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Sources of financial resources of the enterprise. Sources of financing the activities of the enterprise. "External and internal sources

For proper organization funding entrepreneurial activity funding sources should be classified. It should be noted that the classification of funding sources in Russian practice differs from foreign practice. In Russia All sources of business financing are divided into four groups:

own funds of enterprises and organizations;
borrowed funds;
involved funds;
state budget funds.

In foreign practice, the funds of the enterprise and the sources of financing of its activities are separately classified. Since these issues are closely related, we will consider them in more detail. One of the most common groupings of enterprise funds in foreign practice is shown in Scheme 1.

In this classification of enterprise funds, the main element is equity.

The structure of the company's own capital is shown in Scheme 2.
There is another option for classifying the funds of an enterprise, where all funds are divided into own and borrowed.

To own funds companies in this case include:

authorized capital (funds from the sale of shares and share contributions of participants or founders);
revenues from sales;
depreciation deductions;
net profit of the enterprise;
reserves accumulated by the enterprise;
other fees of legal and individuals(target financing, donations, charitable contributions).

To raised funds relate:

bank loans;
borrowed funds received from the issue of bonds;
funds received from the issue of shares and other securities;
accounts payable.

In foreign practice, there are various approaches to the classification of sources of financing for the activities of an enterprise.

According to one variant, all sources of financing are divided into internal and external.

To internal sources of financing include the company's own funds.

To external sources include:

bank loans;
borrowed funds;
proceeds from the sale of bonds and other securities;
accounts payable, etc.

There is an option for dividing funding sources into:
1) internal sources - these are the expenses that the company finances from net profit;
2) short-term funds are funds used to pay wages, payment for raw materials and materials, various operating expenses. Forms of implementation of funding sources in this case can be as follows:

bank overdraft - the amount received in the bank in excess of the current account balance. The overdraft is payable at the request of the bank. Usually this is the cheapest form of a loan, the amount of interest on it does not exceed 1-2% of the bank's base discount rate;
bill of exchange (draft) - a monetary document, according to which the buyer undertakes to pay the seller a certain amount within the period established by the parties. The bank takes into account bills of exchange, providing their owners with a loan for a period until they are redeemed. As a payment for the issued loan on a bill, the bank charges a discount (percentage), the value of which changes daily. Bills of exchange are most often used in foreign trade payments;
an acceptance credit is applied when a bank accepts for payment a promissory note issued in the name of its clients (resale of the right to collect debts - factoring). In this case, the bank pays the value of the bill to the creditor, minus the discount, and upon the expiration of its maturity, collects this amount from the debtor;
commercial loan - the purchase of goods or services with a deferred payment for one - two months, and sometimes more. The use of commercial credit is determined specific type economic activity. Appeal to it depends on the speed of the sale of goods and the possibility of deferring payments from the enterprise itself;

3) medium-term financial resources(from 2 to 5 years) are used to pay for machinery, equipment and research work.
The purchase by an enterprise on credit of machinery, equipment and Vehicle occurs on fixed terms secured by purchased goods with regular repayment of the loan in installments.

The group of medium-term financial resources includes the lease of machinery and equipment. Payment for the use of leased funds is carried out by regular installments, while the ownership never passes to the debtor;

4) long-term financial resources(for a period of more than 5 years) are used to purchase land, real estate and long-term investments. The allocation of funds in this way is carried out as:

long-term (mortgage) loans - the provision by insurance companies or pension funds of funds secured by land plots, buildings for a period of 25 years;
Bonds are debt instruments with a fixed interest rate and maturity. A significant portion of the bonds have a face value;
issuance of shares - receipt of funds through the sale various kinds shares in the form of closed or open subscription.

The emergence of such a classification of sources is associated with the peculiarities of intra-company planning abroad, which includes long-term, medium-term and short-term planning.

When determining the need for financial resources, the following points must be taken into account:

for what purpose and for what period (short-term or long-term) cash;
how urgently funds are needed;
whether there are necessary funds within the enterprise or will it be necessary to turn to other sources;
What are the costs of paying off debt?

Only after a detailed study of all points is the choice of the most appropriate source of funds made.

Course work in enterprise economics

"External and internal sources

financing of the company's activities"

St. Petersburg

Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3

CHAPTER 1. Financial resources of the enterprise. . . . . . . . . . . . . . . . . . . . . . . . . . .four

CHAPTER 2. Classification of funding sources. . . . . . . . . . . . . . . . . . 7

2.1. Internal sources of financing of the enterprise. . . . . . . . . . . . . . . . eight

2.2. External sources of financing of the enterprise. . . . . . . . . . . . . . . . . .12

CHAPTER 3. Management of funding sources. . . . . . . . . . . . . . . . . . .16

3.1. The ratio of external and internal sources

in the capital structure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

3.2. Effect financial leverage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19

Conclusion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

List of used literature. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23

Application. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Introduction

Company is a separate techno-economic and social complex designed to produce benefits useful to society in order to make a profit. During its creation, as well as in the process of managing it, various issues are resolved, one of which is the financing of the enterprise, that is, the provision of the necessary financial resources for the costs of its implementation and development. Economic entities receive these resources from various sources, without which no enterprise can exist and operate. And, therefore, there is nothing surprising in the fact that the issue of possible sources of financing is relevant today for many business entities and worries many entrepreneurs.

