In enterprise finance, internal and external sources of financing are understood as own and borrowed (borrowed) funds, respectively.

Internal financing involves the use of those financial resources, the sources of which are formed in the process of financial economic activity organizations. Examples of such sources include net profit, depreciation, accounts payable, reserves for future expenses and payments, and deferred income.

At external financing funds coming into the organization from the outside world are used. Sources of external financing can be founders, citizens, the state, financial and credit organizations, and non-financial organizations.

TO advantages of internal financing (equity capital) enterprises should be classified no additional costs associated with raising capital from external sources; maintaining control over the activities of the enterprise by the owner; Ease, accessibility and speed of mobilization; Reducing the risk of insolvency and bankruptcy; Higher profitability due to the absence of the need for payments from attracted and borrowed sources; Preservation of ownership and management of the founders

Disadvantage this type of enterprise financing is its application in practice is not always possible; Limited volumes of fundraising; Diversion of own funds from economic turnover; Limited independent control over the efficiency of use of investment resources.

Advantages of external financing (raised and borrowed capital) Possibility of raising funds on a significant scale; Availability of independent control over the efficiency of use of investment resources.

Flaws The complexity and duration of the fundraising procedure; The need to provide guarantees of financial stability; Increased risk of insolvency and bankruptcy; Decrease in profit due to the need to make payments from attracted and borrowed sources; Possibility of loss of ownership and management of the company.

Advantages and disadvantages of the IRR indicator.

A universal tool for comparing the effectiveness of various methods of investing capital, characterizing the profitability of an operation and independent of the discount rate (on the cost of invested funds), is the internal rate of return indicator.
The internal rate of return corresponds to the discount rate at which the present value of the future cash flow coincides with the amount of invested funds, i.e. satisfies the equality:

? CF k / (1 + IRR) k = ? INV t / (1 + IRR) t

To calculate this indicator, you can use computer tools or the following approximate calculation formula:

IRR = i 1 + NPV 1 (i 2 – i 1) / (NPV 1 - NPV 2)

Here i 1 and i 2 are rates corresponding to some positive (NPV 1) and negative (NPV 2) values ​​of net present value. The smaller the interval i 1 – i 2 , the more accurate the result obtained (when solving problems, the difference between bets is considered to be no more than 5%).
The criterion for accepting an investment project is that the IRR exceeds the selected discount rate (IRR > i) . When comparing several projects, projects with large IRR values ​​are more preferable.
The undoubted advantages of the IRR indicator include its versatility as a tool for assessing and comparing the profitability of various financial transactions. Its advantage is its independence from the discount rate - this is a purely internal indicator.
The disadvantages of IRR are the complexity of calculation, the impossibility of applying this criterion to non-standard cash flows (the problem of multiplicity of IRR), as well as the need to reinvest all received income at a rate of return equal to the IRR implied by the rule for calculating this indicator. The disadvantages include a possible contradiction with the NPV criterion when comparing two or more projects.

MOSCOW HUMANITIES AND ECONOMICS INSTITUTE

KALUGA BRANCH

Department of Finance and Credit

COURSE WORK

in the discipline "Finance of Organizations (Enterprises)"

Sources of financing the economic activities of the enterprise

KALUGA 2009

Introduction

Chapter 1. Theoretical basis funding sources

1.1 Essence and classification of enterprise financing sources

1.3 Borrowed sources of financing for the enterprise

Chapter 2. Managing enterprise financing sources

2.1 Management of own and borrowed funds

2.2 Management of share issue

2.3 Management of attracting a bank loan

Chapter 3. Problems of sources of financing for enterprises in Russia

3.1 Modern instruments for financing enterprise activities

3.2 Problems of attracting long-term sources of financing activities Russian enterprises in conditions of financial crisis

Calculation part

Conclusion

List of sources and literature used

Introduction

Relevance of the research topic. In the conditions of the formation of a market economy, the position of economic entities changes fundamentally compared to the one they previously occupied in the command-administrative system. Transformational processes taking place in Russian economy, and the emergence of various forms of ownership determined the diversity of economic behavior of economic entities.

But the final result of their activities always comes down to making a profit and increasing profitability, which largely depends on the amount of funds and sources of financing.

Availability of sufficient financial resources and their effective use predetermine good financial position enterprise solvency, financial stability, liquidity. In this regard, the most important task of enterprises is to find reserves for increasing their own financial resources and their most effective use in order to improve the efficiency of the enterprise as a whole.

Each enterprise, in the process of its formation and development, must determine how much of its own capital should be invested in turnover. The feasibility of attracting a particular financial source must be compared with the profitability of investments of this type and the cost of this source. The enterprise's need for its own and borrowed funds is the object of planning; accordingly, the decision to resolve this issue has a direct impact on the financial condition and possibility of survival of the enterprise.

The choice of methods and sources of financing for an enterprise depends on many factors: the enterprise’s experience in the market, its current financial condition and development trends, availability of certain sources of financing.

However, it is necessary to note the main thing: an enterprise can find capital only on the terms on which financing operations for similar enterprises are actually carried out at a given time, and only from those sources that are interested in investing in the relevant market (in the country, industry, region).

The purpose of the work study of sources of financing the economic activities of the enterprise and problems of attracting.

In accordance with this goal, it is planned to solve the following tasks :

Consider the theoretical basis of funding sources;

Learn source management techniques;

Explore the problems of sources of financing the activities of Russian enterprises.

Subject of study - sources of financing the economic activities of the enterprise

Research methodology. Theoretical and methodological basis research served as a dialectical method of cognition and systems approach. When performing the work, general scientific and special research methods were used.

Information sources. The works of domestic scientists devoted to the basics of capital management and the study of dividend policies of organizations and periodicals were used as sources of information.

Volume and structure course work. The course work is written on 53 sheets of typewritten text and contains 1 drawing.

The introduction reflects the relevance of the topic, its knowledge, the goals and objectives of the course work, the subject of research, as well as research methods, literature used, structure and content of the course work.

The first chapter, “Theoretical foundations of sources of financing,” examines the classification of sources of financing and the composition of own and borrowed funds.

The second chapter, “Managing Sources of Financing,” provides the main mechanisms for managing the sources of economic activity of enterprises.

In the third chapter, “Problems of sources of financing for enterprises in Russia,” modern instruments for financing enterprises are studied and the problem of attracting a long-term source of financing for the activities of enterprises in Russia is explored.

The conclusion contains the main conclusions and applications of the course work.

The bibliography consists of 27 sources.

1. Theoretical foundations of funding sources

1.1 Essence and classification of enterprise financing sources

Financing the economic activities of an enterprise is a set of forms and methods, principles and conditions for financial support for simple and expanded reproduction.

When choosing sources of financing for an enterprise, it is necessary to solve five main problems:

Determine short- and long-term capital needs;

Identify possible changes in the composition of assets and capital in order to determine their optimal composition and structure;

Ensure continued solvency and, therefore, financial stability;

Use your own and borrowed funds with maximum profit;

Reduce the cost of financing business activities.

Organizational forms of financing :

Self-financing (retained earnings, depreciation, reserve capital, additional capital, etc.).

Equity or equity financing (participation in authorized capital, purchase of shares, etc.).

Debt financing (bank loans, bond placement, leasing, etc.).

Budgetary financing (loans on a repayable basis from the federal, regional and local budgets, appropriations from budgets of all levels on a gratuitous basis, targeted federal investment programs, government borrowing, etc.).

Special forms of financing (project financing, venture financing, financing by attracting foreign capital).

The initial source of financing for any enterprise is authorized (share) capital (fund), which is formed from the contributions of the founders. Specific methods of forming authorized capital depend on the organizational and legal form of the enterprise. The minimum amount of the authorized capital on the day of registration of the company is:

In a limited liability company (LLC) – 100 minimum wages (minimum wage);

In a closed joint-stock company (CJSC) – 100 minimum wages;

In an open joint-stock company (OJSC) - at least 1000 minimum wages.

The founders of a joint-stock or other company are required to fully contribute the authorized capital during the first year of activity.

Decision to reduce the authorized capital is adopted by 2/3 of the votes of the owners of voting shares and is implemented in one of two ways:

Reducing the par value of shares;

Acquisition and redemption of part of the shares (if provided for by the organization’s charter).

Decision to increase the authorized capital accepts the general meeting of shareholders. This occurs either by increasing the par value of shares or by placing an additional announced issue of shares. However, to develop a business, it is not enough to have the initial capital contributed by the founders (shareholders). In the course of its activities, an enterprise needs to accumulate other available sources of financing (Fig. 1).

			Rice. 1. Sources of financing for the enterprise

1.2 Contents of the enterprise's own sources of financing

retained earnings is a reinvested source of own funds for replacing equipment and new investments.

