Enterprise equity management pdf. Organization's own capital management. Emission policy of the enterprise

Chapter 1. Theoretical foundations of enterprise equity management

1.1 The concept of equity capital 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, shares and other contributions of shareholders, legal entities and individuals, as well as loans and other income not contrary to the law.

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

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

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

Rice. one. Forms of functioning of the enterprise's own capital

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

The authorized capital is start-up capital necessary for the enterprise to implement financially - economic activity for the purpose of making a profit.

The authorized capital is the sum of the contributions of the founders of an economic entity to ensure its vital activity. Value authorized capital corresponds to the amount fixed in the constituent documents, and is unchanged. An increase or decrease in the authorized capital may be carried out in accordance with the established procedure (for example, by decision general meeting) only after the re-registration of the economic entity. As contributions to the authorized capital, the following can be made: buildings, structures, equipment, other material assets, securities, rights to use land, water and other natural resources, buildings, structures, equipment, other property rights (including intellectual property: know-how, the right to use inventions, etc.), funds in rubles and foreign currency. The cost of deposits is estimated in rubles by a joint decision of the participants of economic entities and amounts to their shares in the authorized capital.

According to Civil Code Russian Federation The authorized capital may take the form of:

· share capital - in full partnership and limited partnership;

share or indivisible fund - in production cooperative(artels);

authorized capital - in joint-stock companies, limited and additional liability companies;

· statutory fund - in unitary state and municipal enterprises.

The authorized capital is formed during the initial investment of funds. Its value is announced during the registration of the enterprise, and any adjustments to the size of the authorized capital are allowed only in cases and in the manner prescribed by the current legislation and constituent documents.

Authorized capital functions:

forms the material base for the start of the organization's activities;

guarantees the interests of creditors;

determines the share of participation of each owner in the distribution of profits of the organization;

· the size of the authorized capital is an indicator of the effectiveness of the organization.

A change in the size of the authorized capital of an enterprise is always associated with the re-approval of its constituent documents by the general meeting of founders and their re-registration in the relevant government bodies.

The next element of equity - additional capital, is, in fact, an addition to the authorized capital and includes the amount before the assessment of fixed assets, capital construction projects and other tangible assets of the organization with a useful life of 12 months, carried out in the prescribed manner.

The additional capital can be used to increase the authorized capital, pay off the balance sheet loss for the reporting year, and also be distributed among the founders of the enterprise and for other purposes. At the same time, the procedure for using 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 authorized capital, additional capital is not subdivided into shares contributed by specific participants.

Regulatory documents its use for consumption purposes is prohibited.

Additional capital accumulates cash flowing through the above channels. The main channel here is the results of the revaluation of fixed assets.

The sources of additional capital formation are:

increase in the value of property due to revaluation and capital investments;

· positive exchange differences resulting from the contribution of foreign currency to the authorized capital;

· Funds allocated from the budget and used to finance long-term investments;

· funds of the enterprise aimed at replenishment of current assets.

As a result of the revaluation of fixed assets, the amount of additional capital may change both upwards and downwards.

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

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

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

The formation of the company's own capital is subject to two main goals:

1. Formation at the expense of own capital of the required volume of non-current assets . The amount of the company's own capital, advanced in various types of its non-current assets (fixed assets, intangible assets, construction in progress, long-term financial investments, etc.), is characterized by the term own fixed capital.

2. The formation of a certain amount of current assets at the expense of equity capital. The amount of equity capital advanced into various types of its current assets (stocks of raw materials, materials and semi-finished products; volume of work in progress; stocks of finished products; current receivables; monetary assets, etc.), characterized by the term own working capital.

Equity management is not only about providing effective use already accumulated part of it, but also with the formation of its own financial resources that ensure the future development of the enterprise. In the process of managing the formation of their own financial resources, they are classified according to the sources of this formation.

As part of the internal sources of the formation of its own financial resources, the main place belongs to the profit remaining at the disposal of the enterprise - it forms the predominant part of its own financial resources, provides an increase in own capital, and, accordingly, growth market value enterprises. Depreciation charges also play a certain role in the composition of internal sources, especially at enterprises with a high cost of their own fixed assets and intangible assets; however, they do not increase the amount of the company's own capital, but are only a means of reinvesting it. Other internal sources do not play a significant role in the formation of the enterprise's own financial resources.

As part of the external sources of the formation of its own financial resources, the main place belongs to the attraction by the enterprise of additional share capital (through additional contributions from participants) or equity (through additional emission and sale of shares) capital. For individual enterprises, one of the external sources of the formation of their own financial resources may be the gratuitous financial aid(as a rule, such assistance is provided only to individual state enterprises of various levels). Other external sources of formation of own financial resources include tangible and intangible assets transferred to the enterprise free of charge and included in its balance sheet.

Own capital management consists in the formation of targeted sources of financing from profits, contributions from founders and participants and other income, as well as their use.

The financial manager determines the composition and structures of the funds formed in the enterprise Money and also sets targets for their spending.

A number of cash funds are formed by enterprises due to the requirements of laws, others depend on the decision of the founders and the accounting policy of the enterprise.

Authorized capital. It acts as the main and, as a rule, the only source of financing at the time of the creation of a joint-stock type commercial organization; it characterizes the share 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 (decrease) in the authorized capital is allowed by decision of the owners of the organization based on the results of the meeting for the year with a mandatory change in the constituent documents. For business companies legislation provides for the need for a forced change in the amount of the authorized capital (downwards) in the event that its amount exceeds the cost net assets society.

The authorized capital of the organization determines the minimum amount of its property that guarantees the interests of its creditors. For some organizational and legal forms of business, its value is limited from below; in particular, the minimum authorized capital open society must be at least a thousand times the amount of the minimum wage (SMIC) on the date of its registration, and for a closed company - at least a hundred times the amount of the minimum wage.

The authorized capital of a joint-stock company may consist of shares of two types - ordinary and preferred, and the nominal value of the placed preferred shares should not exceed 25%. The shares of the company distributed upon its establishment must be fully paid up within the period determined by the charter of the company, while at least 50% of the distributed shares must be paid within three months from the date of state registration society, and the rest - within a year from the moment of its registration.

