Forms and methods of using financial resources. Formation and use of financial resources of organizations
1.2 Formation and use financial resources
In a market economy, an enterprise independently determines rational options for all components of production and financial activities based on a balance of interests of manufacturers and consumers of products. In this case, the economic assessment of the effectiveness of the option of measures is the profit of the enterprise, which remains at its disposal. Therefore, the main task in market conditions is to increase the efficiency of the enterprise by optimizing the use of its resources, including credit, and building a promising production program, as well as plans of the enterprise to improve the efficiency of its functioning.
Each of the elements of financial resources can be considered from the point of view of the reproduction process. The reproduction process is nothing more than a permanent increment, the addition of value to the available resources. The peculiarities of the functioning of financial resources and the peculiarities of managerial work presuppose a conditional division of the reproduction process into two stages: 1) the formation and 2) the use of financial resources. The task of the financial manager is to achieve an increment in value for each.
The formation and use of financial resources are two interrelated processes that characterize and reveal the essence of the movement of financial resources. Formation refers to the process of education and mobilization of financial resources at the enterprise. Here, the sources of funds, the forms of receipt of resources and the proportions of their pooling are determined. Formation determines and predetermines the features of the further movement of resources in the form of use.
The use of resources is the process of using them in order to carry out the activities of the enterprise. It assumes expenditure, spending, temporary decentralization of previously formed resources. The use is associated with the implementation of the conceived plans and characterizes the movement to a different qualitative level of the system. The processes of formation and use mutually determine and complement each other, and each of them has an impact on the state of the system.
Thus, the process of reproduction of financial resources is considered by us as consisting of two stages - formation and use. Let us consider each one in turn from the standpoint of rational management.
At the stage of formation, questions about the structure of resources and the corresponding payment for them are resolved.
The generally accepted sources of formation of the financial resources of the enterprise are:
own and equivalent funds;
mobilizing resources for financial market;
receipts Money from financial banking system in the order of redistribution (Figure 1.1).
Figure 1.1 - Sources of formation of financial resources of the enterprise
This classification does not fully disclose the content of the category of financial resources in terms of the sources of their formation and use for their intended purpose. The inclusion of gross profit in its own sources significantly reduces the amount of financial resources of the enterprise intended to fulfill its financial obligations, consisting of payments to the budget (value added tax, excise taxes, income tax, property tax, water charges, land tax) and contributions to extrabudgetary funds.
The formation of the financial resources of the enterprise is carried out at the expense of its own and equivalent funds, attracting resources in the financial market and the entry of funds from the financial and banking system in the order of redistribution.
Equity capital, in comparison with borrowed capital, is characterized by the following positive features:
ease of attraction, since decisions related to an increase in equity capital (especially due to internal sources of its formation) are made by the owners and managers of the enterprise without the need to obtain the consent of other economic entities;
a higher ability to generate profits in all areas of activity, because when using it, no payment is required loan interest in all its forms;
providing financial sustainability development of the enterprise, its solvency in long term, and, accordingly, reducing the risk of bankruptcy.
At the same time, it has the following disadvantages:
the limited volume of attraction, and, consequently, the possibilities for a significant expansion of the operating and investment activities of the enterprise during periods of favorable market conditions and at certain stages of its life cycle.
high cost in comparison with alternative borrowed sources of capital formation.
unused opportunity to increase the return on equity ratio by attracting borrowed funds, since without such attraction it is impossible to ensure the excess of the financial profitability ratio of the enterprise over the economic.
Thus, an enterprise using only its own capital has the highest financial stability (its autonomy coefficient is equal to one), but limits the pace of its development (since it cannot provide the formation of the required additional volume of assets during periods of favorable market conditions) and does not use financial opportunities to increase the return on invested capital.
In the process of development of the enterprise, as its financial obligations are paid off, there is a need to attract new borrowed funds. Sources and forms of attracting borrowed funds by an enterprise are very diverse. The classification of borrowed funds attracted by the enterprise according to the main characteristics is shown in Figure 1.2.
Borrowed capital used by the enterprise, characterizes in aggregate the volume of its financial obligations (total debt).
The price of financial resources in percentage is determined by the formula:
where C is the price of financial resources;
And - the cost of servicing resources;
P is the amount of resources.
The resource price is determined for the following purposes:
to determine the level of financial costs associated with the operation of the enterprise;
for making investment decisions;
to determine the optimal structure of resources.
To assess the entire set of types of resources used by the enterprise, the formula is used:
Ц = Sцiвi (1.2)
where C is the price of the entire set of resources used;
qi - the price of the i-th type of resources;
вi - the specific weight of the i-th type of resources.
Figure 1.2 - Sources and forms of attracting borrowed funds
This indicator characterizes a sufficient level of profitability of production and economic activity enterprises, due to the need to pay for the resources used. It is clear that each type of resources used is associated with certain costs, which can be calculated with varying degrees of accuracy. The elements of any of the previously considered classifications can act as the estimated type of resources (qi), which makes it possible to evaluate the entire set of resources used from various positions.
The structure of resources corresponding to the minimum maintenance costs can be recognized as optimal.
Of course, the structure of the financial resources of the enterprise and the costs of their maintenance change, and therefore the approximate forecast value of the price of a unit of the resource can be set based on the rate of loan interest prevailing in the market. This value can also be used when comparing marginal performance resource unit with its price.
In addition to the criterion of the minimum price of the resources used, practice financial management also assumes their assessment from the standpoint of the efficiency of reproduction of own funds. The effect of financial leverage is understood as an increase in the profitability of own resources, obtained through the use of borrowed resources, despite their payment.
The logic of this statement is due to the fact that one of the factors of significant influence on the results of the production and economic activity of the enterprise is the structure of the resources used, which, in conjunction with the change in gross income, can significantly affect the net profit of the business entity, and, ultimately, the profitability of its own resources. The financial settlement effect (EFR) is calculated:
EFR = (1 - H) x (P - Tsp) x, (1.3)
where Н - profit tax rate,%;
Р - return on assets,%;
Цр - the price of borrowed resources,%;
ЗР - borrowed resources, rubles;
СР - own resources, rub.
The component (P - Cr) is called the lever differential. For the effect to be non-negative, the differential must be positive. The value of the differential shows the amount of risk, i.e. the larger the differential, the lower the risk and vice versa. The ratio between own and borrowed resources is a leverage through which the effect of the differential increases. In this case, if new borrowing brings an increase in the effect of financial leverage, then it is profitable.
The influence of changes in gross income on the company's net profit is shown by the strength of financial leverage (SFR).
SFR =, (1.4)
where VD is gross income;
CR - the price of resources, rubles.
As for the stage of using resources. Here, the selectivity in their application is undoubtedly important, and the criteria can be the highest productivity and quick payback (a kind of law of time preference, when a project with a minimum time cycle has the priority of financing). Since the generated financial resources will be directed to the implementation of costs, their acceptable value is important. This problem is solved in the course of operational analysis (analysis "Cost - Volume - Profit"). The action of the operational (production) leverage is manifested in the fact that any change in sales proceeds leads to a stronger change in profit. The force of influence of the operating leverage (SPL) is determined by the formula:
SPR =, (1.5)
where ВР - sales proceeds;
PI - variable costs;
VD - gross income.
Other indicators are also used in operational analysis:
Gross margin needs to be sufficient for more than just coverage fixed costs, but also the formation of the company's profit.
This quantity of goods characterizes the "point" of production payback, below which production is simply not profitable. Each subsequent unit of goods brings profit to the enterprise, the value of which is determined as the product of the quantity of goods sold after the profitability threshold and the ratio of the gross margin to the total quantity of goods sold.
To determine the value of a possible decrease in sales proceeds, the indicator of the financial strength margin is used, which is the difference between sales proceeds and the profitability threshold.
Note that the logic of the functioning of the operating lever can be applied not only in the production sphere of financial resources, but also in the investment one, since any use of them can be accompanied by fixed and variable costs. Only the question of their exact classification becomes fundamental.
An indicator that summarizes the formation and use of financial resources is the conjugate effect of financial and operational leverage, which is calculated as their product.
