Financial resources, their composition, sources of formation. The concept of the financial resources of an enterprise, their essence and composition The structure of financial resources includes

Introduction 3

5

5

1.2. Classification of financial resources 10

1.3. Principles of functioning of the financial resources of the state 12

2. Analysis of the state financial resources of the Russian Federation 15

2.1. Sources of formation of state financial resources of the Russian Federation 15

2.2. Directions for the use of state financial resources of the Russian Federation 22

25

25

31

Conclusion 39

42

Introduction

Finance and financial resources are not identical concepts. Financial resources do not determine the essence of finance, do not reveal their internal content and social purpose. Financial science does not study resources, but social relations that arise on the basis of the formation, distribution and use of resources.

The relevance of the topic lies in the fact that financial resources are the most necessary source of expanded production, social economic growth society. Increasing the volume of financial resources is one of the most important tasks of the state's financial policy. A decrease in the size of financial resources has a negative impact on the development of society, leads to a decrease in investment, a decrease in consumption funds, and creates an imbalance in the distribution of the social product and national income. Financial resources act as material carriers of financial relations. Therefore, the study of their structure and problems of formation comes first in the process of studying the finances of the state.

The influence of financial resources on economic growth is not unilateral, in turn, the composition and volume of financial resources depend on the indicator of the state's economic growth, on the effectiveness of production.

The object of the work is the financial resources of the state.

The subject of the work is the problems and prospects of the financial resources of the Russian Federation.

aim term paper is to study the problems and prospects of the financial resources of the Russian Federation.

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

Expand the definition of the concept of financial resources of the state;

Consider the composition of financial resources and methods of their mobilization;

Analyze the sources of formation of financial resources and directions of their use.

The first chapter is devoted to the theoretical foundations of financial resources. Their essence, classification and content, principles of their functioning are considered. The balance of financial resources is considered.

The second chapter is devoted to the structure of financial resources. The structure of financial resources, sources of their formation are considered. The function of the state budget in the creation and distribution of financial resources has been studied.

The third chapter deals with the problems and prospects for the growth of financial resources. The main factors of growth of financial resources at the present stage are studied.

When writing the work, the works of the authors Burkhanov I. V. Zharkovskaya, E.P. Gryaznova, E.V. Myslyaeva, I.N. Sviridov, O.Yu., Tax Code of the Russian Federation, Budget Code of the Russian Federation, press publications, Internet data.

1. Theoretical aspects financial resources

1.1. The concept and essence of financial resources

Financial resources are created in the process of economic and financial activities as a result of the creation and distribution of the gross social product of the state, they are accumulated by the state and business entities and act as one of the main factors of production, called money capital.

Financial resources are classified into centralized funds (state budget, off-budget funds) and decentralized financial resources (cash funds of organizations) (Fig. 1.1).

Allocate in addition the financial resources of the state, regions, organizations. The main source of creation of centralized financial resources at the general level is the national income. The financial resources of the state are a complex of all monetary resources managed by the state, its organizations, organizations, institutions as enterprises to cover their costs.

Based on the distribution and distribution of national income, centralized funds of monetary resources are created.

A part of the national income is created and remains under the control of organizations, more precisely, decentralized resources are created at the macro level, which are used for production costs in the organization.

Another necessary source of creation of financial resources is depreciation deductions, which are formed due to part of the cost of the main production assets.

Centralized financial resources are the result of the distribution of net income through tax and non-tax payments and deductions.

Rice. 1.1 - Characteristics of financial resources

In addition, centralized financial resources are created thanks to a part of the national wealth involved in the economic turnover from the sale of the gold reserves of the state, the sale of energy resources, proceeds from foreign economic activity, and in addition thanks to the resources received from the sale of state valuable papers.Finance is a tool that ensures the formation, distribution and use of funds of business entities in the process of production, distribution and use of the gross domestic product. This sphere of the economic organization of society through financial transactions serves the production, sale and consumption of goods and services. Finance is based on money and its movement. Finance arrange cash flows and provide for the needs of enterprises, the state, households and other entities in the formation and expenditure of cash funds. In this regard, finance reflects the relationship of all legal business entities and households associated with the formation and movement of cash funds.

Public finances are integral part general financial system. As is known, the economies of countries, in accordance with the system of national accounts, are divided into five sectors: non-financial corporate and quasi-corporate enterprises; financial institutions; government bodies; private non-profit institutions serving households (population); households. To these sectors is added the sector of the rest of the world. Each of these sectors includes corresponding institutional units. The totality of the finances of the institutional units of each sector, in their interaction with each other and with other sectors, forms the finances of the sectors of the economy and the financial system of the country as a whole, and the total amount of financial resources of the institutional units and economic sectors characterizes the amount of the country's financial resources. The set of finance institutional units of the public sector forms the system of public finance.

The motives of the financial activities of the state differ from the motives of the activities of other subjects of economic life. The main motive for household activity is to receive profit and income in the form of wages, interest, dividends, etc. In the field of entrepreneurial activity, the determining factor in decision-making is obtaining financial benefits, which has an impact on the formation of the material structure of reproduction. The main motive for the financial activities of the state is the formation and spending of funds for the implementation of its functions.

Public finances are a tool for mobilizing funds from all sectors of the economy for the implementation of state domestic and foreign policy. They represent a single set of financial operations of government bodies, with the help of which funds are accumulated and cash expenditures are made.

The main financial fund of the country, which ensures the formation, distribution and use of centralized funds of funds as a prerequisite for the functioning of any state, is the state budget. Along with state budgets, off-budget funds play a significant role. Together they make up the country's public finances.

The financial resources of the general government sector are formed mainly from taxes and contributions paid by enterprises, organizations and households.

The need for public finance is generated by the very fact of the existence of the state and the need for monetary support for the functions it performs. In the most general form, the main function of government bodies is to conduct state policy and fulfill state tasks through the provision of non-market goods and services for their consumption by the population and society as a whole, as well as through the redistribution of income (transfers) and wealth.

Funds mobilized through public finance are used for public spending that cannot be met by private enterprise. These include, in particular, public administration, public safety of citizens, social programs, ecology, defense. The accumulation of funds in the budget allows the state to implement social programs aimed at developing a person, culture, healthcare, education, supporting low-income families, and solving the housing problem. By collecting and distributing monetary resources, the state gets the opportunity to correct the operation of the self-regulating market mechanism, influence the functioning of the markets for goods and services, financial markets and the distribution of income in sectors of the economy. With their help, intersectoral, intersectoral and interterritorial redistribution of GDP is carried out, state regulation and stimulating the economy, taking into account the long-term interests of the country. The redistribution of resources between sectors of the economy, industries, social groups and territories is a lever for the restructuring of the economy, the implementation of spruce and scientific and technical programs.

The state performs its functions not in order to obtain commercial benefits or profits, but to ensure collective consumption. In this regard, public finances reflect the relationship between the state, on the one hand, and legal entities and households, on the other, regarding mandatory payments to the state's monetary funds and the use of these funds in the interests of taxpayers.

The main source of financial resources is the national income, the profits of organizations regardless of ownership, depreciation fund, insurance funds. The use of financial resources is carried out mainly through special-purpose funds, although a non-fund form of their use is also possible.

Financial funds are an integral part of the entire system of tender funds that operate in the national economy. Background The new form of using financial resources has some advantages: it ensures the concentration of resources in the main areas of growth of the national economy, makes it possible to more fully link public and private interests and more actively influence production.

1.2. Qualification of financial resources

Acting as material carriers of financial relations, financial resources have a significant impact on all stages of the production process, thereby adapting the factors of production to the needs of society. The result of their creation and application affects the rate of economic growth in the country. The profit on this type of resources and the movement of financial flows underlie the grouping and regrouping of factors of production, the creation of organizations, the growth of industries, and the performance of the national economy.

