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Financial decisions in terms of short-term financial policy. Development of short-term and long-term financial policy of the organization on the example of OAO "Kamaz". The horizontal method of financial analysis is

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Ministry of Education and Science Russian Federation

federal state budgetary educational institution higher professional education

Ivanovo State Power Engineering University named after V.I. Lenin"

Department of Management and Marketing

COURSE WORK on discipline:

« Enterprise Finance»

Completed:

Art. gr. 3-53z

Malikov Sh.M.

Checked:

Doctor of Economics, prof. Makashina O.V.

Ivanovo 2015

Introduction

1. General characteristics of the company

1.1 Types of activities, manufactured products, buyers, suppliers; founders, subsidiaries, dependent companies

1.2 Performance indicators

2. Development of short-term financial policy

2.1 Evaluation of the company's market activity, justification of future revenue growth rates

2.2 Management of operational and financial cycles. Substantiation of predictive indicators of the duration of the financial cycle

2.3 Management of highly liquid assets. Substantiation of forecast indicators of DS and KFI

2.4 Profit management based on resource intensity

3. Development of a long-term financial policy

3.1 Manage overall risk and rationale for risk management policy

3.2 Calculation of indicators of financial leverage.

3.3 Analysis of the structure of invested capital

3.4 Calculation of the cost of equity and debt capital and the weighted average cost of capital

3.5 Fixed asset management

3.6 The DuPont Model and the Sustainable Growth Model

3.7 Dividend policy management. Rationale for the dividend payout ratio

3.8 Development of financial projections

3.9 Business valuation

Conclusion

Introduction

In conditions of market competition, financial policy plays a huge role. It helps to clearly formulate the goals and objectives of the enterprise management, both in the short and long term. The purpose of this course work is to develop a short-term and long-term financial policy of the organization on the example of JSC "Kamaz".

The main tasks of the work:

1) assessment of key indicators of financial policy;

2) analysis various kinds enterprise activities;

3) analysis of dividend policy;

4) analysis of the effectiveness of the enterprise;

5) analysis of the prospects for the development of the business of the enterprise;

6) development of financial policy.

To solve the tasks, we will use annual reporting Kamaz OJSC (Balance sheet, Income Statement, Statement of Changes in Equity, Statement of Movements Money and an explanation to the balance sheet and income statement).

Chapter1. Generalcharacteristiccompanies

1.1 Kindsactivities, producedproducts, buyers, suppliers;founders, child, dependentsocieties

Open Joint Stock Company OJSC KAMAZ was established in the course of transformation Production Association"KAMAZ". The company was registered by the decision of the Executive Committee of the Naberezhnye Chelny City Council of People's Deputies of the TASSR dated August 23, 1990 No. 564, registration certificate No. 1, and also registered by the Ministry of Finance of the Republic of Tatarstan as a joint venture "KAMAZ" in the form joint-stock company(KAMAZ JSC) on August 7, 1991 with registry No. 1.

The purpose of KAMAZ OJSC is to extract profit and use it in the interests of shareholders, as well as to saturate the market with goods and services.

The KAMAZ Group of Companies is the largest automobile corporation in the Russian Federation. OJSC KAMAZ ranks 16th among the world's leading manufacturers of heavy trucks. OJSC KAMAZ produces a wide range of trucks: trucks (over 40 models, over 1500 configurations, right-hand drive cars), trailers, buses, tractors, engines, power units and various tools. KAMAZ traditionally positions itself on the market for trucks with a gross weight of 14 to 40 tons. In recent years, the range of manufactured products has expanded due to new models and families of vehicles - from city delivery trucks to vehicles with increased payload for operation as part of road trains with a gross weight of up to 120 tons.

The types of activities of the Company are:

production of trucks and buses;

· production of details, knots and units of cars and agricultural machinery;

· investment activities;

provision of services in the field of management;

· scientific and technical activity;

· development and implementation of business process management, accounting and reporting standards;

· foreign economic activity; and

Other activities not prohibited current legislation and not contradicting the goals of the Company's activities.

The company employs 21,402 people.

Chemezov Sergey Viktorovich Chairman of the Board of Directors of OJSC KAMAZ, CEO State Corporation "Russian Technologies".

1.2 Indicatorsactivities: the sizeenterprises, efficiency, financialsustainability, dynamics, indicatorsmarket, operating room, investment, financialactivities

Table 1.1 Key absolute indicators

According to table 1.1, the following conclusion can be drawn: Kamaz OJSC is a large enterprise in international level, revenue of more than 100 billion rubles.

Table 1.2 Market activity

According to table 1.2, it can be seen that the revenue in the reporting year increased significantly, which indicates an increase in the sales of the company's products. Profitability of sales has decreased, which is a negative trend and indicates a deterioration in cost control.

The high share of profit from sales in profit before tax suggests that the main source of profit in the enterprise is the main activity.

The company's net credit position is declining in dynamics, but remains positive, which indicates the destruction of value by the company.

Table 1.3 Investment activities

According to table 1.3, we can conclude that the main direction of the company's investment activity is financial investments in itself. This characterizes a fairly high share of non-current assets in the balance sheet (more than 50%), which practically does not change in dynamics, despite the fact that the growth rate of non-current assets in the reporting year is -1.5%.

The OS shelf life is maintained at a constant level, close to 50%, due to the introduction of new OS.

Table 1.4 Operations

Index	prior year	reporting year

There are positive trends in operating activities: a decrease in the period of turnover of current assets, an increase in the turnover ratio of non-current assets and an increase in labor productivity, which is largely a consequence of an increase in revenue in the reporting year. It should also be noted the increase in the return on net assets.

Such performance indicators may be the result of an increase in the effectiveness of the organization's financial policy aimed at managing finished products.

Table 1.5 Financial activities

According to Table 1.5, we can conclude that the company is not very active in attracting borrowed capital, since the financial leverage tends to decrease and the share of equity capital in the capital structure is large.

The indicator characterizing the dividend policy - the ratio of capitalized profit to the value of assets - is negative, which indicates an unfavorable dividend policy for shareholders.

In general, based on the results of the assessment of performance indicators, the following conclusion can be drawn: the company is an efficient business with a strong market position and positive trends in all areas of activity, possibly except for the operational one, but the specifics of the company's activity should be taken into account: a specific industry and a long production cycle.

Chapter2. Developmentshort-termfinancialpoliticians

2.1 Grademarketactivitiescompanies

Table 2.1

In the reporting year, there is a negative growth rate of revenue, however, at the same time, the profitability of sales and the share of profit from sales in profit before tax are increasing, which reflects efficient market activity. A decrease in the revenue growth rate may indicate a decrease in the company's market share and a decrease in sales.

financial policy asset revenue

2.2 Controloperationalandfinancialcycle

Table 2.2 Operations

Index	prior year	reporting year
Non-current asset turnover ratio
Return on net assets, %
Period of turnover of current assets, days
Inventory and VAT turnover period, days
Labor productivity, thousand rubles/person
Average annual wage, thousand rubles/person

Table 2.3 Financial activities

The leverage of financial leverage is more than 1 in the previous and reporting years, which shows the company's active attraction of borrowed funds: in the reporting year, by 1 rub. own capital accounts for 1, 23 rubles. borrowed capital, which is confirmed by a low coefficient of autonomy. But at the same time, the return on assets is high, which tends to decrease, which can lead to an increase in financial risk. A negative indicator of operating activity is a decrease in the turnover ratio of current assets, inventories and VAT, which is explained by a possible decrease in demand. The ratio of capitalized profit to the value of assets remains approximately constant and characterizes the company's stable dividend policy.

2.3 Controlhighly liquidassets

Table 2.4 Analysis of the structure and dynamics of highly liquid assets

The name of indicators	beginning of previous year	beginning of the reporting year	end of the reporting year	growth rate in the previous year, %	growth rate in the reporting year, %
		specific gravity	amount, thousand rubles	specific gravity	amount, thousand rubles	specific gravity
Financial investments (excluding cash equivalents)
Cash and cash equivalents
Total highly liquid assets

In the reporting year, the structure of highly liquid assets changed significantly: by the end of the previous year, the share of cash assets and cash equivalents was only 6.41%, and by the end of the reporting year it increased to 28%. However, at the beginning of the previous year, their share was 83.3%. Based on this, we can conclude that during the previous year the company acquired securities of other organizations. The growth rate of highly liquid assets in the reporting year amounted to -72.8%, which reduces the company's ability to instantly pay off short-term obligations.

Table 2.5 Assessment of cash adequacy

Index	prior year	reporting year
The amount of cash, thousand rubles.
The amount of cash and financial investments, thousand rubles.
Normative value of cash and KFV (3.33% of current assets), thousand rubles.

