Equity management. Capital management Fundamentals of capital management of an enterprise article

In the financial and economic activities of each enterprise, both its own and borrowed capital should be used.

The use of equity capital allows the company to avoid operational disruptions, to carry out various investment projects in a timely manner, etc.

Borrowed capital within certain limits is a cheaper source of financing than equity capital. This is due to the fact that interest on loans and borrowings, as a rule, is significantly less than dividends on shares that form the company's equity capital. However, to a greater extent it concerns the authorized capital. This cannot be said for other elements of equity capital.

Equity includes:

statutory fund;
reserve and additional capital;
target financial funds;
retained earnings.

In practice, the company's own funds can be formed from internal and external sources of financial resources.

Internal sources own funds constitute the bulk of equity capital. They include depreciation deductions, which are important at enterprises with a high proportion of depreciable non-current assets and depreciation policies that imply accelerated and additional depreciation.

External sources the formation of own funds includes additional share or share capital, which is attracted by additional monetary contributions to the authorized capital or additional issue of shares.

Equity management should be carried out on the basis of a specific financial policy of the enterprise. It is usually carried out in three stages.

Analysis of the existing potential of own financial resources: volume and dynamics in the previous period; correspondence of the growth rate of equity capital to the growth rate of assets and sales volume; proportions of the ratio of external and internal sources of formation of own financial resources, their value; the state of the coefficient of autonomy and self-financing and their dynamics.
The result of this stage should be the development of reserves for increasing equity capital.
Determination of the need for equity capital. Based on well-known formulas and initial information, calculations of the need for equity capital are made:
CKplan = KUdck - Pr + A,
where SK plan is the additional need for equity capital for the planned period;
Ku– total capital;
d ck- the share of equity capital in its total amount;
Pr - the size of the reinvested profit in the planning period;
A - depreciation fund at the end of the planning period.

All used values of indicators are, in fact, planned.

Assessment of the cost of attracting equity capital from various sources (internal and external). The financial policy of the enterprise should contain the priorities in the financing of economic activities. At this stage, based on the adopted financial policy, a managerial decision is made regarding the choice of alternative sources for the formation of its own financial resources.

Equity capital management involves managing the process of its formation, maintenance and effective use, that is, the management of already formed assets. This presupposes both the management of equity capital in general and the management of its structural elements.

Equity capital management should be preceded by a study of the effectiveness of its management in the previous period. The analysis is necessary to determine the reserves for the formation of own funds.

The problem of forming equity capital cannot be limited only to the direct choice and use of a certain method or instrument of financing and should be considered in the context of managing the structure of total capital.

With an increase in the “age” of a company, the structure of its capital becomes more complicated, and actions to manage this structure become more in demand, since they affect such important indicators of the company's activity as financial stability and profitability, business value and investment attractiveness in the market.

In the process of managing the formation of their own financial resources, they are classified according to the sources of this formation. The composition of the main sources of formation of the company's own financial resources is shown in Figure 1.2.

As part of the internal sources of the formation of its own financial resources, the main place belongs to the profit remaining at the disposal of the enterprise, it forms the predominant part of its own financial resources, provides an increase in equity capital, and, accordingly, an increase in the market value of the enterprise.

Rice. 1.2. Sources of formation of the company's equity capital

Depreciation charges also play a certain role in the composition of internal sources, especially at enterprises with a high value of their own fixed assets and intangible assets; however, they do not increase the amount of the company's equity capital, but are only a means of its reinvestment. Other internal sources do not play a significant role in the formation of the company's own financial resources.

As part of external sources for the formation of its own financial resources, the main place belongs to the enterprise's attraction of additional share (through additional contributions to the authorized fund) or joint stock (through additional issue and sale of shares) capital. For individual enterprises, one of the external sources for the formation of their own financial resources may be the gratuitous financial assistance provided to them (as a rule, such assistance is provided only to individual state enterprises of different levels). Other external sources include tangible and intangible assets transferred to the enterprise free of charge and included in its balance sheet.

The basis for managing the company's own capital is the management of the formation of its own financial resources. In order to ensure effective management of this process, an enterprise usually develops a special financial policy aimed at attracting its own financial resources from various sources in accordance with the needs of its development in the coming period.

The main objectives of equity capital management are:

Determination of the appropriate size of equity capital;

Increase, if required, in the amount of equity capital through retained earnings or additional issue of shares;

Determination of the rational structure of newly issued shares;

Definition and implementation of dividend policy.

The development of a policy for the formation of the company's own financial resources is carried out in the following main stages.

1. Analysis of the formation of the company's own financial resources in the previous period. The purpose of this analysis is to identify the potential for the formation of their own financial resources and its compliance with the pace of enterprise development.

At the first stage of the analysis, the total volume of the formation of its own financial resources, the correspondence of the growth rate of equity capital to the growth rate of assets and the volume of the company's products sold, the dynamics of the share of its own resources in the total volume of formation of financial resources in the preplanned period are studied.

At the second stage of the analysis, the sources of the formation of their own financial resources are considered. First of all, the ratio of external and internal sources of formation of own financial resources is studied, as well as the cost of attracting equity capital from various sources.

At the third stage of the analysis, the sufficiency of the company's own financial resources, formed at the enterprise in the preplanned period, is assessed.

2. Determination of the general need for their own financial resources. The calculated total need covers the required amount of own financial resources generated both from internal and external sources.

3. Assessment of the cost of attracting equity capital from various sources. Such an assessment is carried out in the context of the main elements of equity capital formed from internal and external sources. The results of such an assessment serve as the basis for the development of management decisions regarding the choice of alternative sources for the formation of their own financial resources, providing an increase in the company's equity capital.

4. Ensuring the maximum volume of attracting own financial resources from internal sources.

5. Ensuring the required volume of attracting own financial resources from external sources. The volume of attracting own financial resources from external sources is intended to provide that part of them that could not be formed at the expense of internal sources of financing. If the amount of own financial resources attracted from internal sources fully meets the total need for them in the planning period, then there is no need to attract these resources from external sources.

6. Optimization of the ratio of internal and external sources of formation of own financial resources. This optimization process is based on the following criteria:

Ensuring the minimum total cost of attracting own financial resources;

Ensuring that the original founders retain control of the enterprise.

Management of the company's equity capital also includes determining the optimal balance between equity and borrowed financial resources.

Financial leverage ("financial leverage") is a financial mechanism for managing the return on equity by optimizing the ratio of equity and borrowed funds used.

