Sources of own financial resources. Financial resources and sources of their formation. Cost of capital and financial risks. Optimal capital structure

Financial resources are a combination of own cash incomes and revenues from outside (borrowed and borrowed funds) held by a business entity and intended to fulfill the financial obligations of an enterprise, finance current costs associated with expansion of production and economic incentives.

Financial resources are used by enterprises in the process of production and investment. The main forms of their existence are fixed and circulating assets of the enterprise. In fact, financial resources are represented in the asset balance; in other words, they are very diverse and can be classified according to various criteria. In particular, these are long-term tangible, intangible and financial assets, inventories, receivables and cash and cash equivalents. This is not about their material presentation, but about the advisability of investing money in certain assets and their ratio. Financial resources are in constant motion and are in cash only in the form of cash balances on a current account with a commercial bank and at the cash desk of an enterprise. According to the sources of education, financial resources are divided into their own (internal) and attracted on different conditions (external), mobilized in the financial market and received in the order of redistribution. Sources of financial resources: - profit; - depreciation; - accounts payable; - cash received from the sale of securities; - contributions of participants in joint ventures; - loans and cash loans, etc.

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

If external investors invest den. funds as entrepreneurial capital, the result of such an investment is the formation of attracted own financial resources. Part of the financial resources invested in production and generating income upon completion of the turnover is capital. The investment form distinguishes between entrepreneurial capital invested in various enterprises through simple or portfolio investments for profit and credit (loan) capital - money capital provided on credit on terms of repayment and payment.

Own financial resources: - authorized capital; - profit from financial activities; - depreciation charges (for the reproduction of fixed assets); - additional capital; - reserve fund; - balances of reserve and insurance funds; - funds equated to own funds - stable liabilities (enterprise debt to suppliers, employees, tax budget, mandatory payments to off-budget funds).

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

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

Depreciation is the process of transferring the value of fixed assets to a manufactured product as it deteriorates. Depreciation deductions are an element of an enterprise’s costs of manufacturing products (performing work, rendering services). Depreciation charges are a monetary expression of the depreciation cost of fixed assets and intangible assets. They have a dual character, because are included in the cost of production and, as part of the proceeds from the sale of products, go to the account of the enterprise, becoming an internal source of financing for both simple and expanded production.

Sustainable liabilities - these are liabilities that do not belong to the enterprise, but are constantly in circulation and are used legally. They are a source of coverage of working capital in the amount of growth, i.e. the difference between their value at the end and beginning of the period. The amount of stable liabilities may vary. Sustainable liabilities include: - the minimum carry-on arrears of wages, contributions to extra-budgetary social funds; - the minimum arrears of reserves for future expenses and payments; - the arrears to customers of advances and partial payment (prepayment) of products; taxes that accrue earlier than the due date.

Borrowed financial resources: - Bank loans; - Budget loan; - Trade loan; - commercial credit; - financial leasing; - funds from industry-specific centralized reserves; - payables that are constant in circulation.

Attracted financial resources: - funds received from the issue of securities; - from equity participation in the activities of other enterprises; - insurance indemnities upon the occurrence of an insured event; - mutual and other contributions of members of the labor collective of individuals and legal entities; - charity and sponsorship, etc.

Enterprises can receive funds for the implementation of special-purpose activities from higher organizations, individuals, as well as from budgets. Budget assistance may be allocated in the form of subventions and subsidies. Subvention - budgetary funds provided to the enterprise on a gratuitous and irrevocable basis for the implementation of certain targeted expenses. Subsidy - budgetary funds provided to the enterprise on the basis of shared financing of target expenses, these funds are part of the equity of the enterprise.

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

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

- Copyright - Advocacy - Administrative law - Administrative process - Antitrust and competition law - Arbitration (business) process - Audit - Banking system - Banking law - Business - Accounting - Real estate law - State law and administration - Civil law and process - Monetary circulation, finance and credit - Money - Diplomatic and consular law - Contract law - Housing law - Land law - Electoral law - Investment law - Information law - Enforcement proceedings - History of state and law - History of political and legal doctrines - Competition law -

financial subsidized loan borrowed

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

a) own - a set of financial resources of the enterprise, formed at the expense of participants and financial results of their own activities.
b) borrowed - a set of financial resources of the enterprise that have a deadline and are subject to unconditional return. Typically, periodic accrual of interest in favor of the lender (bonds, bank credit, various types of non-bank loans, payables) is provided.
c) attracted funds are funds that are provided on an ongoing basis and the owners of these funds receive income in the form of various payments.