Conclusion (sufficiency of highly liquid assets)
Normative value of cash and KFV (2.5% of revenue), thousand rubles.
Deviation of highly liquid assets from the normative value, %

Normative value of cash and KFV, (5% of short-term liabilities), thousand rubles.
Deviation of highly liquid assets from the normative value, %

The analysis of highly liquid assets of the company, presented in Table 2.5, shows that these assets include cash (11.0% of the amount of highly liquid assets at the end of the year) and financial investments (89.0%). The cost of highly liquid assets is sufficient to ensure a high level of the company's liquidity, since the level of security ranged from 279.4% to 366.0% of their standard value. This indicates that the company has a sufficient volume of highly liquid assets to finance its activities.

2.4 Controlprofiton thebasisindicatorsresource intensity

Table 2.6 Analysis of profit from sales by resource principle (costs by elements)

Index	value for the previous year, thousand rubles	value for the reporting year, thousand rubles	change, thousand rubles	impact on profit, thousand rubles	resource capacity previous year	resource capacity reporting year	resource intensity growth rate, %

Material costs
Labor costs and social security contributions
Depreciation
Other costs
Revenue from sales

Calculation of the influence of factors

The decrease in sales volume led to a decrease in revenue in the reporting year.

The decrease in profit from sales was affected by a decrease in revenue, as well as an increase in labor costs and depreciation. The financial policy of the company is effective, while control over the effectiveness of labor costs and depreciation should be strengthened.

Chapter3. Developmentbeforelong-termfinancialpoliticians

3.1 Controlcumulativerisk

Table 3.1 Calculation of aggregate risk indicators

Index	prior year	reporting year	growth rate, %

Variable costs
fixed costs
Percentage to be paid
Earnings before interest and taxes (operating income)
Net profit
Operational risk level
Level of financial risk
Aggregate risk level
Critical Sales Volume for Operating Profit
Critical Sales Volume for Net Profit

Operational reliability margin, %
Financial safety margin, %

Total safety margin, %
Earnings before interest and tax, calculated through the level of operational risk
Net profit calculated through the level of financial risk
Net profit calculated through the level of aggregate risk
Overall risk assessment
Level of operating leverage (growth rate of operating profit/growth rate of revenue)
Level of financial leverage (net profit growth rate / operating profit growth rate)
Aggregate risk level (net profit growth rate/revenue growth rate)

There is a low value of the level of operational risk, financial risk is practically absent (UFR is approximately equal to 1 due to the low actual rate for borrowed capital). The cumulative margin of safety is quite high (41%), which means that a 41% decrease in sales is allowed, and the company will go to 0 on net income. As can be seen from the calculation of the influence of factors on revenue, the decrease in revenue occurs due to a decrease in sales. In this case, to reduce operational risk, you should reduce fixed costs.

3.2 Calculationindicatorsfinanciallever

Table 3.2

Index	prior year	reporting year	growth rate, %
Interest payable, actual, thousand rubles
Income tax and deferred taxes, thousand rubles
Profit before taxation, thousand rubles


Net profit, thousand rubles
Own capital, thousand rubles
Borrowed capital, thousand rubles
Net assets are equal to the invested capital, thousand rubles.

Table 3.3 Preliminary calculation of indicators

Table 3.4 Calculation based on the actual price of borrowed capital

Return on equity (actual), %

Effect of financial leverage, %
Level of financial leverage

Table 3.5 Calculation at the market price of borrowed capital

Conditional interest payable (at market rates), thousand rubles
Conditional net profit (including market interest), thousand rubles
Return on equity (via market rates), %
Financial leverage differential, %
Effect of financial leverage, %
Level of financial leverage
Financial leverage index (ratio of actual and debt-free return on equity)
Return on equity (through the effect of financial leverage), %

The share of borrowed capital in the company's capital structure is larger than that of its own, but at the same time, the EGF is significant and positive. PFR>1, but the financial risk is low, because the actual interest on the SC is significantly lower than the market rate. The company may adhere to the chosen strategy for attracting SCs, since taking into account high profitability assets, it will be profitable even at the market interest rate. In dynamics, the DFR decreases due to a decrease in the profitability of the IC.

3.3 Analysisstructuresinvestedcapital

Table 3.6 Vertical, horizontal and factor analysis of invested capital

Index	amount, thousand rubles	specific gravity	change per year	share of factors in capital change, %
	prior year	reporting year	prior year	reporting year	growth rate, %	in structure, %
Fixed assets
Working capital:
current assets
Accounts payable (subtracted)
Invested capital
Equity
Long-term debt capital
Short-term borrowed capital
Invested capital

The main contribution to the change in invested capital in the reporting year was made by the change in the structure of the company's assets in the direction of increasing the share working capital. In the structure of liabilities, there is a high growth rate of short-term borrowed capital, whose share in the change in invested capital is about 70%.

Based on this, we can conclude that the company is actively attracting cheap sources of capital, which contributes to tax savings and allows the use of EGF.

3.4 CalculationcostSC, ZKandWACC

Table 3.7 Calculation market value equity capital (CAPM)

Index	prior year	reporting year
Risk-free return, %
Risk premium, %
Activity beta coefficient (power)
Expenses for ordinary activities, taking into account other results (without interest payable)
Fixed expenses (including other financial results)
Variable costs
Ratio constants/variables
Operational risk beta
Equity
Borrowed capital
Debt/Equity Ratio

Beta coefficient taking into account operational and financial risk

Table 3.8 Factor analysis of the cost of equity

Index	influence of the factor, points	influence of the factor, percentage
Risk free return
Market risk premium
Activity beta coefficient
The ratio of fixed and variable costs
Effective income tax rate
Debt to Equity Ratio
Cost of equity

Table 3.9 Calculation of the weighted average cost of capital

Index	prior year	reporting year
Invested capital, thousand rubles
including:
equity
long term duties
short-term borrowings
Structure of invested capital, %:
Share of equity capital, %
Share of long-term borrowed capital, %
Share of short-term borrowed capital, %
Actual cost of equity, %
Market value of equity capital, %
Actual cost of borrowed capital, %
Market value of borrowed capital, %
Effective income tax rate, %
WACC market, %
Conditional WACC, % (equity at market value, borrowed capital at actual)
Profit before tax and interest payments, thousand rubles
Net operating income, thousand rubles
Return on invested capital (ROIC), %

The actual profitability of the company is much higher than expected (market): the profitability of the insurance company in the reporting year was 66.57%, while the market value was 28.24%. Therefore, the company is effective for investment and provides profitability to investors. Because the adjusted beta is almost 2 times greater than 1, hence the company is more risky than the industry as a whole.

The company creates value because spread>0. The decrease in the market value of WACC was mainly due to a decrease in the market value of SC, an increase in the effective profit rate and due to changes in the capital structure: in the reporting year, the share of expensive SC decreased.

3.5 Controlmainmeans

Table 3.10 Indicators of the state of fixed assets

Index	prior year	reporting year
Initial cost of fixed assets at the beginning of the year
Initial cost of fixed assets at the end of the year
Average annual cost of fixed assets
Average annual residual value of fixed assets
Annual depreciation of fixed assets
Disposal of property, plant and equipment
Receipt of fixed assets
Average depreciation rate, %
Input coefficient, %
Retirement rate, %
Renewal coefficient, %
Shelf life, %
Wear coefficient, %
Average useful life of fixed assets, years
Average actual useful life of fixed assets, years
Average residual useful life of fixed assets, years
Average period of complete renewal, years
Average period of complete retirement, years
Depreciation rate of retired fixed assets, %

Table 3.11 Rationale for investment needs

Index	forecast period

Projected revenue growth rate, %
Actual level of wear, %
Target level of wear (should be less than actual), %
Price index (ratio of market and book value of fixed assets)
Total need for investments, thousand rubles
The total need for investments, taking into account the specified depreciation coefficient, thousand rubles.

Fixed assets are characterized by a fairly long useful life, taking into account the wear rate, which in the reporting year amounted to 52.7%. The average depreciation rate decreased significantly in the reporting year, the commissioning factor also decreased, but at the same time, the residual value increased by the end of the year. The shelf life has a downward trend, which indicates the need for an OS update in the near future. It is also interesting to note that in the reporting year there was practically no disposal of fixed assets, which is not a positive fact with this shelf life. Thus, the calculated need for investments, taking into account the depreciation factor, amounted to approximately 1.6 billion rubles.

3.6 Controlefficiencyactivitiescompanies. Modeldupont

Table 3.12

Factor analysis of return on equity

Index	prior year	reporting year	factor changes, items	influence of the factor, points	influence of factors, %

Equity multiplier
Asset turnover ratio
Net margin, %
Return on equity, %

The decrease in the profitability of the insurance company in the reporting year is primarily due to a significant decrease in the asset turnover ratio. The SC multiplier is high and tends to grow, which increases the company's profit, but at the same time increases the risk, so it is not advisable for the company to increase the value of the multiplier. The company's policy should be aimed at increasing the net margin and accelerating the turnover of assets.

