The concept of “finance” and “financial resources” of an enterprise. Composition and characteristics

Financial resources - This is a set of funds of funds at the disposal of business entities, the state, households, i.e. This is money that serves financial relationships. They are formed in the process of material production, where new value is created and GDP and income generation arise. Therefore, the volume of financial resources depends on the size of GDP and income tax.

The subjects of financial resources are: households; enterprises, associations, companies, etc., i.e. Legal entities that own decentralized financial resources (monetary relations that mediate the circulation of funds of enterprises and households); the state in the form of various budgets and WBFs.

The relationship between them is determined by market relations. The more independence an individual has. and legal entities, the greater the opportunity for them to generate financial resources. In turn, this ensures an increase in the flow of financial resources to the state. The optimal relationship between them is determined by the state on the basis of scientifically based calculations embedded in the country’s social and economic forecasts.

Objects financial resources are financial relations, as a result of which target funds are formed.

They are concentrated in two blocks: decentralized financial resources , which are created at the micro level. At enterprises, there is a process of isolating specific forms of primary income (profit, wages) from the gross income; there is a process of capital accumulation in the form of a depreciation fund, proceeds from retired property, etc. In the household, specific target funds are also being separated (for consumption, recreation , durable goods); centralized financial resources created at the macro level, which include budget revenues of all levels and the WBF.

Financial resources include: 1. own funds: a) at the level of enterprises and households - profit, wages, household income; b) at the state level - income from state-owned enterprises, privatization, as well as from foreign affairs; 2. mobilized on the market: a) at the level of enterprises and households - sale and purchase of securities, bank loan; b) at the state level - issue of securities and money, state credit; 3. funds received through redistribution: a) at the level of enterprises and households - interest and dividends on securities issued by other owners; b) at the state level - mandatory payments (taxes, fees, duties).

Financial resources, their formation and use are reflected in the consolidated financial balance sheet of the Russian Federation.

The consolidated financial balance of the Russian Federation includes financial resources from three sources: 1. resources used by the enterprises themselves (profit, depreciation); 2. funds accumulated by the budget system; 3. WBF funds, primarily social ones.

Financial resources of the enterprise - these are funds at the disposal of the enterprise, securities, funds available on assets, credit funds and other income and receipts.

Finance in an enterprise performs two important functions- distribution and control. Distributive function is to provide each economic entity with the financial resources it needs. Independent enterprises of various forms of ownership, territorial authorities, and private individuals can act as subjects of financing. The distribution process carried out with the help of finance is associated with the tax system, civil legislation and legislation on banks and securities and other regulatory documents approved at the federal, territorial and local levels of government. Control function finance is to signal the emerging proportions in the distribution of funds. Financial information contained in the accounting, statistical and operational reports of industrial enterprises helps to implement the control function. Analysis of financial indicators makes it possible to characterize all the main aspects of the enterprise, evaluate the results achieved and, if necessary, develop a set of measures aimed at eliminating negative factors.

The main sources of funds used to finance business enterprises are: the enterprise’s own funds (profit, depreciation, etc.); credit resources of investment banks; budget allocations; financial resources of various types of commercial structures (investment companies, commercial banks, insurance companies, etc.); foreign investment; private savings of individuals; other investments.

The fundamental production financial and economic task is to ensure the financial balance of the enterprise, i.e. the balance of income must be equal to the balance of expenses in order to ensure reproductive processes.

Financial documents show the financial condition of an enterprise as of a certain date, as well as the results of its activities for a certain period. Based on these documents, one can judge the financial capabilities of the enterprise, the profitability (unprofitability) of economic activities, and development prospects.

The main financial documents are: balance sheet; profit report; cash flow statement.

General concept of financial resources

Cash income accumulated by their owners for subsequent spending, as well as funds raised as loans, constitute financial resources, which are divided into their own and borrowed (credit). For budgets of all levels, financial resources are mobilized income and attracted loans. For enterprises, this is equity capital, profit, loans received and securities placed on the market. For workers, a financial resource is income in the form of wages, as well as loans (for example, bank, consumer and pawnshop).