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

The final result of the production and financial and economic activities of business entities is to obtain retained earnings, which includes profits from the production and sale of main products (works, services), from the sale of other products, as well as the balance of profits and losses from non-operating transactions (fines, penalties, forfeits etc.). Along with profit, enterprises have other sources of financial resources.

According to Professor A. Fridman, an important function of financial management is the management of sources of resource formation and enterprise investment. Sources of financial resources are reflected in the liability of the balance sheet and represent the capital of the business entity. Due to this capital, non-current and working capital are formed, which are shown in the asset balance and characterize the resource potential of the enterprise. Distinguish between own and borrowed capital, borrowed funds, budget and extra-budgetary appropriations. To own include the authorized, additional and reserve capital, part of the undistributed (capitalized) profit allocated to the development of the organization. Own sources of financing capital investments are depreciation charges.

Own capital of a newly created business entity, depending on the legal form, is formed through the sale of shares, contributions of founders and shareholders, etc. In the future, the amount of capital is increased as a result of effective economic and financial activities of the enterprise through capital investments in industrial development, increase in own working capital. Equity is reflected in section III of the liability of the balance sheet “Capital and reserves”. The terms of this capital are accounted for in separate accounts. For stable and sustainable development, business entities, along with their own, use borrowed capital. In financial management, borrowed capital is considered to be loans from banks and other credit institutions, loans to legal entities and individuals, bond loans. A separate place in the formation of working capital is occupied by short-term accounts payable, which “A separate place in the formation of working capital is occupied by short-term accounts payable, which arises in the course of the current economic activity of the enterprise.

Subject to the established deadlines and the absence of past due debts, this financial resource is a free source of raising funds. Depending on the content and terms, loans and borrowings are reflected in section IV of the liability of the balance sheet “Long-term liabilities” and in section V of “Short-term liabilities”. In accounting, each type of borrowing is accounted for in separate accounts (67 and 66). As the raised funds there may also be receipts from the issue of securities, various contributions of legal entities and individuals, etc. ”Fridman, AM Finance company organization. - M.: "Dashkov and K.", 2013 .-- S. 79 ..

To make financial decisions on the degree of expediency and profitability of using individual sources of financing the economy, it is important to determine the cost of attracted financial resources (cost of capital). The cost of capital (cost of capita?) Is the amount of funds associated with the use of individual financial resources by the enterprise in relation to their volume. So, dividends are paid to shareholders and founders taking into account the amount of share capital and founding contributions. Interest is given to investors based on the amount of investments, banks and various lenders - depending on the terms and other specific conditions. In the process of determining the cost of capital, it is taken into account that part of the payments for the use of loans and borrowings are operating expenses and affect the amount of profit before tax. Dividends are paid at the expense of net (not distributed) profit.

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

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

The cost of equity is determined by the formula:

where BB - payments to the owner, thousand rubles .;

PC - attracted capital, thousand rubles

When analyzing equity, two tasks are solved:

1) checking the security of own capital of the enterprise;
2) the study of the effectiveness of the use of sources of own funds.

To assess the activities of the organization, an analysis of the effectiveness of its use of its capital is necessary. To solve this problem, the Dupont model is used, which is a modified factor analysis that allows you to determine due to what factors there was a change in the rate of return on equity (RS).

where state of emergency - net profit, thousand rubles;

In - revenue from sales, thousand rubles;

And - the amount of the organization’s assets, thousand rubles .;

The first factor (RP) - characterizes the profitability of sales; the second (Cob) - asset turnover; the third (Kfz) is the ratio of the sum of the organization’s assets to equity (capitalization ratio, financial dependence). From the presented model it can be seen that the return on equity depends on three factors: return on sales, asset turnover and structure of advanced capital. The significance of the identified factors is explained by the fact that in a certain sense they generalize all aspects of the financial and economic activity of the enterprise, its statics and dynamics, in particular the financial statements: the first factor summarizes form No. 2 “Profit and loss statement”, the second - the asset balance the third is the passive balance.

In domestic and foreign literature, indicators of self-sufficiency are studied.

where Isos - sources of working capital, thousand rubles;

A.b - balance sheet asset, thousand rubles

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

where P is the profit, thousand rubles;

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

Return on equity is an indicator of the effectiveness of the functioning of the enterprise, all of which should be aimed at increasing equity and increasing its profitability.