3.7 Controldividendpolitics

Table 3.13 Initial data

Table 3.14

Index	prior year	reporting year
Earnings per share
Dividend per share
Ratio of dividends to assets, %
Share of retained earnings in the balance sheet, %

Profit capitalization ratio, %
Dividend yield, %
Capital return, %
Total return, %
Return on equity, %
Dividend Cover (EPS/DPS)
Dividend Output (DPS/EPS)

The dividend policy of the company in the reporting year was carried out in the interests of shareholders, which shows the high value of the dividend payout ratio and the indicator "dividends per share", exceeding earnings per share. The financial policy of the company should be aimed at capitalization of profits, because. the company is profitable.

3.8 Developmentfinancialforecasts.Forecastindicatorsprofitsandlosses, balanceandmovementsDC

Table 3.15

Index	reporting year	forecast period

Market policy
Revenue growth rate (in real terms), %
Operational policy
Material consumption, rub./rub.
Salary intensity (labor costs / revenue), rub./ rub.
Tax intensity of payments to social funds, rub./ rub.
Other resource intensity, rub./ rub.
Average depreciation rate (to the initial cost of non-current assets),%
Duration of inventory turnover, VAT, other current assets (through revenue), days
Duration of accounts receivable turnover (through revenue), days
Duration of turnover of highly liquid assets (through revenue), days
Duration of accounts payable turnover (through revenue), days
Investment strategy
Capital investments in non-current assets, including:
into intangible assets
to fixed assets and construction in progress
in long-term financial investments
Dividend Policy
Dividend payout ratio, %

Table 3.16 Forecast of income and expenses

Index		forecast period
	reporting year

Expenses for ordinary activities:
Material costs
Labor costs
Deductions for social needs
Depreciation
Other costs
Revenue from sales
Percentage to be paid
Other result (not including interest payable)
Profit before tax
Current income tax and deferred taxes
Net profit
Undestributed profits
Dividends

Table 3.17 Forecast balance

		forecast period
Index	reporting year

Fixed assets
Inventories, VAT, other current assets
Accounts receivable
Cash and short-term financial investments
Balance total

Own invested capital
Own accumulated capital
long term duties
Short-term borrowings
Accounts payable
Balance total

Cash flow forecast

Index	reporting year	forecast period

Current activity
Income (current activity)
Payments (current activity)
suppliers material resources
staff
budget and off-budget

interest payment
Net PV for other activities
The result of the movement of DS from current activities
Investment activities
Income

The result of the movement of DC from investment activities
Financial activities
Increase in long-term liabilities
Growth of short-term loans
Dividend payment
The result of the movement of DSot financial activities
Net cash
Cumulative cash flow at the end of the year

3.9 Gradecostbusiness

Table 3.18 DCF method

Indicators	forecast period

Free cash flow(FCF)
Discounted FCF
DCFA cost in the forecast period
DCFA cost in the post-forecast period
Cost of invested capital (operating activity)
DCF cost

Table 3.19 EVA method

Indicators	forecast period

Economic Profit (EVA)
Discounted economic profit
EVA cost in the forecast period
EVA cost in the post-forecast period
Total cost of EVA
EVA cost

The calculation of the business value by two methods: the method of discounted cash flows and the method of economic value added - gives the same estimate, equal to 90 billion rubles.

The calculation by the economic value added method allows you to see that the value is created in all years, and the trend of its increase is visible.

Conclusion

In this work, a financial analysis of the company JSC "Techsnabexport" was carried out and the financial policy of the company was developed.

Characteristics of market activity. The main source of profit of the company is the main activity. The company's revenue in the reporting year decreased mainly due to a decrease in sales volume (the revenue growth rate was -15.31%). However, the profitability of sales has increased, which characterizes the improvement in cost control.

Characteristics of operating activities. The decrease in revenue leads to an increase in the period of turnover of current assets and a decrease in the turnover ratio of non-current assets, which leads to a slowdown in the operating cycle. These trends may be the result of a decrease in the effectiveness of financial policy aimed at managing finished products.

Characteristics of financial activity. The company actively attracts borrowed funds: for 1 rub. own funds accounts for 1.23 rubles. borrowed. At the same time, the actual interest rate (3.23%) is significantly lower than the market rate (13%), due to which the level of financial risk is approximately equal to 1, i.e. low financial risk. Dividend policy is carried out by the company in the interests of shareholders, since the ratio of capitalized profit to the value of assets is approximately 30%. With a high profitability of the company's assets (40.22% in the reporting year), profits should be capitalized to a greater extent.

Characteristics of investment activity. The main direction of the company's investment activity is financial investments, the share of which in highly liquid assets by the end of the reporting year amounted to approximately 72%. At the same time, the growth rate of highly liquid assets decreased by 72.8%, which significantly reduces the company's ability to pay off short-term obligations. Considering the sufficiency of the company's funds to finance activities, we can conclude that they are in excess, since the level of security ranged from 280% to 366% of the standard value (due to financial investments).

Management of risks. The company has virtually no financial risk due to the attraction of borrowed capital at a very favorable (low) interest rate. The level of operational risk is acceptable (2.3 in the reporting year), but has an upward trend (growth rate was 1.14%), which, if sales continue to decline, may increase the company's risk in the future. The cumulative margin of safety is quite high (41%), which means that a 41% decrease in sales volume is acceptable, and the company will go to 0 on net income.

Considering the capital structure, it should be noted an increase in the share of working capital in the asset structure and an increase in the share of borrowed capital due to a significant increase in short-term borrowed capital in the liability structure. The company effectively attracts cheap sources of financing, which contributes to tax savings and allows using the effect of financial leverage.

The value of the business is estimated at 90 billion rubles. The assessment was carried out using two methods: the discounted cash flow method and the economic value added method. The second method showed the creation of business value in each of the three predicted years, as well as the trend of its increase. The company creates value, which is confirmed by a positive spread (14%) and is effective for investment, as the actual profitability of the company in the reporting year was 31.25%, which is higher than the expected 17.23%. However, it should be noted that the company is more risky than the industry as a whole, which is characterized by a cleared beta value that is twice the normative value.

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Concept, subject, purpose and objectives of the KFP

Financial management of an enterprise involves the development and implementation of an appropriate financial policy, that is, a specific set of measures, methods, conditions and restrictions aimed at effectively achieving the goals of a given economic unit.

According to the degree of mobility of factors of production that are the subject of financial policy, the latter is conventionally divided into short-term and long-term. However, it must be borne in mind that this division is dialectical. The subjects, goals, and methods of the policies listed above overlap to a great extent. Although each of them, of course, has its own, unique specifics.

The subject of short-term financial policy(CFP) is a system of financial, economic, organizational and legal relations arising
in the process of managing current assets and short-term borrowed funds of an independent economic entity.

The essence of the CFP is the preparation, adoption and implementation management decisions related to the optimization of the size and structure of sources of financing of the current assets of the enterprise and efficient placement(use) of received funds.

Purpose of CFP– ensuring uninterrupted financing of current activities commercial enterprise- provides for the formulation and solution of a number of tasks, the main ones of which are:

§ maintaining solvency, liquidity and financial stability;

§ minimization of financial risks;

§ increasing the profitability of production economic activity.

Place, directions and levels of QFP

CFP is a complex applied economic discipline that uses, supplements and develops provisions, conclusions, conceptual and semantic apparatus and other elements of such more general economic disciplines as "Financial management", "Finance of enterprises", "Finance and credit", as well as parallel (related) economic disciplines such as "Accounting and audit", "Financial and economic analysis", etc.

Within the framework of the CFP, it is customary to single out four main areas (areas) of current financial activity (prices, costs, current assets, sources of financing)
and three levels of generality, systematic consideration of them (ideological, strategic
and tactical).

financial ideology fixes the fundamental points: goals, conditions and limitations of the financial activity of the enterprise.

Financial strategy regulates the main ways and means of their achievement and observance.

Financial tactics is a set of specific measures, techniques for the implementation of this strategy in a real, rapidly changing socio-economic and political environment.

Simply put, strategy determines what needs to be done, and tactics determine how.

Schematically, the relationship between the levels and directions of the CFP of an enterprise can be represented
in the form of a simple two-dimensional three-by-four matrix. It's clear that it's normal
(ideally) there should be no vertical contradictions between the cells of the matrix
(by levels), nor horizontally (by directions).

ENTERPRISE PRICE MANAGEMENT

The essence of price management

Price management is a complex of strategic and operational-tactical actions of the financial service for the purposeful use of prices as an effective tool for solving key problems of a trading enterprise. A necessary condition for the effectiveness of the above actions is the development and implementation of them in close cooperation with commercial and economic services firms. Although the role of price among other marketing and financial tools for solving enterprise problems is not absolute, it has always been, is and will be one of the main levers of competition.

The activities implemented in the course of enterprise price management are developed sequentially, one after the other, according to a certain algorithm.

A necessary prerequisite for competent price management is right choice models of market behavior of the enterprise, allowing the fullest use of its advantages and mitigate the shortcomings.