The principal assumptions that should be taken into account in the process of determining financial resources are the following:

1) financial resources as a definition belong to the basic category "finance", including the field of enterprise finance;

2) the nature of the essence basic concepts involves referring the concept to distribution, cost processes;

3) the resource is considered from the standpoint of the potential for use and intended purpose.

The final, decisive category is finance - relations regarding the distribution of the created value. They are a tool for distributing the gross national product (GNP) and a tool for creating and using the financial resources of business entities and the state formed with their participation.

The financial resources of the state include budgetary resources, resources of state off-budget funds and extra-budgetary funds of local self-government, and in addition, resources of state financial institutions: the National Bank, government agencies insurance, state credit institutions.

The main areas of application of the financial resources of the state are:

Costs for the growth of the business sector, its structural transformation;

Financing of social institutions;

Social protection of society;

Foreign economic activity;

environmental protection;

Control;

State defense;

Creation of material and financial reserves;

Other directions.

Organizations use financial resources to:

Expanded reproduction and growth of the organization;

Solving social problems of the team;

Financial incentives;

Creation of financial reserves;

Other directions.

The main source of centralized and decentralized financial resources in their primary calculation is the net income of entrepreneurs, regardless of the form of ownership, thanks to which financial resources are created, both by enterprises and the state.

1.3. Principles of functioning of the financial resources of the state

Balance of all incomes and expenses of the Russian Federation, subjects of the Russian Federation and municipalities, including income and expenses that are located in the respective territory of entrepreneurs and extra-budgetary funds. Cash income and expenses of the company are not included in the balance of financial resources. Distinguish the balance of financial resources: the Russian Federation; subject of the Russian Federation; local government. The balance of financial resources of the Russian Federation is a complex of revenues and expenditures of the state budget, state off-budget funds and the balance of financial resources of the regions.

The balance of financial resources of a constituent entity of the Russian Federation is the sum of the balance of income and expenditures of the budget of a constituent entity of the Russian Federation and the balance of financial resources of municipalities. The balance of financial resources of local self-government is the balance of revenues and expenditures of the budget of local self-government, and in addition to entrepreneurs in a given territory.

The development of a balance of financial resources is one of the components of the forecast for the socio-economic growth of the Russian Federation, a constituent entity of the Russian Federation, and local self-government. The balance acts as a tool that makes it possible to determine the need for the adoption of certain proposals and decisions at the level of macroeconomic growth forecast.

In the process of compiling the balance of financial resources, the following are used: reporting information of the State Committee of the Russian Federation on Statistics, the Ministry of the Russian Federation on Taxes and Duties, budget statistics data, the reporting balance of financial resources for the previous year. The specificity of territorial balances is the presence in the balance structure of a region or local self-government of resources received from the state budget or the budget of a subject of the Federation.

The revenue part includes the balance of mutual settlements - the difference between the resources received by the subjects of the Federation or local self-government from the federal or regional budget, and the resources transferred in accordance with the current budgetary and tax legislation to the federal or regional level, including mutual settlements with non-budgetary funds.

The income forecast of the balance of financial resources contains data on the socio-economic growth of the relevant territory for the last reporting period, expected data before the end of the base year, data for the next period, including the expected assessment of the result of entrepreneurs' activities, tax and non-tax revenues, other budget revenues, extra-budgetary funds.

The forecast of expenses of the balance of financial resources is based on the forecast of similar income balance items, taking into account the need to reduce the deficit of a certain budget and a possible reduction in government spending. Whenever possible, expenditures in the territories of the constituent entities of the Russian Federation are taken into account in the process of estimating expenses thanks to the resources of the state budget. This is associated with certain difficulties, because part of the resources of the state budget is distributed among the regions by federal ministries and departments and goes to the recipients of the resources, passing through the budgets of the subjects of the Federation. In connection with these costs, they are assumed taking into account the expert assessment of such resources.

The deficit of the balance of financial resources cannot be equal to the deficit of a certain budget, because the balance takes into account all incomes that are received in the corresponding territory, and all expenses in this territory. The balance deficit reflects the deficit of all financial resources in the complex, and not just budgetary ones. At the same time, when forecasting the balance deficit, they rely on provisions that limit the budget deficit, take into account the directions of the state budget policy to save public spending and achieve a deficit-free budget.

Therefore, in the process of preparing the balance of financial resources, measures are being developed to reduce costs and possibly reduce costs. Sources of repayment of the balance deficit can be attracted resources, both internal and external: loans from credit institutions, government loans, government loans, etc.

2. Analysis of the state financial resources of the Russian Federation

2.1. Sources of formation of state financial resources of the Russian Federation

The volume and structure of financial resources are directly related to the level of production growth: the larger the scale of production and the higher its result, the greater the volume of mobilized and applied financial resources. The financial resources of the Russian Federation include the following links in financial relations:

the state budget system;

extrabudgetary special funds;

State loan;

These three blocks of financial relations belong to centralized finance and are used to regulate the economy and social relations at the macro level. The financial relations of enterprises belong to decentralized finance and are used to regulate and stimulate the economy and social relations at the micro level.

The financial relations that develop between the state and enterprises, organizations, institutions and the population are called budgetary. The specificity of these relations as part of financial ones is that, firstly, they arise in the distribution process, in which the state (represented by the relevant authorities) is an indispensable participant, and, secondly, they are associated with the formation and use of a centralized fund of funds. , designed to meet national needs .

Budgetary relations are characterized by great diversity, since they cover different directions distribution process (between sectors of the economy, spheres of public activity, sectors of the national economy, territories of the country) and cover all levels of management (federal, republican, local).

In the process of functioning, budgetary relations receive their corresponding material and material embodiment; they materialize (embodied) in the budget fund of the country, which has a complex organizational structure. The specific value of the budget fund, which reflects the degree of centralization of financial resources in the hands of the state, depends on a number of factors: the level of economic development; management methods at enterprises, organizations, institutions; economic and social tasks solved by society, etc.

The totality of budgetary relations in the formation and use of the country's budgetary fund constitutes the concept of the state budget. By economic essence the state budget is the monetary relations that arise between the state and legal entities and individuals regarding the redistribution of national income (partially - and national wealth) in connection with the formation and use of the budget fund intended to finance the national economy, socio-cultural events, defense needs and government controlled. Thanks to the budget, the state has the opportunity to concentrate financial resources on the decisive sectors of the economic and social development.

Being an economic form of existence of real, objectively determined distribution relations, fulfilling a specific public purpose - to meet the needs of society and its state-territorial structures, the budget can be considered as an independent economic category. This category, being part of finance, is characterized by the same features that are inherent in finance in general; but at the same time it has features that distinguish it from other areas and links of financial relations. Features include the following:

The state budget is a special economic form of redistributive relations associated with the separation of a part of the national income in the hands of the state and its use in order to meet the needs of the whole society and its individual state-territorial formations;

With the help of the budget, there is a redistribution of national income, less often - national wealth between sectors of the national economy, territories of the country, spheres of public activity;

The proportions of the budgetary redistribution of value, to a greater extent than in other parts of finance, are determined by the needs of expanded reproduction as a whole and by the tasks facing society at each historical stage of its development;

The area of ​​budget distribution occupies a central place in the composition of public finances, which is due to key position budget compared to other links.

The view of the budget as an economic category was not immediately recognized. Only in last years the prevailing point of view has become, according to which the state budget from the standpoint of economic essence can be considered as an independent economic category, and from the standpoint of the legislative establishment of the financial base of the state - as its financial plan.

The essence of the state budget as an economic category is realized through distributive (redistributive) and control functions. Thanks to the first, there is a concentration of funds in the hands of the state and their use in order to meet national needs; the second allows you to find out how timely and fully the financial resources come at the disposal of the state, how the proportions in the distribution of budgetary funds actually add up, and whether they are effectively used. Features of the state budget as an economic category leave their mark on the functions it performs. The content of functions, the scope and object of their action are characterized by defining specificity.