A share is a security that indicates the participation of its owner in the equity capital of the company. The purchase of shares is accompanied by the acquisition of a number of property and other rights for the investor:

- the right to vote, i.e. the right to participate in the management of the company by, as a rule, voting at the meeting of shareholders when choosing its executive bodies, adopting the strategic directions of the company's activities, resolving issues related to the property interests of shareholders, in particular issues related to liquidation or sale of part of the property, issue of securities, etc.; we note that the share does not provide voting rights until the moment of its full payment, with the exception of shares acquired by the founders during the creation of the company;
- the right to participate in the distribution of profits, and, consequently, to receive

a proportional part of the profit in the form of dividends;

- the right to an appropriate share in the share capital of the company and the balance of assets in case of its liquidation;
- the right to limited liability, according to which shareholders are liable for external obligations of the company only within the limits of the market value of their shares;
- the right to sell or assign a share by its owner to any other person;
- the right to receive information about the activities of the company, mainly that which is presented in the published annual report.

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

1) can generate relatively more income, but are more risky compared to other investment options;
2) there is no guaranteed income;
3) there is no guarantee that when selling shares, their owner will not incur a loss;
4) upon liquidation of the company, the right to receive part of the property is exercised last.

An ordinary share gives the right to receive floating income, i.e. income that depends on the results of the company's activities, as well as the right to participate in management. The distribution of net profit among holders of ordinary shares is carried out after the payment of dividends on preferred shares and replenishment of 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 not guaranteed in any way and depends solely on the results of current activities and the decision of the shareholders' meeting.

The owner of a preferred share, as a rule, has a preferential right, compared to the owner of an ordinary share, to receive dividends in the form of a guaranteed fixed percentage, as well as to a share in the balance of assets upon liquidation of the company. Dividends on such shares should in most cases be paid regardless of the performance of the company and before they are distributed to ordinary shareholders. This results in a relatively lower riskiness of preferred shares; at the same time, this is reflected in the amount of dividends, the level of which, on average, is usually lower than the level of dividends paid on ordinary shares. In addition, a preferred share does not give the right to participate in the management of the company, unless otherwise provided by the statutory documents. We emphasize that the meaning of the term “privileged”, expressed in privilege in dividends and privilege in liquidation of the company, is revealed only in the relationship between the owners of two fundamentally different types of shares. As for other physical and legal entities related to this company, of course, there can be no talk of any privilege of shareholders.

In an ever-changing capital market environment, keeping interest rates constant for a long time, as is the case with preferred shares, is very problematic. That is why preferred shares most often have a limited life - they are either converted into ordinary shares or redeemed (in the latter case, the creation of a sinking fund is provided for in the emission prospectus). In this regard, these financial instruments are often treated as hybrid securities, since they simultaneously have the properties of ordinary shares (entitle to receive a share in current profits and property) and bonds (permanence and, as a rule, mandatory payment of constant dividends).

Additional capital is, in fact, an addition to the authorized capital and includes the amount before the assessment of fixed assets, capital construction projects and other tangible assets of the organization with a useful life of more than 12 months, carried out in the prescribed manner, as well as the amount received in excess of the nominal value of the outstanding shares ( share premium of a joint-stock company). In terms of revaluation of non-current assets, additional capital can be formed very artificially. Directions for the use of this source of funds, regulated by accounting regulations, include:

- repayment of the decrease in the value of non-current assets as a result of their revaluation;
- increase the authorized capital;
- distribution among the members of the organization.

Reserve capital. The sources reflected in this subsection may be created in the organization either on a mandatory basis, or if it is provided for in the constituent documents. The legislation of the Russian Federation provides mandatory creation reserve funds in open joint-stock companies and organizations with the participation of foreign investments. According to the Federal Law “On Joint Stock Companies”, the size of the reserve fund (capital) is determined in the charter of the company and should not be less than 5% of the authorized capital. The formation of reserve capital is carried out through mandatory annual deductions until it reaches the established amount. The amount of these deductions is also determined in the charter, but cannot be less than 5% of net profit (profit remaining at the disposal of the owners of the company after settlements with the budget for taxes). This law provides that the funds of the reserve capital are intended to cover losses, as well as to redeem the company's bonds and buy back own shares in the absence of other funds.

Undestributed profits. The profit received by the enterprise at the end of the year is distributed by the decision of the competent authority (for example, a general meeting of shareholders in a joint-stock company or a meeting of participants in a company with limited liability) for the payment of dividends, the formation of reserve and other funds, covering losses of previous years, etc. The remaining undistributed balance of profit essentially represents the reinvestment of profits in the assets of the enterprise; it is shown in the balance sheet as a source own funds and remains unchanged until the next meeting of shareholders. If the share of annually reinvested profit is consistently high in dynamics, i.e. shareholders are satisfied with the return on equity generated by the enterprise, then over the years this source can be very significant in the structure of sources of own funds.

Methods of financing the enterprise at its own expense. As it is easy to see from the above characteristics of the elements of equity capital, their role in financing the enterprise is quite diverse.

Funding source investment activity, as well as ensuring and expanding current activities, of course, advocates the profit of the enterprise. For the implementation of strategic important projects a one-time increase in the authorized capital through an additional issue of shares can act as a source of financing.

Known in world practice various ways share issues:

- sale directly to investors by subscription;
- sale through investment institutions that buy the entire issue and then distribute the shares at a fixed price among individuals and legal entities;
- tender sale (several investment institutions buy the entire issue from the borrower at a fixed price and then arrange an auction, based on the results of which they set the optimal share price);
- placement of shares by a broker with a small number of its clients.

The issue of shares is an expensive and time-consuming process, in addition, it is regulated by law (in particular, the Federal Law "On Joint Stock Companies"). As the experience of economically developed countries shows, additional emission due to the so-called signaling effect is often accompanied by a decrease in the market price of shares, therefore, this method of mobilizing financial resources is rarely resorted to - in cases where there are clearly defined prospects for using the funds raised.

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Introduction

Chapter 1. Own capital of the enterprise

1.1 The concept of equity capital and its structure

1.2 Sources of equity financing

Chapter 2. Equity management

2.1 Tasks and stages of equity management

2.2 Formation of the enterprise's own internal financial resources

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

Conclusion

Bibliography

Introduction

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

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

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

Important indicators characterizing the financial condition of the enterprise. The assessment of equity capital serves as the basis for calculating most of them.