Structural features of markets

Search optimal model The behavior of an enterprise is based on knowledge of the structural features of specific markets, reflecting the essence and nature of the relations that develop on them. These include: the specifics of the product, the price of entry and exit, the amount of transaction costs, the degree of concentration, etc.
To quantify each such feature, special indicators are used, calculated according to appropriate methods.

The value of transaction costs shows the average amount of associated cost costs associated with the purchase and sale of a product.

The level of market concentration is determined using one or more quantitative criteria, which include: threshold market share; concentration index; Herfindahl-Hirschman index; Gini coefficient; Linda index, etc.

The choice of the most preferable methods for assessing the structural features of local markets is carried out on the basis of national traditions, legal requirements, and other objective and subjective factors.

Economic conjuncture

In the general case, it reveals the state of market relations at a certain point in time, which has developed as a result of the cumulative interaction of various external and internal causes, as well as their potential impact on the fate of participants this market. In a narrower sense, the word "conjuncture" means a confluence of certain, often critical, circumstances or events that determine the prospects for the development of certain economic entities.

The state of the economic situation is determined by calculating and comparing the indicators characterizing it, systematized in several groups (production, domestic trade, international trade, monetary sphere, etc.) and directions (demand and supply dynamics, prices, etc.).

Characteristic features of the economic environment are: integrality; variability; inconsistency, etc.

Forecasting the dynamics of the economic situation, as well as most other complex, stochastic economic processes, is carried out using the mathematical apparatus of qualitative and technical analysis, other modern economic and mathematical methods and models.

PRICE POLICY OF THE COMPANY

3.1. Pricing Goals

The choice of goals achieved in the course of the implementation of the pricing policy of the enterprise is a key link in the process of its development. The mistakes and inaccuracies made here are extremely difficult, and often impossible, to correct in the future.

Among the alternative, that is, contradictory, mutually exclusive goals of the pricing policy of the enterprise, the following are traditionally distinguished:

§ minimization of losses (“survival”) of the firm;

§ short-term profit maximization;

§ short-term maximization of turnover (sales volume);

§ long-term increase in turnover (market share);

§ long-term increase in profits, etc.

If it is necessary to simultaneously achieve several goals at once (for example, in terms of profit dynamics and sales volume), complex situations arise that are resolved by constructing and analyzing two or more dimensional matrices or, at worst, graphical diagrams.

3.2. Pricing Strategies

The goals of the pricing policy formulated earlier serve as the basis for developing a pricing strategy, which is a set of methods, directions, approaches for setting prices for specific types products sold by the company.

It is customary to distinguish between strategies:

§ high prices;

§ average prices (neutral pricing);

§ low prices (price breakthrough);

§ “linked” pricing;

§ follow the leader;

§ constant prices;

§ psychological prices, etc.

By weighing and comparing the pros and cons of each alternative course of action, including the likely reaction of competitors, the enterprise chooses the most preferable course of action in given conditions.

Calculation of the market price of the goods

It is usually carried out according to a standard scheme, by determining the following intermediate types of prices that are compared with each other:

§ basic;

§ preliminary (indicative);

§ equilibrium;

§ price list.

The base price is calculated by multiplying the individual current costs of a trading enterprise by the coefficient of the minimum acceptable profitability of its activities, also determined individually. For enterprises with a high share of borrowed funds, this ratio is usually higher, with a low one - lower. Setting the numerical value of this coefficient above the average, objectively determined limit may entail the need to set excessively high, market (list) prices that are unacceptable to buyers, lower - to scare off investors financing the enterprise.

The essence and procedure for determining other types of prices are discussed below.

AVERAGE SALES PRICE

SYSTEM "DIRECT-COSTING"

It serves as a theoretical and practical basis for operational analysis, which is an integral attribute of modern market economy. It has a number of specific features (signs).

The first significant feature of the direct costing system is the division of production costs into variable and fixed costs. As you know, variables include costs, the value of which varies depending on changes in production volumes. We emphasize that we are talking only about the total amount variable costs. On a per-unit basis, they, on the other hand, remain constant.
Fixed costs are costs that are weakly or not at all responsive to changes in production volumes. Their total amount does not change from this, but the specific value, on the contrary, fluctuates greatly.

In addition to the general, qualitative classification of costs into fixed and variable,
The direct costing system also provides for special methods for determining their absolute value, among which it is customary to single out:

§ method of the highest and lowest point;

§ graphical method;

§ regression method, etc.

After determining the absolute value, variable costs are further classified depending on the closeness of the relationship with the dynamics of production volumes and are additionally divided into new groups. If the growth rates of such costs are ahead of the growth rates of production volumes, they are considered progressive; if they coincide, they are directly proportional (linear); if they lag behind, they are considered degressive.

Unlike variable costs, an additional characteristic of which is the rate of change compared to the dynamics of production volumes, an important aspect of the in-depth classification of fixed costs is their division into useful and useless (idle). Such a division is mainly associated with a spasmodic change in the majority of production resources and makes it possible to identify the available reserves.

The second significant feature of the "direct costing" system is the combination of production and financial accounting in the concept management accounting.
As a result, it becomes possible to regularly monitor data according to the "cost-volume-profit" scheme. The basic report model for profit analysis and management is as follows:

§ sales volume - variable costs = marginal profit;

§ contribution margin - fixed costs = profit from sales.

The third feature of the "direct costing" system is the ability to build multi-stage reports that allow you to detail the analysis to the desired degree of specification. So, if in the above report the variable production costs are additionally divided into direct and indirect (overhead), then the report from two-stage will become three-stage. In this case, the primary production contribution margin is determined first, then the contribution margin as a whole, and only then the profit from sales or operating income.

OPERATIONAL ANALYSIS

Simple operational analysis

As you know, the cost volume of sales of products, or revenue (S), is associated
With full cost(TC) and profit from sales (P) by the following equation:

S=TC+P=FC+VC+P,

where: FC - fixed costs (costs) for the entire volume of production;

VC - variable costs for the entire volume of production.

If revenue is represented as the product of the unit price (s) and the number of units sold (V), and the variable costs are recalculated per unit of product, then we get the expanded basic equation of a simple operational analysis:

s x V = FC + vc x V + P.

This equation is the main one for performing key calculations, obtaining the necessary estimates and graphical display of the relationship between indicators of sales volumes, costs and profits.

When calculating the profitability threshold, i.e. critical physical volume of production (sales) of products, at which the profit is equal to zero, the basic equation is resolved with respect to this parameter.

When calculating the critical volume of sales in value terms,
those. critical revenue transformations are similar, but the amount of total fixed costs is divided by the amount of marginal income not per unit of production, but per 1 ruble of its value.

The financial safety margin (safety indicator) in absolute terms is defined as the difference between the considered (planned or actual) and critical revenue, and in relative terms as the quotient of dividing this difference by the amount of revenue in question.

The calculation of other estimated indicators (the critical level of fixed costs, the critical selling price of a unit of production, the minimum level of marginal income, the minimum sales volume to obtain a given amount of profit, etc.) is carried out according to a similar scheme.

financial leverage

Economic category, reflecting the relationship of net profit, profit before interest and taxes with changes in the volume of sales of the company's products. The effect of financial leverage is manifested in the fact that when the ratio of own and borrowed funds changes, which entails a change in sales volumes, the difference between net profit and profit before interest and taxes will change more significantly. The rate of change of the difference mentioned above per unit of change in the volume of sales is called the force of financial leverage. The higher the share of borrowed funds in the liabilities of the enterprise, the higher the strength of financial leverage. The difference between the profitability of production and the cost of borrowed funds is called the financial leverage differential. The excess of the first indicator over the second is necessary condition use of financial leverage. The change in the return on equity of the enterprise as a result of borrowing shows the effect of financial leverage.

If an enterprise, by attracting additional borrowed funds (i.e., increasing their share in the total amount of funding sources), directs the received resources
not only for the mechanical expansion of production with an unchanged cost structure in the context of fixed and variable costs, but also improves technological process production, increasing its capital-labor ratio, it simultaneously uses both operational and financial leverage, or, in other words, uses double or aggregate leverage. Double in this case does not mean doubled, but two-handed or two-sided, because. the action of any of the levers mentioned above may strengthen or weaken the action of the other.

In the very general view the criterion for the optimal choice of the strength of the operational or financial leverage is the maximization of gross profit or market value of the company's shares at a given level of acceptable risk.

INVENTORY MANAGEMENT

Inventory volume optimization

Volume financial resources, advanced for the formation of stocks, is traditionally determined by multiplying their average daily consumption by the previously established standard (term) of storage. By following this method, blunders can be avoided,
but it is extremely difficult to develop a rational strategy of behavior in this area.

A modern inventory management policy requires clear answers to the following questions:

§ Is it possible to optimize inventory management under the conditions under consideration?

§ What is the minimum inventory requirement?

§ What should be the optimal volume of each new batch (order)?

§ When should I order the next batch of supplies?