The effect of financial leverage is an increase in the profitability of own funds obtained through the use of a loan, despite the fact that the latter is paid.

The leverage effect arises from the discrepancy between economic profitability and the "price" of borrowed funds. The economic return on assets is the ratio of the value of the production effect (i.e., profit before interest on loans and income taxes) to the total value of the total capital of the enterprise (i.e., all assets or liabilities).

In other words, the company must initially develop such economic profitability that there are enough funds, at least, to pay interest on the loan.

The following formula can be used to calculate the leverage effect:

EFR = (Рк - Рзк) х ЗС / SK, (1)

where Рк - the return on total capital (the ratio of the amount of net profit and the price paid for borrowed funds and the amount of capital);

Рзк - the return on borrowed capital (the ratio of the price paid for borrowed funds to the amount of borrowed funds);

ЗК - borrowed capital (average value for the period);

SK - equity capital (average value for the period).

Thus, the effect of financial leverage determines the boundary of the economic feasibility of attracting borrowed funds.

A high positive value of the EFR indicator indicates that the company prefers to manage with its own funds, does not use investment opportunities enough and does not pursue the goal of maximizing profits. In this situation, shareholders, having received a modest dividend, can start selling shares, reducing the market value of the company.

At the end of the first part of the work, we will focus on the functions of managing the company's own capital. The main functions of equity capital management include:

Protective function. Equity capital allows you to maintain the solvency of the enterprise by creating a reserve of assets that allow the enterprise to function, despite the threat of losses. In this case, however, it is assumed that most of the losses are covered not by capital, but by the current income of the enterprise.

Capital plays the role of a kind of protective "cushion" and allows the company to continue to operate in the event of large unforeseen losses or expenses. To finance such costs, there are various reserve funds included in equity capital.

Operational function. It is of secondary importance compared to the protective one. It includes the appropriation of own funds for the purchase of land, buildings, equipment, as well as the creation of a financial reserve in case of unforeseen losses. This source of financial resources is irreplaceable at the initial stages of the enterprise, when the founders make a number of priority expenses.

At the subsequent stages of enterprise development, the role of equity capital is no less important, part of these funds are invested in long-term assets, in the creation of various reserves. Although the main source of covering the costs of expanding operations is accumulated profits, enterprises often resort to new issues of shares or long-term loans when carrying out activities of a structural nature - opening branches, mergers.

Regulatory function. It is associated with the special interest of society in the successful functioning of enterprises.

The named functions of equity capital show that equity is the basis of the commercial activity of any enterprise. It ensures its independence and guarantees its financial stability, being a source of smoothing out the negative consequences of various risks that the company bears.

An increase in the efficiency of equity capital management is stimulated, on the one hand, by the desire to improve the financial results of the company's activities and the growth of the well-being of its owners, on the other hand, by the company's dependence on the external economic environment, which evaluates its activities from the outside and forms a system of economic relationships with it.

As a result of studying this chapter, the student must:

know

the structure of equity capital, its elements and their role in ensuring the effective functioning of the company;
the concept of sustainable financial growth of the company;
basic theories and types of dividend policy;
methods of calculating dividends;

be able to

determine the rate of sustainable growth of the company;
distribute profits in order to improve the efficiency of the company;

have skills

calculating the rate of sustainable growth of the company;
calculating the amount of dividends.

Equity structure

Equity capital is the main source of financing for the company's economic activities, therefore, equity capital management is one of the central tasks of the finance department. It represents the funds of the owners of the company, partly contributed by themselves, partly earned by the company itself.

Structurally, equity capital consists of several elements, the number and purpose of which in the business of the company can change. Management of the structure of equity capital is one of the most important tasks of the financial department in terms of managing its own capital, however, in order to competently solve this problem, a financial manager must understand the financial meaning and purpose of each structural element. The main components of equity capital will be discussed in this paragraph.

Initially, the authorized capital is a monetary value of the property of the owners, contributed by them during the creation of the company. At the same time, at the time of the beginning of the company's functioning, the authorized capital may not be paid in full. Subsequently, the size of the authorized capital may increase (at the request of the owners) or decrease (at will or without fail).

The legally established obligation to reduce the amount of the authorized capital is associated with its guarantee function. The fact is that its actual value indicated by the company in the financial statements may not correspond to the real state of the authorized capital or the real financial position of the company.

The discrepancy between the real state of the authorized capital and its nominal state is associated with the possible lack of demand for a part of the authorized capital. Joint-stock companies may have shares purchased from shareholders or unpaid at the time of their placement. If the company cannot sell such shares within a year, then they are subject to redemption - accordingly, the share capital of the company must be reduced by the amount of the canceled shares. In the case of limited liability companies, a similar procedure is established in relation to shares in the authorized capital of a company.

The correspondence of the authorized capital to the real financial condition of the company is determined on the basis of the indicator of net assets, which is calculated in accordance with the established procedure and must exceed the amount of the authorized capital of the company. If at the end of the financial year the amount of the authorized capital exceeds the amount of net assets, the company is given a year to correct this situation (this rule is valid starting from the second financial year from the date of the company's establishment). If during the year the company was unable to increase the amount of net assets at least to the amount of the authorized capital, the authorized capital must be reduced to the amount of net assets.

The formula for calculating the amount of net assets is as follows:

The composition of the assets taken into account includes all the assets of the company, with the exception of:

- the value in the amount of actual costs for the redemption of its own shares (stakes in the authorized capital) redeemed by the company from the participants (founders) for their subsequent resale or cancellation:
- debts of participants (founders) for contributions to the authorized capital.

The structure of liabilities taken for calculation includes long-term and short-term liabilities of the company, excluding deferred income.

Extra capital. Represents a kind of buffer for storing the added value of assets or shares of a company that arose as a result of changes in external market conditions. It can also be viewed as a reserve for equity capital, the amount of which is determined by market conditions. Additional capital arises in the following cases:

- the excess of the market value of the company's non-current assets over their book value - the value added to the additional capital is determined based on the results of the revaluation of the company's assets;
- sale of shares (stakes in the authorized capital) of the company at a price higher than their par value.

In the event of an unfavorable market situation, when the market value of fixed assets decreases (and this is reflected in the revaluation process) or the company's shares (shares) are sold at a price lower than the commemorated value (or the previous purchase), the resulting losses are accounted for by reducing the additional capital.