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

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

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

The main problem for each enterprise that needs to be identified is the adequacy of cash capital for the implementation of financial activities, maintenance of money circulation, creation of conditions for economic growth. This problem remains unresolved for almost all enterprises, as evidenced by a significant lack of own working capital. Consequently, there is an objective need for a comprehensive study, analysis and improvement of the methodology and organization of accounting for the equity capital of business entities.

aim term paper is: to consider the concept and structure of equity, equity management: tasks, stages, mechanism, as well as the role of dividend and issue policies in equity management.

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

Consider the company's equity.

Analyze your wealth management.

Chapter 1. Own capital of the enterprise

1.1 The concept of equity capital and its structure

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

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

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

Equity capital (CK) of the organization as a legal entity in general view determined by the value of property owned by the organization. These are the so-called net assets of the organization. They are defined as the difference between the value of property (active capital) and borrowed capital. Of course, equity has a complex structure. Its composition depends on the organizational and legal form of the economic entity.

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

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

Rice. 1. Forms of functioning of the enterprise's own capital

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

In this case, the authorized capital is a set of contributions (calculated in monetary terms) of shareholders to the property during the creation of an enterprise to ensure its activities in the amounts determined by the constituent documents. Due to its stability, the authorized capital covers, as a rule, the most illiquid assets, such as land lease, the cost of buildings, structures, and equipment.

The Civil Code of the Russian Federation provides for the requirement that, starting from the second year of the enterprise's activity, its authorized capital should not be less than net assets. If this requirement is violated, then the enterprise is obliged to reduce (re-register) the authorized capital, putting it in line with the value of net assets (but not less than the minimum value). The formation of a reserve capital is mandatory for joint-stock companies, its minimum amount should not be less than 5% of the authorized capital.2

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

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

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

Target (special) funds are created from the net profit of an economic entity and must serve for certain purposes in accordance with the charter or decision of shareholders and owners. These funds are a type of retained earnings. In other words, this is retained earnings, which has a strictly designated purpose.

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

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

1.2 Sources of equity financing

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

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

However, it has the following disadvantages:

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

Rice. 2. Sources of equity capital formation

2. High cost compared to alternative borrowed sources of capital formation.

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

Thus, an enterprise that uses 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 ensure the formation of the necessary additional volume of assets during periods of favorable market conditions) and does not use financial opportunities for increasing returns on invested capital.

Based on economic essence own capital, economist Ukhina O.I. It is proposed to single out the following criteria for the optimal structure of equity capital:

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

The share of the statutory fund in equity capital is so small that it cannot be a criterion for the stability of the enterprise, because. revaluation of fixed assets is reflected in additional capital, and in this situation it is more expedient to compare net assets not only with the amount of authorized capital, but also with additional capital.

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

3. For the implementation of the function of capital, expressed by the ability to generate income, the criterion may be the effectiveness of the use of equity capital.

Its most effective use is possible under the condition of attracting a loan, despite its payment. This is indicated by the effect of financial leverage. Accordingly, the ratio of own and borrowed capital should have an optimal value for each specific enterprise based on its strategy and capabilities.

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

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

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

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

Chapter 2

2.1 Tasks and stages of equity management

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

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

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

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

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

2. Determining the total need for own financial resources. This need is determined by the following formula:

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Psfr \u003d (Pk * Usk) / 100 - SKn + Pr (1.1.)

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

PC - the total need for capital at the end of the planning period;

Usk - planned specific gravity own capital in its total amount;

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

Pr - the amount of profit allocated for consumption in the planning period.

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

3. Estimation of the cost of raising equity capital from various sources. Such an assessment is carried out in the context of the main elements of equity capital formed from internal and external sources. The results of such an assessment serve as the basis for the development of management decisions regarding the choice of alternative sources for the formation of own financial resources that ensure the growth of the enterprise's own capital.

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

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

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

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

SFRvnesh \u003d Psfr - SFRvnut, (1.2.)

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

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

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

Ensuring the satisfaction of the need for own financial resources from external sources is planned for attracting additional share capital, additional issue of shares or from other sources.

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

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

Ensuring the preservation of the management of the enterprise by its original founders. The growth of additional equity or share capital at the expense of third-party investors can lead to a loss of such control.

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

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

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

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

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

PP - the planned volume of consumption of net profit.

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

Ensuring the maximization of the formation of the profit of the enterprise, taking into account the acceptable level of financial risk;

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

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

2.2 Formation of the enterprise's own internal financial resources

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

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

Profit from the sale of products (or operating profit);

Profit from the sale of property;

Profits from non-operating transactions.

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

The main goal of managing the formation of the operating profit of an enterprise is to identify the main factors that determine it. final size, and finding reserves for a further increase in its amount.

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

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

1. Determination of the volume of sales of products that ensures break-even operating activities for a short period.

2. Determining the volume of sales of products that ensures break-even operating activities in the long run.

3. Determination of the required volume of product sales, ensuring the achievement of the planned (target) amount of gross operating profit. This task can also be formulated in reverse: determining the planned amount of gross operating profit for a given planned volume of product sales.

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

5. Determination of the required volume of product sales, ensuring the achievement of the planned (target) amount of marginal operating profit of the enterprise. This problem can also be formulated in reverse: determining the planned amount of marginal operating profit for a given planned volume of product sales.

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

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

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

The ratio of fixed and variable operating costs of the enterprise, which allows to include the operating leverage mechanism with different intensity of impact on the operating profit of the enterprise, is characterized by the operating leverage ratio, which is calculated by the following formula:

where Kol is the operating leverage ratio;

Ipost - the amount of fixed operating costs;

Io is the total amount of transaction costs.

Continuation
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The higher the value of the operating leverage ratio at the enterprise, the more it is able to accelerate the growth rate of operating profit in relation to the growth rate of sales volume. In other words, at the same rate of growth in the volume of sales of products, an enterprise with a larger operating leverage ratio, ceteris paribus, will always increase the amount of its operating profit to a greater extent compared to an enterprise with a lower value of this ratio.

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

where Eol is the effect of operating leverage achieved at a specific value of its coefficient at the enterprise;

GOP is the growth rate of gross operating profit, in %;

RR - the growth rate of sales volume, in%.

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

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

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

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

The effect of financial leverage is an increment to the return on equity obtained through the use of a loan, despite the payment of the latter.

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

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

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

EGF \u003d (Rk - Rzk) x ZS / SK, (1.6.)

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

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

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

SC - equity (average value for the period).

Thus, the effect of financial leverage defines the boundary economic feasibility attraction of borrowed funds.

