Sources of own attracted financial resources. Financial resources and sources of their formation. Capital cost and financial risks. Optimal capital structure

Financial resources are the aggregate of their own monetary incomes and receipts from outside (borrowed and borrowed funds) at the disposal of the business entity and intended to fulfill the financial obligations of the enterprise, to finance the current costs associated with the expansion of production and economic incentives.

Financial resources are used by enterprises in the process of production and investment activities... The main forms of their existence are the fixed and circulating assets of the enterprise. In fact, financial resources are presented in the asset of the balance sheet; in other words, they are very diverse and can be classified according to various characteristics. In particular, these are long-term tangible, intangible and financial assets, inventories, accounts receivable and cash and cash equivalents. We are not talking about their material and material representation, but about the expediency of investing Money in certain assets and their ratio. Financial resources are in constant motion and remain in cash only in the form of cash balances on the current account in commercial bank and at the cash desk of the enterprise. According to the sources of education, financial resources are divided into own (internal) and attracted on different conditions (external), mobilized for financial market and arriving in the order of redistribution. Sources of financial resources: - profit; - depreciation; - accounts payable; - cash received from the sale valuable papers; - contributions of participants in joint ventures; - loans and money loans, etc.

The size of the financial resources of enterprises depends on the volume of production, its efficiency and determines the possibilities of their use for: - making the necessary capital investments; - advance payments in current investments (in the cost price); - increase in working capital; - fulfillment of financial obligations; - investment in securities; - provision of social needs, charity and sponsorship.

If outside investors invest money. funds as entrepreneurial capital, the result of such an investment is the formation of attracted own financial resources. Part of the financial resources invested in production and generating income at the end of the turnover is capital. By the form of investment, one distinguishes between entrepreneurial capital invested in various enterprises by means of simple or portfolio investments in order to make a profit and credit (loan) capital - money capital provided on credit on terms of repayment and payment.

Own financial resources: - authorized capital; - profit from financial activities; - depreciation charges (for the reproduction of fixed assets); - Extra capital; - reserve fund; - balances of reserve and insurance funds; - funds equated to own funds - stable liabilities (the company's debt to suppliers, employees, the budget for taxes, for mandatory payments to extra-budgetary funds).

Profit. Not all profits remain at the disposal of the enterprise, part of it in the form of taxes and other payments goes to the budget. The profit remaining at the disposal of the enterprise is distributed by the decision of the governing bodies for the purposes of accumulation and consumption.

The profit directed to accumulation is used for the development of production and contributes to the growth of the property of the enterprise. The profit directed to consumption is used to solve social problems.

Depreciation is the process of transferring the value of fixed assets to a manufactured product as it wears out. Depreciation deductions - an element of the enterprise's costs for the production of products (performance of work, provision of services). Depreciation charges represent the monetary value of the depreciation cost of the underlying production assets and intangible assets. They are of a dual nature, since are included in the cost of production and, as part of the proceeds from the sale of products, are transferred to the settlement account of the enterprise, becoming an internal source of financing for both simple and extended production.

Sustainable liabilities are liabilities that do not belong to the enterprise, but are constantly in circulation and are used for legal grounds... They are a source of coverage for own circulating assets in the amount of growth, i.e. the difference between their value at the end and beginning of the period. The amount of stable liabilities may vary. Sustainable liabilities include: - minimum carry-over arrears for wages, deductions to off-budget social funds; - minimum debt for reserves to cover future expenses and payments; - debt to customers for advances and partial payment (prepayment) of products; - arrears to the budget for certain types taxes, the accrual of which occurs before the due date.

Borrowed financial resources: - bank loans; - budgetary credit; - trade credit; - commercial credit; - financial leasing; - funds of sectoral centralized reserves; - accounts payable, which is constantly in circulation.

Attracted financial resources: - funds received from the issue of securities; - from equity participation in the activities of other enterprises; - insurance compensation in the event of an insured event; - share and other contributions of members of the labor collective of individuals and legal entities; - charitable and sponsorship assistance, etc.