The scope of the distribution function is determined by the fact that almost all participants enter into relations with the budget. social production. The main object of budgetary redistribution is net income; however, this does not exclude the possibility of redistribution through the budget and part of the cost of the necessary product, and sometimes national wealth.

The control function lies in the fact that the budget objectively - through the formation and use of the state's fund of funds - reflects the economic processes taking place in the structural links of the economy. Thanks to this property, the budget can "signal" how financial resources come into the state's disposal from different business entities, whether the size of the state's centralized resources corresponds to the volume of its needs, etc. The basis of the control function is the movement of budgetary resources, reflected in the relevant indicators of budget revenues and expenditure assignments.

The state budget has always been an important tool for influencing the development of the economy and social sphere. With its help, the state, carrying out the redistribution of national income, can change the structure of social production, influence the results of management, carry out social transformations, etc.

The budget can have a great influence on the country's economy due to the fact that it can be used in the interests of accelerating scientific and technological progress. The creation of a fundamentally new mechanism for budget financing of science, the improvement of the state system of training and retraining of personnel, the use of a preferential tax regime in terms of taxing profits from the sale of new types of products, and similar budgetary measures are designed to stimulate scientific discoveries and new technical achievements, reduce the time for their introduction into production, and in the end - to serve as a catalyst for accelerating scientific and technological progress.

Budget revenues express the economic relations that arise between the state and enterprises, organizations and citizens in the process of forming the country's budget fund. The form of manifestation of these economic relations are various types of payments by enterprises, organizations and the population to the state budget, and their material and material embodiment is the funds mobilized to the budget fund. Budget revenues, on the one hand, are the result of the distribution of the value of the social product among the various participants in the reproduction process, and on the other hand, they are the object of further distribution of the value concentrated in the hands of the state, because the latter is used to form budget funds for territorial, sectoral and targeted purposes.

The basis for the growth of financial resources is the growth and improvement of production.

Factors that affect the amount of financial resources:

The total amount of profit, which depends on the size of production and sales of products, the price index, the amount of costs, structural shifts in the production of products, the services provided and the work performed

The amount of taxes, which depends on the rate indicator, the amount of taxable trade, the indicator of tax benefits, compliance with tax discipline

The volume of mandatory payments, depending on the indicator of insured tariffs, / indicator of benefits.

The main types of financial resources of the state include:

1) Loans from the IMF and others international organizations, plus domestic loans from the Central Bank.

2) Taxes.

3) Deductions to off-budget funds.

4). Company payments to the local budget.

5) Others.

The composition of the financial resources of the state and their form are presented in Table. 2.1.

Table 2.1 - Composition of financial resources

Type of financial resourcesLevelSublevelForm of financial resourcesOwn financial resourcesmacro-stateincome from leasing and selling state and municipal property; income from the activities of state, municipal unitary organizationsmicro-economic entityauthorized capital, profits, depreciationhouseholdsalary, income from the sale of personal propertyFinancial resources Mobilized in the marketmacro-statesissuance of securities and paper money, state creditmicro-economic entitysale, purchase of securities, state credithouseholdsReceived in order of allocation financial resourcesmacro-governmenttaxes, fees, paymentsmicro-economic entityinterest and dividends on securities issued by other ownershousehold

V financial resources include:

Own resources:

a) at the level of organizations and households - profit, salary, household income;

b) at the state level - income from state enterprises, privatization, and in addition from foreign economic activity;

Mobilized in the market:

a) at the level of organizations and households - the sale and purchase of securities, a bank loan;

b) at the state level - issuance of securities and money, state credit;

Resources received in the order of distribution:

a) at the level of organizations and households - interest and divi dendy on securities issued by other owners;

b) at the state level - mandatory payments.

The financial resources united by economic agents have different directions of their application. If centralized financial resources are spent, as a rule, for national and municipal purposes: for the maintenance of the state apparatus, meeting the social needs of society, ensuring the functioning of the area of ​​circulation, then decentralized - for purposes that are related to the need for entrepreneurial activity and the family.

Back in late 2011, as a result of the ongoing recession in the domestic economy and the threat of massive bankruptcies in the Russian banking system, the Central Bank began to provide limited lending in the domestic market. Here is what the head of the Central Bank himself said about this:

The significance of this fact cannot be overestimated. In addition to Western securities, the assets of the Central Bank included liabilities of Russian banks, and I noted this earlier in a separate publication. This, one might say, was a historical moment, although the actions themselves were obviously dictated by force majeure, and not by any decision to exit the colonial regime. Subsequently, the situation returned to the previous one, when the volumes of Western lending reached their previous levels.

But back in July 2012, it was reported that banks in July for 317 billion rubles. (+14.5%) increased the volume of borrowings from the Central Bank, bringing the debt to it to 2.577 trillion. rub., according to the statistics of the regulator. The debt to the Central Bank reached its annual maximum precisely on July 31 and now amounts to 5.7% of all assets of the system,

Like a month earlier (in June, an increase of 32.7%) was recorded, the resource base of banks expanded largely due to borrowings from the Bank of Russia, the regulator itself admits. The loan portfolio of banks increased by 372 billion (+1.4%) and exceeded 25.7 trillion. rub. Thus, banks continued to attract funds from the Central Bank to increase lending.

If we look at the balance sheet of the Central Bank at that moment, we find that foreign securities in the gold reserves were worth 14.964490 trillion. rubles, but the amount of cash (6.809902 trillion) and funds on accounts (9.635604 trillion) amounted to 16.445506 trillion, that is, by 1.481016 trillion. more rubles. Which means nothing more than an additional emission of money that goes beyond the usual buying of petrodollars.

The fact that the issue of money went beyond the gold reserves indicated that the Central Bank had gone beyond the formal boundaries of the currency regime. This was also noted in a separate publication. However, the fact that such an exit did not exceed a few percent of the total money supply indicates that in general the situation remained the same - there was an obvious shortage of money in the economy and the Central Bank eliminated only an acute peak of liquidity shortage to stabilize the situation.

Lending rates in the interbank market remained within 7% (MIBOR 30), which was twice as high as the pre-crisis rates of 2005-2006:

However, the tendency to increase lending to Russian banks by the Central Bank was still growing. By the end of 2012, the volume of loans amounted to 3.4 trillion. rubles. In 2013, the Central Bank reduced this level to 2.7 trillion. by the end of May, and then again began to increase. In December 2013, they amounted to 4.2 trillion. rubles, and in July 2014 reached almost 6 trillion.

If we compare the volume of gold reserves and money supply at the same time, we get the ratio of 15.878 trillion. rubles (GFR = gold + securities of foreign issuers) and 18.625 trillion. rubles of emission (cash + funds in the accounts of the Central Bank). The difference will be 2.747 trillion. rubles - this is the amount that removes the Central Bank from the framework of the currency regime.

It is no longer secured by foreign exchange reserves, but by the obligations of Russian banks. So far, this share is not large and has little effect on the level of monetization, but the trend is clearly positive and allows us to say that Russia is gradually getting rid of the colonial regime and forming an independent financial system.

3. Problems and prospects of state financial resources of the Russian Federation and their role in economic development

3.1. The main problems of the financial resources of the state

Russian budget expenditures in 2018, according to preliminary calculations, will amount to 13.98 trillion rubles. rubles, and income 13.6 trillion rubles. Earlier in the 2017 budget and planning period 2018-20159, it was said that the state budget expenditures would be at the level of 14.2 trillion. rubles, and revenues will amount to 14.02 trillion. rubles.

A similar reduction occurred with the plan for 2017. Expenses amounted to 15.36 trillion. rubles, and revenues to the treasury were at the level of 14.5 trillion. rubles. Previously, revenues and expenses under the plan amounted to 15.6 trillion. rubles. In 2018, Russia is also waiting for a deficit budget: spending 16.39 trillion rubles, and revenues of 15.9 trillion.

The budget deficit will be covered by increasing the public debt from 12.3% in 2015 to 14.3% by 2018.

