Manage your own capital of PDF enterprise. Manage your own capital organization. Em session company policy

Chapter 1. Theoretical Basics Management of Owned Capital Enterprise

1.1 The concept of equity and its structure

In the conditions of the formation and development of market relations, enterprises can and should independently form their financial resources, the main sources of which are profit, funds received from the sale of securities, mutual and other contributions of shareholders, legal entities and individuals, as well as loans and other receipts, Contradictory legislation.

Capital is a part of financial resources involved in the organization in turnover and income from this turnover.

The structure of the sources of assets (funds) is represented by the main components: own capital and borrowed (attracted) means.

Own capital consists of statutory, 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, are owned by collective or corporate property.

Fig. one. Form of functioning of own capital enterprises

The basis of the company's own capital is the authorized capital, recorded in its statutory constituent documents. It is a necessary condition for the formation and functioning of any legal entity.

The authorized capital is the starting capital necessary to the enterprise for the implementation of financial and economic activities in order to profit.

The authorized capital is the sum of the contributions of the founders of the economic entity to ensure its livelihoods. The magnitude of the authorized capital corresponds to the amount recorded in the constituent documents, and is unchanged. An increase or decrease in the authorized capital may be carried out in the prescribed manner (for example, by decision of the General Assembly) only after the re-registration of the economic entity. As deposits to share capital, it can be made: buildings, structures, equipment, other material values, securities, land use, water and other natural resources, buildings, structures, equipment, other property rights (including intellectual property: Know-how, the right to use of inventions, etc.), cash in rubles and currency. The cost of deposits is assessed in rubles by the joint decision of the participants in economic entities and is their shares in the authorized capital.

According to the Civil Code of the Russian Federation, authorized capital may appear in the form:

· Flat capital - in full partnership and partnership on faith;

· Pass or indivisible fund - in the production cooperative (artel);

· Authorized capital - in joint-stock companies, societies with limited and more responsibility;

· The authorized capital - in unitary state and municipal enterprises.

The authorized capital is formed at the initial investment of funds. Its value is declared when registering an enterprise, and any adjustment of the amount of share capital is allowed only in cases and procedures stipulated by the current legislation and constituent documents.

Functions of authorized capital:

· Forms a material base to start the organization's activities;

· Guarantees the interests of creditors;

· Determines the share of the participation of each owner in the distribution of the organization's profits;

· The size of the authorized capital is an indicator of the effectiveness of the organization's activities.

The change in the size of the authorized capital of the enterprise is always associated with the reappround of its constituent documents by the general assembly of founders and their re-registration in the relevant state bodies.

The next element of equity - additional capital is, in fact, add-on to the authorized capital and includes the amount before evaluating fixed assets, capital construction facilities and other material objects of the Organization's property with a useful life of 12 months carried out in the prescribed manner.

Expose capital can be used to increase the authorized capital, repayment of the balance loss for the reporting year, and is also distributed among the founders of the enterprise and for other purposes. At the same time, the procedure for the use of additional capital is determined by the owners, as a rule, in accordance with the constituent documents when considering the results of the reporting year.

Unlike the statutory, additional capital is not divided into shares made by specific participants.

Regulatory documents are prohibited to use it on the purpose of consumption.

Extreme capital accumulates funds from the channels specified above. The main channel here are the results of revaluation of fixed assets.

Sources of formation of additional capital are:

· Growth of the value of property due to revaluation and capital investments;

· Positive exchange differences formed under the contribution of foreign currency to share capital;

· Tools allocated from the budget and used on financing long-term investments;

· Industrial facilities aimed at replenishing current assets.

As a result of the revaluation of fixed assets, the value of additional capital may vary as towards increasing and decreasing.

Expose capital can be replenished at the expense of funds sent to an increase in own current assets. This source of additional capital replenishment is formed during the distribution process by the participants of the enterprise retained net profit. At the same time, in accounting, the direction of retained earnings on the replenishment of own working capital is reflected in the debit of account 84 "Retained earnings (uncovered loss)" in correspondence with the account of 83 "additional capital".

A special place in the implementation of guarantees of the protection of creditors occupies a reserve capital, the main task of which is to cover possible losses and reducing the risk of creditors in the event of a deterioration in the 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, he acts as an insurance fund created to compensate for damages and protect the interests of third parties in the event of insufficient profit from the enterprise before the authorized capital is reduced.

The reserve capital is designed to cover unforeseen losses (losses), as well as to pay income to investors when there are not enough profit for these purposes. The main source of reserve capital education is profit.

The formation of own capital of the company is subordinate to two main goals:

1. Formation at the expense of own capital of the required amount of non-current assets . The amount of own capital of the enterprise, advanced into a variety of types of its non-current assets (fixed assets; intangible assets; unfinished construction; long-term financial investments, etc.), characterized by the term own fixed capital.

2. Formation at the expense of own capital of a certain amount of current assets. Own capital, adventable in various types of its current assets (stocks of raw materials, materials and semi-finished products; the volume of unfinished production; stocks of finished products; current receivables; cash assets, etc.), It is characterized by the term own working capital.

Management of own capital is associated not only with the effective use of its already accumulated part, but also with the formation of its own financial resources that ensure the forthcoming development of the enterprise. In the process of managing the formation of own financial resources, they are classified by the sources of this formation.

As part of the internal sources of formation of their own financial resources, the main place is owned by the profit remaining at the disposal of the enterprise - it forms a predominant part of its own financial resources, ensures the increase in equity, and accordingly, the growth of the market value of the enterprise. A certain role in the composition of internal sources also play depreciation deductions, especially in enterprises with a high cost of their own fixed assets and intangible assets; However, they do not increase the amount of equity equal capital, but are only a means of reinvesting. Other internal sources do not play a prominent role in the formation of the enterprise's own financial resources.

As part of external sources of formation of their own financial resources, the main place belongs to attracting an additional shareholder enterprise (by additional contributions of funds of participants) or shareholder (through additional emissions and the implementation of shares) of capital. For individual enterprises, one of the external sources of formation of own financial resources may be granted free financial assistance (as a rule, such assistance is provided only to individual state-owned enterprises of different levels). Other external sources of formation of their own financial resources include the material and intangible assets transferred to the enterprise, including its balance sheet.

Management of own capital is to form targeted sources of financing by profits, contributions of founders and participants and other income, as well as their use.

The financial manager determines the composition and structures of funds formed in the enterprise, and also establishes the target directions of their spending.

A number of funds funds are formed by enterprises by virtue of the requirements of laws, others depend on the decision of the founders and accounting policies of the enterprise.

Authorized capital. Acts main and, as a rule, the only source of funding at the time of the creation of a commercial organization of the joint-stock type; He characterizes the proportion of owners in the assets of the enterprise. In the balance sheet, the authorized capital is reflected in the amount determined by the constituent documents. An increase (reduction) of the authorized capital is allowed to solve the owners of the organization on the basis of the meeting for the year with a mandatory change in constituent documents. For economic societies, legislation provides for the need for a forced change in the magnitude of the authorized capital (in the direction of the decrease) in the event that its value exceeds the value of the Company's net assets.

The authorized capital of the organization defines the minimum size of its property that guarantees the interests of its creditors. For some organizational and legal forms of business, its value is limited to below; In particular, the minimum authorized capital of an open society should be at least a thousand-year sum of the minimum amount of remuneration (minimum wage) at the date of its registration, and a closed society is at least the hundred of the minimum wage.

The authorized capital of the joint-stock company may consist of shares of two types - ordinary and privileged, and the nominal value of placed preferred shares should not exceed 25%. Shares of society, distributed under its institution, should be fully paid for the term defined by the Company's charter, while at least 50% of distributed shares should be paid within three months from the date of state registration of the Company, and the remaining part - during the year since its registration.

Promotion is a security testifying to the participation of its owner in the company's own capital. Purchase of shares is accompanied for an investor to acquire a number of property and other rights:

- the right to vote, i.e. the right to participate in the management of the company through, as a rule, voting at the shareholders meeting when choosing its executive bodies, making strategic areas of the company, solving issues related to the property interests of shareholders, in particular issues related to liquidation or sales of parts of property, emissions of securities, etc.; It should be noted that the action does not provide votes until its full payment, with the exception of shares acquired by the founders in the establishment of society;
- the right to participate in the distribution of profits, and, consequently, to receive

proportional part of profits in the form of dividends;

- the right to the appropriate share of the company's share capital of the company of assets during its liquidation;
- the right to limited liability, according to which the shareholders are responsible for the company's external liabilities only within the market value of the shares belonging to them;
- the right to sell or concessions to its owner to any other person;
- The right to receive information on the company's activities, mainly the one that is presented in the published annual report.

Ordinary shares are the main component of the company's share capital. From the position of potential investors, they are characterized by the following features:

1) can generate relatively greater income, but more risky compared to other investment options;
2) there is no guaranteed income;
3) there is no guarantee that when selling shares, their owner does not afford a loss;
4) With the liquidation of the company, the right to receive a part of property is being implemented last.

An ordinary share gives the right to receive floating income, i.e. income, depending on the results of the Company's activities, as well as the right to participate in management. The distribution of net profit among ordinary shares is carried out after the payment of dividends on preferred shares and replenish the reserves provided for by the constituent documents and the decision of the shareholders' meeting. In other words, the payment of dividends on ordinary shares is no longer guaranteed and depends solely on the results of the current activities and the decision of the shareholders' meeting.