Own financial resources are at the complete disposal of their owner, while credit resources are attracted for a period of time and are subject to repayment along with interest payments for their use.

Sources of credit resources are temporarily free funds of enterprises, the population, and in some cases the state. The purchase and sale of these resources is concentrated in the financial market. It consists of two parts: the loan capital market and the securities market. Its main function is to provide business entities with additional funds at a certain percentage.

Principles of organizing enterprise finances. Cash flow in the enterprise

The predominant part of the financial resources of the general economic financial system is formed at enterprises. Since up to 80% of the budget revenue base is formed from taxes, and tax revenues are dominated by payments from enterprises, enterprise finances form the national financial system.

The organization of corporate finance is based on the following principles:

independence in the field of financial and economic activities;
self-financing;
interest in work results;
responsibility for these results;
formation of financial reserves;
division of funds into own and borrowed;
priority fulfillment of obligations to the budget;
financial control over the activities of enterprises.

The cash flow cycle of an enterprise can be represented as follows:

Figure 1. Enterprise cash flow cycle

Cash flow in an enterprise is a continuous process. For each direction of use of funds there must be a corresponding source. A business's assets are its net uses of cash, while its liabilities and equity are its net sources. For an operating enterprise there is no starting and ending point for the movement of funds. Cash levels fluctuate depending on production schedule, sales volume, accounts receivable collections, capital expenditures and financing.

In the overall cash flow of an enterprise, the following relationships can be distinguished:

formation and use of target funds for intra-economic purposes (statutory fund, production development fund, incentive funds, etc.);
arising from participation in other enterprises (making share contributions, participating in the distribution of profits from joint activities, etc.);
with employees of the enterprise;
with product buyers;
with insurance organizations;
with the banking system;
with the state;
with higher management structures.

Financial resources of the enterprise and their structure

Definition 1

Financial resources of the enterprise is its fixed and working capital.

Formation and replenishment of financial resources(fixed and working capital) is an important financial problem. The primary formation of these capitals occurs at the time of establishment of the enterprise, when the authorized capital is formed.

Definition 2

Authorized (share) capital- property of the enterprise created through the contributions of the founders.

Definition 3

Financial resources- these are the funds remaining at the disposal of the enterprise after the implementation of current costs to cover material costs and wages.

The main source of financial resources is profit.

Sources of formation of the enterprise's financial resources: profit; proceeds from the sale of disposed property; depreciation; increase in sustainable liabilities; loans; targeted revenues; share contributions. In addition, an enterprise can mobilize financial resources in various sectors of the financial market: sale of shares, bonds; dividends, interest; loans; income from other financial transactions; income from the payment of insurance premiums, etc. (Fig. 2).

Figure 2. Grouping of enterprise financial resources

Significant financial resources of an enterprise can be mobilized in the financial market.

Definition 4

The main direction of use of funds- investing in expanded reproduction.

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

Investing in capital investments to expand production;
Investing in securities;
Payments to the budget, banking system, contributions to extra-budgetary funds;
Formation of monetary funds and reserves.

Enterprise financial management

The formation and use of financial resources is impossible without a financial management system for enterprises.

Definition 5

Financial management (financial management)- this is an activity aimed at achieving the strategic and tactical goals of the functioning of a given enterprise.

Enterprise financial management includes:

organization and management of the enterprise’s relations in the financial sector with other enterprises, banks, insurance companies, budgets of all levels, as well as financial relations within the enterprise;
formation of financial resources and their optimization;
placement of capital and management of the process of its functioning;
analysis and management of cash flows in the enterprise.

Main functions of a financial manager:

financial planning, enterprise budgeting, pricing policy formation, sales forecasting;
formation of the capital structure and calculation of its price;
capital management (working with securities; control and regulation of monetary transactions; investment analysis; management of fixed and working capital);
financial risk analysis;
property protection;
assessment and consultation.