The purpose of the work is to study the existing sources of funds, their role in the process of the enterprise and its development.

Prioritization among funding sources, choosing the most optimal sources is a problem for many organizations today. Therefore, this paper will consider the classification of sources of financing the activities of the enterprise, the concept financial resources, closely related to these sources, as well as the ratio in the capital structure of own and borrowed funds, which has a significant impact on the financial and economic activities of the enterprise.

Consideration of these aspects will allow us to draw conclusions regarding given topic.

CHAPTER 1. Financial resources of the enterprise

The concept of financial resources is closely related to the concept of sources of financing for the activities of an economic entity. Enterprise financial resources is a set of own funds and receipts of borrowed and borrowed funds intended to fulfill financial obligations, finance current costs and costs associated with the expansion of capital. They are the result of the interaction of receipt, expenditure and distribution of funds, their accumulation and use.

Financial resources play an important role in the reproduction process and its regulation, the distribution of funds in the areas of their use, stimulate the development of economic activity and increase its efficiency, allow you to control financial condition business entity.

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

Financial resources generated from various sources enable the enterprise to invest in new production in a timely manner, to ensure, if necessary, the expansion and technical re-equipment of the existing enterprise, to finance research, development, their implementation, etc.

The main areas of use of the financial resources of the enterprise in the course of its activities include:

Financing the current needs of the production and trade process to ensure the normal functioning of production and trading activities enterprises through the planned allocation of funds for the main production, production and auxiliary processes, supply, marketing and sales of products;

Financing of administrative and organizational measures to maintain a high level of functionality of the enterprise management system through its restructuring, the allocation of new services or the reduction of the administrative staff;

Investing funds in the main production in the form of long-term and short-term investments in order to develop it (complete renovation and modernization production process), creation of new production or reduction of certain unprofitable areas;

Financial investments - investment of financial resources for purposes that bring the company a higher income than development own production: acquisition of securities and other assets in various segments of the financial market, investments in the authorized capital of other enterprises in order to generate income and obtain rights to participate in the management of these enterprises, venture financing, providing loans to other companies;

The formation of reserves, carried out both by the enterprise itself and by specialized insurance companies and state reserve funds at the expense of standard deductions to maintain a continuous circulation of financial resources, protect the enterprise from adverse changes in market conditions.

Financial reserves are of great importance for ensuring uninterrupted financing of the production process. In market conditions, their role is significant. These reserves are able to ensure the continuous circulation of funds in the reproduction process, even in the event of huge losses or the occurrence of unforeseen events. The enterprise creates financial reserves at the expense of its own resources.

Financial support for reproduction costs can be carried out in three forms: self-financing, lending and public funding.

Self-financing is based on the use of the company's own financial resources. In case of insufficiency own funds it can either cut some of its spending or take advantage of funds raised for financial market based on transactions with securities.

Lending is a method of financial support for reproduction costs, in which costs are covered by a bank loan provided on the basis of repayment, payment, and urgency.

Government funding produced on an irrevocable basis at the expense of budgetary and extrabudgetary funds. Through such financing, the state purposefully redistributes financial resources between the production and non-production spheres, sectors of the economy, etc. In practice, all forms of cost financing can be applied simultaneously.

CHAPTER 2. Classification of funding sources

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

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

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

Sources of short-term funds;

Advance capital (long-term).

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

Own funds of enterprises;

Borrowed funds;

Involved funds;

Budget appropriations.

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

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

2.1. Internal sources of financing of the enterprise

The main sources of financing the activities of the enterprise are its own funds. Internal sources include:

Authorized capital;

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

Other contributions from legal entities and individuals (targeted financing, charitable contributions, donations, etc.).

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

In the process of analyzing decisions related to the structure of capital, company leaders operate with such concepts as internal and external sources of financing for the enterprise.

These categories of incoming funds are relevant for almost every organization. Depending on the scope of its activities, external financing and internal financing are applied in different proportions. Sometimes it is enough to attract quite small amounts from investors and creditors, in other cases the lion's share of the company's capital is. This article will describe the main external and internal sources of business financing. In addition, their characteristics and examples will be given, advantages and disadvantages will be highlighted.

What is external financing and internal financing?

Internal financing is the self-support of all expenses for the development of the company (using its own income). Sources of such income can be:

The net profit received as a result of conducting financial and economic activities.
depreciation savings.
Accounts payable.
Funds set aside to pay future expenses.
Income received on account of the future period.

An example of internal financing is the investment of profits in the purchase of additional equipment, the construction of a new building, workshop or other building.

External financing involves the use of funds received by the company from outside.

They can be provided by founders, citizens, the state, financial and credit organizations or non-financial companies. Pledge successful work enterprise, its development and competitiveness is to correctly and effectively combine internal and external sources of financing. The ratio of own and depends on the scope of the company, its size and strategic plans.

Types of financing

In addition to the division into two main groups, internal and external sources of funding are classified in more detail.