According to Professor Tyutyukina EB, indicators of return on capital are used:

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

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

Borrowed capital is a combination of borrowed funds (cash and material assets) advanced in an enterprise and generating income.

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

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

The optimal size of the attracted capital can increase the profitability of the economic potential, and excessive - disrupt the financial structure of the economic resources of the enterprise, reduce the efficiency of its functioning.

In management practice, the concept of “financial leverage” is used, which reflects the effect of borrowed capital on the profit of the owner. One of the main indicators of “financial leverage” is the financial risk ratio (K fin.risk).

where is kr. about - short-term obligations, thousand rubles;

SK - equity, thousand rubles

A high coefficient of financial risk (greater than 1, 0) indicates an unfavorable situation when the company has nothing to pay creditors. In the conditions of the development of market relations, many enterprises “live not from profit”, but from turnover, that is, they strive to maximize fixed and working capital at the expense of borrowed capital and, above all, loans. In the future, some of them are not able to not only repay loans, but also to pay interest on them. An enterprise using a loan increases or decreases the efficiency of managing not only the ratio of borrowed and own capital, but also the level of profitability and interest rates for the loan.

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

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

where Np - income tax rate,%;

ER - economic profitability,%;

SP - loan interest rate,%;

ЗК - borrowed capital, thousand rubles .;

SK - equity, thousand rubles

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

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

1. The difference in the value of interest rates on dividends. If interest rates for using loans and borrowings are lower than dividend rates, then the share of borrowed funds should be increased; accordingly, it is possible to increase the share of own funds if interest on dividends is lower than interest rates for using loans and borrowings;
2. Change in the volume of activity of the enterprise, which causes the need to reduce or increase the need to attract borrowed funds;
3. The accumulation of excess or poorly used stocks of inventory, obsolete equipment, diversion of funds into receivables of a dubious nature with a high risk factor.

In the total amount of capital, the largest share is held by fixed assets and working capital. The result of the enterprise depends on the quantity, cost and efficiency of their use.

Of great importance in the system of indicators for assessing the technical condition of fixed assets is the characteristic of the intensity of their updating.

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

where PIC - received fixed assets, thousand rubles;

VOS - fixed assets disposed of, thousand rubles

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

Retirement rate is an indicator that shows which part of the fixed assets available at the beginning of the year at the enterprise was decommissioned during the reporting period:

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

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

where IOS - growth of fixed assets, thousand rubles;

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

The coefficient of depreciation and shelf life are general indicators of the state of fixed assets.

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

where And - wear, thousand rubles

Shelf life - an indicator that is calculated as the ratio of the residual value of fixed assets to their initial value.

where OSOS - residual value of fixed assets, thousand rubles

One of the main indicators in the analysis of fixed assets is the indicator of capital productivity (F), which is calculated by the formula:

where SVP - cost of output, thousand rubles;

SSOS - the average annual value of fixed assets, thousand rubles

The inverse indicator of capital productivity is the capital intensity (Fe), which shows the share of expenses on fixed assets attributable to the production of 1 ruble of gross output (sold products).

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

GWP - annual output, thousand rubles

The next coefficient is the capital-to-labor ratio (Fv), which shows the value of fixed assets per worker. It is calculated using the following formula:

where CR is the number of employees in the enterprise, people

The most general indicator of the efficiency of use of fixed assets is the return on assets. Its level depends not only on capital productivity, but also on the profitability of products.

Kosolapova M.V. notes: “Working capital is the economic form of the aggregate of material assets that are completely consumed in the production process and, with the completion of one production cycle, change the natural material form, completely transferring its value to the created product” Kosolapova, MV Comprehensive economic analysis of economic activity: Textbook / M.V. Kosolapova, V.A. Svobodin. - M.: "Dashkov and K.", 2011 .-- S. 59.) ..

The enterprise's material security ratio (Kobesp.) - shows how many days the enterprise can run without interruptions when using the available stock of materials and a certain amount of its consumption for a given period:

where W - stocks, thousand rubles;

СРМ - daily expenses of the material in physical terms.