Enterprises can receive funds for the implementation of targeted activities from higher organizations, individuals, as well as from budgets. Budgetary aid can be allocated in the form of subventions and subsidies. Subvention - budgetary funds provided to the enterprise on a gratuitous and non-refundable basis for the implementation of certain target costs. Subsidy - budgetary funds provided to the enterprise on the basis of equity financing of targeted expenses, these funds are part of equity capital enterprises.

More on topic 63. Internal and external sources of formation of financial resources of the enterprise .:

2. Composition of equity capital and own financial resources of the enterprise.
1.9.1. The economic essence, classification and principles of the formation of the financial capital of the enterprise
2. Financial resources of the company: concept, purpose, role.
17. Features of the formation of financial resources at the household level
Actual problems of efficient use of financial resources of enterprises
43. Anti-crisis financial management, the essence and classification of financial crises of the enterprise
The financial mechanism of investment activities of enterprises.

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financial subsidizing borrowed borrowed

Sources of formation of the financial resources of the enterprise can be divided into own, borrowed and borrowed funds:

a) own - the totality of the financial resources of the enterprise, formed at the expense of the participants and financial results own activities.
b) borrowed - a set of financial resources of an enterprise that have a deadline and are subject to unconditional return. Usually, there is a periodic accrual of interest in favor of the lender (bonds, bank loan, different kinds non-bank loans, accounts payable).
c) borrowed funds are funds that are provided on an ongoing basis and the owners of these funds receive income in the form of various payments.

The main source of the formation of financial resources at the enterprise is profit. Profit is the main source of the formation of financial resources for expanding reproduction and is a source of state budget revenues. The economic interests of the state, business entities and each employee are concentrated in profit. The growth in the profit of business entities indicates an increase in financial reserves and the strengthening of the financial system of the state.

The end result of the production and financial and economic activities of economic organizations is the receipt of balance sheet profit, which includes profit from the production and sale of main products (works, services), from the sale of other products, as well as the balance of profits and losses from non-sales operations (fines, penalties, penalties etc.). Along with the profit at the enterprises there are other sources of the formation of financial resources.

According to Professor Fridman A.M., an important function of financial management is the management of the sources of the formation of resources and the investment of enterprise funds. Sources of financial resources are reflected in the liabilities of the balance sheet and represent the capital of an economic entity. Due to this capital, non-circulating and circulating assets are formed, which are shown in the asset of the balance sheet and characterize resource potential enterprises. Distinguish between own and borrowed capital, borrowed funds, budgetary and extrabudgetary appropriations. The own includes the authorized, additional and reserve capital, part of the retained (capitalized) profit, directed to the development of the organization. Own sources of capital investment financing are depreciation charges.

The equity capital of the newly created economic entity, depending on the organizational and legal form, is formed through the sale of shares, contributions from founders and shareholders, etc. working capital. Equity capital is reflected in the III section of the balance sheet liabilities “Capital and reserves”. The components of this capital are accounted for in separate accounts. accounting... For stable and sustainable development, economic entities, along with their own, also use borrowed capital. V financial management borrowed capital is considered to be loans from banks and other credit institutions, loans to legal entities and individuals, bond loans. A separate place in the formation of working capital is occupied by short-term accounts payable, which “A separate place in the formation of working capital is occupied by short-term accounts payable, which arises in the course of the current economic activity of the enterprise.

Subject to the established deadlines, the absence of overdue debts, this financial resource is a free source of funds. Depending on the content and terms, credits and loans are reflected in Section IV of the balance sheet liabilities “Long-term liabilities” and in Section V “Short-term liabilities”. In accounting, each type of borrowing is accounted for in separate accounts (67 and 66). As attracted funds can also be proceeds from the issue of securities, various contributions of legal entities and individuals, etc. ”Fridman, A.M. Finances of the organization of the enterprise. - M.: "Dashkov and K", 2013 .-- P. 79 ..