Internal:

Through net profit.
Sale of free assets.
Income from the rental of property.

Investment funds.
Loans (loans, leasing, promissory note).

In practice, a mixed system is most often used: both external and internal business financing.

What is domestic funding?

Today, companies themselves are engaged in the distribution of profits, the amount of which directly depends on how profitable business operations are and how effective the dividend policy is.

Based on the fact that managers are interested in the most rational use of the funds at their disposal, they make sure that the most important factors are taken into account:

Implemented plans for further development companies.
The interests of owners, employees and investors were observed.

With the successful distribution of finances and the expansion of the scale of the company's economic activities, the need for additional financing is reduced. This shows the relationship that characterizes internal and external sources of financing.

The goal of most business owners can be called the desire to reduce costs and increase profits, regardless of what type of funds will be used.

Positive and negative aspects of using your own financial resources

External financing and internal financing, as well as their effectiveness, are characterized by how convenient and profitable it is for managers to use these types of funds.

The undeniable advantages of internal financing, of course, is the absence of the need to pay the cost of raising capital from outside. Also great importance has the ability of the owners to retain control of the company.

Among the shortcomings inherent in domestic financing, the most significant is the impossibility of its practical application. Insolvency can be cited as an example. They have almost completely lost their significance due to the total reduction in depreciation rates at most domestic enterprises (in the industrial sector). Their amounts cannot be used to purchase new fixed assets. Even the introduction of accelerated depreciation does not save the situation, since it cannot be applied to the equipment that exists now.

What is hidden under the term "external sources of financing"?

With a lack of own funds, business leaders are forced to resort to borrowing or investment finance.

Along with the obvious advantages of this approach (the ability to increase the volume of economic activity or develop new areas of the market), there is a need to return borrowed funds and pay dividends to investors.

Search foreign investors often becomes a "lifeline" for many enterprises. However, with an increase in the share of such investments, the possibility of control by the owners of enterprises is significantly reduced.

Credit and its specifics

Loans as an instrument of external financing become the most accessible way out for the owners of the company if the internal sources turn out to be insolvent. External financing of the firm's budget should be sufficient to increase the volume of production, as well as return the funds raised with accrued interest and dividends.

A loan is a sum of money that the lender provides to the borrower with the condition of returning the money issued and the agreed percentage for the right to use this service.

Features of using credit funds to finance a company

Benefits of loans:

Disadvantages of attracting loans:

Often a loan is issued to a company for short term(up to three years). If the firm's strategy is to generate long-term profits, the pressure of debt obligations becomes too great.
In order to receive funds on credit, the company must provide a security deposit equivalent to the desired amount.
Sometimes a condition for lending is the bank's requirement to open an account, which is not always beneficial for the company.

Both external and internal sources of business financing should be used as rationally and appropriately as possible, because the level of profitability of the enterprise and its attractiveness to investors depend on this.

Leasing: definition, conditions and characteristics

Leasing is a complex of various forms entrepreneurial techniques that are beneficial for the lessor and the lessee, as they allow the first to expand the boundaries of activity, and the second - to update

The terms of a leasing agreement are more liberal compared to lending, as they allow the business owner to rely on deferred payments and implement a large-scale project without large financial investments.

Leasing does not affect the balance of own and borrowed funds, that is, it does not violate the ratio that characterizes the external / internal financing of the enterprise. For this reason, it does not become an obstacle to obtaining a loan.

It is interesting that when purchasing equipment under the terms of a leasing agreement, the company has the right not to put it on the balance sheet during the entire period of the document. Thus, the manager has the opportunity to save on taxes because assets do not increase.

Conclusion

External financing and internal financing of enterprises involves the use of their own income or the attraction of borrowed funds from creditors, partners and investors.

For successful activity it is of great importance for the company to maintain the optimal ratio of these types of financing, as well as rational and justified spending of any resources.

Financing business organizations-- is a set of forms and methods, principles and conditions of financial support for simple and expanded reproduction. Financing refers to the process of generating funds or, more broadly, the process of forming the capital of a firm in all its forms. The concept of "financing" is quite closely related to the concept of "investment", if financing is the formation of funds, then investing is their use. Both concepts are interconnected, but the first precedes the second. It is impossible for a firm to plan any investments without sources of financing. At the same time, the formation of the company's financial resources occurs, as a rule, taking into account the plan for their use. When choosing sources of financing for the activities of an enterprise, it is necessary to solve five main tasks:

Determine the need for short- and long-term capital;

· identify possible changes in the composition of assets and capital in order to determine the optimal composition and structure;

· to ensure constant solvency and, consequently, financial stability;

Use own and borrowed funds with maximum profit;

Reduce the cost of financing business activities.

Sources of financing of the enterprise are divided into internal (own capital) and external (borrowed and borrowed capital). Domestic financing involves the use of own funds and, above all, net profit and depreciation. Financing from own funds has a number of advantages:

1. Due to replenishment from the profit of the enterprise, its financial stability increases;

2. The formation and use of own funds is stable;

3. Expenses on external financing are minimized (for servicing debt to creditors);

4. Simplifies the acceptance process management decisions for the development of the enterprise, since the sources of covering additional costs are known in advance.