The materials of the Ministry of Finance also indicate that due to the gradual reduction of duties on oil and oil products, the Russian treasury will lose 444 billion rubles, but the increase in the tax on the extraction of minerals will bring 618 billion rubles to the budget.

In addition, it was previously reported that, according to the calculations of the financial department, the salaries of officials and the military will fall under the cut. This does not mean that they will fall, they simply will not be promoted, as was originally planned. Also, the government may try to save on pensions. If earlier Russians were offered to choose between 6% of the funded part or 2% of their salary, now there is a choice between 6% and a zero funded part.

The Ministry of Finance has taken up the revision of the budget for the next 3 years against the backdrop of a slowdown in Russia's economic growth and stagnation in industry. In mid-September, it became known that the government decided to reduce all unprotected items of the state treasury by 5-10% in order to free up money and redirect it to more important needs. At the same time, the president asked not to call it a budget sequestration. The conditions that have developed in Russian practice today, according to various estimates, are still transition economy. Thus, the relations that arise in the process of formation and further spending of financial resources are the most important and relevant. In order to identify the weaknesses of these processes, as well as to find ways to improve their mechanisms, an analysis should be carried out based on the statistical data of past years. The use of financial resources by public authorities and local self-government for the current 2015 and planned 2016 is mainly focused on fulfilling the social obligations of the state, taking measures to maintain the long-term sustainability of the country's pension system, financing large-scale projects, as well as effective management of the state's financial resources. The budgetary policy of the state is aimed at achieving the strategic goals of the country, which are contained in such legal acts as decrees of the President of the Russian Federation and the Concept of long-term social economic development Russian Federation for the period up to 2020 and others. The main objectives of the budget policy for the current and planned years this is, firstly, reducing the risks of imbalance in all budgets of the budget system of the Russian Federation, reducing the role of foreign economic factors in income items federal budget, allocation of additional appropriations for improving the system of remuneration of employees of federal institutions, increasing the amount of pension payments and benefits every year, financing scientific activities and others. According to the long-term budget policy, it is also planned to reduce federal budget expenditures by 1.5%, then by 4.8% and 2.4% compared to previous years. State borrowings and proceeds from the processes of privatization of federal property these resources in the period from 2015 to 2016 will be the main source of budget financing. 2015 is forecast to double these resources. However, current trends in the use of financial resources are aimed at reducing many classic items of government spending, such as education and health care. This is due to the receding into the background of less priority expenditure items, which give way to expenditures that create favorable conditions for the budget system of the Russian Federation. However, according to the Main Directions of the Budget Policy, the expenditures of the consolidated budgets of the regions should increase to 39%, and the expenditures of the same regions on education should be equal to 40.5% of all regional expenditures. The expenditures of the consolidated budgets themselves should increase to 26% compared to previous periods. The question arises: how to increase the amount of expenditure on several items without finding additional sources income. The most inefficient but most popular solution reduction of other expenses. Improving the efficiency of the use of financial resources a long-standing problem of the state, which concerns all levels of the budget system. One of the measures to achieve improvements and obtain efficiency is the creation and adoption of policy documents. A case in point is the Efficiency Improvement Program budget spending for the period up to 2012, which was approved by the President of Russia. With its help, new “budgetary rules” were introduced, and a reform was carried out regarding state and municipal institutions. Another achievement of this program is the fact that the concept of "Electronic budget" was approved. However, the problem is not solved completely, and problems remain open related to further reform of the budget process and control of the state and municipal level, the provision of services by the state, improving the use and distribution of interbudgetary transfers and improving legal framework financial relations of the state. For this reason, it is important to adopt documents at the federal level that are focused on long-term development and perspective. These documents include the budget strategies of the Russian Federation, the essence of which is to make a forecast of the economic and social development of the country. As soon as the forecast is made, it will be possible to predict economic processes and regulate budget and tax policies. A very important role is played by the management of financial resources at the level of certain territories of the country, where the principle of independence gives the right to local governments to manage the financial resources of the regional budget. To achieve efficiency in the activities of local governments, it is necessary to make the following decisions: 1) reduce financial assistance from the federal budget to the budgets of the constituent entities of the Russian Federation. 2) improve the quality of financial management in the subjects. Despite the fact that there is practically no deficit in the budgets of state non-budgetary funds, they need to be improved and increased efficiency from the use of their budget revenues. So, for example, the long-discussed problem related to the issuance of pension payments has found its solution. The State Duma adopted laws on pension reform, which have been introduced since 2015 new order calculation of pension payments. It is assumed that the bar will be raised gradually and in 10 years will reach the value of 15 years. In other words, the new system provides choice and clearly delineates the requirements for a particular amount of pensions. Thus, in order to obtain effective results from spending certain state and municipal financial resources, it is necessary to carry out reforms, allocate priority items of expenditure, approve socio-economic programs, adopt strategies, and also reduce the share of transfers to stimulate own revenues of budgets of all levels of the budget system. RF. The Budget Code gives the following definition of the budget: the budget the form of formation and spending of the fund of funds intended for financial support tasks and functions of the state and local self-government, expenses incurred through lending from the Bank of Russia State budget and its role in the economy local government. According to the Budget Code of the Russian Federation, the budget this is a form of education and spending of funds intended for financial support of the tasks and functions of the state and local self-government. According to Art. 6 of the Budget Code of the Russian Federation, the budget system is a set of budgets of all levels and state extra-budgetary funds based on economic relations and state structure. The Budget Code gives the following definition of the budget: the budget a form of formation and spending of a fund of funds intended for financial support of the tasks and functions of the state and local self-government.

There are the following main risks of socio-economic growth in 2018-2019:

1) achieving an unsatisfactory indicator of the forecasted values ​​of the volumes and rates of GDP growth, including due to possible difficulties in attracting financial resources in order to ensure the planned indicator of domestic demand;

2) lower prices for oil and natural gas on world markets, due to both a possible slowdown in the growth of the global national economy and the development of alternative technologies for oil and gas production in countries that are traditional importers of these types of resources;

3) deviations of the ruble exchange rate against the US dollar from the predicted levels, due to the high dependence of the national currency exchange rate on the state of the global national economy and financial markets;

4) achievement of an unsatisfactory indicator of the expected growth in investment activity, including due to the continued high dependence of the growth rate of investments in fixed capital on the dynamics of investments in the fuel and energy and transport complexes;

5) achievement of an unsatisfactory indicator of target inflation levels, which are associated with a possible more necessary than predicted weakening of the ruble against the US dollar, rising prices for food and housing and communal services. However, despite some negative trends in Russian financial policy, the ongoing reforms open up broad prospects for the development of both the public and private sectors of the economy.

Many elements of state policy, including in the budgetary and tax spheres, are not yet fully focused on stimulating innovative development country. The formation of conditions for modernizing the economy and changing the model of economic growth has not been completed. For the country's budgetary system, risks remain due to the high dependence of the economy and, accordingly, budget revenues on foreign economic conditions.

Summing up all of the above, it can be noted that the implementation of a rational and responsible financial policy is a necessary condition for the proper functioning of the Russian economy and, consequently, the implementation of the country's strategic development priorities.

3.2. Factors of growth of the financial resources of the state at the present stage

The current growth rate of nominal incomes of the population is about 8% per annum (as of October), for the first 10 months, incomes grew by 8.5% compared to the same period last year. By December, the growth rate of nominal income will slow down somewhat (up to 6-7%) and slightly increase to 8-9% by March. But these are nominal incomes. Considering inflation, it's much worse.

At the end of October, real incomes decreased by 0.5%, in November the fall was already by 1.5% (according to updated inflation data), in December the decline will accelerate to 3% (same as during the 2008 crisis). According to the official data of Rosstat, by the end of November inflation is already 9.1% per annum. By the end of December, at best, 10.3%, but it could be worse. By March, revenues could fall as much as 5%, the worst since the 2008 crisis.