The total costs of the enterprise for inventory management are the sum of the costs of placing and fulfilling an order for their purchase and the cost of storage. Experts have found that an increase in the average order volume (the gap between them) is associated with the value of the first inverse, and the second - a direct relationship. Therefore, it is possible to find such an average order value at which the total costs of the enterprise for inventory management are minimal. This goal is achieved in two ways: graphical and algebraic.

With the graphical method, in the coordinates “costs - order value”, graphs are plotted for changing the value of costs for an order, for storage, their totality, for which a local extremum is visually determined.

With the algebraic method, a formula is constructed that relates the cost of ordering and storage with the order value, differentiated by this variable
followed by setting the result to zero and resolving the order.

Essence and purpose

Monetary assets, which include cash on bank accounts and on the cash desk of the enterprise, as well as highly liquid investments equated to them, serving as a reserve, are the smallest in size, but the most important element (term) of current assets of any commercial or industrial enterprise. .

The total amount of monetary assets of the enterprise is determined by the following main factors:

§ the total need for current assets for a certain period;

§ turnover ratio of current assets for a given period
(number of revolutions);

§ the need to finance non-current operations carried out
within the DFA;

§ coefficient of stochasticity (i.e. range and probability of change) of each factor mentioned above.

The management of the monetary assets of an enterprise is traditionally carried out according to a certain algorithm, which includes four key stages:

§ calculation of the duration of the financial cycle;

§ cash flow analysis;

§ cash flow forecasting;

§ Calculation of the optimal cash balance.

The objectives of the management of monetary assets enterprise is to determine and optimize the current (daily) quantitative values of the following parameters:

§ the balance of funds in bank accounts and on hand;

§ the size of the reserve stored in a different, less liquid, but more profitable form.

General provisions

Determination of a rational balance of funds in bank accounts and in the cash desk of an enterprise that ensures effective maintenance of solvency is one of the main tasks of a financial manager.

From the point of view of investment theory, investments in cash can be considered as special case investing in inventory items. Therefore, the models developed in the theory of inventory management and allowing to optimize the value of the enterprise's cash are quite applicable to them. It's about defining:

§ total volume of monetary assets;

§ the share of cash in these assets;

§ dates and volumes of mutual conversion of funds and other highly liquid monetary assets.

In Western practice, the most widely used models are V. Baumol (1952), M. Miller and D. Orr (1966), I. Stone and others.

Baumol model

It is assumed that the enterprise begins to work, having the maximum and expedient level of funds for it, constantly spending them over a certain period of time. All proceeds from the sale of products and services are invested in short-term securities. As soon as the cash reserve becomes zero or another predetermined level, part of the securities is sold and the level of funds is restored to its original value.

With an increase in the average balance of funds in bank accounts and on the cash desk of an enterprise, the amount of lost profit due to the refusal to invest in securities also increases, and the number of their conversions into cash, and hence the amount of related expenses, decreases. A situation arises that we have already encountered when optimizing the value of inventories.

The formula that allows you to determine the rational amount of replenishment of funds bears the name of the author.

Miller-Orr model

The Baumol model is simple and quite acceptable for enterprises whose cash costs are stable and predictable. In reality, this rarely happens - the cash balance usually changes randomly.

The model developed by Miller and Orr is a compromise between simplicity and everyday reality. It helps answer the question: how should an enterprise manage cash if it is impossible to predict the daily inflow or outflow of cash. The logic of the financial manager's actions is as follows.

The balance of funds in bank accounts and in the cash desk of the enterprise changes randomly until it reaches the upper limit. When this happens, the business begins to buy enough marketable securities to bring the stock of cash back to some normal level (point of return). If the cash reserve reaches the bottom limit, the enterprise sells the previously accumulated securities and replenishes the cash reserve to the normal level.

General provisions

The most important condition effective management current assets of the enterprise is their presence, physical involvement in the production and economic process in the form of inventories, cash and equivalent funds, etc. Without this involvement, the financial manager cannot exercise the right to use and dispose of them, i.e. exercise control.

The forms and methods of obtaining the funds necessary to ensure the continuous progress of the current production process are called sources of financing of current assets, financial resources or financial resources.

The search, design and use (activation, mobilization, etc.) of these sources is one of the key tasks of the financial activity of an enterprise, the quality of the solution of which largely determines its efficiency and competitiveness.

Funding Models

If we represent the balance of the enterprise in the form of a highly simplified aggregated scheme, then in both sides of it, three elements (terms) can be distinguished.

Depending on the attitude of the financial manager to the choice of sources of coverage of current assets, i.e. to the choice of the amount of net working capital,
in theory financial management It is customary to single out four strategies or models of enterprise behavior: balanced (ideal), aggressive, conservative and compromise.

The ideal model is built on a complete (ideal) correspondence between the values of current assets and short-term borrowed funds, i.e. zero value of net working capital. It is the most effective, as it requires a minimum amount of financial resources, but it is also the most risky.

The aggressive model means that long-term capital serves as a source of coverage for non-current assets and the system part of current assets, i.e. the minimum necessary for carrying out business activities.
In this case, the net working capital is exactly equal to this very minimum. It is less effective, but also less risky. Therefore, it is quite suitable for enterprises with a high value of current profit.

The conservative model assumes the complete absence of short-term borrowings, and hence the risk of loss of liquidity. Net working capital here is equal to current assets. It is very reliable, but ineffective.

Household loan

It is a process of redistribution of working capital within the production sector, moving them from the turnover of one business partner to the turnover of another without the participation of banking and other financial intermediaries. Its result is the formation of accounts payable. It is implemented in the form of: a commercial (trade) loan, a commodity loan and a cash loan.

The most popular variant of a household loan - a commercial loan is used in practice in the following main forms:

§ receipt of goods by open account with deferred or installment payment;

§ receipt of goods for consignment;

§ receipt of goods against a bill;

§ receipt of goods against payment by check;

Bank loan

This term refers to a certain amount of money received by the enterprise from commercial bank or a non-bank credit organization to solve production and other problems, as well as the process of obtaining it.

The conditions of a bank loan are its currency, volume, cost (percentage), term, repayment procedure, collateral and other features that allow complete identification of the transaction.

The most well-known types of bank credit are: a one-time loan, a line of credit, an overdraft, each of which can be repeatedly classified downward into more and more detailed subspecies.

Budget lending

It is carried out at the expense of budgets of various levels (federal, regional, municipal) and target extra-budgetary funds directed both to replenish the working capital of the enterprise and to invest in fixed assets.

It is provided in the following main forms:

§ direct budget financing;

§ partial or full subsidization of interest rates on other commercial loans taken by the enterprise;

§ provision of guarantees for other commercial loans taken by the enterprise;

§ granting deferrals or installment plans for the payment of taxes, etc.

Issue of financial bills

Unlike commercial (commodity) bills, which serve exclusively the trading operations of the enterprise, financial bills are not related to specific transactions and are only a way, a tool to attract additional funds. The specified distinction between these types of bills is very conditional, because. manifests itself only at the stage of discharge (registration) and is absolutely elusive in the future.

Tolling

It consists in the transfer to the enterprise of raw materials, materials, components only for processing (assembly), payment for it and the return of the finished product to the owner (customer).

General provisions

Unlike traditional methods of financing, based on accurate knowledge of the planned needs of the enterprise, it involves the use of a number of additional tools created to solve random, in advance
not predictable financial problems(financial fire). As with any control, it can be carried out in active and passive mode.

active model

It is based on the anticipatory impact on the external and internal conditions of the enterprise, which reduces the likelihood and size of financial risks.

The key ways to actively manage the occasional financial needs of an enterprise, in addition to some of the types of household and bank loans mentioned earlier, are: forwards, options, futures and insurance.

Forward- a transaction for the supply of a certain product at a certain price
in certain period in future.

Option- a transaction for the acquisition of a certain right without the obligation to exercise it.

Futures- a transaction for the acquisition of a certain obligation.

Insurance - a transaction to transfer a certain risk to a special financial intermediary (insurer) on certain conditions.

Passive Model

It consists in the implementation of measures to extinguish the financial fire that has already begun (that is, to eliminate the shortage of financial resources that has arisen) and to mitigate the consequences of its occurrence. The main methods of such management, in addition to one-time household and bank loans, are: assignment of the right to claim and delay in payment.

The assignment (sale) of the right to claim is based on the provisions of Article 824 of the Civil Code of the Russian Federation, which permits such an operation. According to this, one party (financial agent) transfers or undertakes to transfer funds to the other party (client) on account of its claim to a third party (debtor), and the client (in our case, an enterprise) cedes or undertakes to cede to the financial agent the right to this claim. The subject of the assignment under which such financing is made may be:

§ a monetary claim, the due date for which has already come;

§ the right to receive a future payment.

Assignment of the right to claim can take place in the form of: bills of exchange accounting (third parties), factoring, forfeiting and lending of the same name.

Accounting for bills - a transaction for their sale at a discount from the face value.

Factoring in many respects similar to the accounting of bills of exchange. The difference lies in the fact that, firstly, the right to be assigned here is not necessarily expressed in the form of a bill of exchange, and secondly, the subject of the contract can be not only the sale of debt, but also the enforcement of third party obligations to the client.