The owner of a privileged action, as a rule, has the right to receive dividends in the form of a guaranteed fixed interest in the form of a guaranteed fixed interest, as well as in the balance of assets in the liquidation of society. Dividends on such shares in most cases should be paid regardless of the results of the Company's activities and before their distribution between the holders of ordinary shares. Thus, it is determined by a relatively lower risk of preferred shares; At the same time, this is also reflected in the amount of dividends, the level of which is on average, as a rule, is lower compared with the level of dividends paid on ordinary shares. In addition, a preferred share does not give the right to participate in the management of society, unless otherwise provided by the statutory documents. We emphasize that the meaning of the term "privileged", expressed in the privilege in dividends and privilege in the liquidation of society, is revealed only in the relationship between the owners of two fundamentally different types of shares. As for other individuals and legal entities related to this company, no matter how the privilege of shareholders, naturally, can not be.

In the conditions of constantly changing market conditions in the capital market, long-term maintenance of interest rates unchanged, as is the case in the case of privileged shares, is very problematic. That is why privileged shares most often have a limited life lifespan - they are either converted into ordinary shares, or repaid (in the latter case, the issuance of the repayment Foundation is provided in the emission prospectus). In this regard, these financial instruments are often interpreted as hybrid securities, since they simultaneously have the properties of ordinary shares (they are eligible to receive a share in current increments and property) and bonds (constant and, as a rule, the obligation of permanent dividend payments).

Extreme capital is essentially a supplement to the authorized capital and includes the amount before assessing fixed assets, capital construction facilities and other material objects of the Organization's property with a useful life of more than 12 months, conducted in the prescribed manner, as well as the amount obtained above the nominal value of posted shares ( Em session income of the joint stock company). In terms of the pre-calculation of non-current assets, additional capital can be formed very artificially. The use of this source of funds regulated by accounting regulators includes:

- repayment of reducing the value of non-current assets as a result of their revaluation;
- increase the authorized capital;
- Distribution between the participants of the organization.

Reserve capital. The sources reflected in this subsection can be created in the organization or necessarily or in the event that this is provided for in the constituent documents. The legislation of the Russian Federation provides for the mandatory creation of reserve funds in the joint-stock companies of open-type and organizations with the participation of foreign investment. According to the Federal Law "On Joint-Stock Companies, the amount of reserve fund (capital) is determined in the Company's charter and there should be no less than 5% of the authorized capital. The formation of reserve capital is carried out through mandatory annual deductions until it reaches the established size. The magnitude of these contributions is also determined in the Charter, but there can be no less than 5% of net profit (the profits remaining at the disposal of the Company's owners after calculations with the tax budget). This law provides that reserve capital funds are intended to cover losses, as well as to repay the bonds of society and redeem their own shares in the absence of other means.

Undestributed profits. The profit obtained by the enterprise is distributed by the decision of the competent authority (for example, the general meeting of shareholders in a joint-stock company or the meeting of participants in a limited liability company) for the payment of dividends, the formation of reserve and other funds, coverage of losses of past years, etc. The remaining retained balance of profit the creature is reinvesting profits in the assets of the enterprise; It is reflected in the balance as a source of own funds and remains unchanged until the next meeting of shareholders. If the share of annually reinvested profits is steadily high in dynamics, i.e. Shareholders suggests the company generated by the company's profitability of equity, then over the years, this source can be very significant in the structure of sources of own funds.

Ways to finance the enterprise at their own funds. As it is easy to see from the above characteristics of the elements of equity, their role in the financing of the enterprise is rather diverse.

The source of financing investment activities, as well as ensuring and expanding the current activities, is definitely the profit of the enterprise. To implement strategically important projects, a one-time increase in the authorized capital can act as a source of funding by an additional issuance of shares.

In world practice, various issues of share emissions are known:

- sale directly investors on subscription;
- Sale through investment institutions that buy all the release and then distribute shares at a fixed price among individuals and legal entities;
- Tender sale (several investment institutions for bathing at the borrower all production at a fixed price and then arrange auction, based on the results of which establish the optimal price of the action);
- placement of shares by a broker in a small number of its customers.

Emissions of shares - expensive and long-standing process, in addition, it is governed by law (in particular, by the Federal Law "On Joint-Stock Companies"). As the experience of economically developed countries shows, additional emission due to the so-called signal effect is often accompanied by a decrease in the market price of shares, so this method of mobilization of financial resources resort quite rarely - in cases where there are clearly indicated prospects for the use of raised funds.

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Introduction

Chapter 1. Especially enterprise capital

1.1 The concept of equity and its structure

1.2 Sources of financing equity

Chapter 2. Communication Capital Management

2.1 Objectives and stages of own capital management

2.2 Formation of own internal financial resources of the enterprise

2.3 Dividend and emission policy of the enterprise in the management of own capital of the enterprise

Conclusion

Bibliography

Introduction

The development of market relations in society 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, its own capital.

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

The company's financial policy is a nodal moment in building the rate of its economic potential in the conditions of a market management system with its fierce competition.

The indicators characterizing the financial condition of the enterprise are important. Evaluation of equity is the basis for calculating the majority of them.

Accounting for equity is an important area in the accounting system. Here, the main characteristics of their own sources of financing the activities of the enterprise are formed.

The company needs to analyze its own capital, as it helps to identify its main components and determine the consequences of their changes for financial sustainability.

The dynamics of changes in equity determines the volume of attracted and borrowed capital. In recent years, significant changes have occurred in the structure of money capital, as a result of increasing the share of attracted and borrowed capital.

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

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

Due to the goal, the following tasks must be solved:

Consider your own capital of the enterprise.

Analyze your own capital management.

Chapter 1. Own capital enterprises

1.1 The concept of equity and its structure

Own capital is a combination of material values \u200b\u200band funds, financial investments and the cost of acquiring rights and privileges necessary for the implementation of its economic activity.

In Russian practice, the company's capital is often divided into capital active and passive. From a methodological point of view, this is incorrect. This approach is the reason for the underestimation of the place and the role of capital in the business and leads to a surface consideration of capital formation sources. Capital cannot be passive, as it is a value that brings the surplus value in motion in constant turnover. Therefore, it is more reasonable here to apply the concepts of sources of capital formation and functioning capital.

The structure of the sources of assets (funds) is represented by the main components: own capital and borrowed (attracted) means.

Own capital (SC) Organizations as a legal entity in general is determined by the value of the property owned by the organization. These are the so-called pure assets of the organization. They are defined as the difference between the value of property (active capital) and borrowed capital. Of course, your own capital has a complex structure. Its part depends on the organizational and legal form of the economic entity.

Owners are legal entities and individuals, team of shareholders or shareholders corporation. The authorized capital, which has begun as part of the share capital, most fully reflects all aspects of the organizational and legal framework for the formation of authorized capital.

Fig. 1.Forms of the functioning of our own capital of the enterprise

Share capital- This is your own capital of the joint-stock company (AO). The joint-stock company recognizes the organization, the authorized capital of which is divided into a certain number of shares. The participants of JSC (shareholders) are not responsible for the obligations of the Company and carry the risk of losses associated with its activities within the value of the shares belonging to them.

The authorized capital is a set of deposits (calculated in monetary terms) of shareholders in the property when creating an enterprise to ensure its activities in size defined by the constituent documents. By virtue of its stability, the authorized capital covers, as a rule, the most illiquid assets, such as land rental, the cost of buildings, structures, equipment.

The Civil Code of the Russian Federation provides for the requirement that, starting from the second year of the enterprise's activities, its authorized capital should not be less than net assets. If this requirement is violated, the enterprise is obliged to reduce (re-register) the authorized capital, putting it in accordance with the amount of net assets (but no less minimal value). The formation of reserve capital is mandatory for joint-stock companies, its minimum size should not be less than 5% of the authorized capital.

Unlike the reserve capital formed and compliance with the requirements of legislation, the reserve funds created voluntarily are formed solely in the manner prescribed by the constituent documents or accounting policies of the enterprise, regardless of the organizational and legal form of its property.

The next element of equity - additional capital, which shows the increase in the value of the property as a result of the revaluation of fixed assets and the incomplete construction of an organization made by the decision of the government, the received cash and property in the amount of exceeding their value over the cost of shares transferred for them and other. Expose capital can be used to increase the authorized capital, repayment of the balance loss for the reporting year, and is also distributed among the founders of the enterprise and for other purposes. At the same time, the procedure for the use of 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 economic entities there is another type of equity - retained earnings. Retained profits - net profit (or part of it), not distributed in the form of dividends between shareholders (founders) and not used for other purposes. Usually these funds are used to accumulate the property of the economic entity or replenishing its working capital in the form of free sums, that is, at any time ready for a new turnover. Retained earnings can increase from year to year, representing the growth of equity on the basis of internal accumulation. In growing, developing joint-stock companies, retained earnings over the years occupies a leading place among the components of equity. Its amount often is several times higher than the size of the authorized capital.

Target (special) funds are created at the expense of the net profit of the economic entity and should serve for certain purposes in accordance with the charter or decision of shareholders and owners. These funds are a variety of retained profits. In other words, this is a retained earnings having a strictly targeted purpose.

As part of equity, two main components can be given: invested capital, that is, the capital, invested by owners in the enterprise; And accumulated capital - Capital, created at the enterprise, beyond what was originally advanced by the owners. Interested capital includes the nominal value of simple and preferred shares, as well as an additional charged (over the nominal value of shares) capital. This group usually belongs to the values \u200b\u200breceived. The first component of the Invested Captal is represented in the balance of Russian enterprises by authorized capital, the second - added kaptal (in terms of the resulting emission income), the third - additional capital or the social sphere fund (depending on the purpose of using free property).