To make financial decisions about the degree of expediency and profitability of using individual sources of financing the economy, it is important to determine the cost of attracted financial resources (cost of capital). The cost of capital (cost of capita?) Is the amount of funds associated with the use of individual financial resources by the enterprise in relation to their volume. Thus, shareholders and founders are paid dividends, taking into account the amount of share capital and foundation fees. Investors are given interest based on the amount invested, banks and various lenders - depending on the timing and other specific conditions. In the process of determining the cost of capital, it is taken into account that part of the payments for the use of loans and borrowings are operating expenses and affect the amount of profit before tax. Dividends are paid out of net (non-distributable) profits.

The value of the value of individual sources of financial resources is an important prerequisite for optimizing the capital structure, making financial decisions on the appropriateness of using individual resources. The indicator of the structure is the ratio between equity and borrowed capital, which depends on the specific conditions of the functioning of each enterprise. The profile of its activities and the composition of assets have a significant impact on this indicator. So, non-current assets, as a rule, are formed at the expense of equity capital or long-term liabilities, and circulating assets - for the most part by attracting short-term borrowed sources. The share of borrowed capital is, to a certain extent, predetermined by the rate of turnover of working capital, profitability, financial position and creditworthiness of the enterprise. The amount of equity and debt capital determines the formation of the assets of the enterprise. These include non-circulating and circulating assets. The composition of non-current assets is reflected in Section I of the balance sheet. These are investments in fixed assets, construction in progress, intangible assets, as well as long-term ones. "

One of the main sources of economic potential formation is equity capital. It includes authorized capital, accumulated capital (reserve and added capital, accumulation fund, retained earnings) and other receipts.

The cost of equity capital is determined by the formula:

where BB - payments to the owner, thousand rubles;

PC - attracted capital, thousand rubles.

When analyzing equity capital, two tasks are solved:

1) verification of the provision of the company's own capital;
2) study of the efficiency of using sources own funds.

To assess the activities of an organization, it is necessary to analyze the effectiveness of its use of its capital. To solve this problem, the Du Pont model is used, which is a modified factor analysis, allowing to determine, due to what factors there was a change in the rate of return on equity (Rsk).

where PE - net profit, thousand rubles;

В - sales proceeds, thousand rubles;

A - the sum of the organization's assets, thousand rubles;

The first factor (Pp) - characterizes the profitability of sales; the second (Kob) - asset turnover; third (Kfz) - the ratio of the amount of the organization's assets and equity capital (capitalization ratio, financial dependence). The presented model shows that the return on equity depends on three factors: return on sales, asset turnover and the structure of advanced capital. The significance of the selected factors is explained by the fact that in a certain sense they summarize all aspects of the financial and economic activities of the enterprise, its statics and dynamics, in particular the financial statements: the first factor summarizes Form No. 2 “Profit and Loss Statement”, the second is the balance sheet asset, the third is the liability of the balance sheet.

In domestic and foreign literature, the indicators of the provision of own capital are studied.

where Isos - sources of own circulating assets, thousand rubles;

A.b - balance sheet asset, thousand rubles.

One of the main indicators for assessing the efficiency of using equity capital is profitability, which is determined by the formula:

where P is the profit, thousand rubles;

Wed ost. Iss - the average annual balance of sources of own funds, thousand rubles.

The return on equity capital is an indicator of the efficiency of the enterprise, all activities of which should be aimed at increasing equity capital and increasing its level of profitability.

According to Professor E.B. Tyutyukina, the indicators of return on equity are used:

1.when assessing the business activity of an organization and its financial condition;
2. as a basis for comparison with various alternative capital investment options;
3. to assess the quality and effectiveness of management;
4. when predicting the amount of profit. ...

With a lack of equity capital, enterprises have a need to attract debt financing sources.

Debt capital is a set of borrowed funds (cash and material values) advanced in the enterprise and generating income.

The borrowed capital used by the enterprise characterizes the volume of its financial liabilities (total debt).