The level of the associated effect of financial and operating leverage shows the percentage of the change in the company's net profit for a 1% change in sales revenue. If the level of the associated effect is 3.3, then an increase in sales revenue by 1% will lead to an increase net profit by 3.3%. But this indicator also characterizes the amount of possible risk and an enterprise that demonstrates a significant level of the associated effect of financial and operating leverage is also more risky. An increase in the value of one of the components of this generalizing indicator may signal an increasing degree of risk in a particular area - financial or industrial.
Since the process of using resources takes place in time, the fact of different time values of resources should be taken into account, since the unit of income received in the future is not equivalent to the one invested today. This situation is due to the fact that the value not put into circulation is depreciated.
The process in which the amount invested and the interest rate are known is known as accrual, and the process in which the amount returned and the rate of decline (discount rate) are known is discounting.
The process of increasing the invested value is described by the formula
Fn = P (1 + r) n, (1.8)
where Fn is the amount of invested capital in n years;
P is the invested value;
The factor (1 + r) n shows what the monetary unit will equal in n periods at a given interest rate r.
The formula showing the current value (Р) of the income (Fn) expected in n years will look like:
where Р is the current (present) value, i.e. Fn estimate from position of the current moment;
Fn - income planned to receive in year n;
r - interest rate in decimal fractions;
n is the number of years (or capital turnover).
It is more common that income varies from year to year. In this case, the total value of flows at the end of the period can be calculated using the formula:
where FV is the total value of all cash flows;
F1,…, Fn - cash flows by years.
From the point of view of the current moment, all elements of the flow can be brought to one moment and summed up.
PV is the total value of all discounted cash flows.
If it is necessary to calculate the absolute result of the investments made, then the net present value is calculated, which is understood as the difference between the indicators of income and capital investments discounted at one point in time, or, if income and investments are presented in the form of a stream of payments, then in the form of the current value of this stream.
Another important factor to consider when using financial resources is the depreciation of money or inflation. In such a case, the nominal (i.e., inflationary) discount factor can be calculated as follows:
p = r + i, (1.12)
where p is the nominal discount rate;
r is the usual discount factor;
i - inflation index.
Thus, taking into account the temporal aspect of functioning and inflationary depreciation of financial resources allows not only assessing the efficiency of their use, but also calculating their net efficiency and answering the question of how much the income received in the future is worth today. Such an approach allows us to link together the stage of investment of the formed resources and the stage of obtaining income from their use, whether it be in the production sphere or financial sector their functioning.
Business and Service ", 2004. - 336 p. 9. Analysis of financial statements: textbook. manual // Ed. O. V. Efimova, M. V. Miller. - 2nd ed., Rev. - M .: Publishing house OMEGA-L, 2006. - 408 p. 10. Analysis of the financial and economic activities of the enterprise. Tutorial Melnik M.V., Gerasimova E.B. M .: FORUM: INFRA-M, 2008 .-- 192 p. 11. Blank I.A.Encyclopedia financial manager... [In 4 volumes]. ...
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INTRODUCTION ……………………………………………………………… 3
1.1. The essence of the finances of organizations …………………………… ... 6
1.2. Financial functions of organizations ……………………………………………………………………………………………… 11 11
ORGANIZATIONS
2.1. Principles of organization of finances of organizations ………………. 15
2.2. Sources of formation of financial resources …………… .. 20
2.3. Problems of the formation of financial resources ... ... ... ... ... ... 25
USE …………………………………………… 31
CONCLUSION ……………………………………………………… .. 36
LIST OF USED LITERATURE ………………… .. 40
INTRODUCTION
Finance, being an integral element of the economic mechanism for managing organizations, serves as the basis for the formation of various funds necessary for normal economic activity: authorized capital and reserve fund, accumulation and consumption funds, wage fund, depreciation and repair funds, commercial risk fund, etc.
Financial resources are the economic basis for organizing trading activities on a self-financing basis. The scale and pace of development of trade and all economic activities depend, first of all, on the availability of financial resources. On the other hand, the growth of trade turnover and the successful implementation of business plans provide an increase in financial resources, and the strengthening of the financial position of trade organizations due to an increase in profits from economic activities.
In the context of the development of market relations and the functioning of the financial market, a qualitatively new approach to the management of financial resources is required. The procedure for the formation and use of financial resources, as well as the relationship of organizations with the financial and credit systems, are changing.
The financial resources of the organization are the aggregate of their own cash income and receipts from outside, intended to fulfill the financial obligations of the organization, to finance the current costs and costs associated with the development of production.
The financial resources of the organization are used for the formation of targeted cash funds (wage fund, production development fund, material incentive fund, etc.), fulfillment of obligations to the state budget, banks, suppliers, insurance authorities and other organizations. Financial resources are also used to finance the cost of purchasing raw materials, materials, and wages. Capital is a part of the organization's finances invested in production and generating income at the end of the turnover. In other words, capital acts as a transformed form of financial resources.
The finances of organizations have a single holistic orientation, but in each specific case they reflect industry-specific features, expressed in the specifics of capital turnover, servicing reproduction processes, emission and investment activities.
Availability of sufficient financial resources, their effective use, predetermine a good financial position of the organization, solvency, financial stability, liquidity. In this regard, the most important task of organizations is to find reserves for increasing their own financial resources and their most effective use in order to improve the efficiency of the organization as a whole.
The role of the finances of organizations in ensuring the normal state of the economy and social life of the country is also important, since, due to their specific features, they carry out the process of distribution and redistribution of national income and national wealth at three main levels: at the national level; at the organizational level; at the level of production teams.
The efficient formation and use of financial resources ensures the financial stability of organizations and prevents their bankruptcy. In market conditions, the state of the finances of organizations is of interest to direct participants in the economic process.
The aim of the course work is to study the sources and principles of the formation of financial resources of the organization, as well as to identify the problems of their formation and use.
To achieve this goal, it is necessary to solve the following tasks:
Consider the essence of the organization's finances;
Define the functions of the organization's finances;
Consider the principles of organizing the finances of the organization;
Identify the sources of the formation of financial resources;
Determine the problems of forming the financial resources of the organization;
Consider the financial resources of organizations and their use.
To solve the tasks, the materials of the following authors were taken: when considering the essence of the organization's finances, the materials of the works of Buryakovsky V.V. "Finance of enterprises", Kovaleva A.M., "Finance", Internet-magazine for economists, brokers, financiers were used - Soldi- news.ru; when considering the principles - the work of V. V. Buryakovsky "Enterprise Finance" and V. V. Kovalev . « Finances of organizations (enterprises) "; when identifying the sources of the formation of financial resources, materials from the Internet magazine for economists, brokers, financiers were used - Soldi-news.ru, TV Yarkina, "Fundamentals of the organization's economics", G.B. Polyaka, "Financial management"; when defining the problem of the formation of financial resources of organizations, an article from the magazine "Consultant" No. 19 was considered; also used materials Pavlova L. N. "Finance of organizations", Kolchina N. V. "Finance of organizations", Kovaleva, A.M. "Finance of the Firm", Kremenukova S.V. "Financial resources of the organization", Vakhrina P. I. "Finance".
Thus, the work contains three chapters, which are considered general concepts finances of organizations, their formation and use.
CHAPTER 1. GENERAL CONCEPTS OF FINANCE OF ORGANIZATIONS
1.1. The essence of finance of organizations
The finances of organizations are economic, monetary relations arising from the movement of money and the resulting cash flows associated with the functioning of monetary funds created at the organization.
The finances of organizations are the basis of the financial system of the state, since organizations are the main link in the national economic complex. The state of the organization's finances affects the provision of national and regional monetary funds with financial resources. The dependence here is direct: the stronger and more stable the financial position of organizations, the more secured the national and regional monetary funds, the more fully satisfied social, cultural needs, etc.
The presence of finances of organizations is due to the existence of commodity-money relations and the operation of the laws of value and supply and demand. The sale of products and services is carried out by buying and selling for money at prices that reflect the value of the goods. But money itself is not finance. This is a special commodity through which the value of all other commodities is determined and expressed and their circulation occurs. Finances are economic relations carried out through the circulation of money, that is, monetary relations.
One of the most successful definitions of financial resources is the following: financial resources of an organization are monetary incomes and receipts at the disposal of a business entity and intended to fulfill financial obligations, implement costs for expanded reproduction and economic incentives for workers.
