efron, 2000 Borrowed funds can be short-term and long-term. These are obligations that the borrower is required to repay within a specified period of time. According to the terms of attraction of borrowed capital, creditors of the enterprise are divided. A short-term creditor is usually a supplier (seller) of products and a holder of an enterprise bill. The timing of the provision of borrowed funds, as well as the cost of their attraction form the conditions for attracting borrowed funds. The forms of attracted borrowed funds are financial (bank and non-bank), commercial (in the form of prepayment, advance payment by buyers), commodity (in the form of a thing, with payment in installments) and other forms of lending. The main creditors are financial institutions and suppliers. Kovalev V.V. Financial analysis: money management. Choice of investments. Reporting analysis. - M.: Finance and statistics, 2000 - 126s.

External financing can be not only borrowed, but also form the company's own capital in the process of additional (secondary) issue of shares. The financial resources of the enterprise (or its assets), compared with their sources - liabilities and equity, characterize its financial position, which can always be assessed from the balance sheet.

The financial relations of an enterprise are always constituent part its industrial relations. They mediate in monetary form economic ties between the enterprise and individual subjects of the market economy: the state, financial institutions and organizations, legal entities and individuals. about accounting and financial reporting Law of the Republic of Kazakhstan dated February 28, 2007 No. 234-111"

The sources of formation of financial resources are a set of sources for satisfying additional capital needs for the coming period, which ensures the development of the enterprise.

In principle, all sources of financial resources of an enterprise can be represented as the following sequence:

Own financial resources and on-farm reserves;

Borrowed funds;

Attracted funds.

Own and borrowed sources of financing form the company's own capital. Amounts attracted from these sources from outside, as a rule, are non-refundable. Investors participate in income from the sale of investments on the basis of shared ownership. Borrowed sources of financing form the borrowed capital of the enterprise.

First of all, the company focuses on the use of internal sources of financing.

Own internal funds include: authorized capital, additional capital, retained earnings. The organization of the authorized capital, its effective use, management is one of the main and most important tasks of the financial service of the enterprise. The authorized capital is the main source of the company's own funds. The amount of the authorized capital of a joint-stock company reflects the amount of shares issued by it, and the state and municipal enterprise- the amount of the authorized capital. It is possible to increase (decrease) the authorized capital by issuing additional shares into circulation (or withdrawing from circulation some of their number), as well as by increasing (decreasing) the par value of old shares.

Additional capital includes:

Results of revaluation of fixed assets;

Share premium of a joint-stock company;

Freely received monetary and material values ​​for production purposes;

Appropriations from the budget for financing capital investments;

Funds for replenishment of working capital.

Undistributed profit is the profit received in a certain period and not directed in the process of its distribution for consumption by owners and staff. This part of the profit is intended for capitalization, i.e. to reinvest in production. According to its economic content, it is one of the forms of the reserve of the enterprise's own financial resources, which ensure its production development in the coming period.

According to Rosstat, as of January 1, 2012, according to operational data, the balanced financial results(profit minus loss) organizations (excluding small businesses, banks, insurance organizations and budget institutions) in current prices amounted to +824.1 billion rubles (34.6 thousand organizations made a profit in the amount of 1008.4 billion rubles, 17.8 thousand organizations had a loss in the amount of 184.3 billion rubles). In January 2011 the balanced financial result amounted to +660.6 billion rubles. In January 2012, large and medium enterprises of the Republic of Bashkortostan received profit21 (balance financial result) in current prices in the amount of 13.1 billion rubles, or 121.5% compared to January 2011.

The share of unprofitable large and medium-sized enterprises and organizations amounted to 20.5% (243 out of 1188 enterprises) against 20.3% in January 2011.

Attracted funds of enterprises - funds provided on a permanent basis, on which the payment of income to the owners of these funds can be made, and which may not be returned to the owners. These include funds received from the placement of shares of a joint-stock company, share and other contributions of members labor collectives, citizens, legal entities to the authorized capital of the enterprise; funds allocated by superior holding and joint-stock companies, public funds provided for targeted investment in the form of subsidies, grants and equity participation; funds foreign investors in the form of participation in the authorized capital of joint ventures and investments international organizations, states, individuals and legal entities.

In some cases, it becomes necessary for an enterprise to attract borrowed capital to cover the need for fixed and working capital. Such a need may arise for reasons beyond the control of the enterprise. They may be optional partners, emergency circumstances, reconstruction and technical re-equipment of production, lack of sufficient start-up capital, the presence of seasonality in production, procurement, processing, supply and marketing of products and other reasons.

Thus, borrowed capital, borrowed funds are funds and other property attracted to finance the development of an enterprise on a repayable basis. The main types of borrowed capital are: bank credit, financial leasing, commodity (commercial) credit, issue of bonds and others.

Borrowed capital about the term is divided into: short-term and long-term. As a rule, borrowed capital for a period of up to one year is short-term, and more than a year is long-term. The question of how to finance certain assets of the enterprise - at the expense of short-term or long-term capital must be discussed in each specific case. The effectiveness of the investment of borrowed capital is determined by the degree of return of fixed or working capital.

By sources of financing, borrowed capital is divided into: bank credit, bond placement, loans of legal entities against debt obligations, Long-term bank credit, placement of bonds and loans to legal entities are traditional instruments of debt financing.

Bank loans are provided to the enterprise on the basis of loan agreement, the loan is provided on the terms of payment, urgency, repayment under collateral: guarantees, pledge of real estate, pledge of other assets of the enterprise. Many enterprises, regardless of the form of ownership, are created with very limited capital. This practically does not allow them to fully carry out their statutory activities at their own expense and leads to their involvement in the turnover of significant credit resources.

In Bashkortostan, the total debt on the obligations of large and medium-sized enterprises and organizations (including accounts payable and debt on bank loans and loans) at the end of January 2012 amounted to 616.7 billion rubles. On March 26, 2012 reported in Bashstat.

Of the total debt, overdue debt is 12.9 billion rubles, or 2.1% of the total debt (as of the end of January 2011 - 2.4%, as of the end of December 2011 - 2.0%)22. As of January 1, 2012, overdue accounts payable of large and medium-sized enterprises and organizations in Russia amounted to 1208298904 thousand rubles23.

Lending is not limited to large investment projects, but also the costs of current activities: reconstruction, expansion, reorganization of production, redemption of leased property by the team and other activities.

The essence of leasing is as follows. If the company does not have free funds to purchase equipment, it can apply to a leasing company. In accordance with the concluded agreement, the leasing company fully pays the manufacturer (or owner) of the equipment for its cost and leases it to the buyer enterprise with the right to purchase (in case of financial leasing) at the end of the lease. Thus, the enterprise receives a long-term loan from a leasing company, which is gradually repaid as a result of the allocation of lease payments to the cost of production. Leasing allows the company to receive equipment, start its operation, without diverting funds from turnover. In a market economy, the use of leasing is 25% - 30% of the total amount of borrowed funds.

Based on the above, the main source of financing for enterprises is profit. We can increase profits only if we increase production volumes.

Having begun in the financial sector, the crisis of 2009 did not ruin financial capital, but real production, the profitability of which is lower than that of financial speculation. Production in Russia declined due to contraction in effective demand, a decrease in real money supply, high lending rates, termination of lending, high tariffs for electricity, gas and water.

The most complete impact of the financial crisis on enterprises is reflected through its interaction with banks. Many companies that until recently actively used bank loans faced the problem of finding a source of financing for their activities during the financial crisis.

In the context of the crisis, problems arose for both small and big business. However, each segment in such a situation has both its advantages and weaknesses. So, small businesses can quickly change their business model and thus adapt to new conditions. In addition, historically, small business in Russia has developed mainly at its own expense, without having wide access to credit resources, which has created a certain financial independence from external sources of borrowing, in particular from a bank loan. In favor large enterprises still retaining access to financing due to partnerships with banks formed over the years.

But, it would seem, having found a solution, they faced new problem: during a crisis, getting a loan is not so easy. It is the problems in the credit market that are one of the main characteristics of the crisis. Money for business has risen in price, and there can no longer be any talk of attracting foreign borrowed funds - it is expensive and difficult to refinance loans already received. The conditions for issuing loans themselves have also become tougher (the loan rate is rarely below 18-20%, or even higher) and their supply has decreased. The main reason for this was the failure of borrowers to fulfill their obligations under loans already issued.

The tightening of the conditions for issuing loans resulted in non-fulfillment of obligations between counterparties. Therefore, due to the growth of receivables and the imposition of unacceptable credit conditions by banks, the company is forced to revise the terms of sales, which in turn entails a decrease in sales volumes.

In such a situation, the enterprise cannot fulfill the planned volume of production and receive the necessary profit. The real drop in volumes at some Russian enterprises amounted to more than 30%.

In autumn 2008, interest rates on loans increased by 3-4%. The risks associated with financing have changed qualitatively corporate business generally. For example, it is not profitable to take long-term loans, not only because of the lack of liquidity, but also due to the impossibility in some cases of building long-term forecasts, due to the fact that delays in loan payments have become more frequent, as the financial crisis has significantly worsened payment discipline organization, resulting in growing arrears.

However, the financial crisis played into the hands of some companies, as there was not only a collapse in the stock market, but also a change in the balance of power in the market and the emergence of new leaders. They were the companies that most effectively manage their finances. The most correct reaction to the crisis is to look for new opportunities for business development. So, for example, many companies have a chance to implement their investment programs at lower costs (by reducing the cost building materials and labor force). For example, options with the purchase of assets falling in price, in particular shares of mining and processing companies. Finally, the financial crisis made it possible to reduce the debt burden, in particular, through the repurchase of significantly cheaper bonds. They also used other options for strengthening market positions during the economic crisis (if the company had accumulated capital before the crisis) - effectively invest them in production.

In the conditions of a growing post-crisis economy, most companies prefer to reinvest financial resources, and credit funds were actively used to implement ambitious development programs. Now business needs to learn how to manage finances in the new conditions: the rising cost of financial resources and the reduced availability of money. As a result, previously popular methods of debt financing are reducing their relevance. Raising resources through stock market also difficult to a degree: it was the stock exchanges, as a tool for attracting investments, that suffered the most from the crisis. In the next few years, the most serious growth dynamics will be shown by direct investments and refinancing of existing loans.

The following conclusions can be drawn from the first chapter:

The financial resources of an enterprise 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 different kind receipts;

Such receipts are both own funds in the form of profit, depreciation, receivables, and borrowed funds (bank loans, receivables);

Financial resources are intended to fulfill financial obligations to the budget, banks, insurance organizations, suppliers of materials and goods; implementation of costs for the expansion, reconstruction and modernization of production, the acquisition of new fixed assets; wages and material incentives for employees of enterprises; financing other costs;

In market conditions, enterprises resort more to borrowed capital, namely to bank loans, but unfortunately not all companies can pay off their loans: accounts payable are growing, so in Bashkortostan, the total debt on obligations of large and medium-sized enterprises and organizations at the end of January 2012 amounted to 616.7 billion rubles. Of the total debt, overdue debt is 12.9 billion rubles, or 2.1% of the total debt;

Overdue accounts payable, being borrowed capital, large and medium-sized enterprises and organizations in Russia as of January 1, 2012 amounted to 1208298904 thousand rubles;

The 2009 crisis tightened the terms and cost of lending. These measures of banks led to an increase in accounts receivable of organizations, which in turn led to a decrease in production. In such circumstances, there is a need to manage finances, and look for non-traditional methods of investment;

The calculation of indicators for the analysis of financial resources simplifies the work of company managers in effective management finances, since solvency directly affects the forms and conditions commercial transactions, including the very possibility of obtaining a loan and the conditions for its provision.

In the second chapter, we present arguments for the necessity and importance of assessing financial resources and sources of their formation using the example of the balance sheet of Absolut LLC. Let's calculate the main indicators of solvency, liquidity and sustainability of Absolut LLC. We will also analyze the structure of the balance sheet, identify the prevailing sources of financing. We give recommendations for improvement effective use resources, we will offer alternative sources of financing.

2. Assessment of financial resources and sources of their formation at the enterprise (on the example of ABSOLUT LLC)

2.1 The importance of assessing financial resources and sources of their formation

Under the conditions of the administrative-command system for managing the financial stability of a business entity, due attention was not paid, since the system of state control that existed at that time financial assistance under no circumstances allowed it to go bankrupt.

By providing budget allocations for capital investments, writing off overdue debts of enterprises to banks, allowing sectoral financial resources to be allocated to farms to fill the lack of working capital, the state did not allow an enterprise to be in the position of an insolvent debtor even with low production efficiency and huge losses from mismanagement.

With the transition to the market, the situation changes radically. The legislative acts “On Bankruptcy” and “On Pledge” adopted in 1992 impose on the enterprise the full measure of responsibility for the use of the resources at its disposal. Under these conditions, the issues of rational use of working capital, solvency, financial stability are of great importance.

The solvency of an enterprise is determined by its ability to timely and fully fulfill payment obligations arising from trade, credit and other transactions of a monetary nature. Solvency directly affects the forms and conditions of commercial transactions, including the very possibility of obtaining a loan and the conditions for its provision (for how long, at what interest, etc.). Solvency is determined using a special system of coefficients that take into account the real and potential financial resources of the enterprise, the ratio between its payments and current cash receipts.

Solvency in the field of debt obligations of the enterprise expresses its liquidity; the latter reflects the ability of the enterprise to make the necessary expenses at any time. Liquidity depends on the amount of debt, as well as on the amount of liquid funds, which include cash, resources in bank accounts, securities and easily realizable elements of working capital. The inability of the enterprise to repay its debt obligations to creditors and the budget leads it to bankruptcy. Moreover, the grounds for recognition state enterprise bankrupt is not only the failure to fulfill his financial obligations to the budget within three months, but also the failure to fulfill the requirements of legal entities and individuals who have property claims against him.