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

1.2 Sources of financing equity

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

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

At the same time, it is inherent in the following flaws:

1. The limited volume of attraction, and, consequently, the possibilities of substantial expansion of the operating and investment activity of the enterprise during periods of favorable market conditions at certain stages of its life cycle.

Fig. 2. Formation of equity formation

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

3. The unused possibility of increasing the profitability coefficient of equity due to attracting borrowed funds, since without such an attraction it is impossible to ensure the excess of the coefficient of financial profitability of the enterprise's activities on economic.

Thus, the 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 (because it cannot provide the formation of the necessary additional volume of assets during periods of favorable market conditions) and does not use financial The possibility of increasing the income on investment capital.

Based on the economic essence of equity, the economist of O. O. The following criteria for the optimal structure of equity are assumed:

1. To ensure a protective function inherent in equity, the value of the authorized capital should meet the requirements laid down in legislation. First of all, this concerns the minimum possible size at the time of education, as well as the conditions that, in the process of functioning of economic societies, the size of their net assets should be maintained in the amount of less authorized capital. But already at this stage there are contradictions in Russian practice.

The share of the authorized capital in its own capital is so small that it cannot act as the criterion of the sustainability of the enterprise, because The revaluation of fixed assets is reflected in additional capital, and the comparison of net assets in this situation is more appropriate to produce not only with the amount of statutory, but also additional capital.

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

3. To implement the function of capital, expressing the ability to generate income, the criterion can serve as the effectiveness of the use of equity.

Its most effective use is possible if the loan is attracted, despite its payability. This indicates the effect of the financial lever. Accordingly, the ratio of its own and borrowed capital should be optimal value for each particular enterprise based on its strategy and opportunities.

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

5. Capital acts as a production agent, serves as future needs. Based on this, the composition of equity should be included in retained earnings (or profit sent to special funds for the implementation of production). All this should be expressed in dividend politics. The definition of proportions in the profit distribution is one of the key issues. For the enterprise, it is important both its own development and payment of dividends to the founders, which contributes to the increase in the price of the enterprise. The achievement of optimal size in the distribution of profits is possible on the basis of the internal growth rates of the enterprise.

6. Protective and regulating functions can be fully implemented only when creating a minimum amount of reserve capital. This is especially important for agricultural enterprises that are subject to both entrepreneurial and natural economic risks. At the same time, it should be taken into account by Russian practice and those contradictions that arise in determining the minimum amount of reserve capital, the magnitude of which is raised in direct dependence on the value of the authorized capital, which is regulated in legislation. However, it is worth noting that at present most AKOs 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 that the buffer value that is attributed to him.

Thus, considering the problem of forming a rational capital structure, it is advisable to conclude that, applying to the solution of this issue, taking into account the optimality criteria, many enterprises can achieve the necessary level of financial sustainability, to ensure a high degree of development, reduce risk factors, raise the price of the enterprise and bring production to a more efficient level. The ratio between its own and borrowed sources is one of the key analytical indicators characterizing the risk of investing financial resources in this enterprise. One of the most important characteristics of the financial condition of the enterprise is the stability of its activities in the light of the 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. Equal capital management

2.1 Objectives and stages of own capital management

The basis for managing its own capital of the enterprise is to manage the formation of its own financial resources. In order to ensure effective management, this process at the enterprise is usually developed by a special financial policy aimed at attracting their own financial resources from various sources in accordance with the needs of its development in the upcoming period.

1. Analysis of the formation of own financial resources of the enterprise in the preceding period. The purpose of such an analysis is to identify the potential for the formation of its own financial resources and its compliance with the pace of development of the enterprise.

At the first stage of analysisthe total amount of the formation of its own financial resources is being studied, the compliance of the growth rate of equity in the growth of the growth of assets and the volume of enterprise products sold, the dynamics of the specific gravity of its own resources in the total amount of financial resources in the suspension period.

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

In the third stage of analysisthe sufficiency of own financial resources formed at the enterprise in the provisional period is evaluated.

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

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PSFR \u003d (PC * UK) / 100 - SKN + PR (1.1.)

where the PSFR is a good need for its own financial resources of the enterprise in the planned period;

PC - the overall need for capital at the end of the planned period;

UK - the planned proportion of its own capital in the total amount;

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

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

The calculated general need covers the necessary amount of own financial resources formed both at the expense of the internal and due to external sources.

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

4. Ensuring the maximum amount of attracting its own financial resources at the expense of internal sources. Before contacting external sources of formation of own financial resources, all possibilities of their formation should be implemented at the expense of internal sources. Since even planned internal sources of the formation of their own financial resources of the enterprise are the amount of net profit and depreciation deductions, then in the first place, in the process of planning these indicators, it is necessary to provide opportunities for their growth through various reserves.

The method of accelerated depreciation of the active part of fixed assets increases the possibility of creating its own financial resources due to this source. However, it should be borne in mind that the increase in depreciation amounts in the process of conducting accelerated depreciation of certain types of fixed assets leads to a certain decrease in the amount of net profit. Therefore, when finding reserves for the growth of own financial resources, due to internal sources should be proceeding from the need to maximize their sum.

5. Ensuring the necessary volume of attracting its own financial resources from external sources. The volume of attracting their own financial resources from external sources is designed to provide that part of them that did not manage to form at the expense of internal sources of financing. If the amount attracted due to the internal sources of their own financial resources fully provides the overall need for them in the planned period, then there is no need to attract these resources due to external sources.

Doctor of Economic Sciences, Professor Blank I.A. The need to attract their own financial resources due to external sources proposes to count on the following formula:

SFRVNESH \u003d PSFR - SFRVNUT, (1.2.)

where SFRVNESH is a need to attract their own financial resources due to external sources;

PSFR - the overall need for its own financial resources of the enterprise in the planned period;

SFRVNUT - the sum of its own financial resources planned to attract at the expense of internal sources.

Ensuring the satisfaction of the need for own financial resources at the expense of external sources is planned for attracting additional mutual capital, additional emission of shares or at the expense of other sources.

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

Ensuring the minimum cumulative value of attracting our own financial resources. If the cost of attracting its own financial resources due to external sources significantly exceeds the planned cost of attracting borrowed funds, then this formation of its own resources should be abandoned;

Ensuring the conservation of enterprise management by the initial founders. The growth of additional mutual or share capital by third-party investors may lead to loss of such manageability.

The effectiveness of the developed policy of the formation of its own financial resources is estimated by the self-financing coefficient of the enterprise in the upcoming period. Its level must match the goal.

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

where KSF is the coefficient of self-financing the upcoming development of the enterprise;

SFR is a planned amount of formation of own financial resources;

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

PP is the planned amount of clean profits.

The successful implementation of the developed policy of forming their own financial resources is related to the decision of the following main tasks:

Ensuring maximizing the formation of income of the enterprise, taking into account the permissible level of financial risk;

The formation of an effective policy of the distribution of profits (dividend policies) of the enterprise;

The formation and effective implementation of the policy of an additional issue of shares (emission policies) or attracting additional mutual capital.

2.2 Formation of own internal financial resources of the enterprise

The basis for the formation of its own domestic financial resources of the enterprise sent to industrial 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 income of the enterprise:

Profits from sales (or operating profit);

Profits from the sale of property;

Profit from non-engineering operations.

Among these species, the main role belongs to the operating profit, which currently accounts for 90-95% of the total amount of bookfacing. In many enterprises, it is the only source of balance of bookfacing. Therefore, the management of enterprise profits is considered usually as the process of forming an operating profit (profits from the sale of products).

The main purpose of managing the formation of operating profit of the enterprise is to identify the main factors that determine its final size and finding reserves for further increasing its sum.

The mechanism for managing the formation of operating profit is based on the close relationship between this indicator with the volume of product sales, income and costs of the enterprise. The system of this relationship that called the "relationship of costs, sales and profits" allows the role of individual factors in the formation of operating profit and ensure effective management of this process in the enterprise.

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

1. Determining the volume of product sales providing break-even operational activities for a short period.

2. Determination of the sales volume of products providing break-even operational activities in a long period.

3. Determination of the required amount of product sales, ensuring the achievement of the planned (target) amount of gross operating profit. This task may also have a reverse order: the definition of the planned amount of gross operating profit with a given planned volume of product sales.

4. Determination of the sum of the "security limit" (or "stock of strength") of the enterprise, i.e. The size of a possible decrease in the volume of product sales.

5. Determination of the necessary amount of product implementation, ensuring the achievement of the planned (target) amount of the margin operating profit of the enterprise. This task may also have a reverse order: the definition of the planned amount of marginal operating profit with a given planned volume of product sales.

The separation of the entire set of operating costs of the enterprise for permanent and variables allows us to use an operating profit control mechanism, known as "Operational Leverge".

The effect of this mechanism is based on the fact that the presence of any amount of permanent species in the operational costs leads to the fact that when changing the volume of product peailing, the amount of operating profit always changes even higher rates. In other words, the permanent operating costs (costs) of the fact of their existence cause a disproportionately higher change in the amount of the operating profit of the enterprise in any change in the volume of product sales, regardless of the size of the enterprise, industry characteristics of its operating activities and other factors.

However, the degree of such sensitivity of the operating profit to the change in the volume of product sales is ambiguous at enterprises with various ratios of permanent and variable operating costs. The higher the proportion of constant costs in the total amount of the operating costs of the enterprise, the greater the amount of operating profit changes relative to the pace of changes in the volume of product sales.