Since the finances of organizations are directly related to production and reflect the laws of economic development, they are a category that is part of the economic basis.
To ensure the reproduction process with the help of finance in organizations of all sectors of the national economy, targeted monetary funds are formed, used for production needs and to meet the social and personal needs of workers.
Thus, the finances of organizations are a set of economic, monetary relations that arise in the process of production, distribution and use of the aggregate social product, national income, national wealth and are associated with the formation, distribution and use of gross income, money savings and financial resources of organizations. These relations, which determine the essence of this category, are mediated in monetary form.
It is customary to refer to the financial relations that determine the content of this category the monetary relations that arise in the process of expanded reproduction (Fig. 1), namely:
Between organizations and other business entities;
Between organizations and the budgetary system;
Between organizations and the financial and credit system;
Within various associations of organizations;
| Finances of organizations (economic, monetary relations) | ||||
| between organizations and other business entities | between organizations and the budget system | between organizations and the financial and credit system | within various associations of organizations | within the organization |
With suppliers; With buyers; With construction, transport and other organizations; With foreign organizations and firms. |
With budgets of different levels; With state centralized funds; With extrabudgetary funds. |
With banks; With insurance companies; With the stock market; With investment funds. |
With a parent organization; Inside the association; Within financial and industrial groups. |
With employees of the organization; Between branches, workshops, departments; With shareholders; With investors; With the founders. |
Within the organization.
Financial relations with other organizations include relations with suppliers, buyers, construction and installation and transport organizations, post and telegraph, foreign trade and other organizations, customs, organizations and firms of foreign countries.
The relations of organizations with the financial and credit system are, firstly, the financial relations of organizations with banks, which are built both in terms of organizing non-cash payments, and in relation to obtaining and repaying short-term and long-term loans and interest on them. Organization of cashless payments has a direct impact on the financial position of organizations. Credit is the source of formation working capital, expansion of production, its rhythm, improvement of product quality, helps to eliminate temporary financial difficulties of organizations.
Financial relations of organizations with higher organizations include relations regarding the formation and use of centralized monetary funds, which, in the conditions of market relations, are an objective necessity. This is especially true for investment financing, replenishment of working capital, financing of imports, operations, scientific research, including marketing. Intra-industry redistribution of funds, as a rule, on a repayable basis plays an important role and helps to optimize the funds of organizations.
Financial relationships within an organization include relationships between branches, shops, departments, teams, etc., relationships with workers and employees, as well as with the shareholders and investors of the organization. The relations between the divisions of the organization are associated with payment for work and services, the distribution of profits, working capital, etc. Their role is to establish certain incentives and material responsibility for quality performance obligations assumed. Relations with workers and employees are the payment of wages, bonuses, benefits, material assistance, as well as the collection of fines for damage caused, withholding taxes. The relationship with shareholders and investors is the payment of interest and dividends on shares or investments in an organization.
Thus, the role of the finances of organizations is as follows:
1. By distributing and redistributing national income and national wealth at the national level, the finances of organizations provide the formation of the country's financial resources used to form the budget and extra-budgetary public funds.
2. In the course of distribution and redistribution of national income and national wealth at the level of organizations, they provide the sphere of material production with the necessary financial resources and funds for the continuous process of expanded reproduction.
3. At the level of production teams, with the help of finance, such monetary funds as wages and material incentives are formed, programs are implemented social development collectives of organizations.
4. An important role is played by the finances of organizations in ensuring a balance in the national economy between material and monetary funds intended for the purposes of consumption and accumulation. The stability of the national monetary unit, monetary circulation, the state of payment and settlement discipline in the national economy largely depend on the degree to which such a balance is ensured.
5. The direct connection between the finances of organizations and the finances of sectors of the national economy with all phases of the reproduction process determines their high potential activity and a wide possibility of influencing all aspects of the economy. Therefore, the finances of organizations can serve as an important tool for economic stimulation, control over the country's economy and its management.
6. The finances of organizations can be an important tool state regulation economy. With their help, the regulation of the reproduction of the produced product is carried out, the financing of the needs of expanded reproduction is provided on the basis of the optimal ratio between the funds directed to consumption and to accumulation. The finances of organizations can be used to regulate sectoral proportions in a market economy, help accelerate the development of individual sectors of the economy, create new industries and modern technologies, the acceleration of scientific and technological progress.
1.2. Functions of organizations' finance
The finances of organizations perform the same functions as public finances, distribution and control. However, the range of activities of finance organizations is much wider than the range of activities public finance... Public finance performs functions mainly at the stage of secondary distribution of national income in the process of forming and executing the state budget, local budgets, and other centralized funds of the state, while the finances of organizations carry out their activities both at the stage of formation of national income and at the stage of primary and the secondary distribution and redistribution of it. Therefore, the part of finance that functions in the sphere of material production, namely, the finances of organizations, and participates in the process of creating cash income and savings, performs not only distribution and control, but also the function of generating cash income.
In the process of the formation and use of the depreciation fund, the mobilization of internal resources in capital construction with the help of the finances of organizations, the redistribution of national wealth is carried out.
Thus, the distribution function of the finances of organizations should be understood as the implementation by them of their activities in the process of distributing gross domestic product, national income and national wealth.
With the help of finance, the state distributes the gross product not only in physical form, but also in value. In this regard, it becomes possible and necessary to control the provision of value and natural-material proportions in the process of expanded reproduction.
The control function of the finances of organizations should be understood as their inherent ability to objectively reflect and thereby control the state of the economy of the organization, industry, the entire national economy and actively influence their activities. The finances of organizations through their financial categories (profit, profitability, etc.) implement their inherent control function. So, the amount of profit, the level of profitability of production determine the degree of effectiveness of the economic activity of a given entity. The presence of non-sales losses and losses indicates mismanagement in the work of the organization. The control function contributes to the choice of the most rational mode of production and distribution of gross product and national income in the organization and in the national economy.
The assignment of financial resources in the organization is a means of ensuring production activities organizations, factors of production or the source of the reproductive process. This provision is based on the fact that the main purpose of the organization is the production of material goods to satisfy public details. Therefore, the main function of financial resources, realizing their appointment to organizations, is the production function. It is expedient to provide optimal financial resources for all stages of the reproduction process, and here we are talking about all kinds of financial resources. It is at the expense of financial resources in the organization that property is formed, fixed assets are updated, and working capital is replenished. The priority of this function is due to the fact that the flow of its own financial resources, which are the basis of its activities, and, therefore, the rate of economic development business entity and the social well-being of employees.
An integral part of the production function of the organization's financial resources is the operational function, which consists in the current provision of organizations with funds for normal functioning, for making payments and settlements, for fulfilling short-term obligations. The operational function does not have a significant impact on the long-term development strategy of the organization, therefore it is limited to financial support for simple reproduction.
Not all financial resources serve the production area of the organization, since the organization has certain obligations to the financial and credit system, employees. Therefore, part of the resources is diverted into the non-production sphere of the organization and performs a non-production function: reserve capital, accumulation fund, consumption fund and other funds. The emergence of this function is due to the obligations of the organization, the need to expand its activities. The role of this function is important, since its production activity also depends on how timely and fully the organization's obligations are fulfilled.
The development of market relations has led to the fact that today any business entity is interested in the profitable use of available resources. Therefore, part of the financial resources serving the non-production sphere of the organization is directed to expanded reproduction, that is, they perform an investment function, which is realized through profitable short-term and long-term financial investments.
Closely linked to the profitable use of available financial resources is innovation and venture funding. Innovation includes the constant progressive development of organizations based on the latest forms management and financing, organization of financial relationships. Venture funding provides financial resources innovation activity... It includes funding for scientific and technological developments and inventions. Such financing requires significant capital accumulation and the choice of a long-term development strategy. It is based on variability in decision making and discounting of cash flows. Venture finance management must have a strong targeting orientation.
To ensure liquidity, a part of the organization's financial resources must be kept in cash or in funds and reserves that do not generate income. This part of the resources performs a consuming function. This function, unlike the investment one, does not create additional value.
