The main directions of financial management at the enterprise. The main directions of financial management of the enterprise. Basic concepts and types of financial management

Like any control system, FM has a specific system objects of management. It:

Enterprise assets;

Enterprise capital;

Cash flows;

Financial resources;

Financial real investments;

Financial risks.

Taking into account objects financial management the enterprise distinguishes the following main directions financial management :

· Formation of the required volume of assets and their optimization;

· Formation of the volume of capital and optimization of its structure;

· Management of the company's cash flow in various fields of activity: operating (production); investment; financial;

· Management of current assets in general and in the context of individual elements;

· Management of non-current assets;

· Management of real and financial investments;

· Management of own financial resources created from internal and external sources;

· Management of attraction of borrowed funds;

· Financial risk management;

· Financial management and prevention of the threat of bankruptcy.

The priority of the areas of Financial Management for each organization is different - depending on its goals, industry characteristics, organizational and legal form.

Financial management principles

These are the fundamental principles that should be guided by when developing financial policy. The main ones are:

A) Integration with common system enterprises

Financial policy is part of the overall economic policy of the organization. Whatever management decision is taken, whether it be in the area of production or personnel management, or any other situation, it directly or indirectly affects the financial results.

B) The complex nature of management decisions

Decisions in the field of formation, distribution and use of funds are interrelated and sometimes contradictory. So, for example, if a decision is made to invest in a highly profitable project, then the share of operating profit allocated for own needs, for the payment of dividends, may decrease. Or, another example, in a period of hyperinflation, the development of production slows down, and a large share of the residual profit goes to additional payments to employees.

c) Variety of approaches to management decisions

For example, there are alternative options for increasing the profitability of your own funds, temporarily free. They can be:

Use for an increase in working capital, and increase the volume of sales, and use the mass of profit received from the sale at your own discretion;

Deposit in commercial Bank and receive at the end of the year an initial contribution, increased by interest;

Invest in shares of another company and receive dividends;

Invest in an investment project.

In order to choose the most suitable option, it is necessary to calculate the rate of return for each of them (i.e. the rate of return from one invested ruble) and compare it with the level of risk, because each financial transaction involves the risk of not only loss or decrease in profitability , but also irrevocable funds. There are many reasons for the emergence of financial risks, especially in the context of market instability.

D) Focus on strategic development goals

No matter how attractive they are on this moment some management decisions, but they should be rejected if they contradict or push back the main goal. For example, the owners are interested in receiving a larger dividend on shares, but if a decision is made to mobilize their own funds in connection with the upcoming technical re-equipment, then dividends will have to be sacrificed for the main goal. After all, the re-equipment of production will make it possible to produce competitive products and strengthen the company's position in the market.

E) Dynamism in management

Dynamism in management is due to variability primarily external factors, especially if the economic situation in the country is unstable.

The conjuncture of the markets for both consumer goods and stock instruments is constantly changing, not even monthly, but more often. For example, the legislation in the field of taxation has changed, the monetary policy has changed, and the cash flows at the enterprise have also changed; the prices for raw materials have changed, finished products- the assortment policy of the enterprise has also changed, which means cash flows. The decision made yesterday in the field of generating and spending cash flows turns out to be unacceptable today.

Financial work at the enterprise it is carried out in three main directions:

1) financial planning (budgeting income, expenses and

capital);

2) operational (current) activities for the management of monetary

turnover;

3) control and analytical work.

Financial planning is to develop different types financial plans (budgets). In accordance with the Methodological Recommendations of the Ministry of Economy Russian Federation for the development of the financial policy of the enterprise from 01.10.1997 should make up budgets for structural units(center of responsibility) and for the enterprise as a whole.

To organize a budgeting system at large enterprises, it is advisable to create the following centers of responsibility:

1) by income, including management of marketing and commercial activities;

2) by expenses, including the management of production, supply and repair of fixed assets;

3) by profit including financial management;

4) for investment including technical development and personnel management.

The consolidated budget consists of revenue and expenditure sections. Income section projected on the basis of the sales plan and the plan for cash receipts from other sources, taking into account cash balances. Expense section projected based on:

Budget material costs counting on production program;

Electricity consumption budget;

Payroll budget;

A timeline for contributions to extrabudgetary funds;

Schedule tax payments;

Loan repayment schedule;

Miscellaneous budget.

Operational and financial work is to ensure regular monetary relationships with partners to pay for purchased inventory and equipment; accrual wages, social and dividend payments; accrual and transfer of tax payments, interest and other payments; collection of debts from debtors, in carrying out transactions with securities, etc.