The calculation of the need for volumes of short-term and long-term borrowed funds is based on the purpose of their use in the coming period. On a long-term basis, borrowed funds are usually attracted to expand the volume of its own fixed assets and to form the missing volume of investments in various objects. On the short term borrowed funds are attracted for the purchase of goods, replenishment of working capital and other purposes of their use.

Optimal amounts of attracted capital can increase the profitability of economic potential, and excessive amounts can disrupt financial structure economic resources of the enterprise, to reduce the efficiency of its functioning.

In the practice of management, the concept of "financial leverage" is used, which reflects the influence of borrowed capital on the owner's profit. One of the main indicators " financial leverage»Is the financial risk ratio (K financial risk).

where Cr. about - short-term liabilities, thousand rubles;

SK - equity capital, thousand rubles.

A high financial risk ratio (more than 1.0) indicates an unfavorable situation when the company has nothing to pay creditors with. In the conditions of the development of market relations, many enterprises “live not from profit”, but from turnover, that is, they strive to maximize fixed and circulating assets at the expense of borrowed capital and, above all, loans. In the future, some of them are unable not only to repay loans, but also to pay interest on them. An enterprise using a loan increases or decreases the efficiency of management not only from the ratio of borrowed and equity capital, but also from the level of profitability and interest rates for the loan.

The mechanism for assessing the impact of the use of borrowed funds on the return on equity is based on a ratio called the effect of financial leverage (EFI).

The effect of financial leverage is measured by the additional return on equity obtained through the use of borrowed funds compared to the return on equity of a financially independent organization:

where Нп - income tax rate,%;

ER - economic profitability,%;

SP - loan interest rate,%;

ЗК - borrowed capital, thousand rubles;

SK - equity capital, thousand rubles.

The indicator of economic profitability is defined as the ratio of profit before interest and taxes to the average value of the assets of the enterprise.

The amount of the company's own and borrowed funds depends on various factors. These factors include:

1. The difference in the value of interest rates on dividends. If the interest rates for the use of loans and borrowings are lower than the rates for dividends, then the share of borrowed funds should be increased; accordingly, the share of own funds can be increased if the interest on dividends is lower than the interest rates for the use of credits and loans;
2. Change in the scope of the enterprise, which causes the need to reduce or increase the need to attract borrowed funds;
3. Accumulation of surplus or underutilized stocks of inventories, obsolete equipment, diversion of funds into receivables of doubtful nature with a high risk factor.

In the total amount of capital, the largest specific gravity take up fixed assets and working capital. The result of an enterprise's activity depends on the quantity, cost and efficiency of their use.

The importance in the scorecard technical condition fixed assets also has a characteristic of the intensity of their renewal.

Renewal coefficient - the indicator gives a generalized cost estimate of the growth of fixed assets for a certain period and shows the share of new fixed assets in fixed assets available at the end of the reporting period:

where POS - received fixed assets, thousand rubles;

VOS - retired fixed assets, thousand rubles.

The process of updating fixed assets involves studying the nature of their disposal.

The retirement rate is an indicator that shows what part of the fixed assets available at the beginning of the year at the enterprise, retired from service for reporting period:

where, PSOS - the initial cost of fixed assets at the beginning of the year, thousand rubles.

Renewal and disposal of fixed assets should be mutually evaluated. To do this, use the growth rate of fixed assets, which is calculated by the formula:

where IOS is the increase in fixed assets, thousand rubles;

SOS - the cost of fixed assets at the beginning of the year, thousand rubles.

The wear and tear rates are generalized indicators of the state of fixed assets.

Depreciation rate (KI) - the share of the value of fixed assets transferred to products, calculated by the formula:

where I is depreciation, thousand rubles.

The coefficient of validity is an indicator that is calculated as the ratio of the residual value of fixed assets to their initial value.

where OSOS is the residual value of fixed assets, thousand rubles.