Thus, it is important to optimally maintain the ratio of resources located in the production and non-production areas that generate income or are consumed. This will ensure the continuity of the production process and the implementation of the production program, fully fulfill external and internal obligations, not forgetting about liquidity and the profitable use of available resources. The more resources are involved in a profitable turnover, the more efficient the entire production and economic activities of the organization.
CHAPTER 2. FORMATION OF FINANCIAL RESOURCES
ORGANIZATIONS
2.1. Principles of organization of finances of organizations
Since the finances of organizations as a relationship are part of economic relations arising in the process of economic activity, the principles of their organization are determined by the foundations of the economic activity of the organization.
The basis for organizing the finances of organizations of all forms of ownership is the availability of financial resources in the amount necessary for the implementation of economic and commercial activities organizations.
The initial formation of these resources occurs during the creation of the organization through the formation of the statutory fund. The sources of formation of the authorized capital can be: share capital, share contributions, own funds entrepreneur, long-term loan, budget funds, etc.
In the context of the transition to a market economy, organizations carry out their activities on the basis of full commercial calculation and self-financing, aimed at the obligatory receipt of sufficient profit.
Commercial calculation means the economic independence of the organization and responsibility for the results of work.
Thus, the implementation of the financial activities of the organization is based on the implementation of the following basic principles:
self-financing;
Availability of targeted funds of funds in the organization.
Self-financing - required condition successful business activities of organizations in conditions market economy... This principle is based on the full recoupment of production costs and the expansion of the production and technical base of the organization.
The basic principles of organizing the finances of organizations.
The principle of self-financing means a way of economic and investment activity, in which all costs associated with mandatory payments to the budget and other centralized funds, as well as the costs of expanded reproduction are fully covered by profit and other own sources.
The economic activity of the organization is inextricably linked with its financial activities. The organization independently finances all areas of its expenses in accordance with production plans, disposes of the available financial resources, investing them in the production of products in order to make a profit.
The differentiation of the funds of the main activity and investment activity means that working and other funds assigned to the main activity cannot be used by the organization for the needs of capital construction, and vice versa.
It is important to divide the sources of financing of working capital into own and borrowed ones. Own funds include funds assigned to an organization for perpetual use. Borrowed funds are basically bank loans that are provided to an organization for a relatively short period of time for a specific purpose at interest. The combination of own and borrowed funds allows the organization to more efficiently use working capital. Complete safety of working capital is a necessary condition for the continuity of their turnover. The organization is obliged to ensure the safety, rational use and acceleration of the turnover of working capital.
The need to control the financial and economic activities of the organization objectively follows from the essence of finance as monetary relations. The financial and economic activity of the organization is associated with the formation and expenditure of funds, and therefore affects the interests of the state, employees of the organization, shareholders and all possible counterparties of the organization. Control is manifested through the analysis of the financial performance of the organization and measures of influence of various content.
Each organization for the normal functioning must have certain earmarked funds of funds. The most important of them are: fixed assets fund, working capital fund, financial reserve, depreciation fund, repair fund, fund for the development of production, science and technology, material incentive fund, social development fund, etc. The formation of these funds, their management and their correct use constitute one of the most important parties financial work in organizations.
Also distinguish:
The principle of economic efficiency. Its semantic load is determined by the fact that, since the creation and operation of a certain financial management system of an organization inevitably involves costs, this system must be economically viable in the sense that direct costs are justified by direct or indirect income. Since it is far from always possible to give unambiguous quantitative assessments that argue or confirm this expediency, the optimization of the organizational structure is carried out on the basis of expert assessments in dynamics - in other words, it is formed gradually and is always subjective.
The principle of financial control. The activities of the organization as a whole, its divisions and individual employees should be periodically monitored. Control systems can be built in different ways, but practice shows that financial control is the most effective and efficient. In particular, one of the most important ways to control the congruence of the targets of the owners of the company and its management personnel is to conduct audits. Auditing activities represents the business activities of auditors ( audit firms) for the implementation of independent non-departmental audits of accounting (financial) statements, payment and settlement documents, tax declarations and other financial obligations and requirements of economic entities, as well as the provision of other audit services (accounting, valuation, tax planning, corporate finance management, etc.) ... Internal financial control is carried out by organizing a system internal audit.
V large companies there is always an internal audit service; moreover, economically developed countries the so-called institutions of internal auditors have been created. As an example, we can mention the American Institute of Internal Auditors. ( The Institute of Internal Auditors ), members of which become its graduates - certified specialists in in-house financial analysis and control.
The principle of financial incentives (reward / punishment). This principle is essentially in close correspondence with the previous one, and its meaning lies in the fact that it is within the framework of the financial management system that a mechanism is developed to increase the efficiency of the work of individual divisions and the organizational structure of management of the organization as a whole. It achieves naturally, it is about financial measures. This principle is most effectively implemented through the organization of so-called centers of responsibility.
Under center of responsibility means a subdivision of an economic entity, the management of which is endowed with certain resources and powers sufficient to fulfill the established planned targets. Wherein:
The higher management determines one or several basic (backbone) criteria and sets their planned values;
The judgment about the effectiveness of the work of the center of responsibility is made on the basis of the fulfillment of the planned targets according to the system-forming criteria;
The department's management is endowed with resources in the agreed amounts, sufficient to fulfill the planned targets;
Restrictions on resources are quite general in nature, that is, the leadership of the center of responsibility has complete freedom of action in relation to the structure of resources, the organization of the production and technological process, supply and distribution systems, etc.
The meaning of the allocation of centers of responsibility is in encouraging initiative among middle managers, increasing the efficiency of departments, obtaining relative savings in production and distribution costs.
The principle of material responsibility. In any organization, a system of incentive measures and criteria for evaluating the activities of structural units and individual employees is being formed. An integral element of such a system is the idea of material responsibility, the essence of which is that individuals involved in management material assets, are responsible with the ruble for unjustified results
their activities. The forms of organizing material responsibility can be different, but the main ones are two: individual and collective material liability.
Individual material responsibility means that a specific materially responsible person (storekeeper, head of department, seller, cashier, etc.) concludes an agreement with the management of the organization, according to which any shortage of inventory items, that is, their disposal, not accompanied by supporting documents must be reimbursed by that person. In some situations, standards are established within which there may be a deviation of accounting estimates from the actual; in this case, the materially responsible person must compensate only excess losses (in particular, in trade, at the expense of pre-tax profits, reserves are made for forgetfulness of buyers, for the shrinkage and shrinkage of goods, etc.). The list of materially responsible persons is determined by the organization.
In the case of collective material responsibility for possible shortages, it is no longer a specific materially responsible person who is responsible, but the team (for example, a team of salespeople who replace each other in a department of a store, when the work shift is less than the total duration of the working day of the store as a whole). This form of responsibility helps to avoid unnecessarily frequent inventories.
2.2. Sources of formation of financial resources
The formation of financial resources is carried out at the expense of own and equivalent funds, mobilization of resources in the financial market and the receipt of funds from the financial banking system in the order of redistribution. The initial formation of financial resources occurs at the time of the establishment of the organization, when the statutory fund is formed. Its sources, depending on the organizational and legal forms of management, are: equity (authorized) capital, shares of members of cooperatives, sectoral financial resources (while maintaining sectoral structures), long-term credit, budget funds. The size of the authorized capital shows the size of those funds - fixed and circulating - that are invested in the production process.
The main source of financial resources for operating organizations is the cost of products sold (services rendered), various parts of which, in the process of distributing proceeds, take the form of cash income and savings. Financial resources are formed mainly from profits (from core and other types of activities) and depreciation charges. Along with them, the sources of financial resources are also:
Stable liabilities,
Mobilization of internal resources in construction, etc. The widespread processes of privatization of state property lead to the emergence and will play an important role of another source of financial resources - shares and other contributions of members of the labor collective. Significant financial resources, especially for newly created and reconstructed organizations, can be mobilized in the financial market. The forms of their mobilization are: sale of shares, bonds and other types of securities issued by this organization, credit investments. Before the transition to market conditions of management, organizations received significant financial resources on the basis of intra-industry redistribution of funds and budget financing. However, the principles of market management, the introduction of commercial principles into the activities of organizations, naturally, required fundamentally different approaches to the formation of financial resources.