The level of self-financing of an enterprise depends not only on its internal capabilities, but also on external environment(tax, depreciation, budgetary, customs and monetary policy of the state). External financing involves the use of funds from the state, financial and credit organizations, non-financial companies and citizens. In addition, it involves the use of financial resources of the founders of the enterprise. Such attraction of the necessary financial resources is often the most preferable, as it ensures the financial independence of the enterprise and facilitates further conditions for obtaining bank loans. In conditions market economy the production and economic activity of the company is impossible without the use of borrowed funds, which include: bank loans, commercial loans, i.e. borrowed funds from other organizations; funds from the issue and sale of shares and bonds of the organization; budgetary appropriations on a returnable basis, etc. Attracting borrowed funds allows the company to accelerate the turnover of working capital, increase the volume of business operations performed, and reduce the volume of work in progress. However, the use given source leads to the emergence of certain problems associated with the need for subsequent servicing of debt obligations assumed. As long as the amount of additional income secured by the attraction of borrowed resources covers the cost of servicing the loan, the financial position of the company remains stable, and the attraction of borrowed capital is effective. If these indicators are equal, the question arises of the advisability of attracting borrowed sources of financial resources formation as they do not provide additional income. In a situation where the cost of servicing accounts payable exceeds the amount of additional income from its use, the deterioration of the financial situation in the organization is inevitable.

Thus, financing based on borrowed capital is not so profitable, since creditors provide funds on a repayment and repayment basis, that is, they do not participate with their money in the company's equity capital, but act as a lender. Comparison of various financing methods allows the enterprise to choose the best option for financial support of current operational activities and covering capital costs.

The financial resources of the organization are formed from certain sources. Yes, you can't buy production equipment, raw materials or materials, without having money for this. The sources of formation of the financial resources of the organization is a set of sources to meet the need for capital for the coming period, which ensures the development of the organization. These sources are divided into internal, own and external, borrowed and attracted (see Fig. 1.). Various classifications of sources of funds are known. One of the possible and most common groupings is shown in Fig. one.

Rice. one. The structure of the sources of enterprise funds

The main element of the above scheme is equity capital. The sources of own funds are (see Figure 2.):

Authorized capital (funds from the sale of shares and share contributions of participants);

Reserves accumulated by the enterprise;

Other contributions from legal entities and individuals (targeted financing, donations, charitable contributions, etc.).

The main sources of funds raised include:

Bank loans;

Borrowed funds;

Funds from the sale of bonds and other securities;

Accounts payable.

When creating an enterprise, contributions to its authorized capital can be cash, tangible and intangible assets. At the time of the transfer of assets in the form of a contribution to the authorized capital, the ownership of them passes to the economic entity, i.e., investors lose property rights to these objects.

Thus, in the event of the liquidation of the enterprise or the withdrawal of a participant from the company or partnership, he has the right only to compensate for his share within the residual property, but not to return the objects transferred to him in due time in the form of a contribution to the authorized capital. The authorized capital, therefore, reflects the amount of the company's obligations to investors.

The authorized capital is formed during the initial investment of funds. Its value is announced during the registration of the enterprise, and any adjustments in the size of the authorized capital (additional issue of shares, reduction in the nominal value of shares, making additional contributions, admission of a new participant, joining part of the profit, etc.) are allowed only in cases and in the manner provided for current legislation and founding documents.

The formation of the authorized capital may be accompanied by the formation of an additional source of funds - share premium. This source arises when, during the initial issue, shares are sold at a price above par. Upon receipt of these amounts, they are credited to additional capital.

Profit is the main source of funds for a dynamically developing enterprise. In the balance sheet, it is present explicitly as retained earnings, and also in a veiled form - as funds and reserves created from profits. In a market economy, the amount of profit depends on many factors, the main of which is the ratio of income and expenses. At the same time, the current regulatory documents provide for the possibility of a certain regulation of profits by the management of the enterprise. These regulatory procedures include:

Varying the boundary of attributing assets to fixed assets;

Accelerated depreciation of fixed assets;

Applied depreciation methodology for low-value and wearing items;

Procedure for valuation and amortization of intangible assets;

The procedure for assessing the contributions of participants in the authorized capital;

Choosing a method for estimating inventories;

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

The procedure for creating a reserve for doubtful debts;

The order of attribution to the cost products sold certain types expenses;

The composition of overhead costs and the way they are distributed.

Profit-the main source of formation of reserve capital. This capital is intended to compensate for unforeseen losses and possible losses from economic activity, that is, it is insurance in nature. The procedure for the formation of reserve capital is determined by the regulatory documents governing the activities of an enterprise of this type, as well as its statutory documents.

Additional capital as a source of enterprise funds is formed, as a rule, as a result of revaluation of fixed assets and other material assets. Regulatory documents its use for consumption purposes is prohibited.