Like any other element in the equity group, additional capital is a source of financing for the company's activities. However, this is true only when it is formed as a result of the sale of shares (stakes) of the company at a price above par.

If the reason for the emergence of additional capital was the revaluation of assets at market value, then this element acquires a completely different financial meaning, becoming a means of increasing the value of the company.

Reserve capital. In paragraph 7.3, speaking about the distribution of the company's profits, we mentioned that part of the profits can be allocated to special reserves and funds that the company may or must form. It is this allocated part of the profit that constitutes the company's reserve capital. Depending on the reason for the formation of the reserve, the part of assets corresponding to the reserve capital can either be withdrawn from the company's activities (for example, banks are required to keep part of the amount of deposits in the form of interest-free deposits with the central bank), or used to finance a limited range of operations (for example, it is used only for investment into government securities - financial assets with a minimum level of risk and high liquidity).

The main purpose of the reserve capital is to compensate for the negative consequences of financial and other risks, therefore its internal structure and size are determined in the company's financial risk management system.

Undestributed profits. Equity includes accumulated retained earnings (see paragraph 7.3), its main purpose - to finance expanded reproduction. Despite the fact that this element is fully inherent in all the disadvantages characteristic of profit indicators, retained earnings still play an important role in the structure of equity capital. It is an assessment of the financial potential of the company (which was already mentioned in paragraph 7.3), which is quite simple to explain - the larger its value, the more money (received from collection of proceeds) over the entire period of its existence the company was able to invest in its own development.

However, retained earnings can also be used as an assessment of the level of the company's financial stability.

We represent the net assets of the company not as in formula 11.1, but in a different way. For simplicity, let's imagine that the company has no repurchased own shares (stakes), and the entire authorized capital has been paid in full. Then the total amount of assets taken into account when determining net assets will be equal to the total amount of assets or the currency of the company's balance sheet.

Since the total amount of the company's assets is equal to the total amount of its liabilities, the amount of net assets will be determined using the following formula:

(11.2)

If we assume that the company has no deferred income (which is very likely), then the formula will take on its final form:

or, which is the same:

Additional capital does not always arise from the components of equity capital considered above, but only when market conditions permit it. Reserve capital is a part of profit, therefore its presence in equity is possible only if this profit (i.e. accumulated retained earnings) exists. For simplicity, we can take the value of the additional and reserve capital equal to zero (which is typical for most limited liability companies and many closed joint stock companies), in this case we will receive the limiting formula illustrating the role of retained earnings as an estimate of the level of financial stability of the company:

(11.4)

The larger the retained earnings, the more risky operations or projects (in terms of the amount of possible loss) the company can afford without the threat of potential bankruptcy. At the same time, the amount of retained earnings makes it possible to estimate the period of time during which a company can exist in unfavorable external conditions without the threat of bankruptcy. Both of these aspects show the role of non-

limit profit in assessing the level of financial stability of the company.

Foundations. This element of equity arises from distributions of profits (see paragraph 7.3) in addition to mandatory funds. The company may not allocate such funds in its financial statements (then they are managed as described in paragraph 7.3), however, sometimes such allocation is useful from the point of view of maintaining the company's image or for other similar purposes.

Possible names of this structural element (statutory, joint-stock, reserve) depend on the organizational and legal form of the company. In the further presentation, if we are talking about general provisions characteristic of all basic organizational and legal forms of companies, the term "authorized capital" will be used, but if we are talking about the features of this element, characteristic of some special organizational and legal form, it will be the name of the capital used in this case is used.
Note that this is most often the case.

Own capital of an organization (enterprise) characterizes the total value of the organization's funds owned by it.

The following functions of equity capital can be distinguished:

- operational - associated with maintaining the continuity of the organization (enterprise);

- protective (absorbing) - aimed at protecting the capital of creditors and reimbursing (absorbing) the organization's losses;

- distributive - associated with participation in the distribution of profits;

- regulatory - determines the possibilities and scale of attracting borrowed sources of financing, as well as the participation of individual entities in the management of the organization.

The equity capital can be divided into two main components: invested and accumulated capital.

Invested capital - it is the capital invested by the owners. Includes the par value of common and preferred shares, as well as additional paid-in capital. The invested capital is presented in the balance sheet of Russian organizations in the form of authorized capital and additional capital in terms of share premium.

Accumulated capital is capital created in excess of what was originally advanced by the owners. It is reflected in the form of items formed from net profit (reserve capital, retained earnings).

Net Assets (NA) - it is the difference between the amount of the organization's assets accepted for calculation (Ar) and the amount of liabilities accepted for calculation (Pr).

In general, the value of net assets is calculated by the formula CHA = Ar - Pr

The amount of net assets may not coincide with the total of Section III "Capital and reserves" of the balance sheet. In order to avoid artificial overestimation of the share of equity capital and reduce the financial risks of the organization, the latter (the result of the section) needs to be adjusted.

The following components are allocated (accounted for) in equity capital: authorized (pooled) capital, additional capital, reserve capital, retained earnings and other reserves.

In the process of managing own capital, the sources of its formation are divided into internal and external.

V internal sources allocate retained earnings (she owns the main place), reserve funds anddepreciation deductions. Depreciation deductions, which represent the monetary value of the depreciation of fixed assets and intangible assets, are a source of financing for simple, and in some cases, extended reproduction.

As part of external sources for the formation of their own financial resources, one can single out:

Raising additional share capital (through re-issue and sale of shares);

Gratuitous financial assistance from legal entities and the state;

Conversion of borrowed funds into equity (exchange of corporate bonds for shares);

Targeted financing funds received for investment purposes;

Equity capital is characterized by ease of attraction, since decisions to increase it are made by owners and managers without the participation of other economic entities. The amount of equity capital largely determines the financial condition of the organization, in particular the level of its financial independence, the amount of net assets, and the profitability of its activities.

The level of financial independence (stability) of the organization is predetermined primarily by the structure of its capital. The main indicators of the organization's capital structure include:

autonomy coefficient - characterizes the degree of financial independence (dependence) of the organization from borrowed sources of financing. It is defined as the ratio of the amount of equity capital to the total value of the organization's assets (balance sheet currency). The calculated value should not be less than 0.5;

debt-to-equity ratio - shows which funds the company has more - its own or borrowed. It is defined as the ratio of the amount of borrowed capital to equity. The maximum value of the coefficient should not exceed 1;

leverage ratio (leverage ratio) is the inverse of the autonomy ratio. It is defined as the ratio of the value of the total assets of the organization to the value of its equity capital. Shows the influence of the capital structure as one of the factors on the return on equity;

financial soundness ratio characterizes the share of constant capital in the form of equity and long-term borrowed capital in the total assets (capital) of the enterprise. In foreign practice of financial analysis, the normal value of this ratio is taken equal to 0.9. A decrease in the coefficient to 0.75 is regarded as a critical level.