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

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

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

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

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

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

Thus, the effective management of the financial resources of an enterprise involves an active and targeted impact on the capital structure in order to obtain the maximum return on investment. It is possible to estimate the optimal amount of financing from borrowed sources using the EGF criterion. It allows you to decide in advance on the impact on the dynamics of funding sources in the right direction to prevent the growth of investment risk.

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

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

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

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

The burden of taxation. The higher the income tax, the less tax incentives and opportunities to use accelerated depreciation, the more preferable debt financing looks because at least part of the interest on the loan is included in the cost. Moreover, the higher the taxes, the stronger enterprise feels a lack of funds and the more often it is forced to apply for a loan.

Attitude of creditors to the enterprise. Specific conditions for granting a loan may deviate from the average depending on the financial and economic situation of the enterprise. For a small and / or start-up enterprise, access to credit resources is especially difficult due to the risky financial position of the enterprise, insufficient loan collateral, and lack of credit history.

State of the capital market. In an unfavorable situation on the capital market, sometimes you just have to obey the circumstances, postponing until better times the formation of a rational structure of sources of funds.

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

Dividend policy of the enterprise

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

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

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

The dividend policy of a joint-stock company is formed according to the following main stages:

1. Assessment of the main factors that determine the formation of the dividend policy.

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

3. The mechanism for distributing the profit of a joint-stock company in accordance with the chosen type of dividend policy.

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

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

Emission policy of the enterprise

The main goal of the emission policy is to attract the necessary volume of own financial resources in the stock market in the shortest possible time. Taking into account the stated goal, the emission policy of the enterprise is part of the general policy of forming its own financial resources, which consists in ensuring the attraction of the required volume through the issuance and placement of its own shares on the stock market.

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

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

An analysis of the stock market situation (exchange and over-the-counter) includes a description of the state of demand and supply of shares, the dynamics of the price level of their quotation, sales volumes of shares of new issues and a number of other indicators. The result of such an analysis is the determination of the level of sensitivity of the stock market's response to the emergence of a new issue and the assessment of its potential to absorb the emitted volumes of shares.

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

2. Determining the purpose of the issue. Due to the high cost of raising equity from external sources, issues should be quite significant from the standpoint of strategic development enterprise and opportunities for a significant increase in its market value in the coming period. The main of these goals that the company is guided by, resorting to this source of equity capital formation, are:

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

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

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

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

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

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

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

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

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

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

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

Conclusion

Own capital is a set of material assets and cash, financial investments and costs for the acquisition of rights and privileges necessary for the implementation of its economic activities.

Equity capital is characterized by the following main positive features:

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

2. More high ability generating profits in all areas of activity, tk. when using it, the payment of loan interest in all its forms is not required.

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

The main objectives of equity capital management are

Determining the appropriate amount of equity capital;

An increase, if required, in the amount of equity capital from retained earnings or an additional issue of shares;

Determining the rational structure of newly issued shares;

Definition and implementation of the dividend policy.

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

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

2. Determining the total need for own financial resources.

3. Estimation of the cost of raising equity capital from various sources.

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

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

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

The following functions of equity can be distinguished:

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

- protective (absorbent) - aimed at protecting the capital of creditors and compensating (absorbing) the losses of the organization;

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

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

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

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

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

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

In general, the value of net assets is calculated according to the formula NA \u003d Ar - Pr

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

As part of equity capital, the following components are allocated (recorded): authorized (share) capital, additional capital, reserve capital, retained earnings and other reserves.

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

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

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

Raising additional share capital (by re-issuing and selling shares);

Free financial assistance from legal entities and the state;

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

Funds of targeted financing received for investment purposes;

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

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

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

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

financial dependence ratio (financial leverage ratio) is the reciprocal of the autonomy coefficient. It is defined as the ratio of the value of the organization's total assets to the value of its own capital. Shows the influence of the capital structure as one of the factors on the return on equity;

financial stability ratio characterizes the share of permanent capital in the form of own funds and long-term borrowed capital in the total assets (capital) of the enterprise. In foreign practice of financial analysis, the normal value of this coefficient is assumed to be 0.9. A decrease in the coefficient to 0.75 is considered as a critical level.

The disadvantages of using only equity are:

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

Higher cost compared to alternative sources of borrowed capital;

Unrealizable opportunity to increase profitability through the use of borrowed funds through the effect of financial leverage.

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Non-state educational institution higher education

Moscow Technological Institute

Faculty of Economics and Management Department of Management

COURSE WORK

by discipline « Finance of organizations (enterprises)»

on the topic:« Equity management »

Performed:

Yakushina M.A.

Moscow 2015

Introduction

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

2. Methods of managing equity

3. Quantitative indicators of own funds and the effectiveness of their use

4. Analysis of the effectiveness of equity management of CJSC "Leontievsky Center"

Conclusion

Bibliography

Introduction

The topic of this course work is the management of the organization's own capital. This topic is most relevant now, in the conditions of an unstable economic situation, fierce competition in all sectors of the economy, when the absence of professional knowledge among the majority of employees, as well as some of the managers of enterprises, is evident. These and others negative factors lead to bankruptcies. Therefore, indicators characterizing the financial condition of the organization are important. In turn, the presence of equity capital is the main condition for the reliability of the organization.

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

Estimation and planning are fundamentally important in the current conditions. cash flows in organizations, the search for effective sources of financing, in addition to profitable investment decisions, competent monitoring of receivables and payables, the development of rational accounting, tax, and other policies related to various areas of activity of organizations.

Equity capital determines the total value of the organization's funds, owned by it by right of ownership and used by it to form a certain part of the assets. This part of the asset, formed from the equity invested in it, is the net assets of the enterprise.

Own capital contains sources of financial resources that are different in their economic content, principles of formation and use: authorized, additional, reserve capital. In addition, equity includes retained earnings, special purpose funds and other reserves. Also, own funds include gratuitous receipts and government subsidies.

The object of the study is CJSC "Leontievsky Center", St. Petersburg.

The purpose of the work is to develop measures to improve the efficiency of managing the organization's own capital.

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

1) to study the concept, essence and features of the formation of equity capital;

2) analyze and evaluate methods of managing equity;

3) identify the quantitative characteristics of the assessment of own funds and calculate the effectiveness of their use by the enterprise.