The orientation towards initiative and enterprise, full financial responsibility led to two major changes in the field of financial relationships of organizations with other structures: firstly, the development of insurance operations, and, secondly, a significant reduction in the scope of donations received. In this regard, during the transition to a market-based business framework, the financial resources formed in the order of redistribution will gradually play an increasing role in payments of insurance compensation received from insurance companies, and an ever smaller role - budgetary and industry financial sources.
Organizations will be able to receive financial resources: from associations and concerns they belong to (only if this is provided for by the mechanism for using the corresponding funds); from higher organizations - while maintaining industry structures; from government bodies - in the form of budget subsidies for a strictly limited list of costs. But in the conditions of the functioning of the securities market, such types of financial resources as dividends and interest on securities other issuers, as well as profit from financial transactions.
The use of financial resources is carried out by the organization in many areas, the main of which are: - payments to the bodies of the financial and banking system, due to the fulfillment of financial obligations. These include; tax payments to the budget, payment of interest to banks for the use of loans, repayment of previously taken loans, insurance payments, etc .; - investing own funds in capital costs (reinvestment) associated with the expansion of production and its technical renovation, transition.
The composition of the organization's financial resources is shown in Table 1.
Table 1. Sources of financial resources of the organization
So, financial resources are formed at the expense of their own and attracted funds.
The starting source of financial resources at the time of the establishment of the organization is the authorized (share) capital - property created from the contributions of the founders (or proceeds from the sale of shares).
V individual cases organizations can be provided with subsidies (in cash or in kind) at the expense of state or local budgets, as well as special funds. Distinguish:
Direct subsidies - state capital investments in facilities that are especially important for the national economy, or in low-profit, but vital;
Indirect subsidies provided by tax and monetary policy, for example through the provision of tax breaks and concessional loans.
The totality of the organization's financial resources is usually subdivided into working capital and investments.
2.3. Problems of the formation of financial resources
At this stage, two of the most pressing problems of the formation of financial resources are traced, these are high interest rates for attracting loans and borrowings and the ratio of borrowed capital to equity.
What should be the final ratio of own and borrowed funds, this question, despite all the efforts of the theorists of financial science, still does not have a final clear answer.
The financing structure issue can be considered in terms of business risk. Business risk can be measured in terms of an asset (production risk) or a liability (financial risk). Quantitatively, the risk is measured by the so-called leverage, or leverage (from the English leverage - "leverage"). It is a measure that takes into account the sensitivity of profit to fluctuations in income (production leverage) or interest payments (financial leverage). The theory does not provide a single indicator that could reflect both types of risk together. However, it is believed that high financial risk should not be combined with high production risk.
Production leverage is easiest to measure by the proportion of fixed costs to the total costs of an organization. The larger it is, the higher the production risk. Of course, revenues can fluctuate so strongly that revenues are lower than even fixed costs during a downturn. In this case, it is necessary to form an appropriate fund that would counter such an adverse impact. This requirement is usually fulfilled by those firms that are accustomed to regular sales downturns. Which companies have a high level of fixed costs?
To do this, you need to consider the classification of organizations according to the criterion the most important factor production, by type of business:
Fund intensive. For him, the main factor is non-current assets: land, buildings and structures, equipment. These are large metallurgical and shipbuilding plants, agricultural production, transport, construction. The main share of the expenses of organizations in these industries falls on funds: depreciation plus expenses for maintaining them. technical condition... And almost all of these costs are permanent. These include organizations in the sphere of material production.
Material-intensive. This business depends on purchased raw materials, materials and components. As a rule, this is trade, both wholesale and retail. The main share of expenses in these industries is spent on raw materials, supplies and components. Therefore, the financial result is sensitive to extremely weak fluctuations in the trading margin.
Labour intensive. The main factor in this business is personnel, and the main costs are salaries. This includes a significant part of the service sector: consulting, education, partly healthcare. Here, the production risk is primarily due to the payment of wages. The company's management can theoretically tie it to the results of its activities, but it risks losing employees. The level of fixed costs is lower than in capital-intensive industries, and there is more room for maneuver. However, the production risk is still quite high.
There are also industries whose organizations either do not have a pronounced type, or can belong to different types depending on the circumstances. For instance, catering... In an inexpensive cafe, the shares of expenses on funds, raw materials and salaries can be approximately equal. At the same time, a fashionable restaurant will almost certainly turn out to be capital-intensive, and a factory canteen - a material-intensive organization.
There is also an indicator for assessing financial risk - the strength of the impact of financial leverage. It is equal to the ratio of the sum of the balance sheet profit and interest payments to the balance sheet profit. The greater the impact, the higher the financial risk: to earn one ruble of profit, you need to get one ruble of revenue and some more. Moreover, this additional amount is the greater, the more extensively used external financing and the higher the interest on it. In some cases, situations are possible when the interest paid is several times higher than the final profit.
To prevent high production risk from being combined with high financial risk, capital-intensive and (sometimes) labor-intensive organizations should be predominantly financed own capital... Only a material-intensive business has a chance to develop with the use of mainly external financing - it does not matter whether a long-term bank or commodity loan from suppliers.
In Table 1, the shading marks the combinations desirable from the standpoint of business risk. Thus, it is too risky to create a capital-intensive business with the active attraction of external financing, and a material-intensive business using its own funds is irrational. However, often capital-intensive business is organized with the expectation of external investors. And this is logical: like no other, it needs massive investments. However, it is very difficult for a capital-intensive business to find free funds at the disposal of one investor. There is a contradiction: it is necessary to attract external financing from the standpoint of creating a business, but undesirable from the standpoint of riskiness.
The most natural way to overcome this contradiction is to introduce a time gap. The business attracts external financing at the stage of creation and weakens its influence at the stage of development. Of course, these stages can be interspersed, and this is typical for a growing business, but general principle remains.
The key issue here is the company's ability to provide such a clean cash flow(NPP) for the main activity, which would guarantee the timely repayment of the loan and interest on it. But previous experience or prognosis may indicate that income will be uneven. In this case, the company is obliged to form a "buffer fund" in advance in the amount of bank payments for several months. As a last resort - to obtain the consent of the bank to grant an extension. Otherwise, the business should be abandoned.
Thus, the main document when making decisions on a large investment of funds is not the expected statement of profit and loss, but the forecast of cash flows. At this stage, it is necessary to pay attention to the credit policy of the organization.
As any economist who draws up a business plan, it is known that rarely is a business more successful than it was conceived. The causes of net cash flow problems can be divided into two groups:
Implementation problems;
Credit policy problems.
Debt collection is a very important but unpleasant job, which is why corporate leaders often unwittingly ignore it. In most cases, when problems with cash flow arise, managers focus their efforts on increasing sales of products or services. And the opposite result is achieved: how more sale in conditions of weak collection, the worse is the net cash flow. The heads of Russian organizations have now realized that accounts receivable are not among the problems with which they have to live - they must be continuously addressed.
The article proposes the rules for combining production and financial risk with the level of profit and the quality of credit policy (Table 2). This information is reflected, respectively, in the indicators of the company's balance sheet, income statement and cash flow budget.
Therefore, it is desirable for organizations to use own sources financing. In the case of using external sources of financing, it is necessary to develop and strictly observe a credit policy, while the price of the product should include a fairly high percentage of planned savings.
CHAPTER 3. FINANCIAL RESOURCES OF ORGANIZATIONS AND THEIR
USAGE
The finances of organizations are a set of economic relations arising in real money circulation in relation to the formation, distribution and use of financial resources.
The money turnover, being isolated, in whole or in part, constitutes the material basis of the finances of organizations. Real money turnover is economic process that causes a movement in value and is accompanied by a flow of cash payments and settlements.
The object of real money turnover is financial resources - own sources of financing for expanded reproduction that remain at the disposal of the organization after the fulfillment of current obligations for payments and settlements.
Financial resources of organizations are a form of financing and lending entrepreneurial activity... Their functioning is aimed at achieving common goals of effective development of organizations. Micro finance is subject to regulation by state and municipal legislatures and executives. The main subject of making the most important financial decisions is the owner. The main person who implements these decisions and solves tactical tasks is the organization's financier.
The main elements of the organization's financial resources are: statutory fund, depreciation fund, special purpose funds, unused profits, accounts payable of all types, resources obtained from centralized and decentralized funds, and others.