Control and analytical work consists in the implementation of systematic control over the execution of structural and consolidated budgets, the capital structure, the efficiency of the use of fixed and circulating assets, the solvency and liquidity of the balance sheet.

One of the tasks of financial management is to build an effective financial management system.

Based on the volume and complexity of the tasks being solved, the financial service of the enterprise can be represented by the financial management (in large enterprises) or finance department(at medium-sized enterprises). In small businesses, financial issues are dealt with either by the CFO or the chief accountant; as such, there is no finance service.

The approximate structure of the financial service includes, most often, the divisions indicated in Fig. 1.1.

Rice. 1.1. The structure of the financial service.

On financial accounting the obligation is assigned to keep accounting records of business transactions and, on its basis, prepare financial statements in accordance with established standards and requirements.

Analytics department is engaged in the analysis and assessment of the financial condition of the enterprise, forecasting financial indicators, based on marketing research, as well as analysis and evaluation of proposed investment projects.

Department financial planning develops basic planning documents: balance of income and expenses, budget of cash flow, planned balance of assets and liabilities. The information basis for planning is the data of the analytical and operational departments, accounting and other economic services of the enterprise.

Operations department collects invoices, invoices, etc., monitors their payment, monitors relationships with banks regarding cashless payments and obtaining loans, with tax inspectorates, partners and so on.

Department valuable papers forms a portfolio of securities and manages them, and also takes part in the work of currency and stock exchanges.

In the course of work, financial services use financial instruments.

According to the international standard under financial instrument means any contract under which there is a simultaneous increase in the financial assets of one enterprise and the financial liabilities of another enterprise.

TO financial assets relate:

Cash;

A contract to receive cash and other assets from another enterprise;

A contract for the exchange of financial instruments with another company on mutually beneficial terms;

Shares of another company.

TO financial commitments relate:

Contractual obligation to charge another enterprise cash or provide any other asset;

A contractual obligation to exchange financial instruments on mutually beneficial terms (for example, forced sale of receivables).

In other words, financial instrument Is a transaction based on financial assets and liabilities and which is formalized by an agreement (has the form of a contract).

Financial instruments are subdivided into primary and secondary.

Primary financial instruments- these are loans and borrowings, bonds and other debt securities, accounts payable and receivable on current operations.

Secondary or derivative financial instruments(in the special literature they are called derivatives) - these are financial options, futures, forward contracts, swaps.

There is also a more simplified understanding of the essence of the concept of "financial instrument". In accordance with it, three categories of financial instruments are distinguished: cash (funds on hand, on current and other accounts), credit instruments (bonds, promissory notes, futures, forward contracts, options, etc.) and methods of participation in the authorized capital (shares, shares).

Financial management techniques diverse. The main ones are: financial forecasting and planning, the financial analysis, taxation, insurance, self-financing, lending, financial sanctions, incentive system, leasing, rent, pledge operations, factoring, transfer operations, etc.

Financial management techniques: loans, borrowings, interest rates, dividends, discounting, excise tax, compounding, quotation of exchange rates, etc.

Questions for self-control

1. Formulate the main strategic goal of financial management.

2. What tasks in financial management does the company's management have to solve in order to achieve the set goals?

3. List the main objects of financial management.

4. Formulate the main directions of financial management.

5. What are the principles of financial management?

6. In what areas is the financial work carried out at the enterprise?

7. For what purpose and on what principles are “centers of responsibility” created at the enterprise?

8. Which departments are part of the financial services and what tasks do they solve?

9. What are financial instruments?

10. List the methods and techniques of financial management.

Tests to the topic 1.1

1. One of the areas of financial management is:

a) formation of the required volume of assets and their optimization;

b) timely updating of assets and reduction of costs associated with their

use;

c) ensuring high productivity and efficiency

use of assets.

2. The principles of financial management include:

a) the complex nature of the decisions made;

b) self-sufficiency and self-financing;

c) profit maximization.

3. Financial work includes:

a) drawing up a consolidated budget;

b) tracking financial relationships;

c) control and analytical work;

d) all of the above.

4. Financial instruments include:

a) cash;

b) a contract for the receipt of an asset from another enterprise;

c) the obligation to pay money to another company;

d) all of the above.

5. Credit instruments are not:

a) debt securities (bonds, bills);

b) forward contracts;

Considering the main directions of financial management of an enterprise, one should proceed from the fact that financial management presupposes in-depth knowledge own problems enterprises

(manufactured products, technological capabilities, production costs, profitability, etc.) and directions of influence on the enterprise of interest rate policy, taxes, dividends and other forms of influence of financial market regulators.