1. The concept, essence and features of the formation of one's owncapital

In the structure of the financial interrelations of the national economy, the finances of organizations occupy an initial, fundamental place, since they serve the main link in social production, where material and intangible benefits are created and the predominant mass of the country's financial resources is formed.

Enterprise finance is not only an integral, but also a specific part of finance. They are characterized, on the one hand, by features that characterize the economic nature of finance in general, and on the other hand, by features due to the functioning of finance in various spheres of social production.

An enterprise is an independent economic entity formed to conduct economic activities that are carried out in order to make a profit and meet social needs.

Own capital is a set of material assets and cash, foreign exchange investments and the cost of acquiring the rights and privileges required for the organization's business activities.

The equity capital of an organization, as a legal entity, is reflected in the value of the property owned by this organization. Net assets of the organization are defined as the difference between the value of property (active capital) and borrowed capital.

For any organization, the owners are legal entities and individuals, a group of contributors-shareholders or a corporation of shareholders. The authorized capital is considered one of the main indicators that allow you to get an idea of the size and financial condition of organizations.

The authorized capital is the main initial source of the organization's own funds. It is a source of formation of fixed and working capital, which in turn are directed to the acquisition of fixed production assets, intangible assets, working capital. Own capital is subdivided into a constant part - the authorized capital and a variable, the value of which depends on the financial results of the enterprise.

The authorized capital implies a set of funds (contributions, contributions, shares) of the founders (participants) to the property during the formation of the organization in order to ensure its activities in the amounts determined by the constituent documents, its value is formed taking into account the proposed economic (production) activity and is fixed at the time of the state organization registration.

According to the Civil Code of the Russian Federation, the authorized capital, depending on the organizational and legal form of the enterprise, can act as:

Contributed capital - in full partnership and limited partnership;

Share or indivisible fund - in a production cooperative (artel);

Authorized capital - in joint-stock companies, limited and additional liability companies;

Authorized fund - in unitary state and municipal enterprises.

The authorized capital must be distributed among the participants (founders), this is what distinguishes it from other structural elements of the organization's own capital. Thus, the decision of the general meeting of founders on changes in the authorized capital must be accompanied by an indication of the procedure for distributing it among the participants.

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

Surplus capital is called the increase in value from the revaluation of real estate. Such surpluses do not pay dividends and increase the total cost of capital.

Variable capital includes: additional capital, reserve capital, retained earnings and special funds. In particular, additional capital, reserve capital contributes to the increase in own financial resources.

Reserve funds are created voluntarily, and, unlike the authorized capital, which is created in accordance with the requirements of the law, they are formed only in the manner prescribed by the constituent documents or the accounting policy of the organization. Organizational legal form ownership does not matter.

Reserve capital is the size of the organization's property, which is used to place retained earnings in it, to cover losses, redeem bonds and buy back shares of the organization, as well as for other purposes.

The size of the reserve capital is not less than 5% of the authorized capital. Limited liability companies (LLC), unlike joint-stock companies (JSC), do not form reserve capital.

The resources of the reserve fund are intended to cover the balance sheet loss for the reporting year, to redeem bonds and buy back shares of a joint-stock company (JSC) in the absence of other funds. The reserve fund is formed by organizations, including in case of termination of their activities to cover accounts payable. The use of reserve funds for other purposes 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 joint-stock companies in the amount provided for by the company's charter, but not less than 5% of its authorized capital. The amount of annual deductions is provided for by the charter of the company, but cannot be less than 5% of net profit until the amount established by the charter of the company is reached. Based on these regulatory requirements, many organizations are not required to create a reserve fund, but may do so in accordance with constituent documents or accounting policies.

In the course of business activities, an organization may receive new property or increase the accounting value of an existing one, i.e. increasing the size of the assets. To account for the sources of such property or the increase in its value in accounting, there is the concept of additional capital.

Additional capital is share premium generated in open joint-stock companies and is the amount of the excess of the sale price of shares over the nominal value during an open subscription. The share premium that arose during the formation of the authorized capital of joint-stock companies is considered only as additional capital and cannot be directed to consumption needs. In other words, additional capital is a source of funds for the organization, formed as a result of the revaluation of property or the sale of shares above par value.

Additional capital may have the following sources of formation:

share premium;

The amount of revaluation of non-current assets;

Exchange differences associated with the formation of authorized capital;

Amounts of retained earnings directed as sources of coverage of capital investments;

Property received free of charge (except for property related to the social sphere, which is reflected in retained earnings);

Funds allocated from the budget used to finance long-term investments.

The organization's income, added to the additional capital, increases the organization's own capital, but does not affect the financial result of the organization's activities in the reporting period. Example: an organization can receive ownership of expensive real estate free of charge, as a result of which its property and capital will increase significantly, however, as a result of financial activities in the reporting period, the organization may suffer a loss.

In tax accounting, the presence of income not included in the financial result of the activity is taken into account: when calculating taxable profit, income attributable to additional capital is added to profit subject to taxation.

Also, in economic entities, another type of equity arises - retained earnings. Retained earnings is net profit (or part of it), not distributed in the form of dividends between shareholders (founders) and not used for other needs. Basically, these funds are used to accumulate the property of an economic entity or increase its working capital in the form of free cash, which are ready for a new turnover at any time. Retained earnings may increase from year to year, representing growth in equity based on domestic accumulation.

Most of the organization's own capital is accumulated in special purpose funds. These funds are reserved and sent to create sources of financing for the formation of new industrial property and social infrastructure, and in addition to the needs social development(except capital investments). The main source of creation of special purpose funds is the part of the profit remaining at the disposal of the organization.

2. Methods of managing equity

Own capital management is the management of the process of its creation, maintenance and effective use, that is, the management of existing assets. This implies both general management of own capital and management of its structural elements.

To turn their property into capital, the owners of this property must meet the following conditions:

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

from the moment of capitalization, the right to use and dispose of the invested property must be transferred to the enterprise as a business entity. Capitalized property is the assets of an enterprise that undertakes to use them in such a way that the value of these assets increases as much as possible.

The main principle of the organization's own capital management is the management of the formation of its own financial resources. To ensure effective management of this process, the organization creates a special financial policy aimed at attracting its own financial resources from different sources according to the needs of its development in the future period.

The main tasks of equity capital management are:

Determining the appropriate amount of equity capital;

An increase, if required, in the amount of equity capital from retained earnings or an additional issue of shares;

Determining the rational structure of newly issued shares;

Definition and implementation of the dividend policy.