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

1. The concept of financial resources of an enterprise and the sources of their formation…………………………………………………………………………………..5

2. Structure of the enterprise’s financial resources and growth factors…………………………………………………………………………………14

3. The main problems of forming financial resources of an enterprise in the Russian Federation………………………………………………………….20

Conclusion………………………………………………………………………………….27

List of references……………………………………………………………...29

Introduction

With the transition of the Russian economy to market economic principles, enterprises faced the problem of providing production with financial resources. If in a planned economy enterprises could count on help from the state with its system of redistribution of financial resources, then in modern economic conditions the solution to the issue of survival and prosperity is in the enterprise’s own hands.

An organization's financial resources are the totality of its own cash income and receipts from outside, intended to fulfill the financial obligations of the enterprise, finance current costs and costs associated with the development of production.

The financial resources of the enterprise are used for the formation of monetary funds for special purposes (wage fund, production development fund, material incentive fund, etc.), fulfillment of obligations to the state budget, banks, suppliers, insurance authorities and other enterprises. Financial resources are also used to finance the costs of purchasing raw materials, supplies, and labor. Capital is part of an enterprise’s finances invested in production and generating income upon completion of turnover. In other words, capital acts as a transformed form of financial resources.

The finances of enterprises have a single holistic orientation, but in each specific case they reflect industry characteristics, expressed in the specifics of capital turnover, servicing reproduction processes, emission and investment activities.

The availability of sufficient financial resources and their effective use predetermine the good financial position of the enterprise, solvency, financial stability, and liquidity. In this regard, the most important task of enterprises is to find reserves for increasing their own financial resources and their most effective use in order to improve the efficiency of the enterprise as a whole.

Effective formation and use of financial resources ensures the financial stability of enterprises and prevents their bankruptcy. In market conditions, the state of finances of enterprises is of interest to direct participants in the economic process.

The purpose of the course work is to study the financial resources of an enterprise, their essence, composition, structure and growth factors.

To achieve this goal, it is necessary to solve the following tasks:

Consider the concept of financial resources of an enterprise and the sources of their formation;

Identify the structure of the enterprise’s financial resources and growth factors;

Determine the main problems of forming the financial resources of an enterprise in the Russian Federation.

The studied topic “Financial resources of an enterprise, their essence, composition, structure and growth factors” is reflected in such textbooks as: Smagin V.N. “Enterprise Economics”, Fedulova S.F. “Finance”, Borisova E.R. “Finance of organizations (enterprises)”, etc. Materials from periodicals were also used.

1. The concept of financial resources of an enterprise and the sources of their formation

Different authors give different meanings to the concept of “financial resources”. The most widely controversial issues of defining this concept were discussed in economic monographic and periodical literature of the 60-70s. The greatest attention was paid to the issues of the composition of financial resources, their economic content, the connection between financial resources and funds.

The most complete study of the economic content, composition, structure and problems of increasing financial resources belongs to a team of authors led by V.K. Senchagova. They define financial resources as follows: “The financial resources of the national economy represent the totality of monetary savings and depreciation charges and other funds in the process of creation, distribution and redistribution of the total social product.” The authors consider financial resources in a broad sense, including in this concept all funds generated in the process of creation, distribution and redistribution of the social product. The work examines the relationship between financial resources and the loan fund, as well as the monetary savings of the population in the system of financial resources.

For the first time, the concept of “financial resources” was used in Russian practice when drawing up the first five-year plan, one of the sections of which was the balance of financial resources. Subsequently, this term began to be widely used in economic literature and financial practice, and its interpretation was very different.

Financial resources are the most important source of expanded reproduction and socio-economic development of society. Increasing the volume of financial resources is one of the most important tasks of the state’s financial policy. A decrease in the volume of financial resources has a negative impact on the development of society, leads to a reduction in investment, a decrease in consumption funds, and creates imbalances in the distribution of the social product and national income. The influence of financial resources on the economic development of society is not one-sided. In turn, the composition and volume of financial resources depend on the level of economic development of the state and on the efficiency of production. Economic growth serves as the basis for increasing the volume of financial resources, and the amount of financial resources allocated to the expansion and development of production helps to increase its efficiency.