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

Kosolapova M.V. notes that “the turnover of working capital is the duration of the full circuit of working capital from the time of their acquisition to the production and sale of finished products. The faster the working capital makes the transition from production to circulation and vice versa, the less they are required to carry out the production program, the greater the volume of production can be produced with a given amount of working capital. The turnover of working capital is characterized by the following indicators:

The turnover Ratio (Cob) - the speed of turnover, the number of revolutions of the material resource (the number of revolutions of the average balance of production working capital for the reporting period) "Kosolapova, MV Comprehensive economic analysis of economic activity: Textbook / M.V. Kosolapova, V.A. Svobodin. - M.: "Dashkov and K", 2011 .-- S. 69 ..

where PSA - the cost of sales, thousand rubles;

SOOB - the average balance of working capital, thousand rubles

The calculation of average turnover is the ratio of the cost of sales to the average value of stocks at the same prices. Another indicator is the number of days required per stock turnover: 360 days is divided by the average inventory turnover in times.

The acceleration of the turnover of working capital of the enterprise allows him to significantly reduce the need for them, since between the speed of turnover and the size of these funds there is an inversely proportional relationship.

Kosolapova MV Claims that “one of the essential indicators of the financial condition of the organization is the availability, volume and structure of receivables. Accounts receivable - this is the debt of other organizations or persons on payments of this organization. It arises as a result of the applicable forms of payment for goods and services, when disbursing funds for a report for various needs, when making claims, in other situations of the enterprise’s production activity, and also due to shortcomings in its work, for example, in identifying shortages, embezzlement and embezzlement of goods material assets and cash. " Kosolapova, M.V. Comprehensive economic analysis of economic activity: Textbook / M.V. Kosolapova, V.A. Svobodin. - M.: "Dashkov and K", 2011 .-- S. 175.)

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

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

The largest share in the receivables of enterprises is the debt of buyers. An organization may consider either the date of crediting a payment from a buyer to a current account or the date of shipment of products (work, services) and the presentation of settlement documents to customers when they sell products (works, services).

The financial position of the company directly depends on the turnover of working capital, of which accounts receivable is a component. Therefore, to assess the turnover of receivables use the following group of indicators. The share of receivables in total current assets is the quotient of dividing receivables by current assets. The decrease in the absolute value and the share of receivables in the total value of current assets should be evaluated positively.

The share of doubtful debts in receivables is the ratio of doubtful receivables (over a year) to its total value. This indicator reflects the quality of receivables. Accounts receivable turnover - characterizes the quality of receivables and is defined as the ratio of revenue from product sales to average receivables. Revenues from sales of products are determined according to form No. 2 “Profit and loss statement”. The average receivable can be defined as the average debt at the beginning and end of the period or according to the average chronological formula, which allows you to more accurately obtain the average value of the receivables, since in this case take into account the fluctuation of its value during the study period. The receivable repayment period is the quotient of the division of the study period and the receivable turnover.

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

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

where SOPK - the average balance of accounts payable, thousand rubles;

DP - days of the period;

PZ - repaid debt, thousand rubles

Accounts receivable and payable should be analyzed comprehensively, which allows for a more complete and deeper study and evaluation.

We examined the sources of financing that are inherent in enterprises of any specification. Further I would like to dwell on the features of the formation of financial resources of agricultural enterprises.

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

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

1) self-financing;
2) borrowed funds.

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

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

State subsidies can also be considered as a source of financing, if such subsidies are provided for by the decision of state bodies.

State support is an indisputable factor, to one extent or another affecting almost all processes and phenomena of the economic life of the enterprise and the type of economic activity as a whole.

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

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

Credit investments are borrowed funds, including bank loans, financial loans of various investors, debt to creditors, are external sources of financing activities.

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

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

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

State subsidies are provided to enterprises solving important social problems, which for objective reasons are not adequately offset by income.

Own and equivalent funds consist of income and depreciation.

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

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

Revenues from financial transactions can be obtained from lending money, from placing free cash on deposits, due to exchange rate differences, when buying and selling foreign currency.

Depreciation is the money allocated to reimburse depreciation of fixed assets by including part of their value in the cost of production, therefore, in the price of the product. Depreciation deductions are made in accordance with the statutory regulatory life of fixed assets and norms of deductions. They remain at the disposal of the enterprise. The vocation of depreciation ensuring simple reproduction.

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

The increase in stable liabilities is formed by installment payment of obligations. It includes: advances to buyers and customers; wage arrears to employees and social insurance bodies; reserves for future expenses and payments; temporarily free funds of special funds; increase in depreciation; accounts payable (your debts for already used resources), rent.