Actually, below is a comparison of the rates of change in nominal and real incomes of the population (starting from November, my estimates of income changes)

V public sector among most of the category of state employees and officials, incomes (in the first 4 months of 2015) either remain at the level of 2013, or are moderately indexed by 6-10%, which is not enough to compensate for price increases. Due to the stagnation of the economy and the drop in oil and gas revenues, there is simply no money in the budget for large-scale injections, banknotes and wage growth.

In business, the mood is pessimistic, and against the backdrop of falling demand and business profitability, even a 5-7% nominal increase in wages can be a success.

By the way, there is an unambiguous correlation between real incomes and expenses.

On the graph, the real expenditures of the population from the GDP report and real incomes (according to my calculations, using nominal incomes and inflation).

For expenditures, the data is only for the 2nd quarter, but knowing the trends in income, it is possible to estimate the potential change in household expenditures. Following the above-illustrated correlation, in the first half of 2015 there may be a drop in household spending by 5-7%. The mood of the population, in general, is cautious and suspicious, which will contribute to an increase in the savings rate, fearing dismissal and loss of a source of income.

Lending to the population (as almost the main driver of increasing consumer activity over the past 2 years) slows down to 12-15% in December this year (in 2012 there was a 45% increase, in 2013 about 30%). In the first half of 2015 lending may slow down to 5% growth.

deflationary trends. Decrease in rates of crediting, increase in rate of savings, extremely suppressed demand. This, by the way, will limit the rampant prices in 2015, i.е. above 15-18% inflation is unlikely to rise.

In Russia, financial instruments and mechanisms are increasingly being introduced into the budget process, focused on the implementation of the above priorities of the state financial policy, such as:

application of budgetary rules regarding the use of oil and gas revenues of the federal budget;

formation of federal budget expenditures in the structure of state programs;

attracting significant volumes of government domestic borrowings, leveling the growth in the cost of servicing the public debt.

Although the initial draft of the federal budget for 2015 and for the planning period was calculated on a conservative assessment of the main macroeconomic indicators of the Russian economy, in comparison with the indicators of previous budgets: economic slowdown, lower global oil prices, weakening of the ruble against the US dollar and continued outflow of capital from the country. The real economic situation has destroyed even these very conservative forecasts.

Today, when developing the draft budget, an adequate assessment of the likelihood of negative scenarios was not given, which could significantly increase the risks for the Russian economy. And therefore, the approach of the full functional dependence of the Russian economy on the state of foreign markets for raw materials was again implemented in the budget.

In recent years, Russia's growth potential was estimated by most experts at a low 2-3%, in 2013 GDP growth was 1.3%, and its slowdown in 2014 was even more significant and the growth was only 0.6%. In such a situation, according to experts, questions about ways to stimulate the economy come to the fore.

Now, when the state is limited in resources, the tasks of development still need to be solved, but now under the conditions of sanctions and, focusing on import substitution programs. It is clear that fiscal stimulus has its limits. By stimulating demand, we should not stimulate asset bubbles, we should not stimulate inflation.

But when we talk about state demand, we must remember that we are introducing a federal contract system, and this is the rule for organizing this demand. Development of import substitution this is also an additional demand for the products of domestic producers.

All export support measures this is also an additional demand from the outside world for the products of our enterprises. It is important to use the current situation for the rapid increase in domestic production, however, import substitution should be viewed as a largely forced measure and should not be elevated to the rank of a strategy, we should not close ourselves off from global competition.

Of course, in the context of limited public financial resources, we should also talk about revising the mechanisms for financing budget expenditures. Unfortunately, today we are initial stage reformatting budget expenditures from a departmental expenditure structure into a programmatic configuration for presenting the federal budget.

We have to state that a full-fledged system of state programs, which allows, with the help of a set of interrelated measures and intersectoral interaction, to achieve the set goals and solve the planned tasks, has not yet been formed. State target programs it is still, in fact, the old tasks of the old goals and old programs reformatted to meet the new requirements of the budget process.

The problem is that the transition to the program principle implies the need to change the very system of decision-making that ensures real competition between state programs. That is, more effective programs should be eligible for more increased funding because they are producing results. Less effective programs that do not give results, in theory, should be curtailed.

Of course, over the past few years, some progress has been made in building a system of economic rules: they created a budget rule, switched to new rules for organizing public procurement under a contract system, and in the monetary sphere, they practically switched to inflation targeting. This creates the prerequisites for achieving a balanced budget in the long run.

But at the same time, the coordination of these rules this is a problem that is still waiting to be solved. Moreover, within the "rules" themselves there are certain contradictions.

Thus, the impact of the slowdown in economic growth and the corresponding slowdown in the growth of budget revenues through the budget rule activates its impact on changes in the expenditure side of the budget, significantly restraining them.

If we take into account that a certain part of the economy's expenditures is artificially slowed down within the framework of the budget rule, it is clear that in this case not only inflationary processes, but also economic growth will naturally slow down.

As a kind of leveling of this influence, a general statement is introduced that in the near future the main source of increasing budget expenditures this is a source associated not with their absolute increase, but with the optimization of budget expenditures (both structural and technological) and an increase in their efficiency.

The reserve ruble mechanism as a means of increasing the country's financial resources. For the domestic economy, the internationalization of the ruble brings with it both benefits and costs. The most obvious advantages of the internationalization of the ruble include the following.

The most important positive consequence of the transformation of the ruble into a reserve currency is its inclusion in the processes of redistribution of global capital. In other words, Russia will regularly receive a significant additional inflow of long-term investments, and consequently increase the volume of financial resources. The redistribution of global capital between reserve currencies means providing significant advantages in global competition to those countries that issue currencies used by global investors as reserve ones. These advantages are realized in the form of additional resources for the development of enterprises in a given country, the acquisition of assets in other countries, for additional growth in the welfare of the population, etc. Therefore, the presence of a currency in Russia, considered as a reserve, is extremely important for enhancing its role in the world arena, sustainable socio-economic development, and the growth of the living standards of citizens.

In addition, other important positive consequences of the transformation of the ruble into a reserve currency should be noted. Cost minimization foreign trade. In connection with the transfer of contracts into rubles, the costs of exchanging currencies disappear. Foreign exchange risks for residents no longer exist, which allows more reasonable investment planning. Transaction costs (associated with foreign exchange and hedging operations, international payments and management of accounts in different currencies) are reduced.

Transparency of foreign trade and financial market conditions. Prices become more transparent, as it is easier for counterparties within the ruble's zone of influence to compare them, which contributes to increased competition. In addition, the transparency of pricing in financial markets is increasing. In international lending and investing in rubles, priority is given to assessing credit rather than non-currency risk.

Reduced volatility of export earnings. Currently, due to the fact that export contracts are denominated in dollars or euros, ruble revenue depends on exchange rate fluctuations. After the transfer of foreign trade to rubles, export earnings will stabilize, and, as a result, the volatility of economic growth will decrease. In addition, trade volumes within the zone of influence of the ruble (in the CIS) are stabilizing.

Increasing the size of the financial sector. Since significant amounts of ruble resources will be kept on accounts in Russian banks, their ruble liabilities will increase. The inflow of capital into the country for the purchase of reserves by foreign investors will lay the foundation for the growth of foreign liabilities and assets of the banking sector denominated in rubles.

Development of the market for long-term instruments. Choosing the ruble as a reserve currency, foreign central banks will be interested in acquiring long-term debt with a high credit rating. Thus, they will contribute to the formation of a market for conservative investors and ensure demand for long-term instruments, which are in short supply in Russia.

Decreased financing costs. An increase in the size of the banking sector will lead to a discount (negative premium) for liquidity. Thanks to the influx of foreign capital, interest rates will decrease in the capacious and liquid ruble market.

Increasing the resilience of the national economy to external shocks. The growth of the banking sector and the strengthening of the securities market will contribute to greater stability of the national economy. Problems with the current financing of its development will disappear, which will reduce the country's vulnerability to external shocks.