The disadvantages of using only equity capital are:

Limited volume of attraction for expanding the scale of entrepreneurial activity;

Higher cost in comparison with alternative borrowed sources of capital;

An unrealizable opportunity to increase profitability through the use of borrowed funds using the effect of financial leverage.

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Introduction

Chapter 1 Equity Capital of the Enterprise

1.1 The concept of equity and its structure

1.2 Sources of equity financing

Chapter 2 Management of Equity Wealth

2.1 Tasks and stages of equity management

2.2 Formation of the company's own internal financial resources

2.3 Dividend and emission policy of the company in the management of the company's equity capital

Conclusion

Bibliography

Introduction

The development of market relations in society has led to the emergence of a number of new economic objects of accounting and analysis. One of them is the capital of the enterprise as the most important economic category and, in particular, equity capital.

The significance of the latter for the viability and financial stability of the enterprise is so great that it received legislative confirmation in the Civil Code of the Russian Federation in terms of requirements for the minimum amount of the authorized capital, the ratio of the authorized capital and net assets; the possibility of paying dividends depending on the ratio of net assets and the amount of the authorized and reserve capital.

The financial policy of an enterprise is a key point in increasing the pace of its economic potential in a market economy with its fierce competition.

The indicators characterizing the financial condition of the enterprise are of great importance. Equity valuation serves as the basis for calculating most of them.

Equity accounting is an important part of the accounting system. Here, the main characteristics of the company's own sources of financing are formed.

The company needs to carry out an analysis of equity capital, as this helps to identify its main components and determine the consequences of their changes for financial stability.

The dynamics of changes in equity capital determines the amount of borrowed and borrowed capital. In recent years, there have been significant changes in the structure of money capital, as a result of an increase in the share of attracted and borrowed capital.

The main problem for each enterprise that needs to be determined is the sufficiency of monetary capital for carrying out financial activities, servicing money circulation, and creating conditions for economic growth. This problem remains unresolved for almost all enterprises, as evidenced by a significant shortage of their own working capital. Consequently, there is an objective need for a comprehensive study, analysis and improvement of the methodology and organization of accounting for the equity capital of economic entities.

The purpose of the course work is: to consider the concept and structure of equity capital, equity capital management: tasks, stages, mechanism, as well as the role of dividend and emission policies in equity capital management.

In connection with this goal, it is necessary to solve the following tasks:

Consider the equity of the enterprise.

Analyze equity management.

Chapter 1. Equity capital of the enterprise

1.1 The concept of equity and its structure

Equity capital is a set of material assets and monetary funds, financial investments and costs of acquiring rights and privileges necessary for the implementation of its economic activities.1

In Russian practice, the capital of an enterprise is often divided into active and passive capital. From a methodological point of view, this is not true. This approach is the reason for the underestimation of the place and role of capital in business and leads to a superficial consideration of the sources of capital formation. Capital cannot be passive, since it is a value that brings surplus value, which is in motion, in constant circulation. Therefore, it is more reasonable to apply here the concepts of sources of capital formation and functioning capital.

The structure of sources of formation of assets (funds) is represented by the main components: equity capital and borrowed (borrowed) funds.

The equity capital (IC) of an organization as a legal entity is generally determined by the value of the property owned by the organization. These are the so-called net assets of the organization and are defined as the difference between the value of property (active capital) and borrowed capital. Of course, equity capital has a complex structure. Its composition depends on the organizational and legal form of an economic entity.

Equity capital consists of authorized, additional and reserve capital, retained earnings and target (special) funds (Fig. 1). Commercial organizations operating on the principles of a market economy, as a rule, own collective or corporate property.

The owners are legal entities and individuals, a collective of depositors-shareholders or a corporation of shareholders. The authorized capital, formed as part of the share capital, most fully reflects all aspects of the organizational and legal basis for the formation of the authorized capital.

Rice. 1.Forms of functioning of the company's equity capital

Share capital is the equity capital of the joint stock company (JSC). A joint-stock company is an organization whose authorized capital is divided into a certain number of shares. JSC participants (shareholders) are not liable for the company's obligations and bear the risk of losses associated with its activities, within the value of the shares they own.

At the same time, the authorized capital is a set of contributions (calculated in monetary terms) of shareholders to the property when creating an enterprise to ensure its activities in the amount determined by the constituent documents. Due to its stability, the authorized capital covers, as a rule, the most illiquid assets, such as land leases, the cost of buildings, structures, equipment.

A special place in the implementation of the guarantee for the protection of creditors is occupied by reserve capital, the main task of which is to cover possible losses and reduce the risk of creditors in the event of a deteriorating economic situation. The reserve capital is formed in accordance with the procedure established by law and has a strictly targeted purpose. In a market economy, it acts as an insurance fund created to compensate for losses and protect the interests of third parties in case of insufficient profit from the enterprise before the authorized capital is reduced.

The Civil Code of the Russian Federation provides for the requirement that, starting from the second year of the enterprise's activity, its authorized capital should not be less than net assets. If this requirement is violated, then the company is obliged to reduce (re-register) the authorized capital, bringing it in line with the amount of net assets (but not less than the minimum value). The formation of the reserve capital is mandatory for joint-stock companies, its minimum amount should not be less than 5% of the authorized capital.

In contrast to the reserve capital, formed and in accordance with the requirements of the legislation, the reserve funds created voluntarily are formed exclusively in the manner established by the constituent documents or the accounting policy of the enterprise, regardless of the organizational and legal form of its ownership.

The next element of equity capital is additional capital, which shows the increase in the value of property as a result of revaluations of fixed assets and construction in progress of an organization made by the decision of the government, funds and property received in the amount of their excess over the value of shares transferred for them, and more. Additional capital can be used to increase the authorized capital, repay the balance sheet loss for the reporting year, and also be distributed among the founders of the enterprise and for other purposes. At the same time, the procedure for using the additional capital is determined by the owners, as a rule, in accordance with the constituent documents when considering the results of the reporting year.