Funds are a specific source of funds special purpose and targeted financing: gratuitously received values, as well as non-refundable and repayable state appropriations for financing non-productive activities related to the maintenance of social, cultural and municipal facilities, for financing the costs of restoring the solvency of enterprises that are on full budget financing, etc. Before In general, the organization focuses on the use of internal sources of funding. Formation of the authorized capital, its effective use management is one of the main and most important tasks financial services organizations. The authorized capital is the main source of the organization's own funds. The amount of the authorized capital of a joint-stock company reflects the amount of shares issued by it, and the state and municipal enterprise- the amount of the authorized capital. The authorized capital is changed by the organization, as a rule, according to the results of its work for the year after the introduction of changes in the constituent documents. It is possible to increase (decrease) the authorized capital by issuing additional shares into circulation (or withdrawing from circulation some of their number), as well as by increasing (decreasing) the par value of old shares.

Additional capital includes:

1) results of revaluation of fixed assets;

2) share premium of the joint-stock company;

3) gratuitously received monetary and material values for production purposes;

4) appropriations from the budget for financing capital investments;

5) funds for replenishment of working capital.

Retained earnings are profits received in a certain period and not directed in the process of its distribution to consumption by owners and staff. This part of the profit is intended for capitalization, that is, for reinvestment in production. In terms of its economic content, it is one of the forms of the organization's own financial resources reserve, which ensures its production development in the coming period.

Coursework in enterprise economics

"External and internal sources

financing of the company's activities"

St. Petersburg

Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3

CHAPTER 1. Financial resources of the enterprise. . . . . . . . . . . . . . . . . . . . . . . . . . .four

CHAPTER 2. Classification of funding sources. . . . . . . . . . . . . . . . . . 7

2.1. Internal sources of financing of the enterprise. . . . . . . . . . . . . . . . eight

2.2. External sources of financing of the enterprise. . . . . . . . . . . . . . . . . .12

CHAPTER 3. Management of funding sources. . . . . . . . . . . . . . . . . . .16

3.1. The ratio of external and internal sources

in the capital structure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

3.2. The effect of financial leverage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19

Conclusion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

List of used literature. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23

Application. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Introduction

Company is a separate techno-economic and social complex designed to produce benefits useful to society in order to make a profit. During its creation, as well as in the process of managing it, various issues are resolved, one of which is the financing of the enterprise, that is, the provision of the necessary financial resources 1 for the costs of its implementation and development. Economic entities receive these resources from various sources, without which no enterprise can exist and operate. And, therefore, there is nothing surprising in the fact that the issue of possible sources of financing is relevant today for many business entities and worries many entrepreneurs.

The purpose of the work is to study the existing sources of funds, their role in the process of the enterprise and its development.

Prioritization among funding sources, choosing the most optimal sources is a problem for many organizations today. Therefore, this paper will consider the classification of sources of financing the activities of an enterprise, the concept of financial resources, which is closely related to these sources, as well as the ratio in the capital structure of own and borrowed funds, which has a significant impact on the financial and economic activities of an enterprise.

Consideration of these aspects will allow to draw conclusions regarding a given topic.

CHAPTER 1. Financial resources of the enterprise

Financial resources play an important role in the reproduction process and its regulation, the distribution of funds in the areas of their use, stimulate the development of economic activity and increase its efficiency, and allow you to control the financial condition of an economic entity.

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

The main areas of use of the financial resources of the enterprise in the course of its activities include:

financing the current needs of the production and trade process to ensure the normal functioning of the production and trading activities of the enterprise through the planned allocation of funds for the main production, production and auxiliary processes, supply, marketing and sales of products;

financing of administrative and organizational measures to maintain a high level of functionality of the enterprise management system by restructuring it, allocating new services or reducing the management staff;

investing in the main production in the form of long-term and short-term investments in order to develop it (complete renewal and modernization of the production process), create a new production or reduce certain unprofitable areas;

financial investments - investment of financial resources for purposes that bring an enterprise a higher income than the development of its own production: the acquisition of securities and other assets in various segments of the financial market, investments in the authorized capital of other enterprises in order to generate income and obtain rights to participate in the management of these enterprises, venture financing 2 , providing loans to other companies;

the formation of reserves, carried out both by the enterprise itself and by specialized insurance companies and state reserve funds at the expense of standard deductions to maintain a continuous circulation of financial resources, protect the enterprise from adverse changes in market conditions.

Financial support for reproduction costs can be carried out in three forms: self-financing, lending and public funding.

Self-financing is based on the use of the company's own financial resources. If its own funds are insufficient, it can either reduce some of its expenses, or use the funds mobilized in the financial market on the basis of securities transactions.

Lending is a method of financial support for reproduction costs, in which costs are covered by a bank loan provided on the basis of repayment, payment, and urgency.

State financing is made on a non-refundable basis at the expense of budgetary and non-budgetary funds. Through such financing, the state purposefully redistributes financial resources between the production and non-production spheres, sectors of the economy, etc. In practice, all forms of cost financing can be applied simultaneously.

CHAPTER 2. Classification of funding sources

The financial resources of the enterprise are transformed into capital through appropriate sources of funds 3 . Today, their various classifications are known.

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

sources of short-term funds;

advanced capital (long-term).

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

own funds of enterprises;

borrowed funds;

involved funds;

budget appropriations.