Financial management involves the development financial strategy, solving current problems based on the analysis of financial statements and forecasting income from business activities. The main determinant of financial management is changes in the structure of assets and liabilities, depending on which investment decisions and sources of their financing are selected in accordance with.

They are supplemented by issues of working capital management, analysis of accounts receivable, management of temporarily available funds and other issues related to the movement of finance - planning, forecasting financial activities. In addition, the financial environment is characterized by increased mobility, as a result of which there is a need to take into account the factor of time, the application of the method of estimating cash flows with a correction for time.

In particular, the future value (IF) (price) of a certain amount of today's funds that bring interest (7) during certain periods (s) can be calculated using the formula 27:

The present value (LIO - the current value of future payments, the receipt of which is possible at a certain interest rate / during the i periods (formula 28):

An important area of financial management is the financial plan, which reflects in monetary form all the production and economic activities of the company. The main objectives of fund planning are as follows:

1. Providing the enterprise with the financial resources necessary for its production and economic activities.

2. Reducing the costs of production and circulation and increasing on this basis the accumulation of own circulating assets.

3. It is economically expedient to use money to finance production, capital investments, and social development.

4. Manifestation and mobilization of the firm's reserves in order to increase profitability.

5. Establishment of optimal financial relations for the enterprise with the state budget, banking institutions, tax administration and other institutions and funds.

The main financial indicators are the company's income from sales, payments to the state budget, off-budget funds and the total amount of profit.

Form financial plan is the balance of income and expenses, consists of the following interrelated sections:

Income and receipts of funds;

Expenses and deductions of funds;

Credit relationships;

Relations with the state budget;

Relations with founders and shareholders.

When planning costs, one should proceed from their classification, in particular from the most common division of costs into direct and indirect, fixed and variable. For the enterprise, it is not so much the total amount of losses that is of great importance, but the average cost of producing a unit of output. Due to fixed costs, they tend to decrease with increasing production volumes.

Long-term costs become decisive for short-term costs: first of all, a decision is made about the volume and range of production, the size of investments, after which the fixed costs of the short-term period become clearly defined.

When calculating profitability and solving financial issues, you should remember about dividing profits into gross, net, and the latter - according to the final purpose (personal income, dividends, investments, etc.).

Closely related to profit planning is cash planning - the process of assessing all sources of receipts and expenditures of cash over a certain period. The main task of kerosene planning is to determine the minimum amount of working capital required to convert cash into commodity stocks, then into accounts receivable and finally back into cash.

In entrepreneurship, working capital is considered to be an excess mobile facilities(current assets) over short-term liabilities. The balance of working capital allows timely settlements for materials and labor force, expenses associated with production and distribution activities, enjoy a strong credit reputation. More precisely, the need for working capital calculated based on the analysis of costs per 100 currency units from turnover, taking into account the terms of payment. The final calculation of the need for working capital is made according to formula 29:

Determining the need for working capital becomes the basis for forecasting receipts and expenditures of cash through the preparation of a cash budget. The latter reflects the foreseen receipt of cash and its use, as well as the need for loans or receipt of surplus cash. Actual receipts and payments differ from those foreseen in the cash budget, which can be caused by changes in marketing or production conditions, as well as insufficient cash flow control. To preserve the working capital, the following stabilization measures are possible:

o reduction in direct variable costs,

o strengthening of collection of accounts of debtors;

o temporary abandonment of significant costs;

o reduction of inventory;

o changes in production and commercial plans;

o using opportunities to defer loan repayment.

Of course, the situation will not be threatening if the company has created a special fund and reserve. In funds, cash is accumulated, and in reserves (in value, from profit and reserve of liabilities), most often they make up a fixed amount.

V general view the cycle of money circulation has the following form (Scheme 1).

Scheme 1. The cycle of money circulation

If the enterprise has significant funds, it is advisable to invest them through lending, direct spending of money, purchase of securities and, mainly, directing them to support and expand fixed capital. Most of the costs associated with fixed assets are clearly categorized as either capital expenditures or normal operating costs.

The entrepreneur must know that in order to prevent unnecessary capital expenditures, it is necessary to systematically consider the issue of updating the means of production, draw up a capital expenditure budget. It is advisable to choose the one that is the most cost-effective investment.

Analyzing financial indicators - balance sheet, profit and financial and economic activity, it is advisable to compare data on

certain periods through a comparison of absolute data, comparison of the percentage change in absolute indicators and indexation. For example, comparing the received data with assets and liabilities makes it possible to draw certain conclusions about the state with liquidity for comparing mobile funds with short-term debts.