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In business entities, there is another type of equity capital - retained earnings. Retained earnings - net profit (or part of it) not distributed in the form of dividends among shareholders (founders) and not used for other purposes. Usually, these funds are used to accumulate property of an economic entity or replenish its working capital in the form of free cash amounts, that is, at any time ready for a new turnover. Retained earnings may increase from year to year, representing growth in equity based on internal accumulation. In growing, developing joint-stock companies, retained earnings over the years occupy a leading place among the components of equity capital. Its amount is often several times the size of the authorized capital.

Trust (special) funds are created from the net profit of an economic entity and must serve for specific purposes in accordance with the charter or the decision of shareholders and owners. These funds are a form of retained earnings. In other words, it is retained earnings with a strictly targeted purpose.

The equity capital can be divided into two main components: invested capital, that is, the capital invested by the owners in the enterprise; and accumulated capital - capital created in the enterprise in addition to what was originally advanced by the owners. The invested capital includes the par value of common and preferred shares, as well as additionally paid (in excess of the par value of shares) capital. This group usually includes values received free of charge. The first component of the invested capital is represented in the balance sheet of Russian enterprises by the authorized capital, the second - by the additional capital (in terms of the share premium received), the third - by the additional capital or social fund (depending on the purpose of using the property received free of charge).

Accumulated capital is reflected in the form of items arising from the distribution of net profit (reserve capital, accumulation fund, retained earnings, and other similar items). Despite the fact that the source of the formation of individual components of the accumulated capital is net profit, the goals and procedure for the formation, the directions and possibilities of using each of its items differ significantly. These articles are formed in accordance with the legislation, constituent documents and accounting policies.

1.2 Sources of equity financing

All sources of equity capital formation can be divided into internal and external (Fig. 2).

3. Ensuring the financial stability of the development of the enterprise, its solvency in the long term, and, accordingly, reducing the risk of bankruptcy.

At the same time, it has the following disadvantages:

1. Limited volume of attraction, and, consequently, the possibility of a significant expansion of the operating and investment activities of the enterprise during periods of favorable market conditions at certain stages of its life cycle.

Rice. 2.Sources of equity capital formation

2. High cost in comparison with alternative borrowed sources of capital formation.

3. An unused opportunity to increase the return on equity ratio by attracting borrowed funds, since without such attraction it is impossible to ensure the excess of the financial profitability ratio of the enterprise's activity over the economic one.

Thus, an enterprise using only its own capital has the highest financial stability (its autonomy coefficient is equal to one), but limits the pace of its development (since it cannot provide the formation of the required additional volume of assets during periods of favorable market conditions) and does not use financial opportunities to increase the return on invested capital.

Based on the economic essence of equity capital, the economist Ukhina O.I. it is supposed to highlight the following criteria for the optimal structure of equity capital:

1. To ensure the protective function inherent in equity capital, the amount of the authorized capital must meet the requirements laid down in legislative acts. First of all, this concerns the minimum possible size at the time of formation, as well as the condition that in the course of the functioning of business companies, the size of their net assets should remain at a rate less than the authorized capital. But already at this stage, contradictions arise in Russian practice.3

The share of the authorized capital in the equity capital is so small that it cannot serve as a criterion for the sustainability of an enterprise, since the revaluation of fixed assets is reflected in the additional capital, and in this situation it is more expedient to compare net assets not only with the amount of the authorized capital, but also with the additional capital.

2. Operating enterprises must have a sufficient amount of equity capital, which will ensure the financial stability of the enterprise. It is assumed that it should be sufficient to form not only the fixed capital, but also its own working capital. This will ensure the protective and regulatory functions of capital, as well as the function of changing the direction of production, i.e. development opportunities.

3. For the implementation of the function of capital, expressed by the ability to generate income, the criterion can be the efficiency of using equity capital.

Its most effective use is possible on condition of attracting a loan, despite its being paid for. This is indicated by the effect of financial leverage. Accordingly, the ratio of equity and borrowed capital should be optimal for each specific enterprise based on its strategy and capabilities.

4. The price of equity capital indicates the high price of the enterprise, its financial stability, and also allows you to realize the purchasing power of capital and its regulatory function.

5. Capital acts as an agent of production, serves future needs. Based on this, it is necessary to include retained earnings (or profit directed to special funds for the development of production) in the equity capital. All this should be expressed in a dividend policy. Determining the proportions in the distribution of profits is one of the key issues. For the enterprise, it is important both its own development and the payment of dividends to the founders, which contributes to the increase in the price of the enterprise. Achieving the optimal size in the distribution of profits is possible based on the internal growth rates of the enterprise.

6. Protective and regulatory functions can be fully realized only with the creation of a minimum amount of reserve capital. This is especially important for agricultural enterprises that are subject to both business and natural and economic risks. At the same time, one should take into account Russian practice and those contradictions that arise when determining the minimum size of the reserve capital, the value of which is directly dependent on the size of the authorized capital, which is regulated in legislative acts. However, it is worth noting that at present in most of the joint-stock companies the size of the authorized capital is very small, which means that in the event of unforeseen losses, the minimum level of reserve capital does not play the value of the buffer that is attributed to it.

Thus, considering the problem of the formation of a rational capital structure, it is advisable to conclude that approaching the solution of this issue, taking into account the criteria of optimality, many enterprises can achieve the required level of financial stability, ensure a high degree of development, reduce risk factors, increase the price of an enterprise and withdraw production to a more efficient level. The ratio between own and borrowed sources of funds is one of the key analytical indicators characterizing the degree of risk of investing financial resources in a given enterprise. One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective. It is associated with the general financial structure of the enterprise, the degree of its dependence on creditors and investors.

Chapter 2 Equity Management

2.1 Tasks and stages of equity management

At the first stage of the analysis the total volume of the formation of own financial resources, the correspondence of the growth rate of equity capital to the growth rate of assets and the volume of products sold by the enterprise, the dynamics of the share of own resources in the total volume of formation of financial resources in the preplanned period are studied.

At the second stage of the analysis the sources of formation of own financial resources are considered. First of all, the ratio of external and internal sources of formation of own financial resources is studied, as well as the cost of attracting equity capital from various sources.

At the third stage of the analysis the sufficiency of own financial resources, formed at the enterprise in the preplanned period, is assessed.