2.1. Internal sources of financing of the enterprise

The main sources of financing the activities of the enterprise are its own funds. Internal sources include:

authorized capital;

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

other contributions from legal entities and individuals (targeted financing, charitable contributions, donations, etc.).

Equity capital begins to form at the time of the establishment of the enterprise, when its authorized capital is formed, that is, the totality in monetary terms of contributions (shares, shares at par value) of the founders (participants) to the property of the organization during its creation to ensure activities in the amounts determined by the constituent documents. The formation of the authorized capital is associated with the peculiarities of the organizational and legal forms of enterprises: for partnerships - this is the share capital 4 , for joint-stock companies - share capital, for production cooperatives - a share fund 5 , for unitary enterprises - the authorized fund 6 . In any case, the authorized capital is the start-up capital necessary to start the activity of the enterprise.

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

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

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

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

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

accelerated depreciation of fixed assets;

the procedure for valuation and amortization of intangible assets;

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

choice of method for estimating inventories;

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

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

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

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

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

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

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

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

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

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

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

2.2. External sources of financing of the enterprise

The enterprise cannot cover its needs only at the expense of its own sources. This is due to the peculiarities of the movement of cash flows, in which the moments of receipt of payments for goods, services and work for the enterprise do not coincide with the maturity of the obligations of the enterprise, unforeseen delays in payments may occur. An additional need for sources of financing may also be due to inflation, when the funds received by the enterprise in the form of sales proceeds depreciate and cannot meet the enterprise's need for cash, which has increased due to the increase in prices for raw materials and materials. In addition, the expansion of the company's activities requires the involvement of additional resources. Thus, borrowed sources of financing appear.

Borrowed capital, depending on the terms of the loan, is divided into long-term (long-term liabilities) and short-term (short-term liabilities). Long-term liabilities, in turn, are divided into bank loans (payable in more than 12 months) and other long-term liabilities.

Short-term liabilities consist of borrowed funds (bank loans and other loans payable within 12 months) and accounts payable of the enterprise to suppliers and contractors, to the budget, for wages, etc.

An important source of financing the activities of the enterprise is a bank loan. Previously, many enterprises (especially industries and Agriculture) could not use loans from commercial banks, since the cost of loans (the level of interest rates) was high. But now they have the opportunity to pursue a more active policy of attracting borrowed funds, since in 2002-2003. interest rates dropped sharply. Foreign loans poured into Russia. Offering businesses lower rates and longer loan terms than Russian commercial banks, foreign banks have seriously declared themselves in the Russian credit market.

From 2001 to 2004 refinancing rates 7 have almost halved, but it is not only the rates that matter, an important trend is the lengthening of the terms of lending to enterprises, which is predetermined by the long-term stabilization of the political and economic situation in the country, and the improvement in the maturity of the banking system's liabilities.

In accordance with the Civil Code of the Russian Federation, all loans are issued to borrowers subject to the conclusion of a written loan agreement. Lending is carried out in two ways. The essence of the first method is that the issue of granting a loan is decided each time on an individual basis. A loan is issued to meet a certain target need for funds. This method is used when granting loans for specific periods, i.e. urgent loans.

In the second method, loans are provided within the limits set by the bank for the borrower's credit limit - by opening a credit line. An open credit line allows you to pay at the expense of the loan any settlement and monetary documents provided for by the loan agreement concluded between the client and the bank. The credit line is opened mainly for a period of one year, but can also be opened for a shorter period. During the term of the credit line, the client can receive a loan at any time without additional negotiations with the bank and any formalities. It opens to clients with a stable financial position and good credit standing. At the request of the client, the credit limit can be reviewed. A credit line can be revolving and non-revolving, as well as targeted and non-targeted.

Enterprises receive loans on the terms of payment, urgency, repayment, intended use, secured (guarantees, pledge of real estate and other assets of the enterprise). The bank checks the loan application for legal creditworthiness (legal status of the borrower, the size of the authorized capital, legal address, etc.) and financial solvency (assessment of the company's ability to repay the loan in a timely manner), after which a decision is made to grant or refuse to grant a loan .

The disadvantages of the credit form of financing are:

the need to pay interest on the loan;

complexity of design;

the need for security;

deterioration of the balance sheet structure as a result of borrowing, which can lead to loss of financial stability, insolvency and, ultimately, bankruptcy of the enterprise.

Funds can be obtained not only by taking loans, but also by issuing bonds and other securities. Bonds is a type of securities issued as debt instruments. Bonds can be short-term (for 1-3 years), medium-term (for 3-7 years), long-term (for 7-30 years). At the end of the circulation period, they are redeemed, that is, the owners are paid their face value. Bonds can be coupon bonds that pay periodic income. Coupon - a tear-off coupon, which indicates the date of payment of interest and its amount. There are also zero-coupon bonds that do not pay periodic income. They are placed at a price below par and are redeemed at par. The difference between the placement price and the face value forms a discount - the owner's income. The disadvantage of this method of financing is the presence of costs for the issue of securities, the need to pay interest on them, and the deterioration of the liquidity of the balance sheet.