One of the main indicators in the analysis of fixed assets is the rate of return on assets (F), which is calculated by the formula:

where SVP is the cost of manufactured products, thousand rubles;

SSOC - average annual cost fixed assets, thousand rubles

The inverse indicator of capital productivity is the capital intensity (Фе), which shows the share of fixed assets costs attributable to the release of 1 ruble of gross output ( products sold).

where SSI is the average annual property value, thousand rubles;

GWP - annual release products, thousand rubles

The next ratio is the capital-labor ratio (Fw), which shows the cost of fixed assets per employee. It is calculated using the following formula:

where CHR is the number of employees at the enterprise, people.

The most generalized indicator of the effectiveness of the use of fixed assets is the return on assets. Its level depends not only on the return on assets, but also on the profitability of the product.

Kosolapova M.V. notes: "Working capital is an economic form of a set of material and material values that are completely consumed in the production process and with the completion of one production cycle change the natural-material form, completely transferring their value to the created product "Kosolapova, M.V. Complex economic analysis economic activity: Textbook / M.V. Kosolapova, V.A. Svobodin. - M.: "Dashkov and K", 2011 .-- S. 59.) ..

The coefficient of provision of the enterprise with material resources (Kobesp.) - shows how many days the enterprise can operate without interruption when using the available stock of materials and a certain amount of its consumption for a given period:

where З - reserves, thousand rubles;

CPM - daily material consumption in kind.

One of the main indicators of the effectiveness of the use of working capital is their turnover.

Kosolapova M.V. notes that “the turnover of working capital is the duration of the complete circulation of working capital from the moment of their acquisition to production and sale finished products... The faster circulating assets make the transition from the sphere of production to the sphere of circulation and vice versa, the less they are required to fulfill production program, the greater the volume of production can be produced with a given amount of working capital. The turnover of working capital is characterized by the following indicators:

The turnover ratio (Kob) is the turnover rate, the number of revolutions of the material resource (the number of revolutions of the average balance of production working capital for the reporting period) "Kosolapova, M.V. Complex economic analysis of economic activity: Textbook / M.V. Kosolapova, V.A. Svobodin. - M.: "Dashkov and K", 2011 .-- P. 69 ..

where PSA is the cost of products sold, thousand rubles;

SOOB - the average balance of working capital, thousand rubles.

The calculation of the average turnover is the ratio of the cost of goods sold to the average inventory at the same prices. Another indicator is the number of days required for one inventory turnover: 360 days is divided by the average inventory turnover at times.

Acceleration of the turnover of the working capital of the enterprise allows it to significantly reduce the need for them, since there is an inversely proportional relationship between the rate of turnover and the size of these funds.

Kosolapova M. V. Claims that “one of the essential indicators of the financial condition of the organization is the presence, volume and structure of accounts receivable... Accounts receivable are accounts receivable from other organizations or persons for payments to this organization. It arises as a result of the forms of payments used for goods and services, when issuing funds for a report for various needs, when making claims, in other situations production activities enterprise, as well as due to shortcomings in its work, for example, when identifying shortages, waste and theft of inventory and cash. " Kosolapova, M.V. Complex economic analysis of economic activity: Textbook / M.V. Kosolapova, V.A. Svobodin. - M.: "Dashkov and K", 2011 .-- S. 175.)

For analytical work sources of formation of receivables are divided into the following groups:

1. settlements with buyers and customers;
2. settlements with suppliers;
3. settlements with the budget;
4. settlements with employees of the enterprise;
5. settlements with subsidiaries;
6. settlements with other debtors.

The largest share in the accounts receivable from enterprises is the debt of buyers. The organization can consider the moment of sale of products (works, services) either the date of crediting the payment from the buyer to the current account, or the date of shipment of products (works, services) and the presentation of settlement documents to the buyers.

The financial position of the enterprise directly depends on the turnover of working capital, part of which is accounts receivable. Therefore, to assess the turnover of accounts receivable, the following group of indicators is used. The share of receivables in the total volume of current assets is the quotient of dividing receivables by the amount of current assets. The decrease in the absolute value and the share of receivables in the total value of current assets should be assessed positively.