Financing the trade deficit. Covering a hypothetical trade deficit is easier because capital flows are denominated in the same currency as current payments. Russia will be able to finance this deficit freely by issuing ruble-denominated debt instruments.

Minimizing the costs of Russian citizens traveling abroad. When traveling abroad for tourism or business purposes, it will be easy and with minimal losses on the exchange rate difference to exchange the ruble for local currency on the cash market of countries - Russia's main partners. In addition, Russian citizens who are consumers of imported goods and services will receive additional savings when purchasing these goods and services due to the fact that the ruble will appreciate steadily. At the same time, the status of a reserve currency carries with it serious costs. For this reason, a number of countries, including Japan and China, do not encourage or even prevent the spread of national currencies outside their economies.

The main negative consequence of the ruble receiving the status of a reserve currency is the inevitable strengthening of the ruble exchange rate, leading to a weakening competitive advantage Russian commodity producers. Other negative consequences of obtaining the status of a reserve currency by the ruble should also be pointed out. Conclusion

Financial resources are monetary resources that are administered by the state, local governments and entrepreneurs, used by them for the purpose of expanded production, meeting the socio-cultural needs of society and for the state to fulfill its goals.

The volume and structure of financial resources are directly related to the level of production growth: the larger the scale of production and the higher its result, the greater the volume of mobilized and applied financial resources.

The complicating economic and political situation will inevitably lead to the need for the growth of public, mainly state finances. The growth of budget expenditures will be affected by the growing need for financial resources for large investments in the modernization of production, in the development of new technologies, in the training of personnel. In other words, stimulating the economy must inevitably become costly for the country's consolidated budget.

Of course, one should not simplify the problem by reducing it only to the need to increase budget expenditures. One of the key choices facing the government it is the choice of a policy aimed at maintaining economic growth through current consumption, or a policy of sustainable growth, which assumes a proportional distribution of costs between current consumption and investment in infrastructure (“investment in the future”). But, of course, now is the time when we should think more about the mechanisms to support the proposal.

Budget policy should be oriented not only to ensure the current life of society, but also to create prerequisites for future development. It is in the future structure of the economy that new sources of income are formed not only for corporations, but also for the budget. From this point of view, infrastructure development is one of the key conditions for increasing total factor productivity (labor productivity, return on private capital, etc.) and creating prerequisites for long-term sustainable growth.

For many years, one of the main focuses of Russian budgetary policy was considered to be the stability of public finances, which was ensured by a low level of public debt, as well as the accumulation of sovereign funds.

The structure of the use of GDP testified that in Russia there is a fairly large reserve of unsatisfied consumer demand. Accordingly, artificial containment of the use of GDP for final consumption formed a niche of consumer demand, which was covered by the growth of imports.

Today, in the context of sanctions that have largely provoked a sharp depreciation of the ruble, excessive dependence on imports has led to many economic problems that could well have been avoided.

The financial policy of the state occupies a significant place in state activities and is a fundamental element in the financial management system. For the proper functioning of the state economy, it is necessary to conduct a balanced financial policy within the framework of the country's economy.

The rate of development of industry, agriculture, transport, communications and other industries, as well as the subjects of the Russian Federation, depends on the degree of its rationality. Therefore, an important and relevant direction is the definition, analysis and study of financial policy problems, as well as the search for optimal ways to solve these problems.

In line with these issues and strategic development The Russian Federation defines the following goals and objectives:

Decrease in public debt;

Stabilization of the national currency and reduction of inflation rates sequentially from year to year

Transition to medium-term planning;

Balanced budgets of all levels and state off-budget funds;

Improving the model of budgetary federalism;

Increasing the reliability and reliability of economic forecasting;

Increase in the volume of subventions to the regions from the federal budget for the implementation of the federal powers transferred to them

The need to revise fiscal policy.

Thus, through these goals and objectives, it is necessary to ensure the balance and sustainability of the budget system, strengthen its role in stimulating long-term economic growth and raising the standard of living of the population, accelerating the country's innovative development and forming a sustainable pension provision mechanism for the long term.

Undoubtedly, the policy pursued by the government in the field of finance is ambiguous. It has both positives and many negatives. Political aspects of economic decisions have a large, often negative impact on it.

List of sources used

1. Constitution of the Russian Federation (adopted by popular vote on 12/12/1993)
2. Budget Code of the Russian Federation dated July 17, 1998 (subject to subsequent amendments and additions)
3. Civil Code Russian Federation (Part I) dated November 30, 1994 No. 51-FZ.
4. Civil Code of the Russian Federation (Part II) of January 26, 1996 No. 14-FZ.
5. Tax Code of the Russian Federation (Part II) dated August 5, 2000 No. 117-FZ.
6. Babich, A.M. State and municipal finance: textbook. for universities [Text] / A.M. Babich, L.N. Pavlova. M.: UNITI, 2009. 688 p.
7. The budget system of the Russian Federation: textbook. [Text] / Ed. G. B. Poliak. M.: UNITI-DANA, 2012. 212 p.
8. Burkhanova I. V. The budget system of the Russian Federation. Lecture notes [Text] / I. V. Burkhanov. M.: Eksmo, 2011. - 160 p.
9. Zharkovskaya, E.P. Finance: textbook. allowance [Text] / E.P. Zharkovskaya, I.O. Arends.-M.: Omega-L, 2011. 400 p.
10. Igonina L.L. Modernization of the Russian financial system: tasks, trends // Finance and credit. - 2012. - No. 3.
11. Kormilitsyna I.G. Financial stability: essence, factors, indicators // Finance and credit. - 2011. - No. 35.
12. Myslyaeva, I.N. State and municipal finances: Tutorial[Text] / I.N. Myslyaeva.- M.: INFRA-M, 2009. 264 p.
13. Sviridov, O.Yu. Finance: textbook. allowance [Text] / O.Yu. Sviridov. M.: ICC "Mart", 2009. 480 p.
14. Finance: textbook. [Text] / Ed. A.G. Gryaznova, E.V. Markina. M.: Finance and statistics, 2011. 504 p.
15. Finance: textbook. [Text] / Ed. V. V. Kovaleva. M.: TK Velby, Prospekt, 2009. 640 p.
16. Finance: textbook. [Text] / Ed. G.B. Pole. M.: UNITI-DANA, 2011. 516 p.
17. Finance: textbook / team of authors; under. ed. E. V. Markina. M.: KNORUS, 2014 - 432 p.
18. Official website of the Bank for International Settlements. Access mode. URL:#"justify">Official website of the Bank of Russia. Access mode. URL: #"justify">Official site of the Russian federal publication Gross domestic product. Kolganov A., Guidelines for the financial system of Russia // #"justify"> Rating agency "EXPERT RA" http://raexpert.ru
19. Federal tax service: http://www.nalog.ru/
20. Federal State Statistics Service of the Russian Federation: www.gks.ru

Enterprises are funds that are formed in the process of selling products or services, come from investors or creditors. They are used to expand production, can be used to reward employees or to form cash funds. are in circulation and cannot be extracted and used for other purposes.

Formation of the composition of finance

Finance consists of:

• Cash funds.
• Investment.
• Communicative financial relations.

Finance can appear as a result of the redistribution of funds and cost reduction.

Enterprise finance is a complex structure that includes state finance, industry finance, the nominal value of securities, insurance payments, as well as cash in circulation and loans.

Material resources are the basis of the production process.

They are formed from the following sources:

• Own funds.
• Loans and credits.
• Attracted finance (investment support).

Own funds, as a rule, are in circulation and make up a large part of the company's finances. Their expiration date is not clearly defined. Own funds appear as a result of the sale of products and are pledged to the authorized capital.

Borrowed funds of an organization are monetary resources that are issued to a company for a certain period of time, subject to return. Usually borrowed funds are formed thanks to bank loans (both long-term and short-term).

The attracted funds do not nominally belong to the organization and are transferred for temporary use on certain conditions. Investments can be directed to the expansion of production or to local tasks.