In addition, the source of financing for the activities of the enterprise is accounts payable, i.e. deferred payment, as a result of which funds are temporarily used in the economic turnover of the debtor enterprise. Accounts payable- this is a debt to the personnel of the enterprise for the period from payroll to its payment, to suppliers and contractors, debt to the budget and extra-budgetary funds, participants (founders) for income payments, etc.

The golden rule of accounts payable management is to extend the maturity of the debt as much as possible without possible financial consequences. In this case, the company uses "foreign" funds as if for free.

The use of accounts payable as a source of financing significantly increases the risk of loss of liquidity, since these are the most urgent obligations of the enterprise.

CHAPTER 3. Managing Funding Sources

The strategy of the financial policy of the enterprise is a key moment in assessing the acceptable, desired or predicted pace of increasing its economic potential.

An enterprise can use three main sources of funds to finance its activities:

results of own financial and economic activities (reinvestment of profits);

increase in the authorized capital (additional issue of shares);

attracting funds from third-party individuals and legal entities(issuing bonds, obtaining bank loans, etc.)

Of course, the first source is a priority - in this case, all earned profits, as well as potential profits, belong to the real owners of the enterprise. In the case of attracting the second and third sources, part of the profit has to be sacrificed. The practice of large Western firms shows that most of them are extremely reluctant to issue additional shares as a permanent part of their financial policy. They prefer to rely on their own capabilities, that is, on the development of the enterprise mainly through the reinvestment of profits. There are several reasons for this:

An additional issue of shares is a very expensive and time-consuming process.

The issue may be accompanied by a decline in the market price of the shares of the issuing company.

As for the ratio between own and attracted sources of funds, it is determined by various factors: national traditions in financing enterprises, industry affiliation, size of the enterprise, etc.

Various combinations of the use of sources of funds are possible. If an enterprise focuses on its own resources, then the main share in additional sources of financing will fall on reinvested profits, and the ratio between sources will change towards a decrease in funds attracted from outside. But such a strategy is hardly justified, therefore, if an enterprise has a well-established structure of sources of funds and considers it optimal for itself, it is advisable to maintain it at the same level, that is, with the growth of its own sources, increase the amount of attracted in a certain proportion.

The pace of increasing the economic potential of an enterprise depends on two factors: the return on equity and the profit reinvestment ratio. These factors give a generalized and comprehensive description of the various aspects of the financial and economic activities of the enterprise:

production (return of resources);

financial (structure of sources of funds);

relationship between owners and management personnel(dividend policy);

position of the enterprise in the market (profitability of products).

Any enterprise that has been steadily functioning for a certain period has well-established values of the selected factors, as well as trends in their change.

3.1. The ratio of external and internal sources

financing in the capital structure

In the theory of financial management, two concepts are distinguished: "financial structure" and "capitalized structure" of the enterprise. The term "financial structure" means a way of financing the activities of the enterprise as a whole, that is, the structure of all sources of funds. The second term refers to a narrower part of funding sources - long-term liabilities (own sources of funds and long-term borrowed capital). Own and borrowed sources of funds differ in a number of parameters 8 .

The capital structure has an impact on the results of the financial and economic activities of the enterprise. The ratio between the sources of own and borrowed funds is one of the key analytical indicators that characterize the degree of risk of investing financial resources in this enterprise and also determines the prospects for the organization in the future.

The issues of the possibility and expediency of managing the capital structure have long been debated among scientists and practitioners. There are two main approaches to this problem:

traditional;

Modigliani-Miller theory.

Followers of the first approach believe that: a) the price of capital depends on its structure; b) there is an "optimal capital structure". The weighted price of capital depends on the price of its components (own and borrowed funds). Depending on the structure of capital, the price of each of the sources changes, and the rates of change are different. Numerous studies have shown that with an increase in the share of borrowed funds in the total amount of sources of long-term capital, the price of equity is constantly increasing at an increasing pace, and the price of borrowed capital, remaining practically unchanged at first, then also begins to increase. Since the price of borrowed capital is on average lower than the price of equity, there is a capital structure called optimal, in which the weighted cost of capital has a minimum value, and, consequently, the price of the enterprise will be maximum.

The founders of the second approach, Modigliani and Miller (1958), argue the opposite - the price of capital does not depend on its structure, that is, it cannot be optimized. In substantiating this approach, they introduce a number of restrictions: the existence of an efficient market; no taxes; the same interest rates for individuals and legal entities; rational economic behavior, etc. Under these conditions, they argue, the price of capital always equalizes.

In practice, all forms of cost financing can be applied simultaneously. The main thing is to achieve the optimal ratio between them for a given period. There is an opinion that the optimal ratio between own and borrowed funds is a ratio of 2:1. In other words, own financial resources should be twice as much as borrowed ones. In this case, the financial position of the enterprise is considered stable.

3.2. The effect of financial leverage

At present, large enterprises usually have a debt-to-equity ratio of 70:30. The larger the share of own funds, the higher the financial independence ratio. With an increase in the share of borrowed capital, the probability of bankruptcy of the organization increases, which forces creditors to increase interest rates for loans by increasing credit risks.