V modern conditions the problem of efficient use of financial resources is very urgent; since the constant shortage of both centralized and decentralized financial resources leads to disruptions in the normal functioning of organizations, industries and the national economy as a whole.
The concept of effective use of financial resources, like any other types of resources (material, labor, natural), includes a comparison of the quantity and quality of expended resources with the quantitative and qualitative expression of the results achieved.
The efficiency of the use of financial resources is directly related to the efficient use of material, labor and other types of resources. So, a decrease in the material consumption of products, that is, the release of more products without increasing the volume of raw materials and materials used for this, leads to savings in financial resources. Reducing the cost of living labor per unit of production means an increase in the efficiency of use labor resources, which also leads to savings in financial resources through the growth of cash savings and a decrease in the organization's needs for additional cash.
Also, the effectiveness of the use of financial resources can be assessed by comparing the achieved results of activities (for example, profit) with the amount of financial resources that were at the disposal of the organization for the corresponding period.
However, the result of economic activity does not always depend only on the effective use of financial resources. So, by optimally distributing and using financial resources, an organization can incur losses as a result of a decrease labor discipline, violation of production technology, overspending of materials, raw materials and other reasons. Therefore, in order to consider in more detail the problem of effective use of financial resources, it is necessary to assess the effectiveness of the use of all the constituent parts that form the overall financial resources of the organization.
The organization, taking care of its financial stability and a stable place in the market economy, distributes its financial resources by type of activity and in time. The deepening of these processes leads to the complication of financial work, the use of special financial instruments in practice.
Thus, the financial resources of organizations have a clear, targeted orientation, which leaves an imprint on all aspects of activities, including organizational, commercial, investment, contractual, etc. This is a profitable work, rational minimization of costs, optimization of financial flows. The financial resources of organizations affect certain socio-political interests of certain segments of society. However, in all their aspects, they are focused on encouraging entrepreneurial activity.
On the financial performance of organizations in January-February 2010.
In January-February 2010, according to operational data, the balanced financial result (profit minus loss) of organizations (excluding small businesses, banks, insurance organizations and budgetary institutions) in current prices amounted to +920.6 billion rubles, or +30.5 billion US dollars (36.3 thousand organizations received a profit in the amount of 1123.2 billion rubles, 22.0 thousand organizations had a loss in the amount of 202.6 billion rubles). In January-February 2009 the balanced financial result was (for a comparable group of organizations) + 4.1 billion rubles, or 0.1 billion US dollars.
The balanced financial result (profit minus loss) is characterized by the following data:
______________________
1) The rate of change in the balanced financial result of the reporting period in comparison with the corresponding period of the previous year is calculated for a comparable range of organizations; taking into account the adjustment of the data of the corresponding period of the previous year, based on changes in accounting policies, legislative acts, etc. in accordance with the accounting methodology.
A dash indicates that a negative netted financial result was obtained in one or both of the periods being compared.
Now let's compare this data with previous years:
This shows that during the crisis, a negative balanced financial result was obtained.
CONCLUSION
The finances of organizations are the most important component unified system finances of the state. This is predetermined, first of all, by the fact that they serve the sphere of material production, in which the gross domestic product, national income and national wealth are created. By its very nature, the finances of organizations are a specific part of the financial system. Their difference from public finance is due to the functioning in different spheres of social production.
The finances of organizations are characterized by the same features as the category of finance in general. At the same time, they are characterized by peculiarities due to their functioning in the sphere of material production, where all spheres of the reproductive process are organically linked: production, distribution, exchange and consumption.
The finances of organizations are a set of economic, monetary relations arising in the process of production, distribution and use of the aggregate social product, national income, national wealth and are associated with the formation, distribution and use of gross income, money savings and financial resources of organizations. These relations, which determine the essence of this category, are mediated in monetary form.
The finances of organizations perform the same functions as public finances, distribution and control. However, the range of activities of finance organizations is much wider than the range of activities of public finance. And in addition to these, the finances of organizations perform the following functions:
Manufacturing;
Operational;
Non-production;
Investment;
Consumer.
It is important to optimally maintain the ratio of resources located in the production and non-production areas that generate income or are consumed. This will ensure the continuity of the production process and the implementation of the production program, fully fulfill external and internal obligations, not forgetting about liquidity and the profitable use of available resources. The more resources are involved in a profitable turnover, the more efficient the entire production and economic activity of the organization.
The implementation of the organization's financial activities is based on the implementation of the following basic principles:
Financial independence;
Interest in the results of financial and economic activities;
self-financing;
Responsibility for the results of financial and economic activities;
Differentiation of funds from core and investment activities;
Division of the organization's capital into circulating and non-circulating;
Division of sources of financing of working capital into own and borrowed ones;
Control over the results of the organization's activities;
Availability of targeted funds for organizations.
Also distinguish:
The principle of economic efficiency;
Financial control principle;
The principle of financial incentives (encouragement / punishment);
The principle of material responsibility.
Financial resources are formed mainly from profits (from core and other types of activities) and depreciation charges. Along with them, the sources of financial resources are also:
Proceeds from the sale of retired property,
Stable liabilities,
Various earmarked income (payment for the maintenance of children in preschool institutions etc.),
Mobilization of internal resources in construction, etc.
The main sources of financial resources of the operating organization are income (profit) from the main and other types of activities, non-sales transactions. It is also formed at the expense of stable liabilities, various targeted receipts, shares and other contributions of members of the labor collective. Stable liabilities include statutory, reserve and other capitals, long-term loans and accounts payable that are constantly in the circulation of the organization.
Financial resources can come in the order of redistribution from associations and concerns, to which they belong, from higher organizations while maintaining industry structures, from insurance organizations.
In some cases, the organization can be provided with subsidies (in cash or in kind) at the expense of the state or local budgets, as well as special funds.
To reduce the problems of the formation and use of financial resources of the organization, an optimal ratio of resources located in the production and non-production areas, generating income or consumed, is necessary. This will allow, on the one hand, to ensure the continuity of the production process and the implementation of the production program, and on the other hand, to fully fulfill external and internal obligations, not forgetting about liquidity and the profitable use of available resources. Thus, the more resources participate in a profitable turnover, the more effective the entire production and economic activity of the organization will be, and, consequently, the mechanism of reproduction of economic growth will be implemented.
The financial resources of organizations are a form of financing and lending to entrepreneurship. Their functioning is aimed at achieving common goals of effective development of organizations.
Financial resources are used by the organization in the course of production and investment activities. They are in constant motion and remain in cash only in the form of cash balances in the current account in a commercial bank and in the cash office of the organization.
The financial resources of organizations have a clear, targeted orientation, which leaves an imprint on all aspects of activities, including organizational, commercial, investment, contractual, etc. This is a profitable work, rational cost minimization, optimization of financial flows. The financial resources of organizations affect certain socio-political interests of certain segments of society. However, in all their aspects, they are focused on encouraging entrepreneurial activity.
LIST OF USED LITERATURE
1. Electronic book: Buryakovsky V. V. "Finances of enterprises" - a textbook. HTML version of the book.
2.soldi-news.ru - Internet magazine for economists, brokers,
financiers.
3. Yarkina TV, "Fundamentals of Enterprise Economics" (Textbook)
4. Kovaleva AM, "Finance" - Textbook. Benefit - 4th ed. 2005
5. Kovalev V.V ., « Finances of organizations (enterprises) ": Uche6. - M .: TK Welby, Publishing house Prospect, 2006.
6. Polyak GB, "Financial management": Textbook for universities - 2nd ed., Revised. and add. –M .: UNITY-DANA, 2006.
7. "Risks of financing in theory and practice", Elena Breslav, "Consultant" magazine No. 19, 2005
8. The official website of the State Statistics Committee.
9. Vakhrin, P. I. "Finance": Textbook for universities / P. I. Vakhrin, A. S. Neshitoi - M .: ITC "Marketing", 2007.
10. Kremenukov, S.V. "Financial resources of the enterprise" / S.V. Kremenukov. - M .: Finance and Statistics, 2005.
11. Kovaleva, A.M. "Finance of the company": Textbook. / A. M. Kovaleva, M. G. Lapusta, L. G. Skamay. - M .: INFRA-M, 2006.