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

Figure 1. Sources of formation of equity capital of the organization

The organization's own capital management contains the definition of the optimal ratio between own and borrowed financial resources. The financial structure of capital is formed under the influence of various conditions that reflect both the characteristics of the organization and the influence of the external environment on it, therefore there cannot be a single optimal ratio of equity and debt capital for all companies.

As part of the actual implementation of the cost optimization concept financial structure organization, we can create a model that provides such a ratio of equity and debt capital, which achieves the maximization of the fair market value of the organization, taking into account the necessary balance of "profitability - risk - liquidity" (Fig. 2).

Figure 2 - Algorithm for optimizing the financial structure of capital in the cost management system of the organization.

Compared with borrowed capital, equity is characterized by the following positive distinguishing features:

2. Higher ability to generate profits in all areas of activity, tk. when using it, the payment of loan interest in all its forms is not required.

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

In addition, it also has negative properties:

2. High cost compared to alternative borrowed sources of capital formation.

Consequently, an organization that uses exclusively its own capital has the highest financial stability (its autonomy coefficient is equal to one), but limits the pace of its own development (because it cannot ensure the creation of the required additional volume of assets during favorable market conditions) and does not use the financial opportunities to increase profits on invested capital.

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

Based on the analysis of internal and external factors different variants of the target financial structure of capital are created with the definition of scenario values of the values of own and borrowed capital.

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

The development of a policy for the formation of the organization's own financial resources is carried out as follows:

1. Analysis of the formation of the organization's own financial resources in the past period. This analysis serves to identify the potential for creating own financial resources and its compliance with the pace of development of the organization.

To begin with, the total volume of the formation of own financial resources, the correspondence of the growth rate of own capital to the growth rate of assets and the volume of sales of the organization, the dynamics of the share of own resources in the total volume of formation of financial resources in the preplanning period are considered.

Further sources of formation of own financial resources are studied. Here, first of all, attention is paid to the ratio of external and internal sources of formation of own financial resources, and the cost of raising own capital from various sources.

At the last stage of the analysis, the sufficiency of own financial resources, formed at the enterprise in the preplanning period, is examined.

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

Psfr \u003d (Pk * Usk) / 100 - SKn + Pr

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

PC - the total need for capital at the end of the planning period;

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

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

Pr - the amount of profit allocated for consumption in the planning period.

The calculated total need shows the required amount of own financial resources generated by the account of internal and external sources.

3. Analysis of the cost of raising equity capital from various sources. Based on the results of this analysis, management decisions are developed regarding the choice of alternative sources for the formation of own financial resources, which ensure an increase in the organization's own capital. This analysis is performed in the context of the main elements of equity capital formed from internal and external sources.

4. Guarantee of the largest volume of attraction of own financial resources from internal sources. All possibilities for the formation of one's own financial resources from internal sources must be fulfilled before turning to external sources of formation. Since the even planned internal sources of formation of the organization's own financial resources are the sum of net profit and depreciation deductions, the first thing in the process of planning these indicators should be to provide for the possibility of their growth due to different reserves.

The method of accelerated depreciation of the active part of fixed assets increases the possibility of forming one's own financial resources from this source. But still, it must be remembered that the increase in the amount of depreciation, in the process of carrying out accelerated depreciation of certain types of fixed assets, leads to a certain decrease in the amount of net profit. Thus, when studying the reserves for the growth of one's own financial resources from internal sources, it is necessary to proceed from the need to maximize their total amount.

5. Guarantee of the required volume of attraction of own financial resources from external sources. Part of own financial resources, which could not be created from internal sources of financing, is provided by attraction from external sources of financing. Consequently, if the amount of own financial resources attracted from internal sources fully covers the total need for them in the planning period, then there is no need to attract resources from external sources.

Professor Blank I.A. (Doctor of Economics) proposes to calculate the need to attract own financial resources from external sources using the following formula:

SFRvnesh \u003d Psfr - SFRvnut

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

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

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

Meeting the need for own financial resources from external sources is planned by means of attracting additional share capital, additional issue of shares or other sources.

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

Ensuring the lowest total price for attracting own financial resources. Thus, if the cost of attracting own financial resources from external sources is significantly higher than the planned cost of attracting borrowed funds, then such formation of own resources is unprofitable;

Ensuring the preservation of the management of the organization by its original founders. The growth of additional equity or share capital at the expense of third-party investors can lead to a loss of such control.

where Ksf is the coefficient of self-financing of the future development of the organization;

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

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

organizations;

PP - the planned volume of consumption of net profit.

In order to fully assess the financial condition of the organization and its sustainability, a system of indicators is used. Quantity financial ratios in this system is large, therefore it is advisable to use only the main and most informative and significant coefficients. These ratios reflect the main aspects of the financial condition, such as property status, financial stability, solvency, business activity, profitability. It is recommended to use no more than three to seven financial ratios for each aspect of the financial condition.

For analytical work The following financial indicators apply:

Absolute liquidity ratio Kla shows what part of short-term debt can be covered by the most liquid current assets - cash and short-term financial investments (the normal level of the coefficient should not be lower than 0.2):

Cla=DS/KO

where DS - cash and short-term financial investments;

Quick liquidity ratio shows what part of the short-term debt the organization can repay at the expense of cash, short-term financial investments and receivables (the normal level of the coefficient should be at least 1):

Klp=LA / KO

where LA - liquid assets;

TO - short-term liabilities.

Current liquidity ratio Klo shows whether the organization has enough funds to pay off its short-term obligations during the coming year (the normal level of the coefficient should be between 1 and 2 (sometimes 3)):

Clo=TA / KO

where TA - current assets;

TO - short-term liabilities.

An institution with a higher total coverage ratio is more credible to creditors. When this ratio is less than 1, the company is insolvent.

The main indicators for analyzing the creditworthiness of an organization are: equity financial value

The ratio of sales volume to net current assets:

Аcht - net current assets, thousand rubles.

Net current assets are current assets minus short-term debts of the enterprise.

Coefficient K1 shows the effectiveness of the use of current assets. A high level of this ratio positively characterizes the organization's creditworthiness.

However, there are cases when this indicator is very high or increases very quickly, then it can be concluded that the organization's activities are carried out in volumes that do not correspond to the value of current assets.