Financial resources are generated and used at two levels: country-wide and enterprise-wide. The size and structure of sources for the formation of financial resources on a national scale determine the possibilities for expanded reproduction of the national economy, increasing the living standards of members of society, and increasing state budget revenues. The amount of financial resources generated at the enterprise level determines the possibility of making the necessary capital investments, increasing working capital, fulfilling all financial obligations, and meeting social needs.

Management must clearly understand from what sources of financial resources the enterprise will operate and in which areas of activity to invest capital. The financial well-being of an enterprise and the results of its activities depend on what capital the business entity has, how optimal its structure is and the appropriateness of transformation into fixed and working capital.

Capital is the means available to a business entity to carry out its activities with the aim of making a profit.

The financial resources (capital) of the enterprise are formed from its own and borrowed sources (Fig. 1).

Fig.1. Financial resources of the organization

They also highlight attracted sources, which are external sources of replenishment of the enterprise’s own capital.

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

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

At the same time, it should be taken into account that in proportion to the increase in the share of borrowed capital, the risk of a decrease in the financial stability and solvency of the enterprise increases, and the return on total assets decreases due to the interest paid on the loan. The disadvantages of this source of financing also include the complexity of the attraction procedure, the high dependence of loan interest on financial market conditions and, in connection with this, an increase in the risk of reducing the solvency of the enterprise.

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

Thus, financial resources are used to finance investments, as well as advance working capital funds, i.e. all business expenses.

Let's consider the enterprise's use of financial resources in some areas, the main ones being:

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

Investment of own funds in capital costs (reinvestment) associated with the expansion of production and its technical renewal, transition to new advanced technologies, use of know-how;

Investing in securities purchased on the market: shares and bonds of other companies, in government loans;

Formation of monetary funds of an incentive and social nature;

Charitable purposes, sponsorship.

The main source of financing is equity capital (Fig. 2). It includes authorized, accumulated capital (reserve and additional capital, retained earnings) and other income (targeted financing, charitable donations, etc.).

Rice. 2. Composition (sources of formation) of the enterprise’s own capital

Authorized capital is the amount of funds of the founders to ensure authorized activities. At state-owned enterprises, this is the cost of property; assigned by the state to the enterprise with the rights of full economic management; at joint-stock enterprises - the nominal value of shares; for limited liability companies - the sum of the owners' shares; for a rental enterprise - the amount of contributions of its employees, etc. The authorized capital is formed in the process of initial investment of funds. Contributions of founders to the authorized capital can be in the form of cash, property and intangible assets. The amount of the authorized capital is announced upon registration of the enterprise, and when adjusting its value, re-registration of the constituent documents is required.

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

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

Reserve capital is created in accordance with legislative acts or constituent documents at the expense of the net profit of the enterprise. It is an insurance fund to compensate for possible losses and ensure the protection of the interests of third parties if the profit to repurchase shares, repay bonds, or pay interest on them is not enough. Its value is used to judge the financial strength of the enterprise. The absence or insufficient value is considered as a factor of additional investment risk.

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

Special-purpose funds and targeted financing include assets received free of charge from individuals and legal entities, as well as non-refundable and repayable budget allocations for the maintenance of social and cultural facilities and restoration of the solvency of enterprises that receive budgetary financing.

The formed fixed capital needs to be replenished in the process of carrying out economic activities. There are internal and external sources of replenishment of equity capital. Sources of replenishment of equity capital are presented in Fig. 3. If the enterprise is unprofitable, equity capital is reduced by the amount of losses received.

The main source of replenishment of equity capital is profit. A significant share in the composition of internal sources is occupied by depreciation charges from used own fixed assets and intangible assets. They do not increase the amount of equity capital, but are a means of reinvesting it.

Rice. 3. Sources of replenishment of the enterprise’s equity capital

Other forms of equity capital include income from leasing property, settlements with founders, etc. They do not play a significant role in the formation of the enterprise’s equity capital.