Among the indicators of the financial and economic activity of an enterprise, those that reflect the company's solvency and its financial independence are important. These include ratios: coverage, liquidity, autonomy, maneuvering, coverage of short-term debts, etc.

For the analysis of profit, the indicators of return on equity and profitability are primarily used. certain types activities, products or services. In addition, it is possible to use other indicators - labor productivity, capital productivity, material consumption, and the like.

The above list of coefficients and indicators can be supplemented in accordance with the objectives of the analysis. The main thing in this is the subordination of the analysis to the goals of the financial management of the enterprise, the use of the data obtained to find effective directions for the entrepreneurial activity of the company.

(typical for all types and forms of ownership)

1. Formation of assets for certain types and their total amount as a whole, based on the envisaged volumes of enterprise activity and optimization of the composition of assets from the standpoint of the efficiency of their use, as well as liquidity that maintains constant solvency.

2. Formation financial structure capital, where the total capital requirement is determined for financing the assets of the enterprise being formed; formation of the target capital structure providing the lowest cost and sufficient financial stability of capital.

3. Current asset management , here the subject of study is the analysis and forecasting of the duration of individual cycles of capital turnover with the allocation of certain types of these assets: stocks of inventories, monetary assets, accounts receivable.

4. Management of non-current assets, here the subject is to ensure effective use fixed assets of the enterprise, which make up most of the non-current assets. In the process of management, the analysis of the effectiveness of the use of certain types of fixed assets is carried out, the need is determined financial resources to ensure the current and overhaul, as well as replacement due to physical and moral deterioration, and a system is being formed to increase the return on assets of existing fixed assets.

5. Investment management, here the direction is formed investment activities enterprises, the investment attractiveness of individual real projects and financial instruments is assessed and the most effective of them are selected. Special attention pays attention to the choice of forms (leasing, etc.) and sources of financing. The composition of the sources of investment resources is being optimized.

6. Management of the formation of own financial resources, here the subject is to determine the need for their own financial resources for the implementation of the economic strategy, maintaining financial sustainability... Particular attention is paid to attracting own sources of equity capital financing (net profit and depreciation charges).

7. Debt raising management, where the main thing is to determine the general need for borrowed funds, the optimization of the ratio of short-term and long-term debt and the determination of the cost of borrowed funds are carried out.

8. Financial risk management, here the composition of the main financial risks is revealed, the level of these risks and their unfavorable consequences are assessed for individual operations and economic activities in general, a system of measures is being formed to prevent and minimize individual risks and their internal and external insurance, a system for assessing diagnostics of the bankruptcy of an enterprise is being developed ...

Leverage and its role in financial management

The asset management process aimed at increasing profits is characterized by the category of leverage.

Leverage (lever) - is interpreted in the economy as a factor, a small change in which leads to a significant change in performance indicators.

Types of leverage:

1. Financial leverage characterizes how much you need to attract borrowed funds in order to better use your own. It characterizes the optimal ratio between equity and borrowed funds and shows the extent to which the enterprise has the ability attract borrowed funds.

2. Production leverage (operational leverage).

3. Production and financial leverage .

Financial leverage

Key indicators used in the leverage category:

- Sales proceeds (minus VAT, excise taxes).

Production costs products sold:

Conditionally variables;

Conditionally constant.

Balance of income and expenses from non-operating activities

= Gross income before interest and taxes

- Payment of% for loans

= Taxable Income

- Income tax

= Net profit

Indicators	A	B
Assets
Liabilities
Incl. SS
ZS	-	500 at 15% per year
Profit
Return on assets		20 %
CC profitability		gain Δ = 5%
Income tax (no more than 1/3 of the profit)	Max 67	Max 42
Net profit	200 – 67 = 133	125 – 42 = 83
Net return on equity		Δ = 3%

With the same return on assets, different return on equity is due to different structure financial sources, and the difference Δ = 5% represents the level of leverage.

Financial leverage effect - This is an increment to the profitability of own funds, obtained through the use of a loan, despite the fact that the latter is paid.

Leverage effect formula:

EFR = (1 - profit tax rate) × (ER - SRSP) ×

EFR - the effect of financial leverage;

ER - economic profitability of the enterprise;

SRSP - the average calculated interest rate;

ЗС - borrowed funds

SS - own funds

The PSI increases with each loan, since the rate of each new loan is higher than the previous one due to the increasing risk. It is determined as the weighted average of the cost of borrowed loans.