Each of the above sources is part of the company's assets and can be used to provide material support for the production and economic activities of the enterprise with one single goal - to maximize profits.

The company's financial resources are the sum own funds, investments and loans that take part in the circulation of capital and are required for the functioning of production.

Components of financial resources:

• Funds in circulation.
• for depreciation.
• Funds pledged in the trust fund.
• Funds pledged in the corporate fund.
• Credit funds.

financial resource capital

Financial resources are cash income and savings from outside, at the disposal of business entities and intended to fulfill financial obligations, incur costs associated with the development of production and economic incentives for employees.

The concept of "financial resources" different authors put different meanings. The most widely debatable questions of the definition of this concept were discussed in the economic monographic and periodical literature of the 1960s and 1970s. Most Attention paid attention to the composition of financial resources, their economic content, the relationship of financial resources and funds.

The most complete study of the economic content, composition, structure and problems of increasing financial resources belongs to a team of authors led by V.K. Senchagov. They define financial resources as follows

way: "The financial resources of the national economy represent the totality of cash accumulation and depreciation and other funds in the process of creating, distributing and redistributing the total social product." The authors consider financial resources in a broad sense, including

this concept is all the money generated in the process of creating, distributing

and redistribution of the social product. The paper examines the relationship between financial resources and the loan fund, as well as the monetary savings of the population in the system of financial resources.

For the first time, the concept of "financial resources" in Russian practice was used in the preparation of the first five-year plan, one of the sections of which was the balance of financial resources. Subsequently, this term began to be widely used in economic literature and financial practice, and its interpretation was very different.

Financial resources are the most important source for the implementation of expanded reproduction, the socio-economic development of society. Increasing the volume of financial resources is one of the most important tasks of the state's financial policy. A decrease in the volume of financial resources has a negative effect on the development of society, leads to a reduction in investment, a decrease in consumption funds, and creates disproportions in the distribution of the social product and national income. The influence of financial resources on the economic development of society is not one-sided.

In turn, the composition and volume of financial resources depend on the level of economic development of the state, on the efficiency of production.

Economic growth serves as the basis for increasing the volume of financial resources, and the amount of financial resources allocated to the expansion and development of production contributes to an increase in its efficiency.

Financial resources are formed and used at two levels: on the scale of the country and the enterprise. The size and structure of the sources of formation of financial resources on a national scale determine the possibilities for expanded reproduction of the national economy, raising the living standards of members of society, and increasing state budget revenues. The amount of financial resources formed at the enterprise level determines the possibility of making the necessary capital investments, increasing working capital, fulfilling financial obligations on time, and meeting social needs.

The management must clearly understand what sources of financial resources the enterprise will use and in what areas of activity to invest capital. The financial well-being of the enterprise and the results of its activities depend on how much capital the business entity has, how optimal its structure is and how appropriate it is to transform into fixed and working capital.

Capital is the means that a business entity has to carry out its activities in order to make a profit.

The financial resources (capital) of an enterprise are formed from its own and borrowed sources (Fig. 1).

Fig.1.

Also, attracted sources are distinguished, which are external sources of replenishment of the company's own capital.

Equity is characterized by ease of attraction, provides a more stable financial condition and reduces the risk of bankruptcy. The need for own capital is due to the requirements of self-financing of enterprises. Own capital is the basis of independence and independence of the enterprise. The peculiarity of equity capital is that it is invested on a long-term basis and is subject to the greatest risk. The larger the share of own funds in the total amount of capital and the smaller the share of borrowed funds, the more firmly protected from creditors' losses, and consequently, the risk of loss is reduced.

However, it should be borne in mind that equity capital is limited in size.

In addition, financing the activities of an enterprise only at its own expense is not always beneficial for it, especially when production is seasonal. Then, in certain periods, large funds will accumulate in bank accounts, and in others they will be lacking.

It should also be borne in mind that if the prices for financial resources are low, and the enterprise can provide a higher level of return on invested capital than it pays for credit resources, then by attracting borrowed funds, it can control larger cash flows, expand the scale of activities, increase profitability of own (share) capital. As a rule, a company takes out a loan to strengthen its position in the market.

At the same time, it should be borne in mind that in proportion to the growth in the share of borrowed capital, the risk of a decrease in the financial stability and solvency of the enterprise increases, and the profitability of total assets decreases due to the loan interest paid. The disadvantages of this source of financing should also include the complexity of the procedure for attracting, the high dependence of the loan interest on the conjuncture financial market and an increase in connection with this risk of reducing the solvency of the enterprise.

The financial position of the enterprise largely depends on the ratio of own and borrowed capital.

Thus, at the expense of financial resources, investments are financed, as well as advances in working capital, i.e. all business expenses.

Consider the use of financial resources by the enterprise in some areas, the main of which are:

• Ш payments to the financial and banking system (tax payments, payments to the budget, payment of interest to banks for the use of loans, repayment of previously taken loans, insurance payments);
• Ш investing own funds in capital expenditures (reinvestment) associated with the expansion of production and its technical renewal, the transition to new advanced technologies, the use of know-how;
• Ш investing in securities purchased on the market: shares and bonds of other companies, in government loans;
• Ø formation of monetary funds of an incentive and social nature;
• ø charitable purposes, sponsorship.

The main source of financing is equity (Fig. 2).

It includes authorized, accumulated capital (reserve and additional capital, retained earnings) and other income (target financing, charitable donations, etc.).

Rice. 2.

The authorized capital is the amount of funds of the founders to ensure the authorized activities. At state enterprises, this is the value of property; assigned by the state to the enterprise on the rights of full economic management; on the joint stock companies-- par value of shares; for limited liability companies - the sum of the shares of the owners; for a rental enterprise, the sum of the contributions of its employees, etc. The authorized capital is formed in the process of initial investment of funds. Contributions of the founders to the authorized capital may be in the form of cash, property and intangible assets. The value of the authorized capital is announced during the registration of the enterprise, and when adjusting its value, re-registration of the constituent documents is required.

When creating an enterprise, the authorized capital is directed to the acquisition of fixed assets and the formation of working capital in the amount necessary to conduct normal production and economic activities, licenses, patents, know-how, the use of which is an important income-generating factor. Thus, the initial capital is invested in production, in the process of which value is created, expressed by the price of products sold.

Additional capital as a source of enterprise funds is formed as a result of the revaluation of property or the sale of shares above their nominal value.

The reserve capital is created in accordance with legislative acts or constituent documents at the expense of the net profit of the enterprise. It is an insurance fund to compensate for possible losses and protect the interests of third parties, if profits for the repurchase of shares, redemption of bonds, payment of interest on them will not be enough. By its value judge the stock of financial strength of the enterprise. The absence or its insufficient value is considered as an additional investment risk factor.

Undistributed profit (uncovered loss) of the reporting period is reflected in the balance sheet as a cumulative total from the beginning of the year. After distribution, its balance is added to the balance of retained earnings of previous years.

Special-purpose funds and targeted financing include values ​​received free of charge from individuals and legal entities, as well as non-refundable and reimbursable budget allocations for the maintenance of social and cultural facilities and the restoration of the solvency of enterprises that are on budget financing.

The formed fixed capital needs to be replenished in the process of economic activity. Allocate internal and external sources of replenishment of own capital. Sources of replenishment of own capital are presented in fig. 3. If the enterprise is unprofitable, equity capital is reduced by the amount of losses received.

The main source of equity capital replenishment is profit. A significant share in the composition of internal sources is occupied by depreciation deductions from used own fixed assets and intangible assets. They do not increase the amount of equity, but are a means of reinvesting it.

Rice. 3.

Other forms of equity include income from the lease of property, settlements with the founders, etc. They do not play a significant role in the formation of the equity capital of the enterprise.

The main share in the composition of external sources of equity capital formation is occupied by an additional issue of shares. State-owned enterprises may be provided with gratuitous financial aid from the side of the state. Other external sources include tangible and intangible assets transferred to the enterprise by individuals and legal entities as a charity.