The ratio of permanent and variable operating costs of the enterprise, which makes it possible to include the operational lever mechanism with different intensity of the impact on the operating profit of the enterprise, is characterized by the operating leverage coefficient, which is calculated according to the following formula:

where the coefficient of operating leverage;

The oss - the sum of constant operating costs;

IO is the total amount of operating costs.

Continued
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The higher the value of the operating leverage coefficient in the enterprise, the more, it is able to accelerate the growth rates of operating profit in relation to the growth rate of the sales volume of products. In other words, with the same rate of growth in the volume of product sales, an enterprise that has a greater coefficient of operating leverage, other things being equal to equal conditions will always be more awarded the amount of its operating profit in comparison with the enterprise with a smaller value of this coefficient.

The specific ratio of the increase in the amount of operating profit and the amount of the implementation of the implementation achieved with a certain coefficient of operational lever is characterized by an indicator of the "operational lever effect". The fundamental formula for calculating this indicator is:

where EOL - the effect of operating leverage, achieved with a specific value of its coefficient in the enterprise;

Of the form - the growth rate of gross operating profit, in%;

OR - the growth rate of the sales volume of products in%.

By specifying one or another growth rate of product sales, using the specified formula, one can determine in which sizes will increase the amount of operating profit with the coefficient of operational lever in the enterprise.

The management of the company's own capital also includes the determination of the optimal relationship between its own and borrowed financial resources.

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

Financial lever ("Financial Leveridge") is a financial mechanism for managing the profitability of equity due to optimizing the relationship of its own and borrowed funds.

The effect of a financial lever is an increment to the profitability of own funds, obtained by the use of the loan, despite the recreation of the latter.

The effect of the financial lever arises due to the discrepancy between the economic profitability and the "price" of borrowed funds. The economic profitability of assets is the ratio of the magnitude of the effect of production (i.e. profits before paying interest for loans and income tax) to the total magnitude of the cumulative capital of the enterprise (that is, all assets or liabilities).

In other words, the company should initially work out such economic profitability so that the funds are enough for at least for paying interest for a loan.

To calculate the effect of the financial lever, you can apply the following formula:

EFR \u003d (RK - PCC) x Z / SK, (1.6.)

where RK is the profitability of total capital (the ratio of the amount of net profit and the price paid for the borrowed funds and the amount of capital);

RDC - profitability of borrowed capital (ratio of the price paid for the borrowed funds to the amount of borrowed funds);

ZK - borrowed capital (average for the period);

SK - equity (average value for the period).

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

The high positive value of the EFR indicate indicates that the company prefers to do its own funds, does not have enough investment opportunities and does not pursue the goal of maximizing profits. In this situation, shareholders, having received modest dividends, can begin to sell shares, reducing the company's market value.

If the profitability of investments in the enterprise is higher than the price of garbage funds, financing from the borrowed sources should be increased, while the growth rate of profit will depend on the rate of changes in the structure of the enterprise (relations of the amount of borrowed and equity). However, the increase in the amount of debt in the structure of liabilities is accompanied by a decrease in the liquidity and solvency of the borrower, risk growth, an increase in the price of loans provided. As a result, the profit from the use and price of borrowed sources is aligned, which leads to zero value of the effect of the financial lever.

Further increase in the share of the borrowed capital is extremely increasing the risk of bankruptcy of the economic entity and should be perceived by the manual as a signal to repay part of the debt or search for sources of profit growth.

According to (1.6.) The profitability of aggregate capital varies depending on the dynamics of the individual components of the presented formula. The following factors are influenced: Profit from economic operations, the price of raised resources, the ratio of own and borrowed capital.

Obviously, with an increase in the share of drawn funds in the capital structure and a decrease in financial stability, a decrease in the growth rate of profits is reduced to a negative value (i.e., before the absolute decrease in profits). Thus, pursuing the goal of maximizing profits, the enterprise should increase the share of borrowed capital in the sources of funding with the positive value of the EFR, simultaneously not allowing financial instability.

When analyzing the EFR, it is necessary to mark the problem of ensuring the reliability of the information used in the calculation of the indicator. The EFR is calculated on the basis of traditional accounting sources of information, which implies its adjustment taking into account the characteristics of the analysis. For example, the replacement of the monetary form calculations of the commodity undermines the basis for determining the profitability and profitability of the enterprise, the financial result is distorted by barter transactions. In this situation, it is necessary to adjust the source data using the detailed information.

Thus, the effective management of financial resources of the enterprise involves an active and targeted impact on the capital structure in order to obtain maximum profits from invested funds. Assess the optimal amount of financing from borrowed sources is possible using the EFR criterion. It allows you to adopt a decision on the impact on the dynamics of funding sources in the right direction to prevent investment risk growth.

In our opinion, solving the task of forming a rational structure of the enterprise, in addition to calculating quantitative indicators, it is necessary to take into account high-quality factors, including:

Stability of turnover dynamics. The enterprise with a stable turnover may afford a relatively greater share of borrowed funds and more significant permanent costs.

Level and dynamics of profitability. The company generates sufficient profits to finance development and costs a greater extent to its own funds.

The structure of assets. If an enterprise has significant general appointment assets capable of providing loans, then an increase in the share of borrowed funds in the structure of the liability is quite justified.

The severity of taxation. The higher the income tax, the less tax breaks and opportunities to use accelerated depreciation, the more preferable the debt financing looks due to the attribution of at least part of interest for a loan for the cost. Moreover, the higher taxes, the stronger the enterprise feels the lack of funds and the more often it is forced to contact the loan.

The attitude of creditors to the enterprise. Specific credit conditions may deviate from the average depending on the financial and economic situation of the enterprise. For small and / or novice enterprises, access to credit resources is particularly difficult due to the risky financial situation of the enterprise, lack of credit, the lack of credit history.

State of the capital market. With adverse conjuncture in the capital market, sometimes it is necessary to simply obey the circumstances, postponing to better times the formation of a rational structure of sources of funds.

2.3 Dividend and emission policy of the enterprise in the management of own capital of the enterprise

Dividend policy of the company

The main purpose of developing dividend politics is to establish the necessary proportionality between current consumption of profits by owners and future growth, maximizing the market value of the enterprise and ensuring its strategic development.

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

Problems, the solution of which causes the need to generate dividend policies, are the following: On the one hand, the payment of dividends must ensure the protection of the interests of the owner and create prerequisites for the growth of the exchange price of the shares, and in this sense, their maximization is a positive trend; On the other hand, the maximization of dividend payments reduces the share of the profit reinvested in the development of production. In the formation of dividend policies, it is necessary to take into account that the classical formula: "The share course 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 causes of non-payment or reduction of dividends and reinvestment directions of profits. Deciding on the payment of dividends and their size is largely determined by the stage of the enterprise's life cycle. For example, if the enterprise's management suggests a serious reconstruction program and for its implementation, it is planning to carry out additional issues of shares, such an issue must be preceded by a sufficiently long period of sustainably high dividend payments, which will lead to a significant increase in the campaign exchange and, accordingly, to an increase in the amount of borrowed funds, obtained as a result of the placement of additional shares.

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

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

2. The choice of the type of dividend policies 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 profits of the joint-stock company in accordance with the selected type of dividend policy.

4. Determining the level of dividend payments to one simple share.

5. Evaluation of the effectiveness of the dividend policy of the joint-stock company.

Em session company policy

The main purpose of the issuing policy is to attract the necessary amount of financial resources in the stock market in the minimum possible time. Taking into account the formulated goal, the company's emission policy is part of the general policy of forming their own financial resources, which consists in ensuring the involvement of their necessary volume through the issue and placement on the stock market of their own shares.

Continued
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Development of effective emission policy of the enterprise covers the following steps

1. Investigation of the possibilities of effective placement of the alleged emission of shares. The decision on the proposed primary (when transforming the enterprise to the joint-stock company) or additional (if the enterprise has already been established in the form of a joint stock company and needs an additional flow of equity)) emissions can be adopted only on the basis of a comprehensive preliminary analysis of the stock market's conjuncture and evaluating the investment attractiveness of their shares .

Analysis of the conjuncture of the stock market (exchange and over-the-counter) includes a characteristic of the state of demand and proposal of shares, the dynamics of the price level of their quotes, sales of new emissions and a number of other indicators. The result of this analysis is to determine the level of sensitivity of the response of the stock market to the emergence of a new emission and the assessment of its absorption potential of the issued stocks.

The assessment of the investment attractiveness of its shares is held from the position of accounting for the prospects for the development of the industry (in comparison with other industries), the competitiveness of products manufactured, as well as the level of indicators of its financial condition (in comparison with medium-wide indicators). In the process of assessment, the possible degree of investment preferences of shares of its company is determined in comparison with the converting shares of other companies.

2. Determination of emission purposes. Due to the high cost of attracting equity from external sources, emissions should be sufficiently significant from the standpoint of the strategic development of the enterprise and the possibilities of a significant increase in its market value in the upcoming period. The main of these goals that the enterprise is guided by resorting to this source of formation of equity capital is:

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

The need for a significant improvement in the structure of the capital used (increasing the share of equity in order to increase the level of financial sustainability, ensuring a higher level of own creditworthiness and decline due to this cost to attract borrowed capital, increasing the effect of financial leverage, etc.);

The planned absorption of other enterprises in order to obtain the synergism effect (participation in the privatization of third-party enterprises can also be considered as an option for their absorption, while it is ensured by the acquisition of a controlling stake in a predominant share in the authorized capital);

Other strategic goals requiring rapid accumulation of significant amounts of equity.

3. Determination of emission volume. When determining the amount of emission, it is necessary to proceed from the previously designed need to attract their own financial resources due to external sources.