The main share in the external sources of equity capital formation is occupied by additional issue of shares. State-owned enterprises may be provided with free financial assistance from the state. Other external sources include tangible and intangible assets transferred to the enterprise by individuals and legal entities as charity.

In a market economy, the production and economic activities of an organization are impossible without the use of borrowed funds. An organization's borrowed capital includes cash or other property assets raised on a repayable basis to finance the development of the company's activities. All forms of debt capital used by a firm represent its financial obligations that must be repaid at specified times.

Borrowed capital is loans from banks and financial companies, loans, accounts payable, leasing, commercial paper, etc. (Fig. 4). It is divided into long-term (more than a year) and short-term (up to a year).

Rice. 4. Sources of formation and replenishment of borrowed capital

The purposes of borrowed funds are:

For the reproduction of fixed assets and intangible assets;

Replenishment of current assets;

Satisfying social needs.

Borrowed funds can be raised in cash, commodity form, in the form of equipment (leasing) and other forms.

Based on sources of attraction, borrowed funds are divided into external and internal.

According to the maturity of repayment - long-term and short-term.

According to the form of security - secured by a pledge or mortgage, surety or guarantee and unsecured. In the event of liquidation of an enterprise, secured obligations are satisfied on a priority basis, unsecured - on a residual basis.

To obtain additional income, enterprises have the right to purchase securities of other enterprises and the state, invest funds in the authorized capital of newly formed enterprises and banks, and lend them to other enterprises on the terms of repayment, urgency and payment. Temporarily available funds of an enterprise can be allocated from the total cash flow.

2.Structure of the enterprise’s financial resources and growth factors

The financial resources of enterprises are mainly profits and depreciation charges, income from securities, share contributions, and funds from sponsors.

Financial resources of enterprises are intended to fulfill the financial obligations of enterprises, finance current costs and costs associated with the development of production.

Capital is value that produces surplus value; part of the financial resources invested in production and generating income upon completion of the turnover. In other words, capital acts as a transformed form of financial resources.

In the first chapter, it was discussed that financial resources by source of formation are divided into:

Own (internal);

Attracted;

Borrowed.

Also in the structure of financial resources, financial resources received in the order of redistribution are distinguished (Fig. 5).

In turn, own financial resources include:

1) income, profit from core activities;

2) profit from other activities;

3) proceeds from the sale of disposed property, minus the costs of its sale;

4) depreciation charges.

Attracted sources of financial resources are formed through the issuance of securities.

Rice. 5. Structure of the enterprise’s financial resources

On the basis of repayment, the enterprise attracts borrowed financial resources: long-term bank loans, funds from other enterprises, bond issues, the source of repayment of which is the profit of the enterprise.

Profit is the main source of funds for a dynamically developing enterprise. It is present in the balance sheet explicitly as “profit of the reporting year” and “unused profit of previous years,” 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 one of which is the ratio of income and expenses. At the same time, the current regulatory documents provide for the possibility of certain regulation by the management of the enterprise. These regulatory procedures include:

Varying the boundary of classifying assets as fixed assets;

Accelerated depreciation of fixed assets;

The applied method of depreciation of low-value and rapidly wearing items;

Procedure for valuation and amortization of intangible assets;

The procedure for assessing participants' contributions to 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 procedure for assigning certain types of expenses to the cost of products sold;

Composition of overhead costs and method of their distribution.

In investment activity, profit plays a dual role: on the one hand, it can be considered as a source of financing investments, and on the other hand, as the purpose of investment.

The enterprise's funds received through redistribution consist of:

Insurance compensation for incurred risks;

Financial resources coming from concerns, associations, parent companies;

Dividends and interest on securities of other issuers;

Budget subsidies.

The successful operation of an enterprise is impossible without reasonable management of financial resources. It is not difficult to formulate goals, the achievement of which requires rational management of financial resources:

Survival of the enterprise in a competitive environment;

Avoiding bankruptcy and major financial failures;

Leadership in the fight against competitors;

Maximizing the market value of the enterprise;

Acceptable growth rates of the economic potential of the enterprise;

Increase in production and sales volumes;

Profit maximization;

Minimizing costs;

Ensuring profitable activities, etc.