In a market economy, the production and economic activities of the organization is impossible without the use of borrowed funds. Borrowed capital organization includes cash or other property values ​​attracted on a return basis to finance the development of the company's activities. All forms of borrowed capital used by the firm represent its financial obligations to be repaid at a certain time.

Borrowed capital is loans from banks and financial companies, loans, accounts payable, leasing, commercial paper, etc. (Fig. 4). It is divided into long-term (more than a year) and short-term (up to a year).

Rice. 4.

According to the purposes, borrowed funds are attracted:

• Ш for the reproduction of fixed assets and intangible assets;
• Ш replenishment of current assets;
• Ø satisfaction of social needs.

Borrowed funds can be attracted in cash, commodity form, in the form of equipment (leasing) and other types.

According to the sources of attraction, borrowed funds are divided into external and internal.

By maturity - for long-term and short-term.

According to the form of security - secured by a pledge or pledge, surety or guarantee and unsecured. In the event of liquidation of the enterprise, secured obligations are satisfied on a priority basis, unsecured ones - on a residual basis.

In order to receive additional income, enterprises have the right to acquire securities of other enterprises and the state, invest in the authorized capital of newly formed enterprises and banks, lend them to other enterprises on terms of repayment, urgency and payment. Temporarily free funds of the enterprise can be allocated from the total cash flow.

Topic 1.3 Financial resources and funds of the enterprise. Methods of financing the activities of the organization

The financial mechanism of the enterprise. Principles of organization of finances of the enterprise.

financial mechanism enterprise is a set of forms of financial relations, financial methods and financial instruments that ensure the formation and use of the enterprise's funds.

financial methods- ways of carrying out activities by entities participating in financial relations. Financial methods include: financial planning, financial accounting, the financial analysis, regulation, financial control.

Financial instruments- it established by law forms of interaction between the subjects of relations, from which either financial obligations, or a financial asset, or the right to participate in capital, in the management of other enterprises follow. TO primary financial instruments include: financial contracts, securities, bank accounts, loan agreements. In addition, financial instruments include secondary instruments, which are duly executed obligations in relation to primary instruments (for example, derivative securities).

The basis of the organization of the finances of the enterprise are the principles. The general principles of organizing the finances of an enterprise include:

1) Independence

2) Self-sufficiency

3) Self-financing.

4) Formation of financial reserves.

5) Separation of fixed and working capital

6) Ensuring the safety of own working capital.

Questions for self-examination:

1. How do the classification features of an enterprise affect the organization of enterprise finance?

2. Explain the order of cash flow in the enterprise?

3. What are the financial relations of the enterprise? What factors influence them?

4. What is the subject of financial relations of the enterprise with various subjects of economic activity?

5. What is the content of the financial relations of the enterprise with the state?

6. What is the content of the financial relations of the enterprise with the institutions of the financial market and the credit and banking system?

7. Expand the content of financial relations within the enterprise itself?

8. What are the company's cash flows? How are they classified?

9. What elements form the financial mechanism of the enterprise?

10. What are the financial instruments of the enterprise?

A number of authors refer to the financial resources of the enterprise the totality of funds at the disposal of the enterprise, intended for expanded reproduction. However, despite the initially close connection between the concepts of "financial resources" and "cash", their identification is not entirely correct.

Cash represent the money accumulated in cash and non-cash forms in the bank accounts and cash desk of the enterprise, which are at the disposal of the enterprise. Financial resources enterprises - part of the funds remaining at the disposal of the enterprise as a result of the implementation of the distributive function of finance.

Accordingly, the source of funds is the revenue of the enterprise, the source of financial resources is the newly created value, or the gross income of the enterprise.

The traditional view of finance as a monetary relationship is based on the correspondence between the value of the product created at the enterprise and the amount of money representing this value. In a financial crisis, this correspondence is violated, and the formation and movement of the financial resources of the enterprise is carried out in a gap from the movement of funds necessary for servicing: there is a demonetization of economic turnover. Under these conditions, the financial resources of the enterprise are formed and used through a system of barter transactions and various offsetting schemes. At the same time, finance is used as ideal money, or as a tool for valuation of exchanging equivalents. In this case, the company may have significant financial resources, but no cash. In such conditions, the differences between the financial resources and the cash of the enterprise are significantly manifested.

Currently, the sources of financial resources of the enterprise are classified as:

Own sources and equivalent funds;

Sources of financial resources coming from the financial market;

Sources of financial resources coming to the enterprise in the order of redistribution.

In the structure of sources of the enterprise, special attention deserves equity, i.e. total assessment of authorized capital, retained earnings, reserves, as well as additional capital. One of the main tasks of financial management of an enterprise is to determine the correct ratio between the volume of own and borrowed capital to ensure a sufficient level of financial stability of the enterprise.

funds that are the property of the state, enterprises, organizations and other legal entities and individuals. In the structure of financial resources, the largest share falls on net profit enterprises.

Great Definition

Incomplete definition ↓

FINANCIAL RESOURCES

English financial resources) - funds generated as a result of economic and financial activities, in the process of creating and distributing the gross national product. They are accumulated by the state and business entities and are used as a source of maintenance and development of production, satisfaction of social. the needs of the population, ensuring the functioning of the sphere of circulation. In countries with centralized managed economy preobl. the share is F.r. state-va and municipality. entities, whereas in countries with market economies beings. part of finance. resources represents entrepreneurial capital, but also centralized state. and municipality. F.r. may be significant. Sources F.R.: newly created for the definition. period net income; part of the national wealth (previously accumulation of funds); borrowing, raising funds from external sources. Channels of spending finance. resources are more diverse. State F.r. preim are formed. at the expense of: collection of taxes and fees; proceeds from the use, as well as the sale of state. property; funds from the sale of the country's gold reserves; issue and sale of state. bonds and other securities; profit from the state entrepreneurial activity; receiving den. funds through external and internal borrowing; use of reserve and insurance funds, voluntary contributions legal. and physical persons. The most important areas of their spending: state. investments; content of state apparatus; payment of state orders; financing of budgetary organizations and institutions; social spending. needs, for maintenance of internal and external debt, state. grants, subsidies, subventions; contributions to the world org-tion, assistance to foreign. gos-you; costs for the acquisition, redemption of property objects and other expenses determined by federal laws, laws of subjects of the federation and legal acts will present. local self-government bodies on the budget, on extra-budgetary funds for the next finance. year. In countries with federal state state device. finance. resources are divided into resources of the federation and resources of subjects of the federation; at the same time, sources of income and channels for spending each of these types of resources in absolute values or in fractions of a den. funds. Local (municipal) resources form a separate, relatively independent. part of F.r. country. F.r. economic entities (pr-ty, commercial. org-tsy) are Ch. arr. as a result of receiving income from industrial and entrepreneurial activities, the formation of shares. capital, collection of share and statutory contributions, sale and lease of property. property, obtaining borrowed funds, finance. support from the state-va, attracting foreign. investments, receipts of insurance indemnities, funds from penalties. They are used for: maintenance and acquisition of basic. and working capital; wages; payment of taxes and fees, depreciation. deductions; making contributions to insurance and other trust funds; implementation of spending on socio-cultural and philanthropy. needs; implementation of environmental events; implementation of deferred expenses; repayment of debts and payment of interest on them; formation of reserves. F.r. commercial, entrepreneurial org-tions are received and spent on the basis of self-financing. Non-commercial organizations are in a special position. org-tion, F.r. to-rykh are formed not only from income from their own. activities, but also in the form of contributions, donations, charity. help, Mrs. support. In a market economy, economic entities, within the framework of observing laws, are free to choose sources of income and ways of spending their own. F.r. To F.R., understood in the broad sense of the word, it is also legitimate to include own capital and attracted. den. means of commercial banks and other financial and credit organizations, as well as den. household savings (see Savings of the population).