The share of doubtful accounts receivable is the ratio of doubtful accounts receivable (over a year) to its total value. This indicator reflects the quality of accounts receivable. Accounts receivable turnover - characterizes the quality of accounts receivable and is defined as the ratio of proceeds from product sales to average accounts receivable. The proceeds from the sale of products are determined in accordance with Form No. 2 “Profit and Loss Statement”. Average accounts receivable can be defined as the average amount of debt at the beginning and end of the period, or by the chronological average formula, which allows you to more accurately obtain the average value of accounts receivable, since in this case the fluctuations in its value during the period under study are taken into account. The period of repayment of accounts receivable is the quotient of dividing the period under study and the turnover of accounts receivable.

To assess accounts payable, it is necessary to determine and analyze the average duration of its use. The average duration of use of accounts payable is calculated by the ratio of its average balances to the average daily amount of accounts payable repayment. The average maturity of accounts payable is usually studied over a number of years.

One of the indicators used to assess the state of accounts payable is the average duration of the period of its repayment (P cr.z). which is calculated by the formula:

where SOZK is the average balance of accounts payable, thousand rubles;

DP - days of the period;

ПЗ - repaid debt, thousand rubles.

Accounts receivable and payable should be analyzed comprehensively, which allows them to study and evaluate them more fully and in depth.

We have looked at the funding sources that are inherent in businesses of any specification. Next, I would like to dwell on the features of the formation of financial resources of agricultural enterprises.

In agricultural production, the same objective economic laws apply as in other sectors. However, due to the peculiarities of agricultural production itself, the manifestation of general laws has its own specifics.

Financing of the activities of agricultural enterprises is carried out using the following sources of financing:

1) self-financing;
2) borrowed funds.

The sources of self-financing do not differ from the classical ones; these are profit and depreciation deductions.

The seasonal peculiarity of agricultural production and marketing of products leads to a temporary shortage of funds, which can be covered by loans, borrowings or through the use of the current reserve fund.

Government subsidies can also be considered a source of funding if such subsidies are provided for by a decision of government agencies.

State support is an indisputable factor, in one way or another, affecting almost all processes and phenomena of the economic life of an enterprise and type economic activity generally .

The sources of financing of the enterprise are its own and equivalent funds; funds mobilized in the financial market; funds received in the order of redistribution (Fig. 6).

The funds mobilized in the financial market are: loan investments, income from the sale of securities, government subsidies.

Credit investments are borrowed funds, including loans from banks, financial loans to various investors, debts to creditors, are external sources of financing activities.

Borrowed funds on a long-term basis (more than a year) are usually attracted for the acquisition of fixed assets, and on a short-term basis (up to a year) for the purchase of goods, resources and replenishment of working capital.

Rice. 6. Sources of formation of financial resources of the enterprise

The sale of your own securities, being a means mobilized in the financial market, allows you to attract the necessary investments to ensure the operation of the enterprise or its development.

State subsidies are provided to enterprises that solve important social problems that objective reasons are not sufficiently compensated by income.

Own and equivalent funds consist of income and depreciation deductions.

Own funds of an enterprise and those equated to them are financial resources belonging to the enterprise on the basis of property rights. They are the basis for the implementation of economic activities and include income from the sale of products, fixed assets and financial transactions, as well as equivalent depreciation deductions, which provide an increase in stable liabilities.

To replenish its own sources of financing, an enterprise can receive income from the sale of part of its fixed assets if they are not used or are used inefficiently.

Income from financial transactions can be obtained from the provision of a loan of funds, from placing free funds on deposits, due to exchange rate differences, when buying and selling foreign currency.

Depreciation is a means deducted to compensate for the depreciation of fixed assets by including part of their cost in the cost of production, therefore, in the price of production. Depreciation deductions are made in accordance with established by law standard service life of fixed assets and rates of deductions. They remain at the disposal of the enterprise. The vocation of depreciation is to ensure simple reproduction.