2. Determination of the general need for their own financial resources. This need is determined by the following formula:

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Psfr = (Pk * Usk) / 100 - SKn + Pr (1.1.)

where Psfr is the total need for the company's own financial resources in the planning period;

Pk is the total capital requirement at the end of the planning period;

Usk - the planned share of equity capital in its total amount;

SKN - the amount of equity at the beginning of the planning period;

Pr - the amount of profit directed to consumption in the planning period.

The calculated total need covers the required amount of own financial resources generated both from internal and external sources.

4. Ensuring the maximum volume of attracting own financial resources from internal sources. Before turning to external sources for the formation of their own financial resources, all the possibilities of their formation at the expense of internal sources must be realized. Since the equal planned internal sources of the formation of the company's own financial resources are the sum of net profit and depreciation deductions, first of all, in the planning process of these indicators, it is necessary to envisage the possibility of their growth at the expense of various reserves.

The method of accelerated depreciation of the active part of fixed assets increases the possibility of forming its own financial resources from this source. However, it should be borne in mind that an increase in the amount of depreciation deductions in the process of carrying out accelerated depreciation of certain types of fixed assets leads to a certain decrease in the amount of net profit. Therefore, when looking for reserves for the growth of own financial resources at the expense of internal sources, one should proceed from the need to maximize their total amount.

Doctor of Economics, Professor Blank I.A. The need to attract own financial resources from external sources suggests calculating according to the following formula:

SFRvnesh = Psfr - SFRvnut, (1.2.)

where SFRvnesh is the need to attract own financial resources from external sources;

Psfr - the total need for the company's own financial resources in the planning period;

SFRvnut - the amount of own financial resources planned to be attracted from internal sources.

It is planned to ensure the satisfaction of the need for its own financial resources at the expense of external sources by attracting additional share capital, additional issue of shares or from other sources.

6. Optimization of the ratio of internal and external sources of formation of own financial resources. This optimization process is based on the following criteria:

Ensuring the minimum total cost of attracting own financial resources. If the cost of attracting your own financial resources from external sources significantly exceeds the planned cost of attracting borrowed funds, then such formation of your own resources should be abandoned;

Ensuring that the original founders retain control of the enterprise. The growth of additional share or share capital at the expense of third-party investors can lead to the loss of such manageability.

The effectiveness of the developed policy for the formation of own financial resources is assessed using the coefficient of self-financing of the development of the enterprise in the coming period. Its level should correspond to the set goal.

The coefficient of self-financing for the development of an enterprise is calculated according to the following formula:

where Ksf is the coefficient of self-financing of the forthcoming development of the enterprise;

SFR - the planned volume of the formation of its own financial resources;

A - the planned increase in the assets of the enterprise;

PP - the planned volume of consumption of net profit.

Successful implementation of the developed policy for the formation of own financial resources is associated with the solution of the following main tasks:

Ensuring the maximization of the formation of the company's profit, taking into account the permissible level of financial risk;

Formation of an effective policy of distribution of profits (dividend policy) of the enterprise;

Formation and effective implementation of the policy of additional issue of shares (emission policy) or attracting additional share capital.

2.2 Formation of the company's own internal financial resources

The basis for the formation of the company's own internal financial resources of the enterprise, directed to production development, is the balance sheet profit, which characterizes one of the most important results of the financial activity of the enterprise.

It represents the sum of the following types of enterprise profits:

Profits from product sales (or operating profit);

Profits from the sale of property;

Profits from non-sales transactions.

Among these types, the main role belongs to operating profit, which currently accounts for 90-95% of the total balance sheet profit. In many enterprises, it is the only source of formation of balance sheet profit. Therefore, the management of the formation of an enterprise's profit is usually considered as a process of generating operating profit (profit from product sales).

The main goal of managing the formation of an enterprise's operating profit is to identify the main factors that determine its final size, and to find reserves for further increasing its amount.

The mechanism for managing the formation of operating profit is built taking into account the close relationship of this indicator with the volume of sales of products, income and costs of the enterprise. The system of this relationship, called "The relationship between costs, sales and profits" allows you to highlight the role of individual factors in the formation of operating profit and ensure effective management of this process at the enterprise.

In the process of managing the formation of operating profit based on the CVP system, the enterprise solves the following tasks:

1. Determination of the volume of sales of products, providing a break-even operating activity for a short period.

2. Determination of the volume of sales of products, providing a break-even operating activity in the long run.

3. Determination of the required volume of sales of products, ensuring the achievement of the planned (target) amount of gross operating profit. This task can also have the opposite formulation: determining the planned amount of gross operating profit for a given planned volume of product sales.

4. Determination of the sum of the "safety margin" (or "margin of safety") of the enterprise, i.e. the size of a possible decrease in the volume of sales of products.

5. Determination of the required volume of sales of products, ensuring the achievement of the planned (target) amount of the company's marginal operating profit. This problem can also have the opposite formulation: determining the planned amount of marginal operating profit for a given planned volume of product sales.

The division of the entire set of operating costs of an enterprise into fixed and variable allows the use of a mechanism for managing operating profit, known as "operating leverage".

The operation of this mechanism is based on the fact that the presence in the composition of operating costs of any amount of their constant types leads to the fact that when the volume of sales of products changes, the amount of operating profit always changes at an even higher rate. In other words, fixed operating costs (costs) by the very fact of their existence cause a disproportionately higher change in the amount of the company's operating profit for any change in the volume of sales of products, regardless of the size of the company, the industry characteristics of its operating activities and other factors.

However, the degree of such sensitivity of operating profit to changes in the volume of sales of products is ambiguous at enterprises with a different ratio of fixed and variable operating costs. The higher the proportion of fixed costs in the total amount of the company's operating costs, the more the amount of operating profit changes in relation to the rate of change in the volume of sales of products.

The ratio of fixed and variable operating costs of an enterprise, which makes it possible to include an operating leverage mechanism with varying intensity of impact on the operating profit of an enterprise, is characterized by the operating leverage ratio, which is calculated using the following formula:

where Qty is the operational leverage ratio;

Hypost - the sum of fixed operating costs;

Io is the total amount of transaction costs.

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The higher the value of the operating leverage ratio at the enterprise, the more it is able to accelerate the growth rate of operating profit in relation to the growth rate of the sales volume. In other words, with the same growth rate of sales volume, an enterprise with a higher operating leverage ratio, all other things being equal, will always increase the amount of its operating profit to a greater extent in comparison with an enterprise with a lower value of this ratio.