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

The funds received in the redistribution procedure include: insurance compensation funds, as well as dividends and interest on securities of other issuers.

Means of insurance compensation appear at the enterprise only if there is insurance of various risks: transactions, emergencies, etc., as a result of reimbursement by insurance organizations of the damage suffered by the enterprise.

Dividends and interest on securities appear when the company acquires shares and other securities of other issuers.

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

When managing finances, it is necessary to remember that an increase in depreciation deductions, due to an increase in the value of fixed assets, or the choice of a depreciation method, leads, all other things being equal, to a decrease in profitability. However, if at the same time the enterprise remains profitable, then the total amount of depreciation and net profit remaining at its disposal increases by a larger amount, which reduces the profit.

The financial resources of the enterprise, as already noted, are a combination of all types of cash, financial assets, which the business entity has and can dispose of. Their formation is carried out in the process of creating enterprises and the implementation of their financial relations in the implementation of economic activity.

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

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

Figure 1.1 - the composition of the financial resources of the organization

In order for an enterprise to be able to carry out business activities, it is necessary to have appropriate financial support. One of the main sources of financial resources of the enterprise is the initial capital, which is formed from the contributions of the founders of the enterprise and takes the form of authorized capital. Therefore, the authorized capital represents the total value of assets fixed in the constituent documents, which are the contributions of owners to the capital of the enterprise.

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

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

In the process of further work, the financial resources of enterprises can be replenished from additionally created own sources, attracted and borrowed funds. Moreover, the composition of additionally formed own financial resources (equity) includes: reserve capital, additional invested capital, other additional capital, retained earnings, target financing, etc. For example, reserve capital represents the amount of reserves created from the retained earnings of the enterprise in in accordance with applicable law or constituent documents. Additional invested capital is the amount of the excess of the sale value of the shares issued by the joint-stock company over their nominal value. Other additional capital shows the value of assets received free of charge by the enterprise from other legal or natural persons, and other types of additional capital.

Attracted financial resources are generated through budgetary allocations, mobilization of own resources in construction, equity funds, income from acquired securities and other financial assets. To obtain additional income, enterprises are entitled to acquire securities of other enterprises and the state, invest in the authorized capital of newly formed enterprises, and lend them to other enterprises on the basis of repayment, maturity and payment.

And finally, the composition of borrowed financial resources includes long-term and short-term bank loans, as well as other long-term financial obligations associated with raising borrowed funds, commercial loans and other sources.

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

From the foregoing, we can conclude that the composition of financial resources, their volumes depend on the type and size of the enterprise, its type of activity, and volume of production. Moreover, the volume of financial resources is closely related to the volume of production, the efficient operation of the enterprise. The greater the volume of production and the higher the efficiency of the enterprise, the greater the value of its own financial resources, and vice versa. Therefore, the availability of a sufficient amount of financial resources, their effective use, determine the good financial situation of the enterprise solvency, financial stability, liquidity. In this regard, the most important task of enterprises is to find reserves to increase their own financial resources and their most efficient use in order to improve the overall performance of the enterprise.

Similar information.

Financial resources - this is the money available to the enterprise and intended to ensure its effective operation, to fulfill financial obligations and economic incentives for employees.

Financial resources - this is a combination of funds for strictly intended use, which has the potential to mobilize (release from circulation) or immobilize (additional load into circulation).

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

TO own

1) authorized capital;

2) depreciation;

3) profit;

4) reserve fund;

5) repair fund;

6) insurance reserves and other sources.

TO borrowed sources of financial resources include:

a) loans from financial institutions;

b) budget loans;

c) commercial loans;

d) accounts payable, constantly in circulation and others.

TO attractedm sources of financial resources include:

1) equity funds in current and investment activities;

2) funds from the issue of securities;

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

4) insurance compensation;

5) receipt of payments for franchising, leasing, selengu.

Also emit as a source budget appropriations and extrabudgetary funds.

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

The main source of financial resources of the existing enterprise are income (profit) from the main and other types of activities, non-operating operations. It is also formed at the expense of stable liabilities, various targeted receipts, share and other contributions of members of the labor collective. TO sustainable liabilities include authorized, reserve and other capital, long-term loans and payables that are constantly in circulation of the enterprise.

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

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

Distinguish:

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

Indirect subsidies from tax and monetary policy, for example, by providing tax incentives and soft loans.

The totality of the financial resources of the enterprise is usually divided into working capital and investment.

It might be useful to read: