The financial environment of entrepreneurship. Internal and external financial relations of the organization Financial relations within the enterprise

Financial relations arise:
between business entities in the process of selling products, providing services, acquiring inventory items;
between business entities and higher organizations when creating joint funds of funds and their use;
between business entities and government bodies local government when forming budgets and off-budget funds;
within business entities in the formation and use of trust funds of funds;
between separate budgets, off-budget funds;
between citizens and the state, local governments in the formation of budgets and extra-budgetary funds (accumulative pension fund).
The totality of funds that are in the distribution of the population, economic entities, the state, local governments, are financial resources.
Sources of financial resources:
At the business entity level:
profit, amortization of the sale of securities, bank credit, interest, dividends on securities from other issuers.
At the population level:
wages, bonuses, wage supplements, social payments;
(pensions, benefits, pay for service) at the enterprise;
travel expenses;
business income;
transactions with personal property.
At the level of the state, local governments:
government and municipal enterprises;
income from the privatization of property;
income from externally economic activity(an area with 29 states);
tax revenues;
state and municipal loans;
issue of money and income from the issue of securities.

Functions of Finance
The main function of finance is the distribution function.
The financial method of distribution covers different levels of economic management:
Federal;
Regional (subject of the Russian Federation);
Local (local governments).
Finance plays a decisive role in the development of the public and private sectors, the economy, industrial and social infrastructure, scientific and technological progress, etc.

The distribution function allows:
create target funds of funds at the level of economic entities, the state, local governments, and the population;
to carry out intersectoral, interterritorial, intrasectoral redistribution, as well as between production and non-production areas, etc.;
to create reserves at all levels of management, the state, and also to carry out savings by citizens.
control function.
With distribution, it represents two sides of the same economic process. Control over the movement of financial flows.
regulatory function.
The set of norms, rules, provisions of legal acts is designed to regulate financial activity and thereby regulate the reproductive process.

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Introduction

1. Organization and implementation of financial settlements of the enterprise

2. Lending to organizations

2.3 Analysis (drawing up) of the loan agreement

2.4 Studying (drawing up) a feasibility study of a loan application financing payment calculation budget

3.2 Attach a report on targeted financing of the enterprise or other available documents on state support enterprises

4. Insurance of the activities of organizations

4.1 Conduct an analysis of the organization of insurance financially economic activity enterprises. Types of insurance. Evaluation of options for insurance conditions

4.2 Draw a diagram of the relationship in insurance between the insured and the insurer

4.3 Attach documents on insurance of the company's activities

Conclusion

Applications

Introduction

Place of my internship JSC "Pokrovsky Mine", 676150, Amur region, Magdagachinsky district, Tygda village, st. Sovetskaya, 17.

The purpose of the practice is to consolidate the theoretical knowledge gained in the learning process and acquire practical skills in working on accounting, economic analysis, audit.

In accordance with the goal, its tasks are defined: to reveal the organization and implementation of financial calculations of the enterprise, to get acquainted with the organization's lending, to consider the topic of budgetary funds as a source of financing for the activities of organizations, to get acquainted with the insurance of the organization's activities.

Brief economic characteristics of the enterprise: the enterprise JSC "Pokrovsky Rudnik" was established on September 1, 1994 and registered as an open joint-stock company. Location of the enterprise of the Russian Federation, Amur region, Magdagachinsky district, Tygda settlement. Legal address: Amur region, Magdagachinsky district, Tygda settlement, st. Sovetskaya, 17. Office is located in Blagoveshchensk, st. Kalinina, 137. Currently CEO is Biryukov A.V.

JSC "Pokrovsky mine" has representative offices in Moscow and England.

The main activity of JSC "Pokrovsky mine" is the extraction of precious metals - gold and silver. At the same time, during 2014, both the economic method and the contract method continued construction - installation work for the completion and additional equipment of the constructed and put into operation production facilities in 2015, as well as the construction of a number of new facilities for both industrial and non-industrial purposes.

The Pokrovskoye deposit is the largest gold deposit and is the leader among gold mining enterprises in the Amur Region. Its commissioning has a significant impact on the socio-economic development of not only the Amur Region, but the entire Far East region of Russia.

The total amount of capital expenditures for the construction of the mining and industrial complex amounted to about 40 million US dollars.