But at the same time, enterprises with a high share of borrowed funds have certain advantages over enterprises with a high share of equity in assets, since, having the same amount of profit, they have a higher return on equity.

This effect, which arises in connection with the appearance of borrowed funds in the amount of used capital and allows the company to receive additional profit on equity, is called the effect of financial leverage (financial leverage). This effect characterizes the effectiveness of the use of borrowed funds by the enterprise.

In the general case, with the same economic profitability, the profitability of equity capital significantly depends on the structure of financial sources. If the organization has no paid debts, and no interest is paid on them, then the growth of economic profit leads to a proportional increase in net profit (provided that the amount of tax is directly proportional to the amount of profit).

If the enterprise at the same total volume capital (assets) is financed by not only own, but also borrowed funds, profit before tax is reduced by including interest in costs. Accordingly, the amount of income tax decreases, and the return on equity may increase. As a result, the use of borrowed funds, despite their payment, allows you to increase the profitability of your own funds. In this case, we talk about the effect of financial leverage.

The effect of financial leverage is the ability of debt capital to generate a return on equity investments, or to increase the return on equity through the use of borrowed funds. It is calculated as follows:

E fr \u003d (R e - i) * K s,

where R e - economic profitability, i - interest for using the loan, K c - the ratio of borrowed funds to the amount of own funds, (R e - i) - differential, K c - leverage.

The financial leverage differential is an important information impulse that allows you to determine the level of risk, for example, for granting loans. If the economic profitability is higher than the level of interest on the loan, then the effect of financial leverage is positive. If these indicators are equal, the effect of financial leverage is zero. If the level of interest on a loan exceeds economic profitability, this effect becomes negative, that is, an increase in borrowed funds in the capital structure brings the enterprise closer to bankruptcy. Therefore, the larger the differential, the lower the risk and vice versa.

The shoulder of the financial lever carries fundamental information. Large leverage means significant risk.

The effect of financial leverage is higher, the lower the cost of borrowed funds (interest rate on loans), and the higher the income tax rate.

Thus, the effect of financial leverage allows you to determine the possibility of raising borrowed funds to increase the profitability of your own and the associated financial risk.

Conclusion

Any enterprise needs sources of financing for its activities. There are various sources of funds. Internal sources include: authorized capital, funds accumulated by the enterprise, targeted financing, etc. External sources are bank loans, issuance of bonds and other securities, and accounts payable. It should be noted that internal and external funding sources are interrelated but not interchangeable.

Today, an important task of the financial policy of the enterprise is to optimize the structure of liabilities, that is, the rationalization of funding sources. The larger the share of own funds, the higher the coefficient of financial independence of the enterprise, but business entities with a high share of borrowed funds also have certain advantages. Borrowed funds for the enterprise, although they are a paid source of financing. Practice shows that their use is more effective than their own.

Each enterprise independently determines the structure and methods of financing its activities, it depends on the industry characteristics of the enterprise, its size, the duration of the production cycle for manufacturing products, etc. The main thing is to correctly prioritize among sources of financing, calculate the capabilities of the enterprise and predict possible consequences.

List of used literature

Big Economic Dictionary / ed. Azrilyana A.N. - M.: Institute of New Economics, 1999.

Ermasova N.B. Financial management: A guide for passing the exam. – M.: Yurayt-Izdat, 2006.

Karelin V.S. Corporate Finance: Textbook. - M .: Publishing and Trade Corporation "Dashkov and K", 2006.

Kovalev V.V. The financial analysis: Capital Management. Choice of investments. Reporting analysis. - M.: Finance and statistics, 1998.

Romanenko I.V. Enterprise Finance: Lecture Notes. - St. Petersburg: Publishing house Mikhailov V.A., 2000.

Selezneva N.N., Ionova A.F. The financial analysis. Financial management: Tutorial for universities. – M.: UNITI-DANA, 2006.

Modern Economics: Textbook / Ed. prof. Mamedova O.Yu. - Rostov-on-Don: Phoenix Publishing House, 1995.

Chuev I.N., Chechevitsyna L.N. Enterprise Economics: Textbook. - M .: Publishing and Trade Corporation "Dashkov and K", 2006.

Economics and management in SCS. scholarly notes Faculty of Economics. Issue 7. - St. Petersburg: Publishing House of St. Petersburg State Unitary Enterprise, 2002.

Economics of the enterprise (firm): Textbook / Ed. prof. Volkova O.I. and Assoc. Devyatkina O.V. – M.: INFRA-M, 2004.

http://www.profigroup.by

Application

Table "Key differences

between types of sources of funds"

Scheme "Sources and movement

financial resources of the enterprise"

1 Financial resources- money in cash and non-cash form.

2 Venture funding- investing in projects with a high level of risk and at the same time high profitability.

3 See: Application, scheme "Sources and movement of financial resources of the enterprise".

4 Share capital- the totality of contributions of participants in a general partnership or limited partnership made to the partnership for the implementation of its economic activities.

5 Unit trust- a set of share contributions of members of a production cooperative for joint business activities, as well as those acquired and created in the course of activities.

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