The priority of a particular goal can be chosen by an enterprise depending on the industry, position in a given market segment and much more, but successful progress towards the chosen goal largely depends on the perfection of management of the enterprise’s financial resources.

The structure of financial resources of enterprises varies depending on the organizational and legal form of the enterprise, its industry and other factors.

Despite the differences in the composition and structure of financial resources of individual enterprises, in their total volume for production enterprises, the largest share is occupied by their own funds. Unfortunately, there are no statistical data on the structure of financial resources. However, there is data on the structure of financial resources allocated to finance investments. Thus, in 2007, investments in fixed assets were financed by 41.5% from own funds, including 19.9% from profits and 18.1% from depreciation charges. The share of attracted and borrowed funds amounted to 58.5%, including budget funds - 21.2%. In January-September 2008, financing of investments in fixed assets was carried out mainly through borrowed funds, the share of which in the structure of investment financing (as in the same period in 2007) amounted to 57.2% (Fig. 6).

Rice. 6. Structure of investments in fixed assets by sources of financing

16.8% of the total investment was financed from budget funds (in January-September 2007 - 18.5%). The share of bank loans was 11.0% compared to 10.2% in 2007.

The structure of financial resources changed along with the development of the economy. In the conditions of a command-administrative economy, a large share of the financial resources of domestic enterprises was occupied by funds from the state budget and loans from the State Bank of the USSR; enterprises were not able to use such sources of financial resources as issuing securities, attracting foreign investment, and loans from commercial banks. The development of the financial market gives enterprises new opportunities to expand the composition of financial resources and increase their volume.

3. The main problems of forming financial resources of an enterprise in the Russian Federation

The largest reinvested source of equity for equipment replacement and new investments is, in most cases, the retained earnings of a commercial organization. Retained earnings are the result of a targeted policy of owners seeking internal (as opposed to authorized and additional capital) growth of a commercial organization’s equity capital.

Practice shows that reinvesting profits is a more acceptable and relatively cheaper form of financing for a commercial organization that is expanding its activities. The advantages of the option of reinvesting profits include: the absence of additional costs associated with the issue of new shares (transaction costs); maintaining control over the activities of a commercial organization by its owners (since the number of shareholders does not change).

The profit of a commercial organization depends on the ratio of income received as a result of its activities with the expenses that provided these incomes. There are gross profit, sales profit, operating profit, profit before tax (according to accounting data), taxable profit (according to tax accounting data), retained (net) profit of the reporting period, reinvested (capitalized undistributed) profit. A comparison of revenue (without taxes and fees in favor of third parties) and the production cost of sold products (works, services) allows us to form an indicator of gross (marginal) profit. Gross profit, reduced by the amount of administrative and commercial expenses, is an indicator of profit from sales.

Profit taxation involves the formation in tax accounting registers of an indicator of profit before tax, and on its basis an indicator of taxable profit, which, according to current legislation, is the object of taxation.

The problem of generating profit as a financial resource is taxation. If earlier an increase in profit was achieved mainly due to income growth and (or) cost reduction by the organization’s workforce, then in recent years an important role has been given to the ability of a financial manager (or chief accountant) to skillfully use the opportunities contained in current regulatory documents in order to reduce taxable profit . For example, the use of accelerated depreciation (in accordance with Article 259 of the Tax Code of the Russian Federation) not only means the actual removal of part of the development fund from taxation, but also allows you to quickly accumulate funds for upgrading equipment. Increasing the amount of deductions for the repair of fixed assets (formation of a repair fund) allows you to withdraw funds allocated for the modernization of production equipment from taxable profit.

By reducing the tax burden in various ways, the organization increases its profit, which then goes to production, scientific and technical development, the formation of financial assets - the acquisition of securities, contributions to the authorized capital of other companies, etc. Part of the profit used for accumulation is directed to social needs, for example, financing the construction of non-productive facilities. The end result of using profits is the acquisition or creation of new property of the organization.