The profit of an enterprise depends on the ratio of income received as a result of its activities with the expenses that provided these incomes. There are gross profit, sales profit, operating profit, profit before tax (according to accounting), taxable profit (according to tax accounting), undistributed (net) profit of the reporting period, reinvested (capitalized undistributed) profit.

The profit remaining at the disposal of the organization is a multi-purpose source of financing its needs. However, the main directions of profit distribution are accumulation and consumption, the proportions between which determine the development prospects of the enterprise.

The formation of accumulation and consumption funds, as well as other monetary funds, may be provided for by the constituent documents and adopted accounting policies of the enterprise, then their creation is mandatory, or the decision to direct profits to these funds is made by a meeting of shareholders on the proposal of the board of directors (participants).

The availability of retained earnings depends on the profitability of the joint stock company and the dividend payout ratio. The dividend payout ratio characterizes the organization's adopted dividend policy, the contents of which will be discussed later.

Profit is also the main source of formation of reserve capital (fund).

Reserve capital - part of the equity capital allocated from profits to cover possible losses. The source of reserve capital formation is net profit, that is, the profit remaining at the disposal of the organization.

Only joint-stock companies must create a reserve fund. The minimum size of the reserve fund is 5% of the authorized capital. In this case, the amount of annual mandatory contributions to the reserve fund cannot be less than 5% of net profit until the amount established by the company’s charter is reached.

The funds of the company's reserve fund are used:

To cover the company's losses;

Bond redemptions;

Redemption of shares of a joint stock company in the absence of others Money.

Reserve capital cannot be used for other purposes.

All enterprises can create reserve funds on a voluntary basis. The size and procedure for the formation of funds are established in constituent documents.

Depreciation deductions. Depreciation is a method of reimbursing capital spent on the creation and acquisition of depreciable assets by gradually transferring the cost of fixed assets and intangible assets to manufactured products.

Depreciation functions are divided into economic And tax .

Tax depreciation is determined in accordance with the Tax Code of the Russian Federation and its role is to reduce taxable profit.

Accounting depreciation may be greater than tax depreciation depending on how it is determined under applicable accounting standards.

Depreciation deductions fixed assets are included in the cost of production according to established standards to the book value of fixed assets. Fixed assets are grouped depending on their useful life, and depreciation rates are applied to the cost of each group.

For accounting purposes, there are four ways to calculate depreciation of fixed assets:

1. linear;

2. reducing balance;

3. write-off of cost based on the sum of the numbers of years of useful life;

4. write-off of cost in proportion to the volume of production.

The chosen method of calculating depreciation is fixed in the accounting policy of the organization and is applied throughout the entire service life of the fixed asset.

For tax accounting purposes, depreciation on fixed assets is carried out using linear or non-linear (accelerated) methods, depending on the useful life of the object - belonging to a certain depreciation group.

Depreciation also pays off the cost intangible assets.

For accounting purposes, amortization of intangible assets is calculated in one of the following ways:

1. linear;

2. reducing balance;

3. proportional to the volume of production.

Additional issue of shares leads to a decrease in the property of existing shareholders, and therefore can only be done with their consent at a general meeting. If, when establishing a company, payment of shares in the amount of 50% is allowed at the time of registration, and the remaining amount - within a year, then when issuing additional shares, at least 25% of the par value of their acquisition is paid, and the remaining amount - no later than a year from the date of their placement . In accordance with the legislation of the Russian Federation, nominal

the cost of placed preferred shares should not exceed 25% of the authorized capital of the company.

Accommodation valuable papers (shares, bonds) on the primary securities market is carried out in two forms:

Through an intermediary,

By directly contacting investors, i.e. direct sale of enterprise securities to investment funds (firms) and individuals.

In world practice and in Russia the most common underwriting- a method of placing securities on the capital market through an intermediary . Its essence is that the entire volume of issued securities is sold to an intermediary, which is an investment bank (underwriter) at a price agreed upon between the bank and the enterprise. The bank fully or partially assumes the risks and sells shares (bonds) on the securities market at a higher price. For the underwriting operation, the bank receives compensation in the form of the difference between the price the bank purchased securities from the enterprise and the price for their sale on the stock market.

In addition to paying the bank for the underwriting operation, the issue of new shares also entails other administrative costs: payment of a registration fee for the prospectus, printing costs, payment of tax on transactions with securities (0.8% of the par value of newly issued shares) and other expenses .

Most Western companies are extremely reluctant to issue additional shares as a permanent part of their financial policy.

Disadvantages of equity financing:

An additional issue of shares is a very expensive and time-consuming process;

The issue may be accompanied by a decline in the market price of shares of the issuing company;

There is no tax shield.

The market value of shares determines the capitalization of the enterprise. Capitalization– the market value of an enterprise whose shares are traded on the stock exchange, i.e. the market price of shares multiplied by the number of shares (most often, preferred shares are not taken into account when calculating this indicator).

Issue of depositary receipts. Depositary receipts – it is a derivative (secondary) security for shares that is freely traded on the stock market foreign company deposited with a large depository bank that has issued the receipts in certificate or book-entry form. ADR– marketable securities traded on stock exchanges and over-the-counter markets USA representing a certain amount of underlying shares (i.e. they very rarely represent individual securities). Global Depository Receipts ( GDR) may be sold outside the United States in other countries.

There are a number of restrictions on the issuance of American Depositary Receipts.

The purposes of placing depositary receipts by Russian companies:

1) attracting additional funds and increasing capitalization on the international market;

2) ensuring the securities sold are listed on leading exchanges around the world;

3) indirectly attracting the attention of the whole world to the products or services offered by the issuing company;

4) an increase in the price of their securities on the Russian stock market, increasing their liquidity.

In order to sell its own depositary receipts, a Russian company must:

Find a foreign partner bank that can find buyers and help document the sale of receipts;

Have good reporting;

Be a completely transparent company;

Display data (according to international standards) about the owners of the company, its financial condition over the past few years, the structure of assets and debt obligations. Moreover, companies must create separate reserves for any debt obligations and risks.

Extra capital is a specific own source of financing for the organization's enterprise. Unlike the authorized capital, it is not divided into shares (shares) and shows the common ownership of all participants (shareholders).

The formation and increase of additional capital can be carried out in the following cases:

1. Upon receipt of share premium.

2. When revaluing fixed assets.

3.If exchange rate differences arise as a result of the formation of authorized capital expressed in foreign currency.

4. Upon receipt of targeted investment funds from the budget to finance capital investments (for non-profit organizations).

From Fig. 1. it is clear that sources of financial resources equated to one’s own include funds received in the order of redistribution: insurance compensation for incidents that occurred, funds from extra-budgetary funds (for payment sick leave, vouchers to sanatoriums, etc.) and other income.

1.3 Borrowed sources of enterprise financing

Russian bank loans. The loan can be provided in cash or commodity form on the terms of urgency, payment, repayment and material security.

The principal amount of debt for a loan or credit received is taken into account by the borrowing organization in accordance with the terms of the loan agreement (or credit agreement) in the amount of funds actually received or in the valuation of other things provided for in the agreement.

When considering the option of raising funds using a long-term loan, an enterprise chooses a bank that offers a lower interest rate, with other equal conditions. The terms of the loan agreement are optimal for both parties if the transaction is based on market interest rate level, which allows you to equate the market value of capital received in exchange for debt and the present value of future payments on it.

The interest on the loan is determined by adding a premium to the base rate. The base rate is set by each bank individually, based on the discount rate of the Central Bank of Russia. The premium depends on the term of the loan, the quality of the collateral and the degree of credit risk associated with its provision.

As loan collateral accepted:

Pledge of property,

Surety,

Bank guarantee,

State and municipal guarantees,

Assignment in favor of the bank of the borrower's claims and accounts to a third party.

Despite a number of disadvantages for the enterprise (on the one hand, the deterioration of the structure of the organization’s liabilities, the need for time and financial costs to prepare a qualified business plan, to process a loan application in a commercial bank), bank long-term lending is still one of the most effective ways of financing . For an enterprise, the presence of long-term borrowed funds among the sources of its property is a positive thing, since this allows it to have borrowed funds for a long time. Long-term loans by Russian enterprises can be obtained from both Russian and foreign banks.

Russian enterprises are in dire need of long-term injections aimed at restoring and modernizing fixed assets, which involves expanding long-term lending to the real sector of the economy and introducing more “favorable” rates on such loans. However, according to statistics, the largest specific volume in the loan portfolios of Russian commercial banks consists of loans to enterprises with a repayment period of 6 months to 1 year. This situation is due to the reluctance of banks to take on unpredictable credit risks of a systemic nature, which are associated with the unpredictability of the macroeconomic situation in Russia.

Foreign bank loans (Euroloans). The cost of Euroloans includes commissions (to the bank manager for management, members of the banking syndicate), bank margin and interest rates on loans. Interest rates are revised every 6 months in accordance with current or base rates. Usually the LIBOR rate is used as a basis. Other discount rates can also be used: the US prime rate - the lowest rate set for the most reliable borrowers, PIBOR (Paris Interbank offered rate), etc.

In Russia there are practically no financial institutions capable of issuing loans of hundreds of millions of dollars for periods longer than one or two years. Therefore, for project and trade financing, large domestic companies raise funds from foreign banks.

It has become possible to obtain loans from non-residents without obtaining appropriate permission from the Central Bank of the Russian Federation to carry out operations related to the movement of capital. Therefore, large Russian companies often opt for lending abroad, even despite the difficulty of documenting a loan from a Western bank or an external loan.

There are certain advantages and disadvantages of obtaining foreign bank loans.

Bonds issued in the Russian Federation. A corporate bond is a security that certifies the loan relationship between its owner (lender) and the person who issued it (borrower), the latter being joint-stock companies, enterprises and organizations of other organizational and legal forms of ownership.

Corporate bonds are classified:

1. By maturity .

Bonds with a fixed maturity date: short-term, medium-term and long-term. Bonds without a fixed maturity: callable bonds, redeemable bonds, renewable bonds.

2. By order of ownership: registered and bearer.

3. According to the purposes of the bond loan: regular and targeted.

4. According to the form of payment of coupon income: coupon, discount (zero-coupon), bonds with optional payment.

5. Depending on the collateral: secured by collateral, unsecured by collateral.

6. By the nature of the appeal: convertible. non-convertible.

The book value of a bond loan, as a rule, does not coincide with its market value. The assessment of the market value of bonds is based on a number of data indicated on the bond itself: official issue date, par value, maturity date, announced interest rate, interest payment date. Enterprises issuing loans strive to bring the announced interest rate on the bond as close as possible to the market rate in effect at the time the loan is issued. Changes in the market interest rate and the market value of the issuing company's loan are inversely related. If the market interest rate exceeds the announced value, then the placed bonds are sold at a discount ( discount), and in the opposite situation, it is added to their cost bonus. Joint stock companies and limited liability companies are allowed to issue bonds. By Russian legislation There are a number of restrictions on the issue of bonds. Depending on the volume of issue and the readiness of the enterprise for the issue, it is possible to use various methods of placing bonds.

Corporate Eurobonds. The following types of Eurobonds are distinguished:

Eurobonds with fixed rate:

a) regular fixed rate bonds (“straight bonds”),

b) bonds convertible into shares (“equity-linked”),

c) bonds with a warrant or subscription certificate,

d) multi-currency bonds;

Eurobonds with floating rates:

a) “mini-max” bonds,

b) bonds FLIP-FLOP ,

c) bonds with adjustable rates (“mismatch”),

d) bonds with a fixed upper limit (“capped issues”),

e) bonds with a currency option;

Other types of bonds existing in international markets.

Eurobonds are issued in dollars or euros. The Euroloan rate (can be fixed or floating) is calculated using the formula: LIBOR rate (or the interest rate of the Central Bank of any EU country or the US Federal Reserve System) plus a few percentage points. However, there are some peculiarities in establishing coupon rates on Eurobonds of Russian oil companies.

Leasing is an extended lease agreement. The owner of the equipment (lessor) provides the user (lessee) with the opportunity to operate the equipment in exchange for regular rental payments. Leasing relationships essentially act as credit transactions, since the lessee receives for temporary use the value embodied in machinery and equipment on the terms of repayment and payment.

Budget loans. Budget loans can be used as a long-term source of financing for an enterprise. Competitive enterprises that are updating fixed assets can receive government-provided loans or government guarantees to attract financial resources from other credit institutions, as well as by providing investment tax benefits.

Encouraging investment activity by the state is advisable only for a limited range of objects and areas of activity, which is fully consistent with world practice.

Mortgage credit lending. A mortgage is understood as a pledge of land, enterprises, buildings, structures, non-residential premises, apartments and other real estate. Mortgaging of subsoil plots, specially protected natural areas, other property withdrawn from circulation, property that cannot be foreclosed on in accordance with federal law, multi-apartment and individual residential buildings and apartments that are in state or municipal ownership, as well as property in respect of which privatization is prohibited in accordance with the procedure established by federal law.

There are many mortgage lending schemes, which differ mainly in the terms of obtaining loans, interest payment schemes and amortization of the principal amount. The most common are: balloon payment loan, self-amortizing loan, variable rate loan, Canadian rollover.

The mortgage agreement is considered concluded and comes into force from the moment of its state registration.

In world practice there are four Models for organizing mortgage lending:

1. Savings bank model.

2. Contract-savings (German) model.

3. Mortgage bank model (single-level model).

4. Two-level model (American).

In Russia, the mortgage institution is just beginning to take shape, so we do not have the complex and extensive infrastructure of the mortgage market that developed countries have, as well as a clear system legal support and registration procedures. The secondary mortgage market is practically undeveloped. In fact, with the exception of the so-called quasi-mortgage schemes, only banks create supply on the Russian mortgage market.

There are currently several schemes operating on the Russian market.

1) At the expense of foreign investors.

2) At the expense of budget funds.

3) Through securitization.

Chapter 2. Managing enterprise financing sources

2.1 Management of own and borrowed funds

Under own capital refers to the total amount of funds owned by an enterprise and used by it to form assets. The value of assets formed from the equity capital invested in them represents the “net assets of the enterprise.”

The total amount of the enterprise's equity capital is reflected in the total of the first section "Liabilities" of the balance sheet. The structure of the articles in this section makes it possible to clearly identify the initially invested part (i.e., the amount of funds invested by the owners of the enterprise in the process of its creation) and its accumulated part in the process of carrying out effective business activities.

The basis of the first part of the enterprise's equity capital is its authorized capital.

The second part of equity capital is represented by additional invested capital, reserve capital, retained earnings and some of its other types.

The formation of an enterprise’s own capital is subject to two main goals:

1. Formation of the required volume of non-current assets at the expense of own capital. The amount of an enterprise's own capital advanced into 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.

The amount of the enterprise's own fixed capital is calculated using the following formula:

SK OS = VA-DZK V

where SK OS is the amount of its own fixed capital formed by the enterprise;

VA - the total amount of non-current assets of the enterprise;

DZK B - the amount of long-term borrowed capital used to finance the non-current assets of the enterprise.

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

The amount of your own working capital enterprises are calculated using the following formula:

SK About= OA-DKZ ABOUT– KZK

where SK About- the amount of own working capital formed by the enterprise;

OA - the total amount of current assets of the enterprise;

DZK o - the amount of long-term borrowed capital used to finance the current assets of the enterprise;

KZK - the amount of short-term borrowed capital attracted by the enterprise.

Managing your own capital is not only about providing effective use already accumulated part of it, but also with

formation of own financial resources ensuring the future development of the enterprise. In the process of managing the formation

own financial resources they are classified according to the sources of this formation.

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.

Increasing the equity capital of an enterprise is primarily associated with managing the formation of its own financial resources. The main task of this department is to ensure the necessary level of self-financing for the development of the enterprise’s economic activities in the coming period.

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

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

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

At the third stage of the analysis, the adequacy of the company's own financial resources generated in the pre-planning period is assessed. The criterion for such an assessment is the indicator “amount of growth net assets enterprises." Its dynamics reflect the trend in the level of development of the enterprise with its own financial resources.

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

P OFR = - SK N - P R

where P OFR is the total need for the enterprise’s own financial resources in the planning period;

P K - total capital requirement at the end of the planning period;

For the insurance company - the planned share of equity capital in its total amount;

SK N - the amount of equity capital at the beginning of the planning period;

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

3. Estimation of the cost of raising equity capital from various sources. This assessment is carried out in the context of the main elements of equity capital formed from internal and external sources.

4. Ensuring the maximum volume of attraction of own financial resources from internal sources. When seeking reserves for the growth of one's own financial resources from internal sources, one should proceed from the need to maximize their total amount.

ChP + JSC®SFR MAX

where PE is the planned amount of net profit of the enterprise;

AO - the planned amount of depreciation;

SFR MAX - the maximum amount of own financial resources generated from internal sources.

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

The need to attract your own financial resources from external sources is calculated using the following formula:

SFR EXTERNAL = P SFR - SFR IN

Where SFR VNESH is the need to attract own financial resources from external sources;

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

SFR VNUT - the amount of own financial resources planned to be attracted from internal 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:

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

b) ensuring that the management of the enterprise is maintained by its original founders. The growth of additional share or share capital at the expense of third-party investors may lead to a loss of such controllability.

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

The self-financing coefficient for enterprise development is calculated using the following formula:

where K sf is the self-financing coefficient for the upcoming development of the enterprise;

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

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

P sfr - the planned volume of expenditure of the enterprise's own financial resources for consumption purposes.

Effective financial activity of an enterprise is impossible without constant borrowing. Usage debt capital allows you to significantly expand the volume of economic activity of the enterprise, ensure more efficient use of equity capital, accelerate the formation of various target financial funds, and ultimately increase the market value of the enterprise.

Although the basis of any business is equity capital, in enterprises in a number of sectors of the economy the volume of borrowed funds used significantly exceeds the volume of equity capital. In this regard, managing the attraction and effective use of borrowed funds is one of the most important functions financial management aimed at ensuring the achievement of high final results of the enterprise’s economic activity.

Borrowed capital used by an enterprise characterizes the total volume of its financial obligations(total amount of debt). These financial obligations in modern economic practice are differentiated as follows:

1. Long-term financial liabilities (borrowed capital with a term of use of more than 1 year).

2. Short-term financial liabilities (all forms of borrowed capital with a period of up to 1 year).

In the process of development of an enterprise, as its financial obligations are repaid, the need arises to attract new borrowed funds. The sources and forms of raising borrowed funds by an enterprise are very diverse. Borrowed funds are classified by purpose, source, form and period of attraction, as well as by the form of security.

Taking into account the classification of borrowed funds, methods for managing their attraction are differentiated.

Managing the attraction of borrowed funds is a targeted process of their formation from various sources and in different forms in accordance with the enterprise's needs for borrowed capital at various stages of its development.

The process of managing the attraction of borrowed funds by an enterprise is built on the following main stages.

1. Analysis of the attraction and use of borrowed funds in the previous period. The purpose of this analysis is to identify the volume, composition and forms of borrowing by an enterprise, as well as to assess the effectiveness of their use.

2. Determining the goals of raising borrowed funds in the coming period.

3. Determination of the maximum volume of borrowed funds.

4. Estimation of the cost of raising borrowed capital from various sources. 5. Determining the ratio of the volume of borrowed funds raised on a short-term and long-term basis.

6. Determination of forms of raising borrowed funds.

7. Determination of the composition of the main creditors.

8. Formation of effective conditions for attracting loans.

9. Ensuring the effective use of loans.

10. Ensuring timely payments for received loans.

2.2 Share issue management

The process of managing the issue of shares is built on the following main stages.

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

2. Determination of emission goals. The main goals that an enterprise follows when resorting to this source of equity capital formation are:

a) real investment;

b) the need to significantly improve the structure of capital used;

c) the planned takeover of other enterprises in order to obtain an effect;

d) other goals requiring the rapid accumulation of a significant amount of equity capital.

3. Determination of the volume of emission.

4. Determination of the par value, types and number of shares to be issued. The nominal value of the shares is determined taking into account the main categories of their upcoming buyers (the highest nominal values ​​of the shares are aimed at their acquisition by institutional investors, and the smallest - at the purchase by the public). In the process of determining the types of shares (common and preferred), the feasibility of issuing preferred shares is established; if such an issue is considered appropriate, then the ratio of common and preferred shares is established (it should be borne in mind that, in accordance with current legislation the share of preferred shares cannot exceed 10% of the total issue volume).

5. Estimation of the value of the attracted share capital. In accordance with the principles of such an assessment, it is carried out according to two parameters: a) the expected level of dividends (it is determined based on the chosen type of dividend policy); b) costs of issuing shares and placing the issue (reduced to the average annual amount). The estimated cost of capital raised is compared with the actual weighted average cost of capital and the average interest rate on the capital market.

Only after this is the final decision to issue shares made.

2.3 Management of attracting a bank loan

As part of the financial loan attracted by enterprises to expand economic activities, a priority role belongs to a bank loan. This loan has a wide target orientation and is attracted in a wide variety of forms.

Under bank loan means funds lent by a bank to a client for the intended use of fixed time at a certain percentage.

Bank loans are provided to enterprises at the present stage in the following main types:

1. Blank (unsecured) loan for the implementation of certain business transactions. As a rule, it is provided by a commercial bank that provides settlement and cash services to the enterprise. Although formally it is unsecured, it is actually secured by the size of the enterprise’s receivables and its funds in current and other accounts in the same bank. This type of loan is usually provided only for a short-term period.

2. Current credit (“overdraft” ). When providing this loan, the bank opens a current account for the company, which records both its credit and settlement transactions. The current account is used as a source of credit in an amount not exceeding the maximum negative balance (current limit) established in the loan agreement. For a negative balance of a current account, the company pays the bank the established credit interest; in this case, the agreement may determine that the bank accrues deposit interest to the enterprise on the positive balance of this account. Balancing of receipts and payments on the company's current account occurs at intervals established by the contract with the calculation of credit payments.

3. Seasonal loan with monthly debt amortization . This type of loan is usually provided for the formation of a variable part of current assets for the period of their increase in connection with the seasonal needs of the enterprise. Its peculiarity is that, along with the monthly servicing of this loan (monthly payment of interest on it), the loan agreement also provides for monthly amortization (repayment) of the principal amount of the debt. The schedule for such debt amortization in size is linked to the volume of reduction in the enterprise’s seasonal cash needs.

4. Opening a line of credit. The agreement stipulates the terms, conditions and maximum amount of a bank loan when there is a real need for it. For an enterprise, the advantage of this type of loan is that it uses borrowed funds in strict accordance with its real needs for them. Typically, a line of credit is opened for a period of up to one year. The peculiarity of this type of bank loan is that it does not have the nature of an unconditional contractual obligation and can be canceled by the bank if the financial condition of the client enterprise worsens.

5. Revolving (automatically revolving) loan . It characterizes one of the types of bank loans provided for a certain period, during which both a phased “drawdown” of loan funds and a phased partial or full repayment of obligations under it are allowed. The advantage of this type of loan compared to opening a line of credit is the minimal restrictions imposed by the bank, although the interest rate on it is usually higher.

6. On call loan. The peculiarity of this type of loan is that it is provided to the borrower without specifying the period of its use (as part of short-term lending) with the obligation of the latter to repay it at the first request of the lender. When repaying this loan, a grace period is usually provided (according to current practice, up to three days).

7. Pawn loan . Such a loan can be obtained by an enterprise against the collateral of highly liquid assets (bills, short-term government bonds, etc.), which are transferred to the bank for the period of lending. The size of the loan in this case corresponds to a certain (but not all) part of the value of the assets pledged. As a rule, this type of loan is short-term in nature.

8. Mortgage . Such a loan can be obtained from banks specializing in issuing long-term loans secured by fixed assets or the property complex of enterprises as a whole (“mortgage banks”). An enterprise that pledges its property is obliged to insure it in full in favor of the bank. At the same time, the property pledged to the bank continues to be used by the enterprise.

9. Rollover loan . It is a type of long-term loan with a periodically revised interest rate.

10. Consortium (consortium) loan . A bank servicing an enterprise can attract other banks to lend to its client (a union of banks for carrying out such credit operations is called a “consortium”). After concluding a loan agreement with a client company, the bank accumulates funds from other banks and transfers them to the borrower, accordingly distributing the amount of interest when servicing the debt.

The variety of types and conditions for attracting bank loans determine the need effective management this process in enterprises with a high volume of need for this type of borrowed funds. Such management is carried out according to the following main stages.

1. Determining the purposes of using the attracted bank loan.

2. Assessing your own creditworthiness.

In modern banking practice, assessing the level of creditworthiness of borrowers when differentiating the terms of their lending is based on two main criteria: 1) the level of the financial condition of the enterprise;

2) the nature of the enterprise’s repayment of loans previously received by it - both interest on them and the principal debt.

3. Selection of the necessary types of bank loans to be attracted.

In accordance with the established list of types of loans attracted, the company conducts a study and assessment of commercial banks that can provide it with these types of loans.

4. Study and assessment of the conditions for bank lending by type of loan. This stage of forming a policy for attracting bank loans is the most labor-intensive and responsible due to the variety of conditions being assessed and the implementation of numerous calculations.

5. “Alignment” of credit conditions in the process of concluding a loan agreement. The term “equalization” characterizes the process of bringing the terms of a specific loan agreement into line with the average conditions for the purchase and sale of credit instruments in the financial market. The “grant element” indicator and the effective interest rate on the credit market are used as the main criterion when carrying out the process of “aligning” credit conditions.

6. Providing conditions for the effective use of bank credit. The criterion for such effectiveness is the following conditions.

7. Organization of control over the current servicing of a bank loan. Routine servicing of a bank loan consists of timely payment of interest on it in accordance with the terms of the concluded loan agreements. These payments are included in the payment calendar developed by the enterprise and are controlled in the process of monitoring its current financial activities.

8. Ensuring timely and complete amortization of the principal amount of bank loans.

Chapter 3. Problems of sources of financing for enterprises in Russia

3.1 Modern instruments for financing enterprise activities

Options

In a market environment, an important tool that facilitates the placement of issued corporate securities is an option.

The essence of an option is that it gives one of the parties to the transaction the right to choose: to fulfill the contract or refuse to fulfill it. There are two parties involved in the transaction. One person buys an option, i.e. the right to choose, and the other - sells (writes an option), i.e. provides the right to choose. For the right to choose, the buyer of the option pays the seller a fee called a premium. The buyer has the right to exercise the option, i.e. buy or sell a financial asset only at the price fixed in the contract. This price is called the execution price.

The option allows investors to form different strategies. The simplest of them are combinations of additional issue of shares and options. For the issuer of shares, issuing a so-called option for preferential purchase of shares for existing shareholders allows one to avoid a possible loss of control over the enterprise and a reduction in the share of income per share. Such an option specifies the number of shares that can be purchased and fixes the exercise price equal to the subscription price.

Options are securities and can be traded on the market independently, and their market price may differ significantly from their nominal value. This is primarily due to investors' expectations regarding the shares of a particular company.

In countries with market economies, options are a fairly common tool in the financial policy of companies. As for Russia, this experience can probably be used in modern conditions economic crisis to stimulate the successful placement of shares of Russian enterprises. This is due to the fact that the form of an option allows you to sell shares taking into account their possible future appreciation.

Large foreign companies also issue warrants along with bond loans. The warrant is issued for a fairly long period or may even be indefinite. In addition, the exercise price of a warrant is usually 10-20% higher than the exchange rate, which is intended to increase its attractiveness, as well as create the opportunity to increase the authorized capital in the event of exercise of the warrant.

Collateral transactions

In countries with developed market economies, collateral transactions have become widespread, in particular in the relations of banks with companies that have certain difficulties with the level of solvency, since it is important for credit institutions to have a guarantee of repayment of the issued loan. The security in this case can be a pledge, which is a way of securing obligations, in which the creditor-pledgee acquires the right, in the event of failure of the debtor to fulfill his obligations, to receive satisfaction from the pledged property.

The subjects of collateral transactions are the pledgor and the creditor (pledgee). The pledgor is the person to whom the pledged item belongs either by ownership or full economic control.

The pledge agreement may also provide for the transfer of the pledged property into the possession of the pledgee. Such an agreement is recognized as a mortgage. When pledging, the pledge holder has the right to use the subject of the pledge, and the income or other benefits received in this case go towards repaying interest on the loan or the loan itself secured by the mortgage.

Pledge of an enterprise, structure, building directly related to the land, together with land plot or the right to use it is called a mortgage. A special feature of a mortgage is that it covers all property of an enterprise, including its authorized capital, financial assets, property rights, etc.

Mortgage loans have been widely developed in countries with developed market economies, as they are one of the sources of long-term financing. The loan amount is usually less than the appraised value of the mortgaged property, and this level is regulated by state law. For example, in the USA, with some exceptions, it is prohibited to issue loans exceeding 80% of the appraised value of the property. As a rule, the objects of collateral are residential buildings (in the USA they account for 3/4 of the total amount of mortgages), land, farms, etc.

Mortgage loans can be issued by commercial banks, special mortgage banks, and various savings and loan associations.

Mortgage loans can be offered on a variety of terms. A conventional, or standard, mortgage loan means that the borrower receives a certain amount from the lender and then repays the loan in equal, usually monthly, installments. The mortgage term can be quite long (for example, in the USA - up to 30 years).

Non-traditional mortgage schemes are also known. Most of them are aimed at reducing the level of payments of the Borrower at the initial stages of the operation and transferring the main burden of debt repayment to a later period. Thus, there are loans with a proportional increase in payments, mortgages with a periodic increase in the amount of payments (every 3-5 years), etc.

Since mortgage loans are issued for long periods, they are associated with certain risks, in particular, changes in the level of interest rates in the money market. To mitigate the risk of possible loss, loan terms with periodic interest rate adjustments are used. In this case, the parties renew the loan every 3-5 years based on the revised level of interest rates in the money market. In essence, medium-term financing occurs with long-term debt repayment.

Takes into account fluctuations in the money market and variable rate mortgages. The level of this rate is fixed in the contract in the form of a specific value, which is “tied” to any financial indicator or index. The rate is reviewed once every six months. At the same time, to mitigate rate fluctuations, a maximum adjustment rate may be provided (for example, no more than 2%), and a minimum adjustment amount may be specified.

Factoring operations

As a rule, a factoring company enters into a tripartite agreement for a certain period with the supplier and the buyer, in accordance with the terms of which it guarantees the supplier payment of invoices issued to the relevant payer through the factoring account. Such agreements can be long-term, or can also be concluded for a one-time transaction. At the same time, suppliers who have entered into a factoring agreement, during the term of the agreement, issue payment requests to the payer on behalf of the factor company for an amount reduced by the amount of the transaction fee.

In practice, factoring operations are used to speed up settlements and save working capital of the enterprise. For the provision of services, the factoring company receives commissions and loan interest on the daily balance, which is the difference between the advance paid to the client and uncollected invoices. Interest is charged from the day the advance is issued until the day the debt is repaid. Commissions are set as a percentage of the total amount of purchased accounts and depend on the volume of turnover and the degree of risk.

Leasing

Leasing represents a long-term lease of movable and immovable property and is an indirect form of financing the activities of an enterprise.

From a commercial point of view, with leasing, the same thing happens as with the purchase and sale of equipment on installment payment terms: the lessee makes monthly (quarterly, semi-annual) payments within the agreed period to the leasing institution, which retains ownership of the equipment for the period of the transaction. financed object.

Leasing has certain features of a bank loan, since it allows the lessee to make payments within an agreed period for the leased equipment through the sale of products produced on the leased equipment.

The lessee's payments are included in the cost of the products he produces and thereby reduce taxable profit. However, an increase in the share of such payments leads to an increase in costs and may lead to higher prices and, as a result, a loss of competitiveness. That is why, when deciding on leasing, you should make detailed calculations of the amount of payments for the property received under leasing, compare them with the financial calculations associated with the acquisition of similar equipment with your own funds or on account of a long-term bank loan.

The most typical advantages of leasing compared to purchasing investment assets using the buyer’s own funds are the following:

The lessee receives expensive equipment for temporary use without large one-time financial costs;

The lessee insures himself against possible rapid obsolescence of the object of the transaction. This advantage is especially important for small and medium-sized enterprises that do not have high liquidity;

The lessor provides the lessee with a full range of services for organizing transaction financing, consulting, maintenance object of the transaction;

The separation of the right to own the object of the transaction from the right to use the leased equipment economically obliges the lessee to use it only during the period of maximum profitability;

Leasing allows the lessee to place the released funds in other assets.

The advantages of leasing compared to taking out a bank loan can also be formulated:

The object of the leasing transaction is not reflected on the balance sheet of the lessee as its debt obligation. This allows the lessee company to maintain optimal balance sheet liquidity (the ratio of equity and borrowed funds) and not limit the attraction of financial resources from financial institutions;

In the first years of equipment operation, leasing payments are usually less than the amounts paid on the loan;

Financial leasing is attractive compared to purchasing equipment through a loan, since it achieves 100% financing of the transaction object, while the loan covers only 70-80% of the cost of the purchased equipment;

During the term of the leasing agreement, fixed payments are applied, paid more frequently than loan repayments. This reduces the size of one payment and contributes to the stability of the lessee’s finances;

The terms of the leasing agreement can be from 3 to 20 or more years.

Forfeiting.

Forfaiting- this is the purchase of obligations, the repayment of which occurs for a certain period in the future without the right of recourse (recourse) to any previous debtor.

Forfaiting is a financial transaction to refinance receivables under an export trade credit by transferring (endorsing) a bill of exchange in favor of a bank (forfaiting company) with the payment of a commission to the latter. The forfaiter bank undertakes the obligation to finance the export transaction by paying on a discounted bill (promissory note or transferable bill), which is guaranteed by the provision of an Aval bank of the importer's country. As a result of forfaiting, the buyer's debt on a commercial loan is transformed into financial debt (in favor of the bank). The purchase of bills of exchange is formalized in a standard agreement, which contains a precise description of the transaction, terms, costs, guarantees, etc.

Forfaiting combines elements of bill discounting (with their endorsement only in favor of the bank) and factoring (which exporting enterprises resort to in case of high credit risk).

Discount rates for forfeiting transactions are higher than for other forms of lending.

3.2 Problems of attracting long-term sources of financing for the activities of Russian enterprises in the context of the financial crisis

The Association of Russian Managers, together with the international consulting company Pricewaterhouse Coopers, conducted a study of the opinions of the management of domestic companies about possible options business financing in the context of the global financial crisis. The survey results showed that the top three biggest challenges were capital market issues (54%), rising debt costs (48%) and falling equity markets (39%). The deteriorating situation in financial markets around the world, tightening requirements for borrowers, and rising interest rates cause well-founded concerns among respondents about the possibilities of raising capital.

One of the alternative financial instruments of an enterprise in market conditions is the IPO (Initial Public Offer) mechanism, which allows you to solve the problems of financing intensive growth, increase the value of the business, the welfare of shareholders, and also acquire long-term oriented owners. An IPO opens the door to cheaper sources of capital by increasing the level of publicity of the company. Many domestic enterprises with foreign capital enter into IPOs at the request of foreign shareholders, who thus seek to increase profits and diversify the risks associated with the sale of their shares.

Based on the analysis of domestic bank lending practice, we can conclude that long-term loans associated with the movement of fixed capital have virtually no effect on the overall dynamics of capital investments and do not play an active role in the investment process. In the domestic economy, the share of bank loans in the total volume of investment financing sources accounts for 8-9%. For comparison: in developed countries Over 50% of investment projects are financed using bank loans. Despite the positive dynamics of the share of medium- and long-term loans in the total loan investments of commercial banks, their share in GDP is not yet high enough. Thus, at the end of 2008, the ratio of long-term loans to the economy to GDP was only 19%.

This situation is due to the lack of a favorable investment environment throughout the Russian market space, the high cost of bank loans, expressed in the gap between interest rates on loans and the level of profitability of most enterprises focused on meeting domestic demand. Thus, the real sector can pay on long-term loans for investment purposes about 10-15% per annum, since the average profitability of industrial enterprises is 13%. To maintain normal profitability, banks focus on the current refinancing rate, which is the base rate for them, and also take into account the risk premium. The degree of risk increases when providing long-term loans. Hence, banks have the right to expect a higher interest rate on long-term loans than on short-term loans, which is not consistent with the capabilities of the real sector of the economy.

One of the ways to organize financing of investment projects aimed at modernizing equipment and creating new production facilities is project financing. Project financing in its “pure” form is not often seen in Russia. Instead, the country is actively developing “dirty” project financing (usually with recourse to operating business and acceptance of existing assets as collateral, but with a focus on the flows generated by the project as the only or at least the main source of return on investment). This is a specificity that reflects the objective realities of the economy and existing country, corporate and investment risks. Given the existing legislative restrictions, lack of experience and understanding of technology and the dangers of implementing complex and large projects in business, commercial banks simply cannot take risks by practicing “pure” project financing. But thanks to the increased demand for “long-term” resources, we can expect an increase in the volume of “dirty” project financing, which can become one of the engines of renewal and development manufacturing enterprises all around Russia.

In the Forecast of socio-economic development of the Russian Federation published by the Ministry of Economic Development of the Russian Federation for 2010 and for the planning period of 2011 and 2012. are offered various options economic development. One of the main conditions for the implementation of the moderately optimistic option is an increase in the availability of credit resources and an increase in real lending volumes. In 2010, it is predicted that lending to non-financial organizations and the population will increase by no less than 13%, in 2011 – by 15-17%, in 2012 – by 25-27%.

The conservative option is characterized by an increasing imbalance between the banking and real sectors of the economy. The growth of bank credit in 2010 in this scenario is estimated at 9-10%, which in real terms (taking into account inflation) is a continuation of credit contraction (or stagnation). In 2011 - 2012, lending to non-financial organizations will increase by 13-14%.

Of course, expanding the activity of the banking sector and lowering interest rates is one of the the most important factors restoration of investment activity. The Russian government is actively pursuing a policy to reduce the refinancing rate (currently it is 10%), however, in our country the refinancing rate is not an indicator for Russian banks to reduce rates on provided credit resources. To expand the ability of banks to provide long-term loans, it is necessary not only to expand the resource base of banks, but also to reduce the risks of banks by providing government guarantees. The main obstacles for enterprises to attract long-term sources of financing are not only high interest rates, which increase with increasing borrowing terms, but also requirements from banks to provide highly liquid collateral. Another reason is the lack of qualified financial managers capable of developing a full-fledged investment project, which will be of interest to potential lenders.

Calculation part

Exercise 1

The company invested 40 million rubles in the construction of the motel. The annual planned revenues from the operation of the motel for 4 years will be 35, 60, 80 and 100 million rubles. The discount rate is planned at 10%. Determine the payback period for investments.

Solution:

Investment amount – 40,000,000 rubles.

Investment income

in the first year: RUB 35,000,000;

in the second year: 60,000,000 rubles;

in the third year: 80,000,000 rubles;

in the fourth year: RUB 100,000,000.

Let's calculate discounted cash receipts by year of sale:

1st year: 35,000,000 /(1 + 0.1) = 31,818,181

2nd year: 60,000,000/(1 + 0.1) 2 = 49,586,776

Year 3: 80,000,000/(1 + 0.1) 3 = 60,105,184

4th year: 100,000,000/(1 + 0.1) 4 = 68,301,345

TOTAL: RUB 52,452,867

Let's calculate the discount payback period:

IC = 40,000,000 rub.

= (31,818,181+ 49,586,776+60,105,184+68,301,345)/4 = 52,452,867 rub.

DPP = @ 0.8 years @ 9 months

Answer: the investment will pay off in approximately 9 months

Task 2

According to accounting statements analyze the liabilities of the enterprise's balance sheet.

Table 1 Analysis of the composition and structure of sources of funds of Progress JSC

Balance currency 458 511 100 395 956 100 -62 555

At the end of the reporting year, compared to its beginning, there were significant changes in the structure of the liability balance sheet of Progress JSC (Table 1)

Own capital in balance sheet currency:

At the beginning of the year 68.8%

- at the end of the year 78.6%

Borrowed capital in balance sheet currency:

At the beginning of the year 31.2%

- at the end of the year 21.4%

Thus, by the end of the year, equity capital decreased by 4,438 thousand rubles, and borrowed capital decreased by 58,117 thousand rubles. Own capital at the beginning and end of the year amounted to 315,569 thousand rubles, respectively. and 311,131 thousand rubles, and borrowed – 142,942 thousand rubles. and 84,825 thousand rubles. In percentage terms: if the share of equity capital at the end of the year in the formation of assets was 78.6%, then the share of borrowed capital was only 21.4%. Borrowed capital decreased in two components: due to a reduction in accounts payable - by 53,570 thousand rubles. and debts to participants for payment of income - by 2747 thousand rubles. In the total amount of borrowed capital, accounts payable at the beginning of the year amounted to 93.8% (134,095:14,942*100), and at the end of the year it increased to 95.0% (80,525:84,825*100).

Obviously, Progress JSC, trying to improve its financial position without turning to the bank for loans and borrowings, intensively used accounts payable to finance its activities for “cheap money”, “interest-free loans”, which ultimately could result in a decrease in confidence in organizations from partners, clients, buyers, or to bankruptcy.

Table 2 Data for volume calculation products sold

Solution:

We find the planned balances of unsold products at the end of the year

OK. = OB x N,

where OV is one-day release commercial products; N – stock norm in days.

OB = TP 4 quarter /90 days

At selling prices

OV = 53825/90 = 598 rub.

OK. = 598 x 8 = 4784 rub.

OB = 42000/90 = 467 rub.

Ok.. = 467 x 8 = 3736 rub.

We find the indicator of product sales volume in the planned period

V = O f + TP - O k

At selling prices

V = 168000 + 215300 - 4784 = 378516 rub.

According to production cost

V = 13700 + 176500 - 3736 = 186464 rub.

Profit from the sale of commercial products

378516 – 186464 = 192052 rubles.

Answer: the volume of products sold at selling prices is 378,516 rubles, and at production costs – 186,464 rubles; profit from product sales - 192,052 rubles.

Conclusion

Financing refers to the process of generating funds or, more broadly, the process of generating capital for an enterprise in all its forms.

Classification of funding sources is varied and can be produced according to the following characteristics:

According to property relations, own and borrowed sources of financing are distinguished.

By type of property, state resources, legal and individuals and foreign sources.

Based on their time characteristics, sources of financing can be divided into short-term and long-term.

As part of internal sources of formation of 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.

Depreciation charges also play a certain role in the composition of internal sources; although they do not increase the amount of equity capital of the enterprise.

Other internal sources do not play a significant role in the formation of the enterprise's own financial resources.

Among the external sources of formation of its own financial resources, the main place belongs to the attraction by the enterprise of additional share or equity capital. For individual enterprises, one of the external sources of formation of their own financial resources may be the gratuitous financial assistance provided to them (as a rule, such assistance is provided only to individual state enterprises of different levels).

In the context of the transition to a market economy, non-traditional instruments for financing the activities of Russian enterprises are also beginning to be used. These include commercial loans, options, collateral transactions, factoring transactions, leasing, etc.

Currently, the financing of enterprises is in an unsatisfactory state due to the lack of own funds for self-financing, the lack of sufficient government financial support, the high cost and riskiness of innovation, the long-term nature of the payback of innovative projects and the dominance of conservative investors instead of aggressive ones. For further successful development Russian companies it is necessary to solve two problems: the first is to optimize sources of financing for the development of new projects; the second is to learn to select innovative projects that will bring real results even in times of crisis.

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26. Economic analysis financial and economic activity/Ed. M.V.Melnik. – M.: Economy, 2006. – 320 p.

27. Stock market: A textbook for higher education educational institutions economic profile N.I. Berzon, E.A. Buyanova, M.A. Kozhevnikov, A.V. Chalenko Moscow: Vita-Press, 2008

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Federal Law of June 24, 2008 N 91-FZ “On Amendments to Article 1 Federal Law“On the minimum wage” [Text] // Collection of legislation of the Russian Federation - 06/30/2008. - N 26. - Art. 3010.

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Sheremet A.D. Enterprise finance: management and analysis - M. Finance 2006. - P. 220.

Karpova E.N. “Problems of attracting long-term sources of funds to finance the activities of Russian enterprises in the conditions of the financial crisis” I INTERNATIONAL INTERNET CONFERENCE “FINANCIAL EDUCATION THROUGHOUT THE WHOLE LIFE – THE BASIS OF INNOVATIVE DEVELOPMENT OF RUSSIA”

Karpova E.N. Decree op.

Karpova E.N. Decree. Op.

The classification of sources is represented by two types: internal and external financing, the resources and funds of which can be attracted in the economic activities of the enterprise.

Internal sources of financing

In modern economic realities, business owners independently distribute internal financial resources, which include:

• profit from the activities of the enterprise;
• reserve funds;
• planned income;
• sustainable liabilities;
• accounts payable.

Internal sources of financing include insurance payments, dividends received and other cash flows.

Providing internal financing eliminates additional costs for servicing its sources, which makes them more profitable and economically feasible. The net profit or resources of the enterprise's reserve fund allow the owner to rationally use funds for business development, due to the fact that they are a kind of cash surplus in a certain time period.

The negative side of internal financing is the deprivation of the enterprise's financial cushion, when all available cash goes to stimulate activities, which can lead to the forced attraction of external sources of financing and the possible loss of control over the business by the owner.

A significant disadvantage of raising funds from depreciation funds may be the impossibility of practical application. For example, due to the fact that depreciation rates are artificially low or lose their relevance for various reasons, a financial vacuum is created in the actual calculation of deductions.

External sources of funding

External financing represents funds raised from external counterparties, which can include both individuals and companies, as well as the state. Sources of external financing include:

• special-purpose financing;
• lending;
• investment funds;
• government injections;
• private funds;
• partner funds;
• income from the sale of securities.

The most common form of external financing is lending. When attracting borrowed capital, an enterprise receives freedom to use financial resources, except in cases with special conditions.

A special form of external financing is budget subsidies allocated for targeted and other purposes. government programs. This source has the advantage of providing funds free of charge, but subject to specific subsidizing conditions.

Lending with external financing has two forms: commodity credit, which provides for the transfer of products for subsequent sale, and cash loan received by an enterprise in foreign or national currency.

Mixed sources of financing

In modern market economy financing can be not only external or internal, but also mixed, that is, having characteristics and meeting the principles of two main types of sources of financing.

Financing the activities of organizations is a set of forms and methods, principles and conditions for financial support for simple and expanded reproduction. Financing refers to the process of generating funds or, more broadly, the process of generating capital for a firm in all its forms.

Internal financing involves the use of those financial resources, the sources of which are formed in the process of the financial and economic activities of the organization (net profit, depreciation, accounts payable, reserves for future expenses and payments, deferred income).

At external financing funds coming into the organization from the outside world are used. Sources of external financing can be founders, citizens, the state, financial and credit organizations, and non-financial organizations.

The following are distinguished: sources of financing:

· Internal sources of the enterprise (net profit, depreciation, sale or rental of unused assets).

· Involved funds (foreign investment).

· Borrowed funds (credit, leasing, bills).

· Mixed (complex, combined) financing.

Internal financing involves the use of own funds and, above all, net profit and depreciation charges.

Own capital includes:

Authorized capital (formed as a result of the contribution of the founders of the company upon its creation)

Additional capital (formed as a result of revaluation of the organization’s fixed assets)

Reserve capital (formed by deductions from the organization’s profits for subsequent unforeseen needs)

Financing from own funds has a number of advantages:

1) due to replenishment from the profit of the enterprise, its financial stability;

2) the formation and use of own funds is stable;

3) external financing costs (debt servicing to creditors) are minimized;

4) the acceptance process is forgiven management decisions for the development of the enterprise, since the sources of covering additional costs are known in advance.

The level of self-financing of an enterprise depends not only on its internal capabilities, but also on external environment(tax, depreciation, budget, customs and monetary policy of the state).

External funding provides for the use of funds from the state, financial and credit organizations, non-financial companies and citizens: bank loans, commercial loans, i.e. borrowed funds from other organizations; funds from the issue and sale of shares and bonds of the organization; budgetary allocations on a repayable basis, etc.

Allows you to accelerate the turnover of working capital, increase the volume of business transactions, and reduce the volume of work in progress. However, it leads to the emergence of certain problems associated with the need for subsequent servicing of assumed debt obligations.

Credit - a loan in monetary or commodity form provided by the lender to the borrower on the terms of repayment, most often with the borrower paying interest for using the loan. This form of financing is the most common. Advantages of the loan:

· greater independence in the use of received funds without any special conditions;

· most often, a loan is offered by a bank that services a specific enterprise, so the process of obtaining a loan becomes very quick.

To the disadvantages The loan may include the following:

· the loan term in rare cases exceeds 3 years, which is prohibitive for enterprises aimed at long term profit;

· to obtain a loan, an enterprise must provide collateral, often equivalent to the amount of the loan itself;

· with this form of finance, the enterprise can use standard scheme depreciation of purchased equipment, which obliges you to pay property taxes throughout the entire period of use.

Leasing allows one party - the lessee - to effectively update fixed assets, and the other - the lessor - to expand the boundaries of activity on mutually beneficial terms for both parties.

Advantages of leasing:

· Leasing involves 100% lending and does not require immediate payments .

· Leasing allows an enterprise that does not have significant financial resources to begin implementing a large project.

It is easier to get a leasing contract than a loan - after all, the equipment itself serves as security for the transaction. A leasing agreement is more flexible than a loan. A loan always involves limited amounts and repayment terms. When leasing, an enterprise can calculate its income and work out with the lessor an appropriate financing scheme that is convenient for it. Leasing does not increase debt on the company’s balance sheet and does not affect the ratio of equity and borrowed funds, i.e. does not reduce the enterprise’s ability to obtain additional loans. Leasing payments paid by the enterprise are entirely attributed to costs production.

33. Factors determining the structure of funding sources.

Capital any enterprise can be represented by two components: own and borrowed funds.

Included equity two main components can be distinguished: invested capital, i.e. capital invested by the owners in the enterprise, and accumulated capital, i.e. created by the enterprise in excess of what was originally advanced by the owners.

Invested capital in joint stock companies includes the par value of common and preferred shares, as well as additionally paid (in excess of the par value of the shares) capital. The first component of invested capital is represented in the balance sheet of joint-stock enterprises by authorized capital, the second - by additional capital (in terms of share premium).

Accumulated capital is reflected in the form of items arising from the distribution of net profit (reserve fund, accumulation fund, retained earnings, other similar items).

Borrowed funds represent the legal and economic obligations of the enterprise to third parties.

The amount of borrowed funds characterizes possible future withdrawals of the enterprise's funds related to previously assumed obligations. The main types of obligations of the enterprise include:

· long-term and short-term bank loans;

· long-term and short-term loans;

· accounts payable of the enterprise to suppliers and contractors, resulting from a gap between the time of receipt of inventory items or consumption of services and the date of their actual payment;

· debt in settlements with the budget arising as a result of the gap between the time of accrual and the date of payment;

· debt obligations of the enterprise to its employees to pay for their labor;

· debt to social insurance and security authorities;

· debt of the enterprise to other business counterparties.

Borrowed funds are usually classified depending on the degree of urgency of their repayment and the method of security.

By degree of urgency of repayment Liabilities are divided into long-term and current. Funds raised on a long-term basis are usually used to purchase long-term assets, while current liabilities, as a rule, are a source of working capital.