This formula is used by banks when assessing creditworthiness (lender risk) /

a) ER - SRSP> 0 - a profitable deal

EGF is part of the theory of leverage.

Loan borrowing rules:

1. If the new borrowing brings the company an increase in the level of the effect of financial leverage, then it is beneficial for the company. In this case, it is necessary to monitor the condition of the differential, because with an increase in the leverage of financial leverage, banks tend to compensate for the increase in their risk by increasing the price of the loan.

2. The lender's risk is expressed by the amount of the differential. The larger the differential, the lower the risk, and vice versa. Therefore, it is inappropriate to increase the lever arm at any cost, but it is necessary to adjust it depending on the differential.

The optimal value of the EFR is in the range from 1/3 to 1/2 of the level of economic profitability of assets. In this case, the company is able to compensate for tax exemptions and provide its own funds with sufficient return.

Financial management- This is the direction that is engaged in the formation of capital in the company, and also is in charge of the issues of its rational use in order to increase profits.

Financial management concept

Today financial management is a cumulative concept that consists of several areas:

higher computing in finance;
budget analysis;
analysis of the invested funds;
work with risks;
crisis management;
valuation of the organization's shares.

As an activity, management is usually viewed from three sides:

organization budget management;
government;
type of activity related to entrepreneurship.

The answer to the question of what financial management studies is very simple - managing the company's budget, keeping it competently, distributing funds, and also analyzing and evaluating the existing scheme of working with capital.

History of financial management

Financial management begins its history in the United States at the beginning of the twentieth century. Initially, he dealt with budgeting for young companies, later this area included financial investments in new areas of development, as well as problems that could lead to bankruptcy.

It is believed that the first significant contribution to science was made by Markowitz. In the fifties of the last century, he developed a portfolio of instruments at the level of theory. Two years later, a trio of scientists Sharp, Lintner and Mossin, based on Markowitz's developments, created an asset valuation method. With its help, you can compare the risks and revenues of a particular organization. Further work in this area made it possible to create a number of tools that help to assess pricing, market and other necessary areas of business.

The next stage of development was the development of Modigliani and Miller. They have come to grips with the study of the structure of capital, as well as the cost of possible funding receipts. In 1985, the book "Cost of Capital" was published, which became a kind of borderline.

“Cost of Capital” covers the theory of portfolio financing instruments and capital structure. Simplistically, we can say that the book allows you to get answers to the question - where to get money and where to invest it wisely.

Theoretical foundations and basic concepts of financial management

The finance of any company is a system of economic relations inside and outside of it. In other words, the relationship arising from the use monetary resources, refer to financial activities.

Each budget has its own specifics, which depends on many parameters - volume, its structure, duration of the production cycle, costs, economic conditions and even climatic aspects.

What is the role of financial management in the organization

Financial management is a system for working with an enterprise's budget. It, like any system, has its own methods, forms and methods of management. Any decision is made after collecting and processing the necessary information.

It is quite obvious that it is impossible to use finances efficiently, and first of all it is impossible to get them without a well-developed system of their management.

It is worth noting that financial management at an enterprise is the most important type of management, since the competitiveness and stability of a company in a modern unstable market depends on its effectiveness (see).

Financial mechanism

Financial management is carried out using a mechanism, which in turn includes methods of formation, planning and stimulation of work with monetary resources.

The financial mechanism is divided into four components:

Control over the activities of the enterprise by the state.
Market regulation.
Internal regulation.
Techniques and methods of a specific nature, developed after receiving information and its interpretation.

Financial management, as a system is divided into two subsystems - the subject and the object.

An object- this is what the activity is aimed at. The objects of financial management are the company's money, their turnover, as well as monetary relations between different structures one enterprise.

Financial management subjects- this is where any activity comes from. Namely, this is a group of people or one manager who processes the flow of information and develops a control system. In addition, this person is responsible for monitoring and evaluating the effectiveness of the chosen strategy. Also his field of activity includes risk assessment and everything related to income and expenses.

Goals and objectives of financial management

Goals and objectives are two interrelated concepts. Generally speaking, the task always follows from the goal. The goal is more global action, the achievement of which is carried out by solving specific problems. Thus, the goal is long in time, and the task is small. The goals and objectives of financial management always go side by side, and one cannot be achieved without the other.

For each goal, several tasks are usually prescribed that help to achieve it.