4. Determination of the nominal, species and quantity of issued shares. The nominal shares is determined taking into account the main categories of their upcoming buyers (the greatest shares are focused on their acquisition by institutional investors, and the smallest on the acquisition of the population). In the process of determining the types of shares, the feasibility of the release of preferred shares is established, if such a release is declared appropriate, the ratio of simple and preferred shares is established. The amount of shares is determined based on the volume of emission and the nominal value of one share (in the process of one emission, only one version of the nominal shares can be established).

5. Assessment of the cost of attracted share capital. In accordance with the principles of such an assessment, it is carried out on the estimated level of dividends and the cost of issuing shares and the placement of emissions. The estimated cost of attracted capital is left with the actual weighted average cost of capital and the average level of interest rate on the capital market. Only after that the final decision on the implementation of the issuance of shares is made.

6. Determination of effective forms of underwriting. In order to quickly and effectively conduct an open placement of the issued stock volume, it is necessary to determine the composition of underwriters, coordinate with them the price of initial shares and the amount of commission remuneration, to ensure the regulation of the sale of shares in accordance with the needs in the flow of funds of funds to ensure the maintenance of liquidity Placed shares at the initial stage of their appeal.

Taking into account the increased volume of equity, the company has the opportunity using the unchanged coefficient of financial leverage, accordingly increase the volume of borrowed funds attracted, and, therefore, and increase the profitability of equity.

Thus, it is precisely indicators of equity that the entire pyramid of the effectiveness of the enterprise is closed, all the activities of which should be aimed at an increase in the amount of equity and increase its profitability.

Undoubtedly, the above-mentioned methods and approaches to their own capital management are fundamental. However, when evaluating the investment attractiveness of the enterprise, the primary task when managing its own capital is its assessment.

Conclusion

Own capital represents a combination of material values \u200b\u200band funds, financial investments and the cost of acquiring rights and the privileges necessary for the implementation of its economic activities.

Own capital is characterized by the following major positive features:

1. Simplicity of attraction, as solutions related to increasing equity (especially at the expense of internal sources of its formation) are made by owners and managers of the enterprise without the need to obtain the consent of other economic entities.

2. A higher profit generation capacity in all fields of activity, because When it is used, no loan interest is required in all its forms.

Considering the problem of forming a rational capital structure, it is advisable to conclude that, appropriate to the solution of this issue, taking into account the optimality criteria, many enterprises can achieve the necessary level of financial sustainability, to ensure a high degree of development, reduce risk factors, raise the price of the enterprise and bring production to more efficient level. The ratio between its own and borrowed sources is one of the key analytical indicators characterizing the risk of investing financial resources in this enterprise. One of the most important characteristics of the financial condition of the enterprise is the stability of its activities in the light of the 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 managing their own capital are

Determination of the expedient amount of equity;

An increase, if required, the amount of equity due to the retained earnings or additional issue of shares;

Determination of the rational structure of newly produced shares;

Definition and implementation of dividend policies.

Development of the policy of forming their own financial resources of the enterprise is carried out in the following basic stages.

1. Analysis of the formation of own financial resources of the enterprise in the preceding period.

2. Determination of the overall need for own financial resources.

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

4. Ensuring the maximum amount of attracting its own financial resources at the expense of internal sources.

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

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Own capital of the organization (enterprise) characterizes the total cost of the organization's funds belonging to it on the right of ownership.

You can select the following functions of your own capital:

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

- protective (absorbing) - aims to protect capital creditors and reimbursement (absorption) of the organization's losses;

- distribution - is associated with participation in the distribution of profit obtained;

- Regulatory - determines the possibilities and scope of attracting borrowed sources of financing, as well as the participation of individual subjects in the management of the organization.

As part of equity, two main components can be allocated: invested and accumulated capital.

Invested capital - this capital attached by owners. Includes the nominal value of simple and preferred shares, as well as additionally paid capital. Interested capital is presented in the balance of Russian organizations in the form of authorized capital and additional capital in terms of emission income.

Accumulated capital - It's capital, created in excess of the fact that it was originally advanced by the owners. He is reflected in the form of articles formed at the expense of net profit (reserve capital, retained earnings).

Clean assets (cha) - this is the difference in the amount of assets of the organization adopted for the calculation (AR), and the amount of the obligations taken to the calculation (PR).

In general, the amount of pure assets Shatter according to the formula Cha \u003d AR -

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

The composition of its own capital is allocated (taken into account) of its components: authorized (share) capital, additional capital, reserve capital, retained earnings and other reserves.

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

IN Composition of internal sourceshighlight retained profit (she owns the main place), reserve funds anddepreciation deductions. Depreciations, which are a monetary expression of the value of the depreciation of fixed assets and intangible assets, are a source of financing simple, and in some cases expanded reproduction.

As part of the external sources of formation of their own financial resources, you can allocate:

Attraction of additional share capital (by re-emissions and shares);

Five financial assistance from legal entities and states;

Conversion of borrowed funds to their own (exchange of corporate bonds for shares);

Targeted funding funds received for investment purposes;

Own capital is characterized by simplicity of attraction, since decisions on its increase are made by owners and managers without the participation of other business entities. The value of equity is largely determined by the financial condition of the organization, in particular the level of its financial independence, the amount of net assets, the profitability of activities.

The level of financial independence (sustainability) of the organization is predetermined primarily the structure of its capital.The main indicators of the capital structure of the Organization include:

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

coefficient ratio of borrowed and own funds - shows which funds from the enterprise more - own or borrowed. Determined as the ratio of the value of borrowed capital to its own. The maximum value of the coefficient should not exceed 1;

financial dependence ratio (financial leverage ratio) it is the reverse autonomy coefficient. It is defined as the ratio of the value of the total assets of the organization to its own equity. Shows the influence of capital structure as one of the factors on the profitability of own funds;

the coefficient of financial sustainability it characterizes the share of permanent capital in the form of own funds and long-term borrowed capital in the total amount of assets (capital) of the enterprise. In overseas financial analysis practice, the normal value of this coefficient is taken equal to 0.9. The reduction of the coefficient to 0.75 is considered as a critical level.

The disadvantages of using only equity are:

Limited volume of attraction to expand the scale of entrepreneurial activity;

Higher cost compared to alternative borrowed sources of capital;

Unrealized possibility of increment of profitability through the use of borrowed funds using the effect of the financial lever.

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Non-state educational institution of higher education

Moscow Technological Institute

Faculty of Economics and Management Department of Management

COURSE WORK

by discipline « Finance of organizations (enterprises)

on the topic:« Manage your own capital »

Performed:

Yakushina MA

Moscow 2015.

Introduction

1. The concept, essence and features of the formation of equity

2. Own management methods

3. Quantitative indicators of own funds and efficiency of their use

4. Analysis of the efficiency of own capital management CJSC Leontiev Center

Conclusion

Bibliography

Introduction

The topic of this course work is to control the organization's own kaptal. This topic is most relevant now, in the conditions of an unstable economic situation, rigid competition in all sectors of the economy, when the lack of professional knowledge from most workers, as well as parts of enterprises' leaders. These and other negative factors lead to bankruptcy of organizations. Therefore, indicators characterizing the financial condition of the organization are important. In turn, the presence of equity is the main condition for the reliability of the organization.

The need to study the nature, content, conditions and basics of financial resource development directly follows from the reform of organizations in Russia for several years, reforms of organizations. The theory of reforming organizations provides for developing a strategy for the development of organizations, which is unrealistic to commit without the formation of financial resources.

Fundamentally significant in the current conditions are the assessment and planning of cash flows in organizations, the search for effective sources of funding, except for profitable investment solutions, competent monitoring of receivables and payables, the development of rational accounting, tax, and other policies associated with various areas of organizations.

Own capital determines the total cost of the organization's funds belonging to it by ownership and used by it to form a certain part of assets. This part of the asset, formed at the expense of its own capital invested, is net assets of the enterprise.

Own capital contains various in its economic content, the principles of formation and use sources of financial resources: statutory, additional, reserve capital. In addition, the composition of equity capital includes - retained earnings, special-purpose funds and other reserves. Also to own funds include gratuitous receipts and government subsidies.

The object of the study is CJSC Leontiev Center. St. Petersburg.

The purpose of the work is to develop activities to improve the efficiency of management of own capital of the Organization.

Due to the goal, the following tasks must be solved:

1) explore the concept, essence and features of the formation of equity;

2) to analyze and evaluate the methods of managing their own capital;

3) identify the quantitative characteristics of your own funds and calculate the efficiency of their use by the company.

1. The concept, essence and features of the formation of their owncapital

In the structure of the financial relationships of the national economy, finance organizations occupy the initial, fundamental place, because they serve the main link of social production, where material and intangible benefits are created and the prevailing mass of the country's financial resources is formed.

Finance of enterprises is not only an integral, but also a specific part of finance. They are inherent on the one hand, features characterizing the economic nature of finances as a whole, and on the other hand, the features caused by the functioning of finances in various spheres of social production.

The company is an independent business entity formed for economic activities, which is carried out in order to extract profits and meet social needs.

Own capital is a combination of material values \u200b\u200band funds, currency investments and the cost of acquiring the rights and privileges required for the implementation of the economic activity of the organization.

The organization's own capital, as a legal entity, is reflected in the value of the property belonging to this organization. Clean assets of the organization are defined as a difference between property value (active capital) and borrowed capital.

For any organization owners are legal entities and individuals, team of shareholders or shareholders corporation. The authorized capital is considered one of the main indicators to obtain an idea of \u200b\u200bthe size and financial condition of organizations.