The specific ratio of the increase in the amount of operating profit and the amount of sales, achieved at a certain ratio of operating leverage, is characterized by the indicator "effect of operating leverage". The basic formula for calculating this indicator is:

where Eol - the effect of operational leverage, achieved at a specific value of its ratio at the enterprise;

GP - growth rate of gross operating profit, in%;

RR is the growth rate of the volume of sales of products, in%.

By setting one or another rate of increase in the volume of sales of products, using the indicated formula, it is possible to determine the extent to which the amount of operating profit will increase with the existing operating leverage ratio at the enterprise.

Management of the company's equity capital also includes determining the optimal balance between equity and borrowed financial resources.

In order to answer these questions, it is necessary to familiarize yourself with the concept of financial leverage and consider the issue of its functioning.

Financial leverage ("financial leverage") is a financial mechanism for managing the return on equity by optimizing the ratio of equity and borrowed funds used.

The effect of financial leverage is an increase in the profitability of own funds obtained through the use of a loan, despite the fact that the latter is paid.

In other words, the company must initially develop such economic profitability that there are enough funds, at least, to pay interest on the loan.

The following formula can be used to calculate the leverage effect:

EFR = (Рк - Рзк) х ЗС / SK, (1.6.)

where Рк - the return on total capital (the ratio of the amount of net profit and the price paid for borrowed funds and the amount of capital);

Рзк - the return on borrowed capital (the ratio of the price paid for borrowed funds to the amount of borrowed funds);

ЗК - borrowed capital (average value for the period);

SK - equity capital (average value for the period).

Thus, the effect of financial leverage determines the boundary of the economic feasibility of attracting borrowed funds.

If the return on investment in an enterprise is higher than the price of borrowed funds, financing from borrowed sources should be increased, while the rate of profit growth will depend on the rate of change in the capital structure of the enterprise (the ratio of the amounts of borrowed and equity capital). However, the increase in the amount of debt in the structure of liabilities is accompanied by a decrease in liquidity and solvency of the borrower, an increase in risks, and an increase in the price of loans provided. As a result, the profit from use and the price of borrowed sources equalize, which leads to a zero value of the effect of financial leverage.

A further increase in the share of borrowed capital greatly increases the risk of bankruptcy of an economic entity and should be perceived by management as a signal to pay off part of the debt or search for sources of profit growth.

According to (1.6.) The return on total capital changes depending on the dynamics of the individual components of the above formula. The influence is exerted by the following factors: profit from business operations, the price of attracted resources, the ratio of equity and debt capital.

Obviously, with an increase in the share of borrowed funds in the capital structure and a decrease in financial stability, the profit growth rate decreases up to a negative value (i.e., to an absolute decrease in profit). Thus, in pursuit of the goal of maximizing profits, the company must increase the share of borrowed capital in funding sources with a positive value of the EFR, while avoiding financial instability.

When analyzing the EGF, it is necessary to note the problem of ensuring the reliability of the information used in calculating the indicator. EFR is calculated on the basis of traditional accounting sources of information, which implies its adjustment, taking into account the peculiarities of the analysis. For example, the replacement of the monetary form of settlements with a commodity one undermines the basis for determining the profitability and profitability of an enterprise, the financial result is distorted by barter transactions. In this situation, it is necessary to correct the original data using detailed information.

Thus, effective management of the financial resources of an enterprise involves an active and purposeful impact on the capital structure in order to maximize the return on investment. It is possible to estimate the optimal amount of financing from borrowed sources using the EFR criterion. It allows you to make a decision in advance about the impact on the dynamics of funding sources in the right direction to prevent an increase in investment risk.

In our opinion, when solving the problem of forming a rational structure of enterprise funds, in addition to calculating quantitative indicators, it is necessary to take into account qualitative factors, including:

The stability of the dynamics of turnover. An enterprise with a stable turnover can afford a relatively larger share of borrowed funds and more significant fixed costs.

The level and dynamics of profitability. The enterprise generates sufficient profit to finance development and manages to a greater extent with its own funds.

Asset structure. If an enterprise has significant general-purpose assets that can serve as collateral for loans, then an increase in the share of borrowed funds in the liability structure is quite justified.

The severity of taxation. The higher the income tax, the fewer tax incentives and opportunities to use accelerated depreciation, the more preferable debt financing looks because at least part of the interest on the loan is attributed to the prime cost. Moreover, the higher the taxes, the more the company feels the lack of funds and the more often it is forced to apply for a loan.

The attitude of creditors to the enterprise. The specific conditions for granting a loan may deviate from the average, depending on the financial and economic situation of the enterprise. For a small and / or starting-up enterprise, access to credit resources is especially difficult due to the risky financial situation of the enterprise, insufficient credit security, and lack of credit history.

The state of the capital market. In an unfavorable situation on the capital market, sometimes it is necessary to simply obey the circumstances, postponing until better times the formation of a rational structure of sources of funds.

2.3 Dividend and emission policy of the company in the management of the company's equity capital

Dividend policy of the enterprise

The main goal of developing a dividend policy is to establish the necessary proportionality between the current consumption of profit by the owners and its future growth, which maximizes the market value of the enterprise and ensures its strategic development.

Based on this goal, the concept of dividend policy can be formulated as follows: dividend policy is an integral part of the overall profit management policy, which consists in optimizing the proportions between the consumed and capitalized parts of it in order to maximize the market value of the enterprise.

The problems, the solution of which necessitates the development of a dividend policy, are the following: on the one hand, the payment of dividends should protect the interests of the owner and create preconditions for the growth of the share price, and in this sense, their maximization is a positive trend; on the other hand, maximizing the payment of dividends reduces the share of profits reinvested in the development of production. When forming a dividend policy, it is necessary to take into account that the classical formula: "the share price is directly proportional to the dividend and inversely proportional to the interest rate on alternative investments" is not applicable in practice in all cases. Investors can highly appreciate the value of the company's shares even without paying dividends, if they are well informed about its development programs, the reasons for non-payment or reduction of dividend payments and the directions of profit reinvestment. Decision-making on the payment of dividends and their amount is largely determined by the stage of the enterprise's life cycle. For example, if the management of an enterprise intends to carry out a serious reconstruction program and for its implementation plans to carry out an additional issue of shares, then such an issue should be preceded by a sufficiently long period of consistently high dividend payments, which will lead to a significant increase in the share price and, accordingly, to an increase in the amount of borrowed funds. received as a result of the placement of additional shares.