The ratio of sales to equity capital characterizes the turnover of own sources of funds:

where Nr - sales volume, thousand rubles;

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

Attributable to this value, sales revenue reflects the turnover of own sources more accurately, since neither tangible assets nor the excess of the carrying value of inventories over their real value are considered factors contributing to the increase in sales.

The ratio of short-term debt to equity reflects the share of short-term debt in the equity of the organization. In the case when short-term debt is less than equity capital, it is possible to pay off all creditors in full

where Dk - short-term debt, thousand rubles;

SC - equity, thousand rubles.

The ratio of receivables to sales revenue reflects the value of the average period of time spent on receiving money due from buyers:

where DZ - accounts receivable, thousand rubles;

Nr - sales volume, thousand rubles;

An increase in the turnover of accounts receivable (a decrease in K4) is considered as a sign of an increase in the creditworthiness of the organization, since the debts of buyers turn into money faster.

The ratio of liquid assets to short-term debtorganizations:

where Al - liquid assets, thousand rubles;

Dk - short-term debt, thousand rubles.

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

An analysis of various aspects of an enterprise's activities is the concept of the financial stability of an organization. It is characterized by the ratio of own and borrowed funds.

Equity concentration ratio(autonomy, independence) characterizes the share of the owners of the organization in the total amount of funds advanced in its activities:

Kks=SK / Staple

where SC - equity, thousand rubles;

SCob. - the total amount of capital thousand rubles.

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

Toratio of borrowed and own funds reflects the amount of borrowed funds attributable to each ruble of own funds invested in the assets of the organization. It is an addition to the equity concentration ratio:

Kkp=ZK / SK

where ZK - borrowed capital, thousand rubles;

own funds maneuverability ratio shows what part of equity is used to finance current activities, that is, invested in working capital, and what part is capitalized:

Km = SOS / SK

where SOS - own working capital, thousand rubles;

SK - equity, thousand rubles.

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

Long-term investment structure coefficient Ksv shows what part of fixed assets and other non-current assets is financed from long-term borrowed sources:

SW = DP / VA

where DP - long-term liabilities, thousand rubles;

VA - non-current assets, thousand rubles.

Sustainable finance ratio- is the ratio of the total value of own and long-term borrowed funds to the total cost of non-current and current assets. It shows how much of the assets are financed from sustainable sources:

Kuf = (SK + DP) / (VA + TA)

where (SC + DP) - permanent capital, thousand rubles;

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

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

Along with the norms generally recognized in world and domestic practice, it is possible to use the average industry values of the coefficients according to the region where the organization is located as a base. It is preferable that the base values are determined on the same date as the estimated values of the coefficients.

4. Analysis of the effectiveness of equity managementCJSC "Leontievsky Center"

The object of the study is CJSC "Leontievsky Center".

Organizational and legal form - Closed Joint Stock Company.

To date, CJSC "Lentievskiy Center" has been on the market for more than 20 years. The organization has various activities: renting out premises and subleasing, Scientific research in the field of international economics. CJSC "Leontievsky Center" carries out its activities in accordance with the Charter of the enterprise, the Constitution of the Russian Federation, 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 currency, a patent for intellectual property, real estate. The organization has a round seal containing its full corporate name in Russian and an indication of its location. Also, the organization has the right to have stamps and forms with its own company name, its own emblem, as well as a trademark registered in the prescribed manner and other means of individualization.

The founders of CJSC Leontief Center are citizens of the Russian Federation acting on their own behalf. Relations between the founders are regulated Memorandum of Association on the establishment and operation of a closed joint stock company. The supreme governing body of the organization is the meeting of shareholders, convened at least once a year.

The following issues are within the exclusive competence of the meeting of shareholders:

1. Introduction of amendments and additions to the Charter.

2. Change in the authorized capital.

3. Approval of the balance sheet, profit and loss account, the annual report of the board, as well as the auditor.

4. Approval of the amount of dividend paid per ordinary share.

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

6. Making a decision on the formation of subsidiaries and participation of the organization in other enterprises, associations.

7. Making decisions on merging, accession, transformation of the organization into an enterprise of a different organizational and legal form.

8. Making decisions on the liquidation of the organization, the creation of a liquidation commission and the approval of its report.

9. Approval of transactions and other actions entailing the emergence of obligations in relation to the organization that exceed the powers granted to the board of directors.

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

The main task of the members of the board of directors and members of the board is to develop a policy in order to increase the profitability of the company.

The main activity of CJSC "Leontievsky Center", specified during registration in a single state register legal entities, is the lease and sublease of premises. The organization owns 60% of the building, leases 15% from the KUGI of St. Petersburg, 25% of the building is owned by other organizations. Thus, CJSC Leontief Center owns 75% of the building, of which 10% is occupied by offices and auxiliary premises for employees, the remaining 60% is leased and subleased.

The number of employees at the moment is 50 people. The activities of the organization are managed by the General Director. He independently decides the issues of the organization's activities, has the right of first signature, disposes of the organization's property, hires and dismisses employees. CEO bears material and administrative responsibility for the accuracy of the data of accounting and statistical reports. Chief Accountant prepares documentary reports of the organization.

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

Manages the planning and economic incentives of the organization, increasing labor productivity, identifying and using reserves to improve the organization of the production process, labor and wages;

Develops standards for the formation of economic incentive funds;

Conducts a comprehensive analysis of the results of the organization;

Carries out accounting of means of organization and economic operations with material and monetary resources;

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

Produces financial calculations with customers and suppliers related to the sale of finished products, the acquisition of the necessary goods and materials.

His tasks also include obtaining loans from the bank, timely repayment of loans, relationship with the state budget;

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

CJSC "Letievsky Center" has the following main departments:

Development department - is engaged in the search for partners in the scientific environment, participation in scientific events.

Accounting;

Department for work with tenants - searches for tenants, keeps their records, is in constant contact with tenants, maintains rental documentation.

Human Resources Department deals with personnel matters.

Building maintenance department - deals with the purchase of materials for the current and overhaul buildings and offices.

Housekeeping department - is engaged in the purchase of household goods and materials for offices, the purchase of stationery for employees, the management of cleaners and clerks.

Department of contracts - work with contracts.

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

The financial statements of CJSC "Leontievsky Center" give a reliable and complete picture of the property and financial position of the organization, its changes, as well as the financial results of its activities. Accounting statements are considered reliable if they are formed and compiled on the basis of the rules established by regulations Russian accounting.