12. Kolchina, N. V. "Finances of organizations": Textbook for universities / Ed. prof. N. V. Kolchina. - 2nd ed., Rev. and add. - M .: UNITY-DANA, 2005.
13. Pavlova, L. N. "Finances of organizations": Textbook for universities. / L. N. Pavlova - M .: UNITI, 2006.
To perform the functions assigned to it, the state must have a certain amount of financial resources. In the process of distribution and redistribution of the national income, part of it, used in value form, forms a fund of the state's monetary resources, designed to ensure expanded reproduction, meet the various needs of the population and other purposes.
The state concentrates in its hands this fund, which in turn is distributed among several trust funds, including the fund financial security social infrastructure. This fund finances enterprises, organizations and institutions that provide social, cultural and public services.
The economic basis for the creation of such a fund is, as indicated above, the national income created in the sphere of material production, which has been distributed through the accumulation and consumption funds. A part of the national income accumulation fund, expressed in monetary form, is directed to the fund for financial support of social infrastructure, which is intended for the growth of non-productive assets. The consumption fund, on the other hand, receives the entire volume of social consumption funds and part of the payroll fund for workers in material production, directed by the families of these workers to pay for social, cultural and public services.
Thus, the formation of the fund for financial support of social infrastructure is based on both surplus and part of the necessary product.
Financial support of social infrastructure is a set of economic relations arising in the process of formation, distribution, redistribution and use of the fund of financial resources allocated for the maintenance and development of social infrastructure.
The study of the financial support of social infrastructure, from our point of view, should begin with an analysis of the distribution of the general fund of financial resources of the state in two main areas: to finance expanded reproduction and to finance activities related to meeting the socio-cultural and communal needs of the population. At the same time, the distribution of financial resources of the state in two directions of using the fund for financial support of social infrastructure must be considered within the framework of distribution relations, bearing in mind the quantitative and qualitative aspects. The quantitative aspect is related to the volume of the fund of financial resources intended for the development and maintenance of social infrastructure, the qualitative aspect is related to the principles and distribution channels of this fund.
It should be borne in mind that the presence of a close connection between distribution and material production predetermines the connection between the development of productive forces and the distribution process.
The distribution of resources between the production and non-production spheres is largely influenced by the extensive and intensive paths of economic development.
In the conditions of an extensive development path, the largest part of the resources is directed to the sphere of production. It should be noted that in Russia for many centuries, the economy has generally developed extensively.
At the same time, the overwhelming part of investment resources was directed to the sphere of material production. This was caused by the need to accelerate the build-up of production potential to overcome the economic lag of the country. However, this forced measure led to a disproportion in the development of the sphere of material production and social infrastructure.
The long-term orientation of most of the resources to expand production, to create new jobs, on the one hand, and slow (due to lack of resources) growth rates of social infrastructure, on the other, in conditions of scientific and technological progress is unjustified. Economic losses, not to mention social ones, due to poor infrastructure development can be significant.
The practice of the last decades has shown that new industrial construction, not supported by socio-cultural and housing and communal construction, not only did not give the expected economic effect, but also led to losses due to staff turnover, non-utilization of capacities, low capital productivity, etc. ... Negative consequences insufficient development of social infrastructure, especially in areas of land development, has been repeatedly noted in the economic literature and in the periodicals.
And vice versa, in the regions, at enterprises with a developed social infrastructure, there are no disadvantages listed above, an economic and social effect has been achieved. All this testifies to the need to increase the growth rate of funds allocated for social infrastructure, by reducing the growth rate of resources allocated to the development of material production. But such a change in resource allocation is associated with intensification.
One of the important features of the modern stage of the country's economic development is the need for a transition to the intensification of the national economy. The intensification of the economy makes significant adjustments to distribution relations. With an increase in labor productivity in the sphere of material production, wider opportunities open up for the release of workers into the non-production sphere, for its steady development.
Thus, however, as labor intensifies in the sphere of material production, the need for increasing the capacity of enterprises through their extensive development decreases. At the same time, the mass of the surplus product is growing, both as a whole and per worker in this area. This, in turn, makes it possible to increase the share of the surplus product used for the development of the non-productive sphere.
According to the UN, in industrially developed countries, where a high level of intensification of production has already been achieved, the proportion of capital investments in the non-production sphere exceeds 50%.
The qualitative aspect of directing financial resources to social infrastructure is associated with the principles of allocating the fund for financial support of social infrastructure and channels for bringing funds to consumers. The distribution of these resources also interacts with the development of production.
The development of the productive forces is carried out both in the sectoral and in the territorial sections. Therefore, the distribution of the final results of production, surplus and necessary products - namely, they are the sources of financial support for social infrastructure - should be carried out in the sectoral and territorial sections. This predetermines the use of two principles in the distribution of the fund for financial support of the social infrastructure - departmental and territorial.
The departmental principle of the distribution of financial resources is used to provide funds to enterprises within the framework of the production tasks and to provide their employees with the necessary volume of social services.
In accordance with the territorial principle, the means of social infrastructure are allocated to territories. authorities for the development of the administrative-territorial. n units, providing their residents with services of enterprises and institutions of social infrastructure.
The application of these principles in the economy predetermines the existence of two channels of financial support of social infrastructure: territorial - through the territorial authorities, and also departmental - through enterprises. The use of these principles and channels for the distribution of funds is not the same and is conditioned by the tasks facing the country at certain stages of its development.
The application of the departmental principle of resource allocation and the departmental channel for financial support of social infrastructure is caused by an extensive way of economic development.
The extensive path is associated with new construction, the development of new territories and their arrangement. In these conditions, the most real opportunity The development of resources allocated for social infrastructure is the use of a departmental channel, when resources are provided to departments endowed with the necessary construction capacity to create enterprises and institutions of social infrastructure with production facilities. According to this principle, new enterprises with a service social and welfare complex were created in the existing cities and all the new settlements that arose in the post-revolutionary period. Social infrastructure in them was subordinated to departmental and financed through departmental channels. As a result, until 1993, approximately 60% of the residential area, 30% of the water supply and sewerage capacity, 20% of the laundry capacity, 28% the total hotel places were under departmental subordination.
To a certain extent, the departmental rope for financing social and domestic infrastructure will also be used with intensive economic development, which is explained by the specific features of the development of certain sectors of the national economy. For example, the development of certain types of minerals is associated with a rotational expeditionary method of work. Naturally, the infrastructure in these conditions can only be departmental. The need to attract labor resources in an industry with specific or difficult working conditions requires the provision of workers special conditions life, which leads to the creation of departmental infrastructure.
The departmental channel for financial support of social infrastructure is also conditioned by the presence of several types of economic interests, including collective interests. It manifests itself not only in the form of the material needs of workers, but also in the needs of workers in the development of objects of collective social infrastructure (children's institutions, medical, etc.).
It should be noted that some types social services can be used more effectively in the workplace. First of all, this applies to services related to vocational training and retraining of workers, preventive medical services at enterprises to prevent occupational diseases. Apparently, the service of children in summer camps It is advisable to carry out recreation on a departmental basis, since trade unions and enterprises take part in the financing of these objects.
Thus, in the future, part of the financial support for the social infrastructure will be carried out through the departmental channel.
However, it should be noted that with an objective necessary! and the departmental path of infrastructure development and the departmental channel for its financing, this path has certain drawbacks.
The allocation of national resources to ministries and departments leads to their dispersion. The creation of similar social infrastructure facilities, subordinate to various departments, often on the same territory, complicates the coordination of their functioning, which leads to ineffective use of the created facilities, obtaining the expected economic and social effect from the invested funds. All this causes an increased need for resources for the further development of social infrastructure.
From an economic and social point of view, the territorial principle of allocating resources for the development of social infrastructure and its financial support through the territorial authorities is more acceptable. The population of all regions should be provided with the necessary social infrastructure, regardless of whether they have a developed economic potential.
The territorial path of development of social infrastructure is more consistent with intensive methods of development of the national economy. The intensification is associated with a reduction in the volume of new construction, the requirement for better use of the available economic potential.