Forfaiting- a factoring option used when selling expensive equipment or large consignments of goods under medium and long-term export contracts.

The financial manager's last means of dealing with a financial fire that has flared up is a delay, and then a delay in payments in less important, non-critical areas for the enterprise.

ESSENCE OF SHORT-TERM FINANCIAL POLICY

First Professional University

Professional Management Institute

Short-term financial policy

Abstract prepared

Privalova S.V.

UMShZ-11/9-DSB1-2-B

Moscow 2010

2. "Goals - strategies"

3. Business planning

4. Flow of payments

6. Cash flows

Conclusion

Bibliography

1. Short-term financial policy of the enterprise

The financial policy of the enterprise is integral part his economic policy. If finance is a basic category that has historically developed in the conditions of the origin and development of commodity-money relations, then financial policy is expressed as a set of measures taken by the owner, administration, labor collective (depending on the form of ownership and management of the enterprise) in order to find and use finance for implementation of the main functions and tasks.

Activities of this kind include the development of scientifically based concepts for the organization of financial activities, the identification of key areas for the use of financial funds for long, medium and short periods, as well as the practical implementation of the developed strategy.

The concepts of organizing the financial activity of an enterprise are based on a study of the demand for products and services, assessment of various (financial, material, labor, intellectual, information) resources of the enterprise and forecasting the results of economic activity.

2. "Goals - strategies"

Directions for the use of financial funds of the enterprise are determined based on the goals set, the position of the enterprise in the market, and the developed concept of organizing financial activities. The main goal of the financial policy of the enterprise is the most complete and effective use and increase of its financial potential.

In turn, enterprise strategies do not exist in a vacuum, but always serve to achieve specific goals.

The purpose of the enterprise is such a state of the future reality that the enterprise wants to achieve by its own efforts.

An enterprise strategy is a set of political attitudes of an enterprise and long-term action programs within which it is planned to achieve the goal.

Goals and strategies are considered by the consultant as a whole, because Not only do goals determine strategies, but strategies also greatly influence the definition of goals. So, the achievement of some specific goals of the enterprise can be carried out by some specific strategies, but the enterprise does not always allow its own potential to apply these strategies. For example, an enterprise producing semi-finished products for the furniture industry - furniture boards for the manufacture of cabinet furniture - can formulate strategic goal as achieving a 50% market share in supplying all kinds of semi-finished products to small regional furniture factories. The strategy for achieving the goal provides for expanding the assortment of the enterprise, including fittings, furniture fabrics, foam rubber, etc., as well as promoting sales through personal sales - the use of traveling salesmen. If the potential of the enterprise does not allow the creation of the necessary inventory and the organization of an agent network, not only the strategy, but also the goal should be revised.

Theoretically, every enterprise has goals and strategies that govern its activities. The complex "goals-strategy" sets the main directions for the search for market opportunities, maintains costs within the planned framework, determines the number and qualifications of personnel. The goals communicated to each employee, the strategies worked out and published at the enterprise, force the staff to adapt their own goals to the goals of the enterprise, their own strategies to its strategies. The adoption of strategies by an enterprise frees top management from routine work and the need to make decisions on all minor issues, creates the possibility of delegating tactical decisions to middle management and field workers.

In practice, many Russian enterprises are characterized by "blurring" of the "goal-strategy" complex. The usual goals are getting "good" profits and "development" of the enterprise, strategies - established traditions and methods of activity. Such strategies lose their guiding and stabilizing effect, allow any creativity of the staff, justify any costs, and contribute to the dispersion of forces and resources.

3. Business planning

Any firm. which is starting its activity or already operating, at the beginning of a new project, is obliged to clearly present the need for the future in financial, material, labor and intellectual resources, the sources of their receipt, and also be able to accurately calculate the efficiency of the use of resources available in the course of the company's activities . In a market economy, entrepreneurs should not count on a stable income and success without clear and effective planning of their activities, constant collection and accumulation of information both about the state of target markets, the position of competitors in them, and about their own capabilities and prospects. One of the main directions strategic planning is business planning, which provides for a development perspective, if it is correctly drawn up and answers the most important question for a businessman - is it worth investing in a particular project, will it bring income that can pay off all the costs of effort and money.

Business plan includes:

1. Brief description of the enterprise

a) Characteristics of the product;

b) Characteristics of the markets;

c) Characteristics of competitors.

2. organizational plan

3. Production plan

This section includes the main indicators of production.

4. Calculation of the break-even point

The break-even point is the volume of production at which the company has neither profit nor loss.

5. Enterprise risks

Entrepreneurship is directly related to various risks. There are two groups of factors - external and internal - that affect the final result and there is always a danger that the goals set in the plan may not be fully or partially achieved.

4. Flow of payments

Very often, contracts of a financial nature do not provide for individual one-time payments, but a series of payments distributed over time. Examples can be regular payments to repay a long-term loan together with accrued interest, periodic contributions to a current account on which a certain fund for various purposes is formed (investment, pension, insurance, reserve, savings, etc.), dividends paid on securities, payments of pensions from a pension fund, etc. A series of successive payments and receipts is called a stream of payments. Payouts are shown as negative values, and receipts are shown as positive. The generalizing characteristics of the flow of payments are the accumulated amount and the present value. Each of these characteristics is a number. The accumulated amount of the payment flow is the sum of all payments with accrued interest on them by the end of the annuity period. Under the current value of the flow of payments understand the sum of all financial transactions, discounted (reduced) at some point in time, coinciding with the beginning of the flow of payments or preceding it. The specific meaning of these generalizing characteristics is determined by the nature of the flow of payments, the reason that generates it.

5. Cash settlements: types, organization

All operations performed by the enterprise with its counterparties, budget, employees, owners, etc., are directly or indirectly expressed in terms of cash. In current activities, an extremely important role is played by settlement operations that accompany the movement of resource flows, the performance of work, and the provision of services. In particular, the acquisition of raw materials and materials means, on the one hand, an increase in the company's tangible assets, and, on the other hand, an outflow of cash. Exactly the opposite occurs when a firm sells its products.

Depending on the form of settlements between the enterprise and its counterparties, the flows of material resources and the corresponding cash flows most often do not coincide in time.

As is known, there are various ways payment for products sold: prepayment, cash sale, deferred payment sale, installment sale (or commercial credit), sale at a discount, etc.

a) Prepayment (advance payment for goods) is a full or partial payment for the goods by the buyer before it is transferred by the seller within the period established by the contract. Payment for the goods by the buyer must be made immediately before or after receipt of the goods, i.e. the moments of the transfer of goods and its payment should be as close as possible to each other. Prepayment as a form of payment may be provided for by the contract of sale, and its peculiarity lies in the fact that it does not imply the obligatory maximum approximation of the payment date to the date of transfer of the goods by the seller. If the seller, who received the prepayment amount, does not fulfill the obligation to transfer the goods within the prescribed period, the buyer has the right, at his own discretion, to demand either the transfer of the paid goods; or a refund of the prepaid amount. Interest is paid on the prepayment amount to the buyer, and the moment from which they are charged can be determined in different ways. By general rule interest is accrued from the day when, under the contract of sale, the transfer of goods should have been made, until the day the goods are transferred to the buyer or the amount of the advance payment is returned to him. the contract may provide for the obligation of the seller to accrue interest on the amount of advance payment from the date of receipt of this amount from the buyer.

First Professional University

Professional Management Institute

Short-term financial policy

Abstract prepared

Privalova S.V.

UMShZ-11/9-DSB1-2-B

Moscow 2010

1. Short-term financial policy of the enterprise

The financial policy of an enterprise is an integral part of its economic policy. If finance is a basic category that has historically developed in the conditions of the origin and development of commodity-money relations, then financial policy is expressed as a set of measures taken by the owner, administration, labor collective (depending on the form of ownership and management of the enterprise) in order to find and use finance for implementation of the main functions and tasks.

2. "Goals - strategies"

In turn, enterprise strategies do not exist in a vacuum, but always serve to achieve specific goals.

The purpose of the enterprise is such a state of the future reality that the enterprise wants to achieve by its own efforts.

An enterprise strategy is a set of political attitudes of an enterprise and long-term action programs within which it is planned to achieve the goal.

Goals and strategies are considered by the consultant as a whole, because Not only do goals determine strategies, but strategies also greatly influence the definition of goals. So, the achievement of some specific goals of the enterprise can be carried out by some specific strategies, but the enterprise does not always allow its own potential to apply these strategies. For example, an enterprise producing semi-finished products for the furniture industry - furniture boards for the manufacture of cabinet furniture - can formulate a strategic goal as achieving a 50% market share in supplying all types of semi-finished products to small regional furniture factories. The strategy for achieving the goal provides for expanding the assortment of the enterprise, including fittings, furniture fabrics, foam rubber, etc., as well as promoting sales through personal sales - the use of traveling salesmen. If the potential of the enterprise does not allow the creation of the necessary inventory and the organization of an agent network, not only the strategy, but also the goal should be revised.