Statutory capital is the main initial source of organization of the organization. It is the source of formation of basic and working capital, which in turn are sent to the acquisition of basic production funds, intangible assets, working capital. Own capital is divided into a permanent part - the authorized capital and the variable, the value of which depends on the financial results of the enterprise.

The authorized capital involves a complex of funds (contributions, deposits, shares) of the founders (participants) to the property in the formation of the Organization in order to ensure its activities in size defined by the constituent documents, its value is formed taking into account the alleged economic (production) activity and fixed at the time of state Registration of the organization.

According to the civil code of the Russian Federation, the authorized capital, depending on the organizational and legal form of the enterprise, may appear in the form:

Share capital - in full partnership and partnership on faith;

A mutual or indivisible foundation - in the manufacturing cooperative (artel);

Authorized capital - in joint-stock companies, societies with limited and more responsibility;

The authorized capital is in unitary state and municipal enterprises.

The authorized capital should be distributed among the participants (founders), which is exactly what it differs from other structural elements of the equity equity. Thus, the decision of the General Meeting of the founders about changes in the authorized capital is obliged to be accompanied by an indication of the procedure for distributing it between the participants.

The authorized capital is one of the most stable components of the organization's own capital, since its magnitude correction is permitted in a strictly defined manner established by law. It may be associated with the revaluation of the property of the organization due to inflation. The increase in the authorized capital in the investigation of the revaluation can be implemented by means of increasing stock prices issued earlier, or by the additional issue of shares in the amount of capital increase.

Excess capital call an increase in the cost of reassessment of real estate. Dividends are not paid out of such surplus, and they increase the total cost of capital.

A variable capital includes: additional capital, reserve capital, retained earnings and special funds. In particular, additional capital contributes to an increase in its own financial resources, reserve capital.

Reserve funds are created voluntarily, and, unlike the authorized capital, which is created in accordance with the requirements of legislation, are formed only in the manner prescribed by constituent documents or accounting policies of the organization. The organizational and legal form of the role does not play.

Reserve capital is the size of the organization's property, which is used to accommodate retained profits to it, to cover losses, repayment of bonds and redemption of the organization's shares, as well as for other purposes.

The size of the backup capital is at least 5% of the authorized capital. Limited Liability Company (LLC), in contrast to joint-stock companies (AO), the reserve capital does not form.

The funds of the reserve fund are planned to cover a balance loss for the reporting year, to repay the bonds and redemption of shares of the joint-stock company (AO) with the lack of other means. The reserve fund is formed by organizations, including the case of termination of their activities to cover accounts payable. The use of reserve funds for other objectives is prohibited.

According to the legislation, certain organizations are required to form a reserve fund. For example, Art. 35 of the Federal Law "On Joint-Stock Companies" dated December 26, 1995 No. 208-FZ provides for the formation of a reserve fund in the amount of the Statutes of the Company, but at least 5% of its authorized capital. The size of annual deductions is provided for by the Company's charter, but there can be no less than 5% of net profit until the size established by the Company's Charter is achieved. Stripping from these regulatory requirements, many organizations are not obliged to create a reserve fund, but they can do this under constituent documents or accounting policies.

In the course of economic activities, the organization may have a new property or grow the accounting value of the already existing, i.e. Assets increase. To take into account the sources of such property or the increase in its value in accounting, there is the concept of extension capital.

Extreme Capital is an emission income formed in open-type joint-stock companies and which is an amount of exceeding the sale price of shares over the nominal during the open subscription. The emission income that occurred in the formation of the authorized capital of joint-stock companies is considered not otherwise as an additional capital and to direct it to the needs of consumption. In other words, additional capital is the source of the organization formed as a result of the revaluation of the property or the sale of shares above the nominal value.

Additional capital may have the following sources of formation:

Em session income;

Amounts of non-current assets;

Course differences related to the formation of authorized capital;

The sums of retained earnings directed as sources of coverage of capital investments;

Free property received (except for the social sphere, which is reflected in retained earnings);

Tools of allocations from the budget used on financing long-term investments.

Revenues of the Organizations ranged for additional capital increase their own capital of the organization, but do not affect the financial result of the organization's activities in the reporting period. Example: An organization can get to the property expensive real estate free, as a result of which its property and capital will increase significantly, however, the results of financial activities in the reporting period of the organization may suffer a loss.

In tax accounting, the existence of income not included in the financial result of activity is taken into account: when calculating taxable profits, revenues attributed for additional capital are added to the income to be taxed.

Also in economic entities there is another type of equity - retained earnings. Net profit (or part of it) is called non-retained profit, not distributed in the form of dividends between shareholders (founders) and not involved in other needs. Basically, these funds are used to accumulate the property of a business entity or an increase in its working capital in the form of free monetary amounts that are ready for a new turn at any time. Retained earnings can increase from year to year, representing the growth of equity on the basis of internal accumulation.

Most of the equity capital is accumulated in special purpose funds. These funds are reserved and sent to the creation of sources of financing costs for the formation of a new property of industrial appointment and social infrastructure, and in addition to the needs of social development (except capital investments). The main source of creating specialized funds is the remaining organization part of the profit.

2. Own management methods

Managing own capital is the management of the process of its creation, maintenance and efficient use, that is, the management of already available assets. This implies both the whole management of own capital and the management of its structural elements.

To turn your property in capital, the following conditions must observe the owners:

Capitalized property must be separated from another personal property of the owners for a long time. In this case, the owner loses the possibility of using the physical or other properties of capitalized property for direct personal consumption;

since capitalization, the right to use and dispose of invested property should be transferred to the enterprise as a business entity. Capitalized property is assets of an enterprise, which is applicable to use them in such a way that the cost of these assets increased as much as possible.

The main principle of management of own capital of the organization is to educate his own financial resources. To ensure effective management of this process in the organization, a special financial policy is created, aimed at attracting their own financial resources from different sources in accordance with the needs of its development in the future period.

The main tasks of their own capital management are:

Determination of the expedient amount of equity;

An increase, if required, the amount of equity due to the retained earnings or additional issue of shares;

Determination of the rational structure of newly produced shares;

Definition and implementation of dividend policies.

In the course of managing the formation of own financial resources, they are classified by the sources of this formation (Fig. 1).

Figure 1. Sources of formation of equity equity

Managing own capital of the organization contains the determination of the optimal relationship between its own and borrowed financial resources. The financial structure of capital is formed under the action of various conditions reflecting and characteristics of the organization, and the influence of the external environment, therefore, the unified optimal ratio of its own and borrowed capital can not be.

As part of the actual implementation of the value concept of optimizing the financial structure of the Organization, we can create a model that ensures that the ratio of its own and borrowed capital, in which maximizing the reasonable market value of the organization is achieved, taking into account the necessary balance "yield - risk - liquidity" (Fig. 2).

Figure 2 - algorithm for optimizing the financial structure of capital in the organization's value management system.

Compared with borrowing, equity, characterized by the following positive distinguishing features:

2. A higher profit generation capacity in all fields of activity, because When it is used, no loan interest is required in all its forms.

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

In addition, he has both negative properties:

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

3. An unused possibility of increasing the profitability coefficient of equity due to attracting borrowed funds, since without such an attraction it is impossible to ensure the excess of the coefficient of financial profitability of the enterprise's activities on the economic.

Consequently, an organization using exclusively equal capital has the highest financial stability (its autonomy coefficient is equal to one), but limits the pace of eternal development (since it cannot provide the desired additional amount of assets during a favorable market situation) and does not use the financial gains of income profit on Invested capital.

The relationship between our own and borrowed sources of funds is one of the main analytical indicators characterizing the risk of investing financial resources into this organization. One of the main characteristics of the financial condition of the organization is the stability of its activities in the light of the long-term perspective. It is associated with the overall financial structure of the organization, the degree of its dependence on creditors and investors.

According to the results of the analysis of internal and external factors, various options for the target financial structure of capital are created with the definition of scenario values \u200b\u200bof their own and borrowed capital.

3. Quantitative indicators of own funds and efficiency of their use

The development of the policy of forming their own financial resources of the organization is as follows:

1. Analysis of the education of own financial resources of the organization last period. This analysis is used to identify the potential for creating their own financial resources and its compliance with the development pace of the organization.

To begin with, the total formation of their own financial resources, compliance of the growth rate of equity in the growth of assets and the volume of products sold, the dynamics of the specific gravity of its own resources in the total formation of financial resources in the suspension period.

The following sources of their own financial resources are being studied. Here, first of all, pay attention to the attitude of external and internal sources of education of their own financial resources, and the cost of attracting equity due to various sources.

At the last stage of the analysis, the wealth of own financial resources formed at the enterprise in the provisional period are investigated.

2. To determine the overall need for own financial resources, the following formula is used:

PSFR \u003d (PC * UK) / 100 - SKN + PR

where the PSFR is a good need for own financial resources of the organization in the planned period;

PC - the overall need for capital at the end of the planned period;

UK - the planned proportion of its own capital in the total amount;

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

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

The calculated general need shows the required amount of its own financial resources of the formed account of internal and external sources.

3. Analysis of the cost of attracting equity from different sources. According to the results of this analysis, management decisions are being developed with regard to the choice of alternative sources of formation of their own financial resources, ensuring an increase in the equity capital of the Organization. This analysis is carried out in the context of the main elements of the equity formed by domestic and external sources.

4. Guaranteed the greatest volume to attract their own financial resources at the expense of internal sources. All the possibilities of education of their own financial resources through internal sources are obliged to be implemented before contacting external sources of formation. Since even planned internal sources of education of their own financial resources of the organization are the amount of net profit and depreciation, the first thing in the process of data planning indicators should provide for their growth due to various reserves.