Financial management objectives:

growth in the value of the organization in the market;
increase in company revenues;
consolidation of the organization's position in the current market or the seizure of new territories;
avoiding large financial costs or bankruptcy;
increasing the material wealth of not only the company's management, but also employees;
realizing the opportunity to invest the company's budget in new areas, for example, science.

The most common tasks of financial management:

Height market value companies. In order for the company's shares to rise, it is necessary to achieve a strong market position. For this, it is necessary to establish competent work financing not only the economic part. Investing in lucrative projects or areas is not unimportant. In addition, you need to take care of optimizing the company's financial affairs and attracting budgeting sources not only through your own profit (see).
Optimization financial flows companies. Here the problem is solved by a competent approach to solvency and liquidity. All free finances of the company must be directed to the business in order to exclude the possibility of their depreciation. In addition, it will increase profits.
Reducing the risks associated with the loss of finances. The task is solved by developing an effective system for identifying and assessing risks. And also the development of actions to minimize them or compensate for possible losses.
Profit growth. The problem is solved by optimizing the use of cash flows. An important point is competent calculations of current and non-current assets.

Functions and methods of financial management

Financial management functions:

organization of relations with third-party organizations, control of relations;
obtaining and rational use of material resources;
ways of placing the company's capital;
analysis and adjustment of the company's cash flows.

Financial management also has strategy and tactics. Strategy is the general direction, that is, where the company is heading, tactics is the short-term direction, that is, how the strategy will be implemented. Processes are similar to goals and objectives. An analogy can be drawn: strategy is the formation of goals, tactics is the formation of tasks.

Based on the foregoing, there are the following financial management methods that allow you to perform functions:

Planning:

creation of the company's financial policy, setting goals for the long-term and short term, drawing up a budgeting plan for the organization;
creating a pricing policy, analyzing sales, forecasting market behavior;
tax planning.

Creation of a capital structure, calculation of its cost:

search for the needs of budgeting of the company's divisions, search for alternative financing, development of a capital structure that will ensure the growth of profits;
calculation of the cost of capital;
creating a flow of investments in such a way that the profit from them overlapped depreciation;
investment analysis (see).

Investment investment policy development:

search for growth points and investment of free finance, analysis of possible options, selection of the most profitable one with fewer risks;
development of investment instruments, their management, efficiency analysis.

Working capital management:

based on projected growth points, identifying the needs for individual financial assets for them;
development of such a structure of assets so that the company's activities are liquid;
increasing the efficiency of using working capital.
analysis of monetary transactions, their control and implementation.

Dealing with risks:

search for risks;
analysis and ways to avoid risks (see);
development of ways to compensate for financial losses from risks.

Financial management information support

Financial management cannot be effective without working with information. All information received by the financial management department comes through two channels - internal and external. In general, the information necessary for the effective work of the unit can be divided into several types:

General economic development of the country (necessary for).
Market conditions, that is, the competitiveness of goods (necessary to develop a portfolio of short-term investments).
Information about the performance of competitors and counterparties (important for making management decisions for the nearest future).
Information about standards and regulation of activities.
Indicators of the financial activity of the company itself (profit and loss statements, the so-called P&L report).

Financial management problems

Financial management, like any other direction of enterprise management, has a number of problems. In Russia, a study was carried out, on the basis of which it was possible to identify the main problems. The CEOs and CFOs of more than 250 businesses of all sizes were interviewed. Some of them include no more than 30 employees, in others the staff reaches several thousand people.

Challenges faced by financial management:

financial management and cash deficits;
drawing up a work plan;
financial management training;
anti-crisis management;
development of a financing strategy;
expense item management;
organizational structure of the finance department;
other tasks of financial management.

Financial management is working with the enterprise's money; accordingly, this type of management is considered effective, in which the profit and profitability of the enterprise grow.

You can assess the effectiveness of financial management by analyzing several groups:

profitability and profitability of the company;
business activity and capital return;
market value of the company.

To obtain profitability and profitability, companies analyze several indicators:

how efficiently the company makes a profit from its core business;
is there enough own budget (without attracting third-party capital) to carry out activities;
net profit to assets on accounts is compared (the most effective way of assessment);
the profit received from the sale of goods is compared with the costs of its production and sale;
how much each ruble brings in profit.

Business activity and capital return show the effectiveness of the use of attracted funds and invested own finances in other areas. The profit from these actions is estimated.

Market value of the company Is an indicator for external companies such as partners. With its help, third-party organizations can draw conclusions about the effectiveness of the enterprise, as well as make decisions regarding the start of joint activities and partnerships.