3. Business planning

Any firm. which is starting its activity or already operating, at the beginning of a new project, is obliged to clearly present the need for the future in financial, material, labor and intellectual resources, the sources of their receipt, and also be able to accurately calculate the efficiency of the use of resources available in the course of the company's activities . In a market economy, entrepreneurs should not count on a stable income and success without clear and effective planning of their activities, constant collection and accumulation of information both about the state of target markets, the position of competitors in them, and about their own capabilities and prospects. One of the main areas of strategic planning is business planning, which provides for a development perspective, if it is correctly drawn up and answers the most important question for a businessman - is it worth investing in a particular project, will it bring income that can pay for everything expenditure of manpower and resources.

Business plan includes:

1. Brief description of the enterprise

a) Characteristics of the product;

b) Characteristics of the markets;

c) Characteristics of competitors.

2. Organizational plan

3. Production plan

This section includes the main indicators of production.

4. Calculation of the break-even point

The break-even point is the volume of production at which the company has neither profit nor loss.

5. Enterprise risks

Entrepreneurial activity is directly related to various risks. There are two groups of factors - external and internal - that affect the final result and there is always a danger that the goals set in the plan may not be fully or partially achieved.

4. Flow of payments

5. Cash settlements: types, organization

Depending on the form of settlements between the enterprise and its counterparties, the flows of material resources and the corresponding cash flows most often do not coincide in time.

As you know, there are various ways to pay for the products sold: prepayment, cash sale, sale with a deferred payment, installment sale (or commercial credit), sale at a discount, etc.

a) Prepayment (advance payment for goods) is a full or partial payment for the goods by the buyer before it is transferred by the seller within the period established by the contract. Payment for the goods by the buyer must be made immediately before or after receipt of the goods, i.e. the moments of the transfer of goods and its payment should be as close as possible to each other. Prepayment as a form of payment may be provided for by the contract of sale, and its peculiarity lies in the fact that it does not imply the obligatory maximum approximation of the payment date to the date of transfer of the goods by the seller. If the seller, who received the prepayment amount, does not fulfill the obligation to transfer the goods within the prescribed period, the buyer has the right, at his own discretion, to demand either the transfer of the paid goods; or a refund of the prepaid amount. Interest is paid on the prepayment amount to the buyer, and the moment from which they are charged can be determined in different ways. As a general rule, interest is accrued from the day when, under the contract of sale, the transfer of goods was supposed to be made, until the day the goods were transferred to the buyer or the amount of the advance payment was returned to him. the contract may provide for the obligation of the seller to accrue interest on the amount of advance payment from the date of receipt of this amount from the buyer.

AT individual situations related to the purchase and sale of goods, the settlement system may provide for an advance payment or a deposit.

b) An advance is an amount paid in advance against a monetary obligation and does not have a security character inherent in a deposit. The advance payment is not obligatory, but may be stipulated by the contract. Despite the fact that the advance payment is widely used in practice and is mentioned in a number of regulatory documents, the current legislation does not give a strict definition of it. In a sense, advance is synonymous with prepayment; it is the latter concept that is spelled out more specifically in Russian legislation.

c) A deposit is a sum of money issued by one of the contracting parties on account of payments due from it under the contract to the other party, as evidence of the conclusion of the contract and to ensure its execution. An agreement on a deposit is always drawn up in writing, and the transferred amount of money is referred to as a deposit in it. Otherwise, we are talking about an advance, which performs only a payment function and is not of a security nature inherent in a deposit.

In other words, under certain circumstances (in particular, in disputable situations, when the customer believes that the contract under which the deposit was issued was not executed or executed improperly or the wrong result was obtained, which he expected, etc.) the deposit the full amount can be withheld, i.e. not returned to the customer, while the advance in this case is refundable at least partially.

d) Unlike a pledge, the subject of a deposit is always a sum of money.

Payment for cash means the exchange of sold products (goods) for money. This is one of the most profitable settlement options for the seller - the money received at the cash desk can be immediately used in financial and economic activities. In mass transactions in a business environment, this form of payment occupies an insignificant place due to the many disadvantages inherent in it.

e) Sale with a deferred payment, or sale on credit - is the sale of goods with the condition of payment for it after a certain time, provided for in the contract of sale. If the buyer, who received the goods, does not fulfill the obligation to pay for it on time, the seller has the right to demand payment or return of the goods. Unless otherwise provided by the contract of sale, from the moment the goods are transferred to the buyer and until payment for the goods, the goods given on credit are recognized as being pledged to the seller to ensure the fulfillment by the buyer of his obligation to pay for the goods. Selling on credit is the most unprofitable for the seller, but it is this form of payment that is most common in the system of business relations. In this case, products are shipped, calculated financial results(note that the ownership in this case is already transferred to the buyer), but no money is received, and a receivable is formed in the seller's accounting system.

f) Installment sale is the sale of goods on credit with the condition of payment by a series of payments in accordance with the schedule, stipulated by the contract purchase and sale. According to the Civil Code of the Russian Federation, an agreement on the sale of goods on credit with the condition of payment by installments is considered concluded if, along with other essential conditions the sale and purchase agreement specifies the price of the goods, the procedure, terms and amounts of payments. If the buyer fails to make the next payment within the term established by the contract, the seller has the right, unless otherwise provided by the contract, to refuse to perform the contract and demand the return of the sold goods, except in cases where the amount of payments received exceeds half the price of the goods.

g) Sale with discounts means that the buyer can receive a discount from the selling price in one of two typical situations. The first situation means providing a discount for "quick payment, i.e. in the case when payment for the purchased products is made within a fairly short period of time specified in the sales contract from the moment the purchase was received. The second situation means providing a discount for the volume of the purchased lot, i.e. e. The discount is provided when the buyer purchases a batch of products that exceeds the agreed minimum.

It is obvious that the movement, size and distribution in time of cash flows in each of the described options for selling products are different.

h) In accordance with the Civil Code of the Russian Federation, payments within the territory of Russia are made by cash or non-cash payments. In cash settlements, funds are transferred in the form of banknotes and coins, and in non-cash settlements, the right to a sum of money is transferred by issuing relevant settlement documents and making entries on accounts.

Currently, the implementation of cash settlements is significantly limited. Civil Code The Russian Federation establishes that the choice of a cash or non-cash form of payment is directly related to the nature of the operation being performed, as well as to legal status participants.

Settlements of legal entities, as well as settlements with the participation of citizens, related to the implementation entrepreneurial activity, as a general rule, are carried out in a non-cash manner. Without any restrictions, only individuals and only for transactions not related to their entrepreneurial activities.

The non-cash form of payment is associated with the execution of relevant documents of a uniform form and, therefore, is more laborious. To ensure the current activities of the organization, settlements for small amounts of money, including between legal entities may be carried out in cash.

For this purpose, the instructions of the Bank of Russia establish the maximum amount of cash settlement for one payment. Cash turnover is regulated by the Regulation on non-cash payments in the Russian Federation, approved by the Bank of Russia.

Cash received at the cash desk of the enterprise is subject to delivery to a bank institution with subsequent crediting to the account this enterprise. The amount of money that can be kept in the cash desk of the enterprise is limited. The procedure and terms for depositing cash with a bank institution are established individually for each enterprise.

Cashless payments- these are settlements made by banks transferring funds to customer accounts, on the basis of payment documents drawn up according to uniform standards and rules. Non-cash settlements are carried out through credit institutions or the Bank of Russia on accounts opened on the basis of bank account or correspondent account agreements, unless otherwise established by law and not stipulated by the form of payment used.

Forms of non-cash payments and their a brief description of are given in the Civil Code of the Russian Federation, and the technique for their implementation is established by the instructive documents of the Bank of Russia. In particular, the Regulations on non-cash payments in the Russian Federation formulate the basic principles for organizing this form of payment:

documentation - the settlement document must be issued on paper or, in established cases, in in electronic format;

urgency - in accordance with Art. 80 federal law"On the Central Bank of the Russian Federation (Bank of Russia)" the total period of non-cash settlements should not exceed two business days within the subject of the Russian Federation and five business days - within the Russian Federation;

security of payment - payments from the account must be made within the limits of the amounts available on it. In case of insufficient funds on the account to satisfy all the requirements presented to it; write-off of funds is carried out in the order determined by law;

freedom to choose the forms of non-cash payments - the current legislation establishes several forms of settlements and types of payments that counterparty organizations can choose at their discretion:

settlements by payment orders;

settlements under a letter of credit;

settlements by checks;

collection settlements;

settlements with payment claims;

unification of payment documents - it is legally established that settlement documents must be drawn up on uniform forms in paper or electronic form and contain an agreed list of mandatory details.

When making non-cash settlements, settlements by payment orders, letters of credit, checks, settlements by collection, as well as settlements in other forms provided for by law and relevant banking rules are allowed.

Settlements by payment orders.