There is a whole a number of factors , affecting the capital structure, which must be taken into account when forming it:

1.rate of increase in enterprise turnover. Increased turnover growth rates also require increased financing. Therefore, with high rates of production growth, enterprises focus on increasing the share of borrowed funds in sources of financing;

2. stability of turnover dynamics. An enterprise with a stable turnover can afford a relatively larger share of borrowed funds in its liabilities;

3. level and dynamics of profitability. It has been noted that the most profitable enterprises have a relatively low share of borrowed funds on average over a long period. The enterprise generates sufficient profits to finance development and pay dividends and is more cost-effective own funds;

4. asset structure. If the company has significant assets general purpose, which by their very nature can serve as collateral for loans, then an increase in the share of borrowed funds in the liability structure is quite logical;

5. severity of taxation. The higher the income tax, the fewer the tax benefits, the more attractive it is for an enterprise to finance from borrowed sources due to the attribution of at least part of the interest on the loan to the cost price. Moreover, the heavier the taxes, the more painfully the enterprise feels the lack of funds and the more often it is forced to turn to credit;

34. Issuance activity of the company.

ISSUE POLICY- part of the general policy for the formation of financial resources of an enterprise, which consists in ensuring the attraction of the required volume from external sources by issuing and placing its own securities (shares, bonds, etc.) on the primary stock market. In modern conditions, enterprises issue mainly shares for placement on the stock market.

From a financial management perspective main goal emission policy is to attract the required amount of financial resources on the stock market in the shortest possible time.

The emission process can be represented as several blocks interacting with each other:

Primary issue

Organization of securities circulation and payment of dividends

Withdrawal of securities from circulation

The primary issue takes place when a share is placed among the founders of a joint-stock company when increasing the authorized capital, forming borrowed capital by issuing bonds. The decision to issue securities is made by the management body of the issuer, which has the authority to do so under the law and the charter of the joint-stock company.

The issue of securities includes the following stages:

Issuer's decision to issue securities

Registration of securities issue

Production of securities certificate

Placement of securities

Registration of the report on the results of the issue

The release of securities into circulation by the issuer is carried out through their placement. The placement of issue-grade securities means their alienation by the issuer to the first owners through the conclusion of civil legal transactions.

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

1. Research into the possibilities of effective placement of the proposed issue of shares.

Analysis of stock market conditions(exchange and over-the-counter) includes characteristics of the state of supply and demand for shares, dynamics of the price level of their quotation, sales volumes of shares of new issues and a number of other indicators.

Assessing the investment attractiveness of your shares is carried out from the perspective of taking into account the prospects for the development of the industry (in comparison with other industries), the competitiveness of the products produced, as well as the level of indicators of its financial condition (in comparison with the industry average indicators).

Sources of financing the organization’s activities and liabilities show how the organization’s property was created. If obligations are like separate species accounting objects are attracted sources of property, then the sources of financing the organization’s activities should include equity capital.

Equity- the capital of the organization’s owners and the main source of funds for the organization.

Own capital can be divided into the following parts:

• capital and reserves;
• targeted funding and other sources (Fig. 2.5).
• 1. Capital and reserves, in turn, are divided into:
  • a) the initially invested (provided by the owner) capital is the share capital, authorized capital, authorized (share) fund. The authorized capital represents the amount of equity capital registered in the constituent documents (charter of the organization), contributed by the founders in the form of cash or other property upon establishment.

Rice. 2.5.

The authorized capital can be declared, when the capital is not actually contributed, but only declared, and invested, when the founders contributed monetary, tangible and intangible assets. Legislation Russian Federation the minimum amount of authorized capital is regulated depending on the organizational and legal form of the organization;

• b) revaluation of non-current assets is the amount of increase in the value of non-current assets (fixed assets and intangible assets), identified based on the results of their revaluation. Organizations have the right to revaluate fixed assets;
• c) additional capital has four components:
  • share premium, which is the amount of the difference between the sale and par value of shares (shares), received in the process of forming the authorized capital of the organization (upon the establishment of the organization, with a subsequent increase in the authorized capital) through the sale of shares (shares) at a price exceeding the par value;
  • exchange rate differences associated with settlements with founders on deposits, including contributions to the authorized (share) capital of an organization, expressed in foreign currency;
  • the difference arising as a result of the recalculation of the value of the assets and liabilities of the organization, expressed in foreign currency, used to conduct activities outside the Russian Federation, into rubles;
  • the amount of VAT recovered by the founder when transferring property as a contribution to the authorized capital and transferred to the established organization (if the specified amounts do not form a contribution to the authorized capital of the established organization). Additional capital is used to increase the authorized capital and is distributed among the founders;
• d) reinvested (earned) capital is formed from profits received from the results of production and economic activities. This includes:
• a) reserve capital - is created through deductions from net profit in accordance with current legislation and the organization’s charter (for example, in open joint-stock companies, the minimum amount of reserve capital is 5% of the authorized capital and is formed through annual deductions in the amount of at least 5% of net profit); used to cover unexpected losses and losses in the absence of other sources of coverage, to pay income to founders on preferred shares in the event of insufficient or no profit for the reporting year for these purposes, as well as to repay bonds issued by the organization and repurchase its own shares;
• The following may be taken into account as part of reserve capital in joint stock companies:
  • - reserve fund;
  • - special funds for paying dividends on preferred shares;
  • - other funds created in accordance with the company’s charter, for example a fund for the redemption of own shares at the request of shareholders;
• The reserve capital in limited liability companies may include:
• - reserve fund;
• - other funds created in the manner and amounts established by the company’s charter.
• b) retained earnings are the final financial results, identified during the reporting period minus taxes payable from profits, sanctions for non-compliance with tax rules, and other similar mandatory payments. This includes profits received in previous years and in the reporting year as a result of economic activities and not distributed by the founders.

Based on the decision general meeting founders or shareholders, retained earnings can be used to pay dividends to the founders, to create and replenish reserve capital, to increase the authorized capital, to cover losses of previous years, and for other purposes.

However, an organization may also have losses. Their presence characterizes direct losses, waste of property as a result of ineffective management of the organization or a natural disaster. These may be uncovered losses of previous years and losses of the reporting year. Losses reduce the sources of formation of the organization's property - capital and reserves.

• 2. Targeted funding and other sources:
  • Targeted financing is funds intended for the implementation of targeted activities, received from legal entities or individuals, budget revenues to finance various special events or pay for current expenses (for example, for the maintenance of preschool institutions). These funds are of a targeted nature, and the organization has the right to use them only for their intended purpose.
  • estimated liabilities. These include reserves for future expenses - funds of the organization formed at the expense of production costs in order to evenly include in the expenses of the reporting period the costs of the upcoming payment of vacations to employees, for the repair of fixed assets, for the payment of annual remuneration for length of service, for covering production costs for preparatory work due to the seasonal nature of production, to cover upcoming costs for land reclamation and implementation of other environmental measures, for warranty repairs and warranty service.

The estimated liability is recognized in accounting if the following conditions are simultaneously met (clause 5 of PBU 8/2010):

• the organization has an obligation resulting from past events of its economic activities, the fulfillment of which the organization cannot avoid;
• it is likely that the economic benefits of the organization necessary to fulfill the estimated liability will decrease;
• the amount of the provision can be reasonably estimated.

In particular, estimated liabilities are recognized:

• in connection with the upcoming restructuring of the organization’s activities, if there is a detailed, duly approved plan for the upcoming restructuring, and the organization, through its actions and (or) statements, has created reasonable expectations among persons whose rights are affected by the upcoming restructuring of the organization’s activities that the restructuring plan will be implemented in the near future future (clause 11 PBU 8/2010);
• identifying the unprofitability of an agreement concluded by an organization if the terms of this agreement provide for penalties for its termination;
• the participation of an organization in legal proceedings if the organization has reason to believe that the court decision will not be made in its favor and can reasonably estimate the amount of compensation that it will have to pay to the plaintiff;
• violations of the law committed by the organization, entailing the imposition of fines, if all conditions for the recognition of estimated liabilities in relation to such fines are met;
• upcoming holiday pay payments to employees;
• upcoming payments to employees based on the results of the year or for length of service (if such payments are provided for by collective or employment contracts);
• the presence of the organization’s obligations to provide warranty service for the products sold.

The organization’s own sources of property formation also include depreciation deductions, accrued for fixed assets and intangible assets. On the one hand, they show the degree of depreciation of non-current assets, and on the other hand, they form the necessary reserves for the acquisition of other non-current assets instead of worn-out ones.

There is a rule in accounting - the sum of all assets of the organization in monetary terms on a certain date (E,A.t n) is equal to the amount of liabilities(X O t n) and sources of financing the organization’s activities as of the same date(X IF^i):

where is the value of the organization’s assets for a certain

date; X O tn- the amount of the organization’s liabilities as of the same date;

X O t- the amount of sources of financing the organization’s activities as of the same date.

This equality is the basic balance equation (equation).