The method of accelerated depreciation of the active part of fixed assets increases the possibility of education of its own financial resources due to this source. But still, it should be remembered that the increase in the amount of depreciations, in the process of conducting accelerated depreciation of certain types of fixed assets, leads to a certain decrease in the amount of net profit. Thus, in the study of reserves for the growth of own financial resources, due to internal sources, it is necessary to proceed from the need to maximize their sum.

5. Guarantee of the required volume of attracting their own financial resources from external sources. Some of the own financial resources that could not be created at the expense of internal sources of financing is ensured by attracting from external sources of funding. Therefore, if the amount of own financial resources attracted by internal sources fully covers the overall need for them in the planned period, then there is no need to attract resources due to external sources.

Professor Blank I.A. (Doctor of Economic Sciences) proposes to calculate the need to attract their own financial resources due to external sources according to the following formula:

SFRVNESH \u003d PSFR - SFRVNUT

where SFRVNESH is a need to attract their own financial resources due to external sources;

PSFR - the overall need for its own financial resources of the enterprise in the planned period;

SFRVNUT - the sum of its own financial resources planned to attract at the expense of internal sources.

Ensuring the need for its own financial resources due to external sources is planned for the means to attract additional share capital, additional emission of shares or at the expense of other sources.

6. Optimization of the ratio of domestic and external sources of education of own financial resources is based on the following principles:

Providing the smallest cumulative price of attracting our own financial resources. Thus, if the cost of attracting its own financial resources due to external sources is significantly higher than the planned cost of attracting borrowed funds, this formation of its own resources is unprofitable;

Ensuring the conservation of organizing the organization's initial founders. The growth of additional mutual or share capital by third-party investors may lead to loss of such manageability.

where KSF is the coefficient of self-financing the upcoming development of the organization;

SFR is a planned amount of formation of own financial resources;

A - the planned increase in assets is posted on http://www.allbest.ru/

organizations;

PP is the planned amount of clean profits.

To fully appreciate the financial condition of the organization and its stability, the system of indicators is used. The number of financial coefficients in this system is large, therefore it is advisable to use only the main and most informative and substantive coefficients. These coefficients reflect the main aspects of the financial condition, such as property situation, financial sustainability, solvency, business activity, profitability. It is recommended to use no more than three to seven financial coefficients for each aspect of the financial condition.

For analytical work, the following financial indicators apply:

The absolute liquidity ratio of It shows which part of the short-term debt can be covered by the maximum liquid current assets - cash and short-term financial investments (the normal level of the coefficient should be not lower than 0.2):

Cl \u003d DS /

where DS is cash and short-term financial investments;

Fast Liquidity coefficient It shows which part of the short-term debt organization can pay off at the expense of funds, short-term financial investments and receivables (the normal level of the coefficient should be no less than 1):

CLP \u003d la / co

where La is liquid assets;

Co. - short-term obligations.

Current Liquidity Coefficient Shows whether the organization has enough to meet their short-term obligations over the coming year (the normal level of the coefficient should be between 1 and 2 (sometimes 3)):

CLO \u003d ta / ko

where is the current assets;

Co. - short-term obligations.

An organization with a higher overall coefficient of general coverage causes more confidence in lenders. When this coefficient is less than 1 - an enterprise is insolvent.

The main indicators for analyzing the creditworthiness of the organization are considered: equity capital Financial value

The ratio of the amount of implementation to net current assets:

ACT - Clean current assets, thousand rubles.

Clean current assets are current assets minus the short-term debt of the enterprise.

Coefficient K1. Shows the efficiency of using current assets. The high level of this coefficient positively characterizes the creditworthiness of the organization.

Nevertheless, there are cases when this indicator is very high or very rapidly increasing, then it can be concluded that the organization's activities are carried out in the corresponding cost of current assets.

The ratio of the volume of implementation to equity is characterized by turnover of own sources of funds:

where NP is the sales volume, thousand rubles;

Own capital, revised, taking into account the real state of non-current and current assets, shows the most accurate value of the property of the organization in a part provided by its own sources of coverage.

Revenue related to this cost, reflects the turnover of its own sources more precisely, since neither material assets nor the excess of the book value of reserves over their real cost are not considered factors contributing to the increase in sales.

The ratio of short-term debt to own capital Reflects the share of short-term debt in the organization's own capital. In the case when short-term debt less equity, you can pay with all creditors completely

where DK is short-term debt, thousand rubles;

SC - own capital, thousand rubles.

The ratio of receivables for revenue from sales Reflects the value of the average period of time spent on obtaining money due from buyers:

where DZ is receivable debt, thousand rubles;

NP - sales volume, thousand rubles;

The increase in the turnover of receivables (decrease in the indicator K4) is considered as a sign of improving the creditworthiness of the organization, since buyers' debts turn into money faster.

The ratio of liquid assets to short-term debtorganizations:

where al is liquid assets, thousand rubles;

DK - short-term debt, thousand rubles.

The main characteristic of the financial condition is the stability of activity. It is associated with the structure of the organization's balance sheet, the degree of its dependence on creditors and investors, with the conditions on which external sources of funds are attracted and serviced.

Analysis of different aspects of the enterprise is the concept of financial sustainability of the organization. It is characterized by the ratio of own and borrowed funds.

Coefficient of own capital concentration (autonomy, independence) characterizes the proportion of organization owners in the total amount of funds advanced in its activities:

CX \u003d SC / bracket

where SC - own capital, thousand rubles;

Bracket. - Total capital amount of thousand rubles.

The higher the value of this coefficient, the more stable, is stable and independent of the external creditors organization.

TOoeefficant ratio of borrowed and own funds Reflects the value of the borrowed funds per each ruble of their own funds invested in the assets of the organization. It is an addition to the coefficient of own capital concentration:

Kkp \u003d zK / SK

where ZK is borrowed capital, thousand rubles;

Coefficient of own funds It shows which part of its own capital is used to finance current activities, that is, it is invested in working capital, and which part is capitalized:

Km \u003d SOS / SK

where SOS is their own working capital, thousand rubles;

SC - own capital, thousand rubles ..

The value of this coefficient can vary violently depending on the type of activity of the organization and the structure of its assets, including current assets.

The coefficient of the structure of long-term investments of the KSV It shows which part of fixed assets and other non-current assets is financed by long-term borrowed sources:

Ksv \u003d dp / wa

where DP is long-term liabilities, thousand rubles;

Va - non-current assets, thousand rubles.

Sustainable financing coefficient - This is the ratio of the total magnitude of its own and long-term borrowed funds to the total value of non-current and current assets. It shows which part of the assets is funded by sustainable sources:

Couff \u003d (SK + DP) / (VA + TA)

where (SK + DP) is permanent capital, thousand rubles;

(VA + TA) - the amount of non-current and current assets, thousand rubles.

Couff reflects the degree of independence (or dependence) of the organization from short-term borrowed sources of coating.

Along with generally accepted in world and domestic practices, norms as a base can be used by the average industry values \u200b\u200bof the coefficients in accordance with the organization's region. Preferably, the basic values \u200b\u200bare determined to the same date as the estimated values \u200b\u200bof the coefficients.

4. Analysis of own capital management efficiencyZAO "Leontiev Center"

The object of the study is CJSC Leontiev Center.

Organizational and legal form - Closed Joint-Stock Company.

Today, ZAO Lentevsky Center on the market for more than 20 years. The organization has different areas of activity: renting premises and sublease, scientific research in the field of MM-International Economy. CJSC Leontievsky Center operates in accordance with the Company's Charter, the Constitution of the Russian Federation, the Federal Law of December 26, 1995 N 208-FZ "On Joint-Stock Companies".

CJSC Leontievsky Center has an independent balance sheet, settlement and transit accounts, both ruble and foreign exchange, intellectual property patent, real estate. The organization has a round seal containing its full proprietary name in Russian and an indication of its location. Also, the organity is entitled to have stamps and forms with their brand name, its own emblem, as well as a registered trademark and other means of individualization registered in the prescribed manner.

The founders of the Leontyevsky Center CJSC are citizens of the Russian Federation, operating on their own behalf. Relations between founders are governed by the Constituent Agreement on the creation and activities of the Closed Joint Stock Company. The highest authority of the organization is the meeting of shareholders collected at least 1 time per year.

In the exclusive competence of the meeting of shareholders are the following questions:

1. Amendments and additions to the Charter.

2. Change of authorized capital.

3. Approval of the balance, accounts of profits, losses, annual report of the Board, as well as an auditor.

4. Approval of the size of the dividend paid to the ordinary share.

5. Appointment of members of the Audit Commission and independent external auditors, as well as determining the scope of activity and remuneration.

6. Decision on the formation of subsidiaries and participation of organizations in other enterprises, associations.

7. Decisions on mergers, accession, transformation of the organization in the enterprise of another organizational and legal form.

8. Decisions on the liquidation of the organization, creating a liquidation commission and approval of its report.

9. Approval of transactions and other actions that have learned the emergence of obligations regarding the organization, which exceed the powers provided by the Board of Directors.

10. Election of the Director-General, members of the Board of Directors.

The main task of members of the Board of Directors and Board members is policies to increase society's profitability.

The main activity of the Leontyevsky Center CJSC, indicated during registration in the Unified State Register of Legal Entities, is the delivery of premises for rent and sublease. The organization owns 60% of the building, 15% leases from Kuga G. St. Petersburg, 25% of the building is owned by other organizations. Thus, the Leontief Center CJSC has 75% of the building, of which 10% occupy offices and auxiliary premises for employees, the remaining 60% are leased and the sublease.

The number of employees at the moment is 50 people. The activities of the organization leads the Director-General. He independently solves the issues of the organization's activities, has the right of the first signature, disposes of the property of the organization, takes the reception and dismissal of workers. The Director-General carries material and administrative responsibility for the accuracy of data of accounting and statistical reports. The chief accountant is the documentary reports of the organization.

The chief accountant submits directly to the director, is his deputy for economic issues and performs the following functions:

Manages the work on planning and economic stimulting of the organization, an increase in labor productivity, identifying and using reserves to improve the organization of the production process, labor and wages;

Develops standards for the formation of economic stimulating funds;

Conducts a comprehensive analysis of the results of the organization;

Carries out accounting of funds for the organization and economic operations with material and monetary resources;

Establishes the results of the financial and economic activities of the organization;

Manages financial settlements with customers and suppliers associated with the sale of finished products, the acquisition of the necessary TMC.

His task also includes receiving loans in a bank, timely return of loans, relationship with the state budget;

Organizes and maintains accounting and tax accounting of the Organization in accordance with the requirements of current legislation and approved organization accounting policies.

The following main departments are available at Letyevsky Center CJSC:

Development Department - is engaged in finding partners in a scientific environment, participation in scientific events.

Accounting;

The tenant department is engaged in finding tenants, accounting for them, is in constant contact with tenants, leased documentation.

The department for working with personnel is engaged in personnel issues.

The service department of the building is engaged in procurement of materials for the current and overhaul of the building and offices.

The economic department is engaged in the purchase of economic TMTs for offices, procurement of the office for employees, managing cleaners and tankers.

Department of Contracts - Work with Treaties.

Scientific department - researchers participate in various conferences, are engaged in scientific activities in the field of economics.

The Financial Reporting of the Leontief Center CJSC gives a reliable and complete understanding of the property and financial position of the Organization, about its changes, as well as the financial results of its activities. Accounting reporting, formed and compiled on the basis of rules established by regulatory acts on accounting of the Russian Federation, is considered to be reliable.

Financial and Economic Analysis of the Leontief Center CJSC is carried out on the basis of the collected data of the quarterly reporting submitted by the economic entity in the tax authorities.

Table 1 The main indicators of the financial and economic activities of CJSC Leontievsky Center for 2012-2014.

According to Table 1, it can be seen that lease revenues in 2012 amounted to 20 million rubles., In 2013, the revenue from the lease was 23 million rubles, there was an increase in volumes in comparison with 2012 in the amount of 3 million .rub. In 2014, revenues from the lease amounted to 28 million rubles. and compared with 2013 grew by 4 million rubles.

The cost of services of CJSC Leontievsky Center in 2012 is 14 million rubles, and in 2014 it increased by 1 million rubles. and amounted to 15 million rubles. In 2014, the cost of 15.5 million rubles amounted to 15.5 million rubles. and increased compared to 2013 by 0.5 million rubles.

The Company's profits from 2012 to 2014 increased by 6.5 million rubles. Thus, in general, for the period 2012 - 2014. There is a tendency of the main indicators of activity to growth.

RP \u003d PP / BP X100, where

PP - profits from sales;

BP - revenue of the enterprise.

Profitability of sales shows how much profit received by 1 ruble of the company's revenue. Calculate the profitability of sales for ZAO "Leontievsky Center"

RP2012 \u003d (6 million rubles / 20 million rubles) * 100% \u003d 30%

RP2013 \u003d (8 thousand rubles / 23 thousand rubles.) * 100% \u003d 34.78%

RP2014 \u003d (12.5 thousand rubles / 28 thousand rubles.) * 100% \u003d 44.64%

As shown by the calculations, the sales profitability CJSC Leontyevsky Center has achieved the greatest value in 2014 - 44.64%. This is due to the purchase of part of the premises from Kuga G. St. Petersburg, and as a result, the cessation of rent payments of the Leontyevsky Center CJSC in favor of Cures.

We analyze the performance of labor efficiency.

Table 2. The main indicators of the efficiency of the use of labor resources CJSC Leontiev Center for 2012 - 2004.

Indicators	Change (+ ;-)
		2013 K. 2012	2014 K. 2013
Revenue from the sale of goods, products, works, services, million rubles.
Number of employees, people.
Fund for labor remuneration, million rubles.
Average monthly salary, thousand rubles.
Labor productivity, million rubles / person

Network productivity in 2012 amounted to 0.43 million rubles. / Person., In 2013 - 0.48 million rubles. / Person, in 2014 - 0.56 million rubles / person In 2013, compared with 2012, there was an increase in this indicator by 0.05 million rubles. / Person In 2014, compared with 2013, the growth of the figure amounted to 0.08 million rubles. / Person. The management of the enterprise should pay attention to the existing negative dynamics of the growth rate of productivity.

At the same time, the average employee salary for the month in 2012 - 12 thousand rubles in 2012, in 2013 - 14.5 thousand rubles, in 2014 - 15 thousand rubles. The average monthly wage also detects an increase in growth: in 2013, compared with 2012, an increase in the average monthly salary for 2500 rubles is observed. In 2014 compared with 2013 - by 500 rubles. The growth rate of labor productivity is higher than the rate of wage growth, so we can conclude that the monetary motivation system is effective.

For the organization of the organization, it is of great importance to the existence of an optimal amount of working capital. Curvas - this is a set of funds advanced to create revolving industrial funds and conversion funds providing a continuous circuit of money.

Table 3. Indicators of the efficiency of working capital CJSC Leontiev Center for 2012 - 2014.

Indicators	Change (+ ;-)
		20 13 G. 20 14 G.	20 14 G. 20 15 G.
Revenue from the sale of goods, products, works, services, million rubles.
Profit from sales, million rubles.
The average annual cost of working capital, million rubles.
Curvas turnover:
Among the revolutions
In the days of turning
Profitability of working capital,%

The average annual cost of working capital is determined by the formula of the average simple arithmetic on the basis of the accounting balance data. The average annual cost of working capital increases throughout the analyzed period from 28.2 million RUB. Up to 30.97 million rubles. In 2013 compared with 2012. In 2014, the average annual cost of working capital amounted to 37.33 million RUB from 37.33 million RUB over 2013;

The turnover coefficient is determined by dividing the volume of services for the average balance of working capital in the enterprise. The duration of one turn thing in days is dividing the number of days in the period on the turnover coefficient. The turnover of working capital is quite low throughout 2012 - 2014. In 2012, one turn was performed for 521 days (turnover coefficient - 0.70), in 2013, the turnover of working capital accelerated to 0.74 revolutions per year (the duration of turnover is 493 days), in 2014, one turn was accumulated in 486 days ( turnover coefficient - 0.75).

The tendency to an increase in 2012-2014. Recoves the profitability of working capital. In 2012, 21.28 rubles were obtained for each ruble of working capital. Clean profits, in 2013 compared with 2012, profitability increased by 4.55 points and amounted to 25.83%, in 2014 the profitability of working capital increased to 33.49%.

Thus, the activities of JSC "Leontievsky Center" for the period 2012 - 2014. It is characterized by an increase in sales revenue, book profits, a decrease in the period of turnover of working capital organizations, an increase in labor productivity. However, for the analyzed period, the growth rate of labor productivity is higher than the rate of wage growth. Therefore, after analyzing all the indicators characterizing the organizational and economic activity, it can be concluded that the organization's effectiveness increases.

Conclusion

Own capital management of the organization occupies one of the main places in the general organization management system. Own capital management is the concept of the foundations and methods of developing and implementing management decisions related to its suitable formation from various sources, in addition to ensuring effective application in various types of economic activities of the Organization.

An increase in the efficiency of own capital management is stimulated on one side by the desire to improve the financial results of the organization and the growth of the well-being of its owners, on the other hand, the dependence of the organization from the external economic environment, evaluating its activities from the side and the system of economic relations with her.

Consequently, the financial basis of the organization is its own capital formed. Under its own capital, it means the total amount of funds belonging to the organization's rights and it used to form assets. The cost of assets formed at the expense of equal capital invested in them is "clean assets of the enterprise."

The total amount of equity equity is shown by the first partition of the "liability" of the reporting balance. The structure of the articles of this section allows it to be clearly identified by the originally invested part (that is, the amount of funds nested by the owners of the organization in the process of its creation) and its accumulated part in the process of implementing effective economic activities. The basis of the first part of its own capital of the Organization is its authorized capital - the total cost of assets that are contribution (participants) in the capital of the organization (organizations for which the fixed amount of share capital is not provided, reflect the amount of the actual contribution of owners in this position its authorized capital). The second part of equity is additionally invested capital, the reserve capital, retained earnings and some other species.

One of the primary difficulties of the current Russian enterprises is to effectively manage the state of financial resources. Experience shows that due to the lack of accurate and systematic knowledge about their finances, the company is losing to the fifth of the income. For successful management, it is necessary to clearly present at the expense of which financial resources are formed, as well as what conditions affect the components of financial resources.

The organization's own capital management is a set of targeted methods, operations, levers, influence techniques for a variety of finances to achieve a certain result.

Based on the analysis, it can be concluded that the Leontyevsky Center CJSC is not an unprofitable organization, since the profit is made during the entire period under consideration. The revolving and fixed assets of the firm are used quite effectively and there is a tendency to increase the efficiency of their use. This suggests that Leontiev Center CJSC has reserves of sales growth and increasing profits.

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