A payment order is an order of the account holder (payer) to the bank serving him, executed by a settlement document, to transfer a certain amount of money to the account of the recipient of funds opened in this or another bank. In modern economic practice, this is the main form of payment.

On the day the bank accepts a payment order from the client, the bank has an obligation to the client within the time limits established by law or the agreement to transfer funds for the intended purpose from the correspondent account, other accounts opened for settlement transactions, subject to the following conditions by the client:

correct indication of the details of the payer, recipient of funds required for the transfer of funds;

the presence on his account of funds in an amount sufficient to execute the accepted document.

If the client complies with the conditions, the credit institution or its branch, on the day of accepting the payment order from the client, debits funds from his account and transfers them from his correspondent account (subaccount) and other accounts opened for settlement transactions no later than the next day, unless otherwise provided in the bank account agreement. Clients are advised to submit settlement documents to the bank on the eve of the payment due date (payments to the budget, extra-budgetary funds, scheduled payments). If the due date is not indicated on the document, then the due date is the date of receipt of the document from the client.

6. Cash flows

Cash flow is the movement of cash in real time, in fact, cash flow is the difference between the amounts of cash receipts and payments of the company for a certain period of time, as the financial year is taken for this period. Cash flow management is based on the concept of cash circulation. For example, money is converted into inventories, receivables and back into money, closing the cycle of the company's working capital. When the cash flow is reduced or blocked completely, the phenomenon of insolvency occurs. An enterprise may feel a lack of funds even if it formally remains profitable (for example, the terms of payments by the company's customers are violated). It is with this that the problems of profitable, but illiquid companies that are on the verge of bankruptcy are connected.

Conclusion

When our country implements a difficult, in many ways contradictory, but historically necessary reform in social, political and economic life, a lot of complex problems arise. One is how to anticipate challenges and opportunities and how to choose economic policies and strategies?

Which specific "moves" are used by most successful companies?

First, it is a focus on long-term relationships with the client. We often hear this phrase, but we do not always imagine how an employee of a company should behave in order to emphasize the priority of the interests of customers. Most often, you can make the client feel important for your company by providing him with additional advice or information on your services.

Secondly, the most successful companies plan large budgets for training employees interacting with customers. The focus of trainers is the ability of employees to speak clearly, without using professional jargon, and the ability to identify the needs of the client.

The third important rule for building a loyal customer base is the selection, sorting and termination of relationships with customers that do not match the characteristics of the target group. For an advertising agency, for example, the client's history of relationships with companies of a similar profile is extremely important. If the customer company often changed partners among advertising agencies, then the forecast for working with this client is negative.

In the fourth paragraph, I will give a formula that ensures the emergence of trust in your company on the part of the client (the author of the formula is Harry Beckwith):

Consistency / predictability Meeting deadlines + Non-disclosure of information about the client.

Strategies are always developed based on reality. existing situation, but are designed to guide the actions of the enterprise in the long term, when the initial provisions adopted during development may no longer correspond to the realities of the market. With a serious discrepancy between strategic attitudes and modern market requirements, strategies need to be revised, which means that part of the resources was spent irrationally.

Changes significant for strategies can occur in the macro environment (changes in the general level of technology, political environment, environmental requirements, culture) or in market conditions (changes in the solvency of the market, the behavior of competitors, the needs of buyers). Such changes are not under the control of the enterprise, but can often be predicted at the stage of developing strategies.

The strategy of the enterprise, formulated and communicated to each employee, is able to concentrate all efforts in the right direction. At the same time, a clear, clear and understandable strategy for personnel is likely to soon be clear and understandable to a competitor who will develop effective countermeasures (at least this often happens on Russian market). The strategy of capturing market share at the expense of a particular competitor will force the competitor to react as soon as he understands the situation. The company's growth strategy through the purchase of several productions, if made public, can raise the prices of these productions. At the same time, the strategies formulated by the manager "for personal use", without bringing it to the attention of the staff, are a "thing in itself", unable to perform useful functions.

The adoption of any strategy requires its indispensable implementation at all levels of the hierarchy with the appropriate adjustment of the wording and specification of goals.

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Depending on the time horizon and goals, one should distinguish between long-term and short-term corporate financial policy.

The long-term financial policy of an enterprise is a system of long-term goals and ways of developing a company's finances to achieve its long-term goals. Such a policy is aimed at a comprehensive search for sources of financial support for its development, achieving a high financial potential that ensures the long-term financial stability of the company.

The short-term financial policy of the company is a system of short-term targets and ways of developing the company. It is aimed at solving the most acute current financial problems, allowing to improve the financial condition of the enterprise and increase its financial stability in short time.

The relationship between the long-term and short-term financial policy of the company is manifested in the fact that the latter specifies the tools and methods for achieving the long-term goals of the company in certain aspects of its financial activities. The priority in making financial decisions in the company belongs to a long-term financial policy that can ensure the effective development and high financial stability of the enterprise. The composition of the elements of the long-term financial policy of the company differs from the short-term.

The elements of the long-term financial policy of the organization include investment and dividend policy, since the financial potential and long-term financial stability of the company depend on these areas. The investment policy is aimed at increasing the attractiveness of the company and optimizing the attracted financial resources. Equally important is the optimization of profit distribution between owners and investors. Accordingly, an effective dividend policy is a guarantee of its financial stability and a guideline for attracting investors.

The components of the company's short-term financial policy are pricing policy, tax policy, accounting policy, current assets and accounts payable management policy, marketing policy, and risk management policy.

According to the method of Slepov V.A. the company's financial policy is its financial ideology, a system of views, targets and ways to adapt and develop the company's finances to achieve its goals.

The main objectives of the company's financial policy are:

- profit maximization;
- optimization of the company's capital structure and ensuring its financial stability;
- increasing the level of capitalization of the company;
- increasing competitiveness and strengthening the company's position in the market;
- achieving information transparency of the financial and economic state of the company for owners (participants, founders), investors, creditors;
- ensuring the investment attractiveness of the company;
- creation of an effective mechanism for managing an organization based on diagnosing the financial condition, choosing the strategic goals of the company's activities that are adequate to market conditions, and finding ways to achieve them.

The financial policy of the company is determined by its owners and management of the company. The executors of this policy are financial services, production structures, individual divisions and company employees.

According to the direction of action, the financial policy of the company is divided into internal and external. The internal financial policy of the company is aimed at optimizing financial relations and processes occurring within the company. The external financial policy of the company is aimed at the optimal use of the opportunities of various segments of the national and international financial markets for the development of the company.

Depending on the time horizon and goals, one should distinguish between long-term and short-term financial policies of the company.

A company's long-term financial policy is a system of long-term goals and ways to develop a company's finances to achieve its long-term goals. Such a policy is aimed at a comprehensive search for sources of financial support for its development, achieving a high financial potential that ensures the long-term financial stability of the company. In economic literature, normative documents and in practice there are no uniform methodological approaches to the definition of the concept of "company's financial potential" and its assessment. In our opinion, the financial potential of a company is manifested in its ability to attract financial resources and use them effectively to fulfill its mission and long-term goals. The financial potential of the company is characterized by the composition of financial resources and their price. Formalized assessment it is expedient to carry out the financial potential of the company in terms of its business (production activity, investment activity, financial condition).

A company's short-term financial policy is a system of short-term targets and ways to develop a company's finances. It is aimed at solving the most pressing current financial problems, allowing to improve the financial condition of the company and increase its financial stability in a short time.

The main elements of the long-term and short-term financial policy of the company are presented in Table 1. The structure of the long-term financial policy includes investment and dividend policies, since the financial potential and long-term financial stability of the company depend on these areas. The investment policy is aimed at increasing the investment attractiveness of the company and optimizing attracted investment resources.

Table 1 The main elements of the long-term and short-term financial policy of the company

Equally important is the optimization of profit distribution between owners and investments when choosing a dividend policy. Accordingly, an effective dividend policy of the company is the guarantor of its financial stability and a guideline for attracting investors.

The composition of the company's short-term financial policy includes pricing, tax, accounting policies, current assets and accounts payable management policies.

In order to achieve high performance and an acceptable level of financial risks associated with the implementation of financial policy in the long term and short term their internal balance and coherence is necessary. The relationship between the company's long-term financial policy and the short-term one is manifested in the fact that the latter specifies the tools and methods for achieving the company's long-term goals for certain aspects of its financial activities in order to increase the company's financial stability. The priority in making financial decisions at the enterprise belongs to a long-term financial policy that can ensure the effective development of the company and its high financial stability. Accordingly, the composition of the elements of the long-term financial policy differs from the company's short-term financial policy.

The development and final formation of the financial policy of the company can be provided on the basis of modeling a large number iterations of financial situations, identification of future changes and anticipation of results. Obviously, when the company's financial policy is internally and externally fully correlated with production and marketing strategies, we can talk about the maximum value of the business. The task of making this or that decision is associated with choosing the most profitable option, since an inefficient decision can reduce profits or lead to losses based on the results of financial and economic activities.

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