Stable liabilities occupy a special place among the sources of financing for the enterprise. From the standpoint of liabilities, stable liabilities are external sources, and from the standpoint of the possibility of management's influence on the procedure for their payment, they refer to internal sources, therefore they are singled out as a separate element of financing the enterprise's activities.

The increase in stable liabilities is formed due to the payment by installments on obligations. It includes: advances from buyers and customers; arrears of wages to employees of the enterprise and authorities social insurance; reserves for future expenses and payments; temporarily free funds of special funds; increase in depreciation charges; accounts payable (your debts for the resources already used), rent.

For instance, wage is included in the price of each unit of products sold, but is paid to employees only once or twice a month, and is used by the enterprise for its own purposes in the period between payments. It also happens with taxes and other obligatory payments, taken into account in the price of the goods, but paid only by a certain date.

Funds received by way of redistribution include: funds of insurance compensation, as well as dividends and interest on securities of other issuers.

Insurance funds appear at the enterprise only if there is insurance for various risks: transactions, emergencies, etc., as a result of compensation by insurance companies for the damage suffered by the enterprise.

Dividends and interest on securities arise when an enterprise acquires shares and other securities of other issuers.

The choice of sources of financing for activities depends on numerous factors: the volume of sales, the nature of markets, the scope of activity, the specifics of the products, the nature state regulation and taxation, links with financial markets, etc.

When managing finances, it must be remembered that an increase in depreciation charges, due to an increase in the cost of fixed assets, or the choice of a depreciation method, leads, other things being equal, to a decrease in profitability. However, if at the same time the enterprise remains profitable, then the total amount of depreciation deductions and net profit remaining at its disposal increases by a greater amount than the profit decreases.

The financial resources of the enterprise, as already noted, represent the totality of all types of monetary funds, financial assets that the economic entity has and can dispose of. Their formation is carried out in the process of creating enterprises and the implementation of their financial relations in the implementation of economic activities.

When creating enterprises, the sources of formation of financial resources depend on the form of ownership on the basis of which the enterprise is created. So, when creating state enterprises financial resources are formed at the expense of the budget, funds of higher management bodies, etc. When collective enterprises are created, they are formed at the expense of share (share) contributions of founders, voluntary contributions of legal entities and individuals, etc. All these contributions (funds) represent the authorized (initial) capital.

According to the sources of education, financial resources are divided into own (internal) and attracted on different conditions (external) and received in the order of redistribution (Fig. 1.1).

Figure 1.1 - The composition of the organization's financial resources

So that the company can carry out economic activity, the availability of appropriate financial support is required. One of the main sources of financial resources of the enterprise is the initial capital, which is formed from the contributions of the founders of the enterprise and takes the form of authorized capital. Consequently, the authorized capital is the total value of assets fixed in the constituent documents, which are contributions of the owners to the capital of the enterprise.

The next two elements are inextricably linked: profit and depreciation. The initial capital invested in production creates value in terms of the price of goods sold. After the sale of products, it takes the form of money - the form of revenue. However, revenue is not yet income, although it is a source of reimbursement for the funds spent on production and the formation of funds and financial reserves of the enterprise. One of the directions for using the proceeds is the formation of a depreciation fund. It is formed in the form of depreciation deductions after the depreciation of fixed assets and intangible assets takes on a monetary form. A prerequisite the formation of a depreciation fund is the sale of manufactured goods to the consumer and the receipt of proceeds.

Both profit and depreciation deductions are the result of the circulation of funds that were invested in production, and the company's own financial resources, which it manages independently. However, the profit received by the enterprise does not remain completely at its disposal: part of it in the form of taxes goes to the budget. The profit remaining at the disposal of the enterprise is the main source of financing its needs.