The dividend policy of the joint stock company is formed in the following main stages:

1. Assessment of the main factors determining the formation of the dividend policy.

2. The choice of the type of dividend policy is carried out in accordance with the financial strategy of the joint stock company, taking into account the assessment of individual factors.

3. The mechanism of distribution of the profit of the joint-stock company in accordance with the selected type of dividend policy.

4. Determination of the level of dividend payments per ordinary share.

5. Evaluation of the effectiveness of the joint stock company's dividend policy.

Emission policy of the enterprise

The main goal of the issue policy is to attract the required amount of own financial resources in the stock market as soon as possible. Taking into account the formulated goal, the issuing policy of the enterprise is part of the general policy of forming its own financial resources, which consists in ensuring the attraction of the required volume of funds by issuing and placing its own shares on the stock market.

Continuation
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The development of an effective emission policy of the enterprise covers the following stages

1. Investigation of the possibilities of effective placement of the proposed issue of shares. The decision on the proposed primary (when transforming an enterprise into a joint-stock company) or additional (if the enterprise has already been created in the form of a joint-stock company and needs an additional inflow of equity capital) issue of shares can be made only on the basis of a comprehensive preliminary analysis of the stock market situation and an assessment of the investment attractiveness of its shares ...

Analysis of the situation on the stock market (exchange and over-the-counter) includes a description of the state of supply and demand for shares, the dynamics of the price level of their quotations, the volume of sales of new issues of shares and a number of other indicators. The result of such an analysis is to determine the level of sensitivity of the stock market's response to the emergence of a new issue and to assess its potential to absorb the issued volumes of shares.

Assessment of the investment attractiveness of their shares is carried out from the standpoint of taking into account the prospects for the development of the industry (in comparison with other industries), the competitiveness of the products, as well as the level of indicators of their financial condition (in comparison with the industry average indicators). The evaluation process determines the possible degree of investment preference for the shares of one's own company in comparison with the tradable shares of other companies.

2. Determination of the objectives of the issue. Due to the high cost of attracting equity capital from external sources of emission, they should be sufficiently significant from the standpoint of the strategic development of the enterprise and the possibility of a significant increase in its market value in the coming period. The main of such goals, which the company is guided by, resorting to this source of formation of equity capital, are:

Real investment associated with sectoral and regional diversification of production activities (creation of a network of new branches, subsidiaries, new industries with a large volume of production, etc.);

The need to significantly improve the structure of capital used (increasing the share of equity capital in order to increase the level of financial stability, ensuring a higher level of its own creditworthiness and thereby reducing the cost of attracting borrowed capital, increasing the effect of financial leverage, etc.);

The planned takeover of other enterprises in order to obtain a synergistic effect (participation in the privatization of third-party state-owned enterprises can also be considered as an option for their takeover, if this ensures the acquisition of a controlling stake or a predominant share in the authorized capital);

Other strategic goals requiring the rapid accumulation of a significant amount of equity capital.

3. Determination of the emission volume. When determining the volume of emission, it is necessary to proceed from the previously calculated need for attracting own financial resources from external sources.

4. Determination of the par, types and number of issued shares. The nominal value of shares is determined taking into account the main categories of their upcoming buyers (the largest nominal values of shares are oriented towards their acquisition by institutional investors, and the smallest - towards the acquisition by the population). In the process of determining the types of shares, the expediency of issuing preferred shares is established, if such an issue is recognized as expedient, then the ratio of ordinary and preferred shares is established. The number of issued shares is determined based on the volume of issue and the par value of one share (in the process of one issue, only one variant of the par value of shares can be set).

5. Estimation of the cost of the attracted share capital. In accordance with the principles of such an assessment, it is carried out according to the expected level of dividends and the costs of issuing shares and placing the issue. The estimated cost of capital raised is left with the actual weighted average cost of capital and the average rate of interest in the capital market. Only after that the final decision on the implementation of the issue of shares is made.

6. Determination of effective forms of underwriting. In order to quickly and efficiently conduct an open placement of the issued volume of shares, it is necessary to determine the composition of underwriters, agree with them the prices of the initial quotation of shares and the size of the commission, ensure the regulation of the volume of sale of shares in accordance with the needs in the flow of funds that ensure the maintenance of liquidity already placed shares at the initial stage of their circulation.

Taking into account the increased volume of equity capital, the enterprise has the opportunity, using a constant financial leverage ratio, to accordingly increase the volume of borrowed funds, and, consequently, to increase the return on equity capital.

Thus, it is the equity capital indicators that close the whole pyramid of performance indicators of the enterprise, all activities of which should be aimed at increasing the amount of equity capital and increasing its profitability.

Undoubtedly, the above methods and approaches to equity capital management are fundamental. However, when assessing the investment attractiveness of an enterprise, the primary task in managing its own capital is its assessment.

Conclusion

Equity capital is a set of material assets and monetary funds, financial investments and costs of acquiring rights and privileges necessary for the implementation of its economic activities.

Equity capital is characterized by the following main positive features:

1. Ease of attraction, since decisions related to an increase in equity capital (especially due to internal sources of its formation) are made by the owners and managers of the enterprise without the need to obtain the consent of other economic entities.

2. Higher ability to generate profits in all areas of activity, because when using it, it does not require the payment of interest in all its forms.

Considering the problem of the formation of a rational capital structure, it is advisable to conclude that approaching the solution of this issue, taking into account the criteria of optimality, many enterprises can achieve the required level of financial stability, ensure a high degree of development, reduce risk factors, increase the price of an enterprise and bring production to a more efficient level. The ratio between own and borrowed sources of funds is one of the key analytical indicators characterizing the degree of risk of investing financial resources in a given enterprise. One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective. It is associated with the general financial structure of the enterprise, the degree of its dependence on creditors and investors.

The main tasks of equity capital management are

Determination of the appropriate size of equity capital;

Increase, if required, in the amount of equity capital through retained earnings or additional issue of shares;

Determination of the rational structure of newly issued shares;

Definition and implementation of dividend policy.

The development of a policy for the formation of the company's own financial resources is carried out in the following main stages.

1. Analysis of the formation of the company's own financial resources in the previous period.

2. Determination of the general need for their own financial resources.

3. Assessment of the cost of attracting equity capital from various sources.

4. Ensuring the maximum volume of attracting own financial resources from internal sources.

5. Ensuring the required volume of attracting own financial resources from external sources.

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