The turnover of working capital is an indicator of the effectiveness of their use. Turnover is determined by the time during which the funds make a complete turnover, starting from the acquisition of inventories and ending with the receipt of money in the company's accounts; the duration of one revolution is expressed in days.

The faster the advanced working capital is turned over, the better the result is achieved - with the help of the same amount of funds, more products are produced and sold. An important factor in accelerating the turnover of working capital is the saving of material resources used in production, reducing their consumption per unit of output. That is why in modern conditions such great importance acquires the development of programs aimed at a more rational use of raw materials, which include measures to tighten the rules for the use of material assets, strengthen economic incentives and increase liability for spending them.

2.2 Analysis of the sources of capital formation and enterprise sustainability

To assess the sources of capital formation, a horizontal and vertical analysis of liabilities is carried out, then financial stability indicators are calculated. Horizontal and vertical balance analysis: we determine the absolute deviation, relative deviation, specific gravity, change in specific gravity, the proportion of absolute deviations in the balance. This analysis is shown in table 1.

Table 1 shows that the balance sheet at the end of the year decreased by 4.18%, and in absolute terms 328,852 rubles, and amounted to 7,534,111 rubles.

The following changes have occurred in the asset balance:

The balance sheet asset is mainly formed at the expense of working capital, at the end of the year = 2.96%. Non-current assets = 17.34%.

Non-current assets changed slightly, increased by 3.07% or 38,872 rubles, and at the end of the year amounted to 1,306,526 rubles. These changes occurred due to an increase in deferred tax liabilities (increased by 63%) and amounted to 5,433 rubles at the end of the year. A large share in the structure of non-current assets is fixed assets and profitable investments in material assets, 43% each.

Current assets decreased by 5.58%, which in absolute terms amounted to 367,724 rubles. Accounts receivable are growing (by 72%). But at the same time, the share of shipped goods is decreasing (by 87%).

Current assets are formed mainly from cash, finished products, whose share is 72.95% and 44.31%, respectively.

The following changes have taken place in the liability.

As mentioned above, the liabilities reflect the sources of funding. The analysis showed that the capital of the enterprise consists of own property and long-term liabilities by 36.42% and at the end of the year amounted to 2,743,895 rubles and 4,239,132 rubles, respectively. Moreover, long-term liabilities are almost 2 times more than equity capital. But it should be noted that the company has a fairly large amount of money, it is possible to repay loans.

Equity capital at the end of the year increased by 0.03%, in absolute terms by 877 rubles. and amounted to 2,743,894 rubles. by increasing reserves.

Long-term liabilities decreased by 4.48% and at the end of the year amounted to 4,239,132 rubles. Decrease loans and borrowings. Short-term liabilities also decreased by 19.19% and amounted to 55,1085 rubles.

Let's calculate the indicators for assessing the liability of the balance sheet: the coefficient of autonomy, dependence, financial Leverage, own working capital.

autonomy coefficient.

Shows the share of equity in the formation of sources and is calculated on the formula.

where SC - the amount of equity;

VB - balance currency.

Ka ng \u003d 2743067 / 7862963 \u003d 0.35

Ka kg \u003d 2743894 / 7534111 \u003d 0.36

Dependency coefficient

Shows the share of borrowed capital in the formation of sources.

where ZK is the amount of borrowed capital.

Kz ng \u003d (4437953 + 681943) / 7862963 \u003d 0.65

Kz kg \u003d (4239132 + 551085) \u003d 0.64

Ka > 0.6 the company is financially independent.

Financial Leverage Ratio.

Shows the share of borrowed capital in equity and is calculated on the formula.

Cfl ng \u003d 5119896 / 2743067 \u003d 1.87

Cfl kg = 4790217 / 274384 = 1.75

The financial stability of the enterprise largely depends on the structure of liabilities. In industries with high capital turnover, the financial leverage ratio can be greater than 2/3. in other branches it should be more than 2/3.

Funding ratio.

Shows how much equity accounts for one ruble of borrowed capital and is calculated using a formula.

K f ng \u003d 2743067 / 5119896 \u003d 0.54

Kf kg \u003d 2743894 / 4790217 \u003d 0.57

Stability analysis.

The analysis of liabilities does not give a complete picture of sustainability, so it is necessary to consider the ratio of assets and liabilities.

Permanent liabilities include equity and long-term liabilities. Some of them go to finance non-current assets. And the rest is to finance working capital. The rest of the working capital is financed by debt capital.

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