Obviously, a large share of savings leads to faster growth in sales and profits in the future, while at the same time, an insufficient share of profits spent on consumption can undermine the “economic health” of a commercial organization.

When internal sources of financing (profits and depreciation charges) are not enough to cover ever-increasing investment needs, a joint-stock company may resort to issuing new issues of shares.

Promotion - type of security; a unit of capital that entitles its owner to a share of the distributable profits and residual value of a joint stock company if it goes into liquidation.

The placement of securities (shares, bonds) on the primary securities market is carried out in two forms:

1) through an intermediary,

2) by direct contact with investors.

In world practice and in Russia, underwriting is the most common method of placing securities on the capital market through an intermediary. Its essence is that the entire volume of issued securities is sold to an intermediary, which is an investment bank (underwriter), at a price agreed upon between the bank and the commercial organization. The bank fully or partially assumes the risks and sells shares (bonds) on the securities market at a higher price. For the underwriting operation, the bank receives compensation in the form of the difference between the price the bank purchased securities from a commercial organization and the price of their sale on the stock market. An alternative to underwriting is the direct sale of securities of a commercial organization to investment funds (firms) and individuals.

The problem of generating an organization's financial resources by issuing shares involves significant costs. In addition to paying the bank for the underwriting operation, the issue of new shares also entails other administrative costs: payment of the registration fee for the prospectus, printing costs, payment of tax on transactions with securities and other expenses.

The practice of large Western companies 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, i.e. for the development of the company mainly through reinvestment of profits. There are several reasons for this. Firstly, an additional issue of shares is a very expensive and time-consuming process (according to Western experts, costs can amount to 5-10% of the nominal value of the total amount of issued securities). Secondly, the issue may be accompanied by a decline in the market price of the issuing company's shares.

Effective production and financial activities of an organization are impossible without the constant attraction of borrowed funds. The use of borrowed capital allows you to significantly expand the volume of economic activity of a commercial organization, ensure a more efficient use of equity capital, thereby increasing the market value of the organization. Almost all known economic miracles - Japanese, Korean, etc. - were created on the basis of borrowed funds. In the 90s XX century Americans who worked closely with South Korea were surprised to find that most Korean companies were bankrupt by American standards. However, this circumstance did not in any way prevent the Koreans from developing rapidly for thirty years.

Borrowed capital characterizes in aggregate the volume of financial liabilities (total amount of debt) of the enterprise.

Long-term financing ensures ongoing cash needs. Long-term loans and borrowings include borrowed funds, the debt of which the organization must repay in more than 12 months. The countdown begins on the 1st day of the calendar month following the month in which the loans were received. Long-term and (or) short-term debt may be urgent and (or) overdue.

Urgent debt is considered to be debt on received loans and credits, the repayment period of which, according to the terms of the agreement, has not come or has been extended (prolonged) in the prescribed manner.

Overdue debt is considered to be debt on received loans and credits whose repayment period has expired according to the terms of the agreement.

The loan can be provided in cash or commodity form on the terms of urgency, payment, repayment and material security.

When considering the option of raising funds using a long-term loan, an organization chooses a bank that offers a lower interest rate, all other things being equal. The terms of a loan agreement are optimal for both parties if the transaction is based on a market interest rate level that allows the market value of capital received in exchange for debt to be equalized and the present value of future payments on it.

The interest on the loan is determined by adding a premium to the base rate. The base rate is set by each bank individually based on the discount rate of the Central Bank of Russia. The premium depends on the term of the loan, the quality of the collateral and the degree of credit risk associated with its provision.

When generating financial resources by borrowing funds, a number of problems arise. To obtain a loan, temporary financial costs are required to prepare a qualified business plan and to process a loan application in a commercial bank.

The practice of Russian banks shows that their lending activities consist mainly of short-term loans, long-term loans occupy an insignificant share. The reasons for this situation are: the borrower enterprises do not have qualified business plans and appropriate collateral, and the refinancing rate is high.

The availability of financial resources in the required amounts determines the financial well-being of an economic entity, its financial independence and solvency.