The financial and economic analysis of CJSC "Leontievsky Center" is carried out on the basis of the collected quarterly reporting data submitted by the economic entity to the tax authorities.

Table 1 Main indicators of financial and economic activity of CJSC "Leontievsky Center" for 2012-2014

According to table 1, it can be seen that the rental income in 2012 amounted to 20 million rubles, in 2013 the rental income amounted to 23 million rubles, there is an increase in volumes compared to 2012 in the amount of 3 million .rub. In 2014, rental income amounted to 28 million rubles. and compared to 2013 increased by 4 million rubles.

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

The profit of the organization from 2012 to 2014 increased by 6.5 million rubles. Thus, in general, for the period 2012-2014. there is an upward trend in key performance indicators.

Rp = PP / BP x100, where

PP - profit from sales;

BP - the company's revenue.

The profitability of sales shows how much profit is received per 1 ruble of the company's revenue. Let's calculate the profitability of sales for CJSC "Leontievsky Center"

Rp2012 = (6 million rubles / 20 million rubles) * 100% = 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 the calculations show, the profitability of sales of Leontief Center CJSC reached its highest value in 2014 - 44.64%. This is due to the purchase of part of the premises from the KUGI of St. Petersburg, and as a result, the termination of rent payments by Leontief Center CJSC in favor of the KUGI.

Let's analyze the performance indicators of the use labor resources.

Table 2. Key performance indicators for the use of labor resources of CJSC Leontief Center for 2012 - 2004

Indicators	Change (+;-)
		2013 to 2012	2014 to 2013
Proceeds from the sale of goods, products, works, services, million rubles
Number of employees, pers.
Payroll fund, million rubles
Average monthly salary, thousand rubles
Labor productivity, million rubles/person

Labor 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 to 2012, this indicator increased by 0.05 million rubles per person. In 2014, compared to 2013, the growth of the indicator amounted to 0.08 million rubles per person. The management of the enterprise should pay attention to the existing negative dynamics of the growth rate of labor productivity.

At the same time, the average monthly salary of an employee in 2012 was 12 thousand rubles, in 2013 - 14.5 thousand rubles, in 2014 - 15 thousand rubles. The average monthly salary also shows an upward trend: in 2013, compared to 2012, there is an increase in the average monthly salary by 2,500 rubles. In 2014 compared to 2013 - by 500 rubles. The growth rate of labor productivity is higher than the growth rate of wages, so we can conclude that the system of monetary motivation is effective.

For the work of the organization, the availability of the optimal amount of working capital is of great importance. Working capital is a set of funds advanced to create working capital assets and circulation funds that ensure a continuous circulation of cash.

Table 3. Indicators of the effectiveness of the use of working capital of CJSC Leontief Center for 2012 - 2014

Indicators	Change (+;-)
		20 13 G. 20 14 G.	20 14 G. 20 15 G.
Proceeds from the sale of goods, products, works, services, mln.
Profit from sales, million rubles
Average annual cost of working capital, million rubles
Working capital turnover:
In the number of revolutions
In days of turnover
Return on working capital,%

The average annual cost of working capital is determined by the simple arithmetic mean formula based on the balance sheet data. The average annual cost of working capital increases during the analyzed period from 28.2 million rubles. up to 30.97 million rubles in 2013 compared to 2012. In 2014 average annual cost working capital amounted to 37.33 million rubles, which is more than in 2013 by 6.36 million rubles.

The turnover ratio is determined by dividing the volume of sales of services by the average balance of working capital in the enterprise. The duration of one turnover in days is found by dividing the number of days in the period by the turnover ratio. Working capital turnover is rather low during 2012-2014. In 2012, one turnover was made in 521 days (turnover ratio - 0.70), in 2013 the turnover of working capital accelerated to 0.74 turnovers per year (turnover duration - 493 days), in 2014 one turnover was made in 486 days ( turnover ratio - 0.75).

The upward trend for 2012-2014. reveals the indicator of profitability of working capital. In 2012, for every ruble of working capital, 21.28 rubles were received. net profit, in 2013 compared to 2012, the 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 CJSC "Leontievsky Center" for the period 2012 - 2014. characterized by an increase in sales revenue, balance sheet profit, a decrease in the turnover period of the organization's working capital, and an increase in labor productivity. At the same time, over the analyzed period, the growth rate of labor productivity is higher than the growth rate of wages. Therefore, after analyzing all the indicators characterizing the organizational and economic activity, we can conclude that the efficiency of the organization's activities has increased.

Conclusion

The organization's own capital management occupies one of the main places in the overall management system of the organization. Equity management is a concept of the foundations and methods for developing and implementing management decisions related to its appropriate formation from various sources, in addition to ensuring effective application in various types economic activities of the organization.

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

Consequently, the financial basis of the organization is formed by its own capital. Equity refers to the total amount of funds owned by the organization and used by it to form assets. The value of assets generated from equity invested in them is the "net assets of the enterprise".

The total amount of the organization's own capital is shown as the result of the first section "Liability" of the balance sheet. The structure of the articles in this section makes it possible to clearly identify its initially invested part (i.e., the amount of funds invested by the owners of the organization in the process of its creation) and its accumulated part in the process of implementing effective economic activity. The basis of the first part of the organization's equity capital is its authorized capital - the total value of assets recorded in the constituent documents, which are the contribution of owners (participants) to the capital of the organization (organizations for which a fixed amount of authorized capital is not provided reflect for this position the amount of the actual contribution of owners to its authorized capital). The second part of equity is represented by additionally invested capital, reserve capital, retained earnings and some other types of it.

One of the primary difficulties of today's Russian enterprises is the effective management of the state of financial resources. Experience shows that due to the lack of accurate and systematic knowledge of their finances, companies lose up to a fifth of their income. For successful management it is necessary to clearly understand how financial resources are formed, as well as what conditions affect the components of financial resources.

Organization's own capital management is a set of purposeful methods, operations, levers, methods of influencing various types of finance to achieve a certain result.

Based on the analysis carried out, it can be concluded that CJSC Leontief Center is not a loss-making organization, since it makes a profit during the entire period under review. Current and fixed assets of the company are used quite effectively and there is a tendency to increase the efficiency of their use. This indicates that CJSC "Leontievsky Center" has reserves for growth in sales and profits.

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Enterprise equity management pdf. Organization's own capital management. Emission policy of the enterprise

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