In the process of further work, the financial resources of enterprises can be replenished at the expense of additionally created own sources, attracted and borrowed funds. At the same time, the composition of additionally formed own financial resources (equity capital) includes: reserve capital, additional invested capital, other additional capital, retained earnings, targeted financing, etc. According to current legislation or constituent documents. Additional invested capital is the amount of excess of the realizable value of the issued joint stock company shares over their par value. Other additional capital shows the value of assets received free of charge by the company from other legal entities or individuals, and other types of additional capital.

The attracted financial resources are formed at the expense of budgetary allocations, mobilization of own resources in construction, equity participation funds, income from purchased securities and other financial assets. For getting additional income enterprises have the right to acquire securities of other enterprises and the state, invest in the authorized capital of newly formed enterprises, lend them to other enterprises on terms of repayment, maturity and payment.

And finally, the structure of borrowed financial resources includes long-term and short-term loans from banks, as well as other long-term financial obligations associated with attracting borrowed funds, commercial loans and other sources.

Own, borrowed and attracted capital, which forms, on the one hand, the financial resources of the enterprise and takes part in the financing of their assets, on the other hand, it represents obligations (long-term and short-term) to specific owners - the state, legal and individuals.

From the foregoing, it can be concluded that the composition of financial resources, their volumes depend on the type and size of the enterprise, the type of its activity, and the volume of production. At the same time, the volume of financial resources is closely related to the volume of production, effective work enterprises. The greater the volume of production and the higher the efficiency of the enterprise, the greater the value of its own financial resources, and vice versa. Consequently, the availability of sufficient financial resources, their efficient use, predetermine good financial position enterprise solvency, financial sustainability, liquidity. In this regard, the most important task of enterprises is to find reserves for increasing their own financial resources and their most effective use in order to increase the efficiency of the enterprise as a whole.

Similar information.

Financial resources - these are funds at the disposal of the enterprise and intended to ensure its efficient operation, to fulfill financial obligations and provide economic incentives for employees.

Financial resources Is a collection of funds for strictly targeted use, with the potential to mobilize (release from circulation) or immobilize (additional loading into circulation).

Financial resources are formed at the expense of own and attracted funds.

TO own

1) authorized capital;

2) depreciation;

3) profit;

4) reserve fund;

5) repair fund;

6) insurance reserves and other sources.

TO borrowed sources of financial resources include:

a) loans from financial institutions;

b) budget loans;

c) commercial loans;

d) accounts payable, constantly in circulation and others.

TO attracted m sources of financial resources include:

1) funds of equity participation in current and investment activities;

2) funds from the issue of securities;

3) share and other contributions of members of the labor collective, legal entities and individuals;

4) insurance compensation;

5) Receipt of payments for franchising, lease, selenga.

Also isolated as a source appropriations from the budget and receipts from extrabudgetary funds.

The starting source of financial resources at the time of the establishment of the enterprise is the authorized (share) capital - property created from the contributions of the founders (or proceeds from the sale of shares).

The main source of financial resources of an operating enterprise is income (profit) from the main and other types of activities, non-sales transactions. It is also formed at the expense of stable liabilities, various targeted receipts, shares and other contributions of members of the labor collective. TO sustainable liabilities include statutory, reserve and other capitals, long-term loans and accounts payable that are constantly in the turnover of the enterprise.

Financial resources can be mobilized in the financial market through the sale of stocks, bonds and other types of securities issued by an enterprise; dividends on securities of other enterprises and the state; income from financial transactions; credits.

Financial resources can come in the order of redistribution from associations and concerns, to which they belong, from higher organizations while maintaining industry structures, from insurance organizations. In some cases, an enterprise may be provided with subsidies (in cash or in kind) at the expense of state or local budgets, as well as special funds.

Distinguish:

Direct subsidies - state capital investments in facilities that are especially important for the national economy, or in low-profit, but vital;

Indirect subsidies provided by tax and monetary policy, for example through the provision of tax breaks and concessional loans.

The aggregate of financial assets of an enterprise is usually subdivided into working capital and investments.

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