Indeed, as the development of new territories, the saturation of cities with industrial facilities, the need to create new jobs and expand departmental channels for financial support of social infrastructure decreases. In addition, in cities, as a rule, enterprises of more than one department are developing. At the same time, each enterprise, creating its own social facilities, enhances the parallelism in the development of infrastructure. All this necessitates her concentration. By this time, the material base of local authorities is being strengthened and they are increasingly taking over the leadership of the development of the service sector in the territory under their jurisdiction. Enterprises are gradually beginning to transfer social infrastructure facilities to local authorities, which contributes to better governance and the development of the infrastructure itself. Thus, the development of infrastructure is subject to general economic laws, in accordance with which the development of productive forces goes in the direction of concentration and specialization of production, i.e. in the service sector, there is also a process of concentration and specialization.
Based on these economic prerequisites, the management of social infrastructure should be maximally concentrated in a single center... Such prices are thunder in settlements are local authorities.
INTRODUCTION……………………………………………………………… 3
1.1. The essence of the finances of organizations …………………………… ... 6
1.2. Financial functions of organizations ……………………………………………………………………………………………… 11 11
CHAPTER 2. FORMATION OF FINANCIAL RESOURCES
ORGANIZATIONS
2.1. Principles of organization of finances of organizations ………………. 15
2.2. Sources of formation of financial resources …………… .. 20
2.3. Problems of the formation of financial resources ... ... ... ... ... ... 25
CHAPTER 3. FINANCIAL RESOURCES OF ORGANIZATIONS AND THEIR
USE …………………………………………… 31
CONCLUSION ……………………………………………………… .. 36
LIST OF USED LITERATURE ………………… .. 40
INTRODUCTION
Finance, being an integral element of the economic mechanism for managing organizations, serves as the basis for the formation of various funds necessary for normal economic activity: authorized capital and reserve fund, accumulation and consumption funds, wage fund, depreciation and repair funds, commercial risk fund, etc.
Financial resources are the economic basis for organizing trading activities on a self-financing basis. The scale and pace of development of trade and all economic activities depend, first of all, on the availability of financial resources. On the other hand, the growth of trade turnover and the successful implementation of business plans provide an increase in financial resources, and the strengthening of the financial position of trade organizations due to an increase in profits from economic activities.
In the context of the development of market relations and the functioning of the financial market, a qualitatively new approach to the management of financial resources is required. The procedure for the formation and use of financial resources, as well as the relationship of organizations with the financial and credit systems, are changing.
The financial resources of the organization are the aggregate of their own cash income and receipts from outside, intended to fulfill the financial obligations of the organization, to finance the current costs and costs associated with the development of production.
The financial resources of the organization are used for the formation of targeted cash funds (wage fund, production development fund, material incentive fund, etc.), fulfillment of obligations to the state budget, banks, suppliers, insurance authorities and other organizations. Financial resources are also used to finance the cost of purchasing raw materials, materials, and wages. Capital is a part of the organization's finances invested in production and generating income at the end of the turnover. In other words, capital acts as a transformed form of financial resources.
The finances of organizations have a single holistic orientation, but in each specific case they reflect industry-specific features, expressed in the specifics of capital turnover, servicing reproduction processes, emission and investment activities.
Availability of sufficient financial resources, their effective use, predetermine a good financial position of the organization, solvency, financial stability, liquidity. In this regard, the most important task of organizations is to find reserves for increasing their own financial resources and their most effective use in order to improve the efficiency of the organization as a whole.
The role of the finances of organizations in ensuring the normal state of the economy and social life of the country is also important, since, due to their specific features, they carry out the process of distribution and redistribution of national income and national wealth at three main levels: at the national level; at the organizational level; at the level of production teams.
The efficient formation and use of financial resources ensures the financial stability of organizations and prevents their bankruptcy. In market conditions, the state of the finances of organizations is of interest to direct participants in the economic process.
The aim of the course work is to study the sources and principles of the formation of financial resources of the organization, as well as to identify the problems of their formation and use.
To achieve this goal, it is necessary to solve the following tasks:
Consider the essence of the organization's finances;
Define the functions of the organization's finances;
Consider the principles of organizing the finances of the organization;
Identify the sources of the formation of financial resources;
Determine the problems of forming the financial resources of the organization;
Consider the financial resources of organizations and their use.
To solve the tasks, the materials of the following authors were taken: when considering the essence of the organization's finances, the materials of the works of Buryakovsky V.V. "Finance of enterprises", Kovaleva A.M., "Finance", Internet-magazine for economists, brokers, financiers were used - Soldi- news.ru; when considering the principles - the work of V. V. Buryakovsky "Enterprise Finance" and V. V. Kovalev . « Finances of organizations (enterprises) "; when identifying the sources of the formation of financial resources, materials from the Internet magazine for economists, brokers, financiers were used - Soldi-news.ru, TV Yarkina, "Fundamentals of the organization's economics", G.B. Polyaka, "Financial management"; when defining the problem of the formation of financial resources of organizations, an article from the magazine "Consultant" No. 19 was considered; also used materials Pavlova L. N. "Finance of organizations", Kolchina N. V. "Finance of organizations", Kovaleva, A.M. "Finance of the Firm", Kremenukova S.V. "Financial resources of the organization", Vakhrina P. I. "Finance".
Thus, the work contains three chapters, which deal with the general concepts of the finances of organizations, their formation and use.
CHAPTER 1. GENERAL CONCEPTS OF FINANCE OF ORGANIZATIONS
1.1. The essence of finance of organizations
The finances of organizations are economic, monetary relations arising from the movement of money and the resulting cash flows associated with the functioning of monetary funds created at the organization.
The finances of organizations are the basis of the financial system of the state, since organizations are the main link in the national economic complex. The state of the organization's finances affects the provision of national and regional monetary funds with financial resources. The dependence here is direct: the stronger and more stable the financial position of organizations, the more secured the national and regional monetary funds, the more fully satisfied social, cultural needs, etc.
The finances of organizations are the most important component of the unified system of state finances. This is predetermined, first of all, by the fact that they serve the sphere of material production, in which the gross domestic product, national income and national wealth are created. By its very nature, the finances of organizations are a specific part of the financial system. Their difference from public finance is due to the functioning in different spheres of social production.
The presence of finances of organizations is due to the existence of commodity-money relations and the operation of the laws of value and supply and demand. The sale of products and services is carried out by buying and selling for money at prices that reflect the value of the goods. But money itself is not finance. This is a special commodity through which the value of all other commodities is determined and expressed and their circulation occurs. Finances are economic relations carried out through the circulation of money, that is, monetary relations.
One of the most successful definitions of financial resources is the following: financial resources of an organization are monetary incomes and receipts at the disposal of a business entity and intended to fulfill financial obligations, implement costs for expanded reproduction and economic incentives for workers.
The finances of organizations are characterized by the same features as the category of finance in general. At the same time, they are characterized by peculiarities due to their functioning in the sphere of material production, where all spheres of the reproductive process are organically linked: production, distribution, exchange and consumption.
Since the finances of organizations are directly related to production and reflect the laws of economic development, they are a category that is part of the economic basis.
To ensure the reproduction process with the help of finance in organizations of all sectors of the national economy, targeted monetary funds are formed, used for production needs and to meet the social and personal needs of workers.
Thus, the finances of organizations are a set of economic, monetary relations that arise in the process of production, distribution and use of the aggregate social product, national income, national wealth and are associated with the formation, distribution and use of gross income, money savings and financial resources of organizations. These relations, which determine the essence of this category, are mediated in monetary form.
It is customary to refer to the financial relations that determine the content of this category the monetary relations that arise in the process of expanded reproduction (Fig. 1), namely:
Between organizations and other business entities;
Between organizations and the budgetary system;
Between organizations and the financial and credit system;
Within various associations of organizations;
|
Finances of organizations (economic, monetary relations) |
||||
|
between organizations and other business entities |
between organizations and the budget system |
between organizations and the financial and credit system |
within various associations of organizations |
within the organization |
|
With suppliers; With buyers; With construction, transport and other organizations; With foreign organizations and firms. |
With budgets of different levels; With state centralized funds; With extrabudgetary funds. |
With banks; With insurance companies; With the stock market; With investment funds. |
With a parent organization; Inside the association; Within financial and industrial groups. |
With employees of the organization; Between branches, workshops, departments; |
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