Financial Management Baselines

Currently on Russian market the standards of Western business conduct have been adopted. The basic indicators of financial management are:

added value;
gross result of exploiting investments in external sources;
net result of exploiting investments in external sources;
economic profitability of assets.

Added value- is formed by deducting from the cost of all manufactured products (not only sold) for reporting period the cost of services, materials and third-party organizations. This remainder is the net value added. The higher it is, the more successful the enterprise is.

Gross result- salaries and all related expenses (tax and pension contributions, etc.) are subtracted from the previous indicator. This indicator shows profit without depreciation, income tax and debt financing costs. Describes how successful the company is in conducting its financial activities... Helps to predict future development.

Net result- all costs of restoring your own balance are subtracted from the previous indicator (excluding payment of interest on loans, income tax, loans, etc.). Shows the balance sheet profit of the organization.

Economic profitability- net profit with all deductions of expenses, both their expenses and borrowed funds.

Formation of the financial structure of capital where the total need for capital is determined for financing the assets of the enterprise being formed; formation of a target capital structure that ensures the lowest cost and sufficient financial stability of capital. Management of current assets here the subject of study is the analysis and forecasting of the duration of individual cycles of capital turnover with the allocation of certain types of these assets ...

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MINISTRY OF EDUCATION AND SCIENCE OF THE RUSSIAN FEDERATION FEDERAL AGENCY FOR EDUCATIONState educational institution higher vocational education

RUSSIAN ECONOMIC UNIVERSITY IM. G.V. PLEKHANOV (REU named after G.V. PLEKHANOV)

Interdisciplinary Department of "Financial Management"

Test on the subject of "Financial Management"

Option number 2

The main directions of financial management ……………………… 3 p.
Task 1 ……………………………………………………………… ...… 5 pp.
Task 2 ………………………………………………………… .. ………. 7 pp.
Task 3 …………………………………………………………………… .11 pp.

The main directions of financial management.

Formation of assets for certain types and their total amount as a whole, based on the envisaged volumes of enterprise activity and optimization of the composition of assets from the standpoint of the efficiency of their use, as well as liquidity that maintains constant solvency.

Formation of a financial capital structure, where the total capital requirement is determined for financing the assets of the enterprise being formed;formation of the target capital structureproviding the lowest cost and sufficient financial stability of capital.

Current asset management, here the subject of study is the analysis and forecasting of the duration of individual cycles of capital turnover with the allocation of certain types of these assets: stocks of inventories, monetary assets, accounts receivable.

Management of non-current assets,here the subject is to ensure the effective use of fixed assets of the enterprise, which make up the majority of non-current assets. In the process of management, the analysis of the efficiency of using certain types of fixed assets is carried out, the need for financial resources is determined to ensure current and major repairs, as well as replacement due to physical and moral deterioration, and a system is formed to increase the return on assets of existing fixed assets.

Investment management, here the direction of the investment activity of the enterprise is formed, the investment attractiveness of individual real projects and financial instruments is assessed and the most effective of them are selected. Particular attention is paid to the choice of forms (leasing, etc.) and sources of financing. The composition of the sources of investment resources is being optimized.

Management of the formation of own financial resources,here the subject is to determine the need for their own financial resources for the implementation of the economic strategy, maintaining financial stability. Particular attention is paid to attracting own sources of equity capital financing (net profit and depreciation charges).

Debt raising management, where the main thing is to determine the general need for borrowed funds, the optimization of the ratio of short-term and long-term debt and the determination of the cost of borrowed funds are carried out.

Financial risk management, here the composition of the main financial risks is revealed, the level of these risks and their unfavorable consequences are assessed for individual operations and economic activities in general, a system of measures is being formed to prevent and minimize individual risks and their internal and external insurance, a system for assessing diagnostics of the bankruptcy of an enterprise is being developed ...

2. Task 1.

Determine the impact of the coupled effect of financial and operating leverage and assess the financial condition of the enterprise under the conditions specified below:

Profit tax rate - 0.2;

Borrowed funds consist of the following types of loans:

Loan cost,%		Share of loan
credit
credit
credit
Borrowed funds, cu	750000
Own funds, cu	35000
Total assets, cu	110000
proceeds from sales, cu	150000
As part of costs:
Variables,%;
Constant,%.
Profit, cu	50000

Solution:

EFR = (1-T) (ER-SRSP) ZS / SS, where:

EFR - the effect of financial leverage

ER - economic profitability

PSI - average calculated interest rate

ЗС - borrowed funds

SS - own funds

ER = VP / VA * 100%, where:

VP - gross profit

VA - total assets

ER = * 100 = 45%

EGF = (1-0.2) (45% -14.7%) * = 518.7%

SRSP = (9 * 0.5) + (20 * 0.4) + (22 * 0.1) = 14.7%

ESR =, where:

EOR - the effect of operating leverage

BP - sales proceeds

EOR = = 2.2

EFR = EFR * EOR, where

EPFR - the effect of production and financial leverage

ESPR = 518.7% * 2.2 = 1 141%

Output:

Attraction of borrowed funds (credit) in this case is advisable, because The EFR grows taking into account the attraction of a loan and amounts to 518.7%. These borrowings are beneficial for the enterprise, but it is necessary to monitor the differential, since with an increase in leverage, banks tend to compensate for the increase in their risk by raising the price of the loan. The risk indicator for this enterprise is 30.3%. The financial stability indicator is 21.4%.

Objective 2.

The company is considering the possibility of implementing the following investment projects.

	IRR,%	Investment size (million rubles)	ЗК + Ave. Акц + SK	WACC,%
Project A			175+50+275	13,86
Project B			210+60+330	13,86
Project C		1000	350+100+550	27,66
Project D			175+50+275	27,66
Project E		1500	525+15+825	27,66

Sources of investment financing are.

Loan in the amount of 1600 million rubles, rate 20% per annum;
Additional loan in the amount of 800 million rubles, rate of 25% per annum;
Retained earnings in the amount of RUB 2,000 million;
Issue of preferred shares, guaranteed dividend of 25% per annum, placement costs - 6% of the issue volume. The current market price of the preferred share is RUB 1,500.
Issue of ordinary shares. The expected dividend is RUB 24. per share. The current market price of the share is RUB 100. Dividend growth rate - 10% per year. Placement costs 5% of the issue volume.

The company adheres to the following target capital structure in the long term:

Debt capital - 35%,

Preferred shares - 10%,

Equity capital - 55%.

Solution:

We determine the cost of costs for attracting each source of funding in%.

a) we determine the cost of borrowed capital (Кз), taking into account the influence of the tax effect.

Income tax - 20% (0.2)

К1з = bank interest rate * (1-T)

K1z = 20% * (1-0.2) = 16%

K23 = 25% * (1-0.2) = 20%

b) we determine the cost of capital raised by issuing preferred shares.

Kprak =, where:

D - dividend

Р0 - retail price of 1 share

F - placement costs

Kprak = * 100 = 26.6%

c) we determine the cost of equity when using retained earnings.

Kpribnr = + g, where:

Rob = retail price

G - growth rate

Kprinr = (* 100 = 10.24%

d) we determine the cost of equity in the issue of ordinary shares.

Kskak = + g, where:

D - income from ordinary shares

Р0 - retail price

G - growth rate

F - placement costs

Kskak = (+ 0.1) * 100 = 35.26%

2) Determine WACC - the weighted average cost of capital for each project.

WACC AB = K1z * ZK (%) + Kprak * priv.ak (%) + Kpribnr * SK (%)

WACC WITH DE = K1z * ZK (%) + Kprak * priv.ak (%) + Kskak * SK (%)

WACC A = 16% * 0.35 + 26.6% * 0.1 + 10.24% * 0.55 = 13.86%

WACCB = 16%*0,35+26,6%*0,1+10,24%*0,55=13,86%

WACC WITH

WACCD = 16%*0,35+26,6%*0,1+35,26%*0,55=27,66%

WACCE = 16%*0,35+26,6%*0,1+35,26%*0,55=27,66%

Let's plot the cost of capital graph:


WACC							WACC











27,66
13,86
	A 500	H 600	From 1000	D 500	E 1500	IC (investment value)

WACC - an indicator of limiting capabilities

IRR - indicator of marginal costs

Output:

At a given cost of funding sources, all projects can be implemented. Because marginal capabilities are higher than marginal costs.

Problem 3 ... Find on the Internet the data of financial statements, forms 1 and 2. for any JSC, on their basis, perform an analysis of the financial condition according to the program sent to you, evaluate the indicators obtained.

To solve this problem, the data of financial statements form 1 and 2 for OJSC “Krasnoyarskenergosbyt” are used. And they are attached as attachments 1 and 2.

The data has been processed and the conclusion is drawn:

Coefficient absolute liquidity enterprises of OJSC "Krasnoyarskenergosbyt" at a rate of 0.2-0.7, is 1.648, which indicates its liquidity.

The financial stability ratio at a rate of 0.8-0.9 is 0.484, which indicates a large amount of borrowed funds.

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