In addition, at present, not only the role of enterprise managers and members of the boards of joint-stock companies, but also financial services, which played a secondary role in the conditions of administrative-command management methods, is increasing. Finding financial sources for the development of an enterprise, directions for the most effective investment of financial resources, transactions with securities and other issues of financial management become fundamental for the financial services of enterprises in a market economy. The essence of financial management lies in such an organization of financial management on the part of the relevant services, which allows you to attract additional financial resources on the most favorable terms, invest them with the greatest effect, and carry out profitable transactions in the financial market, buying and reselling securities. Achieving success in the field of financial management largely depends on the behavior of financial services employees, in which initiative, the search for unconventional solutions, the scale of operations and justified risk, and business acumen become the main ones.

Conclusion

Financial resources are monetary income and savings from outside that are at the disposal of business entities and intended to fulfill financial obligations, meet costs associated with the development of production and economic incentives for workers.

The financial resources of enterprises include own, borrowed and attracted funds. The own financial resources of enterprises include profit, depreciation charges, authorized and additional capital, as well as the so-called sustainable liabilities of the enterprise, including sources of financing that are constantly in circulation of the enterprise, for example, reserves formed in accordance with the constituent documents of the enterprise or legislation. Borrowed funds include loans from commercial banks and other credit organizations, and other loans. Attracted financial resources are funds raised by issuing shares, budgetary allocations and funds from extra-budgetary funds, as well as funds from other enterprises and organizations raised for equity participation and for other purposes.

Financial resources are used by the organization in the process of production and investment activities. They are in constant motion and are in monetary form only in the form of cash balances in a current account in a commercial bank and in the cash register of organizations.

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

The form of ownership of an organization has a significant impact on the formation and use of financial resources.

Thus, state and municipal bodies help state and municipal unitary enterprises to generate financial resources. At the same time, commercial organizations are completely self-financing. They are forced to raise funds on the stock market by selling stocks and bonds; in the money market by obtaining short-term loans; in the capital market by obtaining long-term loans; mobilize your own sources.

Accelerating the rate of economic growth, improving the state budget system and the finances of enterprises largely depends on the effective use of financial resources at the macro and micro levels. Of great importance for enterprises is the structure of the sources of formation of financial resources, and primarily the share of own funds, characterized by various coefficients that are used by the financial service of the enterprise in analytical and planning work.

Thus, the success of financial resource management directly depends on the capital structure of the enterprise. Capital structure can help or hinder a company's efforts to increase its assets. It also has a direct impact on profit margins because the fixed interest components of profits paid on debt obligations are independent of the company's projected level of activity. If a company has a high proportion of debt payments, it may be difficult to find additional capital. Finding financial sources for the development of an enterprise, directions for the most effective investment of financial resources, transactions with securities and other issues of financial management become fundamental for the financial services of enterprises in a market economy.

List of used literature

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Financial resources represent monetary savings concentrated in any subject of monetary funds that were formed in the course of distribution relations.
Financial resources come from three sources:
- funds accumulated in the budget system;
- funds from extra-budgetary funds, primarily social ones;
- resources used by the enterprises themselves (profit, depreciation).
The composition of financial resources in terms of quantitative and qualitative parameters in different historical periods is not the same. The volume and structure of financial resources are directly related to the level of development of production and its efficiency.
Financial resources are actively used to regulate the economy.
Forms of regulation:
- self-regulation;
- government regulation.
Self-regulation is characterized by methods that are developed by the participants in industrial relations themselves. The main methods of self-regulation in the system of financial relations are:
1. Self-financing is a method of generating financial resources in which the expenses of business entities are covered from their own funds, and if they are insufficient, through the issue of shares and bonds.
2. Lending is a method of generating financial resources in which the expenses of business entities are covered by bank loans provided on the basis of urgency, payment, and repayment.
However, the market mechanism of self-regulation is not always effective, and often leads to ignoring the interests of certain groups of the population and business entities. Therefore, it is supplemented by government regulation.

Principles of organizing enterprise finances. Cash flow in the enterprise

Financial resources of the enterprise and their structure

Enterprise financial management

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