The company's suppliers are:

production equipment - LLC "NPF ANAKON"

· computer equipment - Information business systems

Vehicles "Ural", "Kamaz", OJSC "Mining Industrial and Financial Company"

equipment for a chemical laboratory - JSC "Mekhanobz - Tekhnika"

fuel - JSC "Amur oil product"

concentrates - Analyte - marketing, Akvilon

All production units that make up the company are closely interconnected and carry out continuous production of their products. The total number of employees of OJSC Pokrovsky Mine is 1,756 people. Today JSC "Pokrovsky Rudnik" is one of the ten best gold mining companies in Russia. Thus, within the framework of this project, in 1999, the first gold was mined in the amount of 200 kg, in 2003 - about 3770 kg, in 2004 - 4707 kg, in 2005 - 5100 kg, in 2006 6402 kg., in 2007. - 7000 kg., in 2016 the planned production volume is 7600 kg. In less than two years, the productivity of ore processing has doubled - from 730 thousand tons to 2 million. In 2015, 7002 kg of gold and about 1994 kg of silver were mined, which is several times higher than in 1999.

Earned funds are constantly invested in the expansion of production, the purchase of modern equipment, in new projects, the construction of housing and other facilities. Gold production is increasing every year, and the growth rate of profits exceeds the growth rate of gold production. The number of employees increases every year. At the same time, the level of transferred tax payments is reduced annually. Apparently, this indicates rational tax planning. The annual investment in exploration work is increasing, which indicates the prospects for expanding production.

Now let's move on to the topics of the assignment.

1. Organization and implementation of financial settlements of the enterprise "

1.1 Settlement by payment orders

A payment order is a written order from the account holder to the bank to transfer a certain amount of money from his account (settlement, current, budget, loan) to the account of another recipient company in the same or another one-town or non-resident institution of the bank.

The possibilities of using payment orders in settlements are diverse. With their help, settlements are carried out both for commodity and non-commodity transactions. In this case, all non-commodity payments are made exclusively by payment orders.

In settlements for goods and services, payment orders are used in the following cases:

For goods received and services rendered (i.e., by direct acceptance of the goods), provided that the order refers to the number and date of the shipping document confirming the receipt of goods or services by the payer;

For payments in the order of advance payment and services (subject to a reference in the order to the number of the contract, agreement, contract, which provides for advance payment);

To pay off accounts payable on commodity transactions;

When paying for goods and services by court and arbitration decisions;

When renting for premises;

Payments for transport, utilities, household enterprises for maintenance, etc.

In settlements for non-commodity transactions, payment orders are used:

For payments to the budget;

Repayment of bank loans and interest on loans;

Transfers of funds to state and social insurance bodies;

Contributions to statutory funds when establishing JSCs, partnerships, etc.;

Acquisition of shares, bonds, certificates of deposit, bank bills;

Payment of penalties, fines, penalties, etc.

A payment order is issued by the payer on a form of the established form, containing all the necessary details for making a payment and submitting to the bank, as a rule, in 4 copies, each of which has its own specific purpose:

The 1st copy is used in the payer's bank to debit funds from the payer's account and remains in the documents for the bank;

The 4th copy is returned to the payer with the stamp of the bank as a receipt on acceptance of the payment order for execution;

2nd and 3rd copies of the payment order are sent to the payee's bank; in this case, the 2nd copy serves as the basis for crediting funds to the beneficiary's account and remains in the documents for this bank, and the 3rd copy is attached to the beneficiary's account statement as the basis for confirming the bank transaction.

A payment order is accepted by the bank for execution only if there are sufficient funds on the payer's account. A bank loan can also be used to make a payment if the enterprise has the right to receive it.

The order is valid for 10 days from the date of its issue (the day of issue is not taken into account). The workflow scheme for settlements by payment orders for actually received goods, services rendered, work performed is as follows.

With constant and uniform deliveries of goods and provision of services, buyers can settle with suppliers by payment orders in the order of planned payments. In this case, payments are made not for each individual shipment or service, but by periodically transferring funds from the buyer's account to the supplier's account at specific times and in a certain amount based on the plan for the release of goods and services for the coming month, quarter. In this way, settlements can be made between trading organizations and their suppliers, between power plants, manufacturing enterprises for coal, gas, electricity, metal, etc.

Workflow scheme for settlements by payment orders

1 - shipment of products, provision of services with the transfer of invoices;

2 - submission to the bank of a payment order for the transfer of funds to the supplier;

3 - transfer of documents to the CC to reflect operations on accounts;

4 - registration of documents that have passed through the CC, and their submission to the RCC;

5 - debiting funds from the correspondent account of the payer's bank and sending a credit memo for MFIs to the cash register (branch B);

6 - crediting funds to the correspondent account of the supplier's bank;

7 - debiting funds from the correspondent account of the supplier's bank and crediting them to the supplier's current account;

8 - an extract from the supplier's settlement account on the crediting of funds on a payment request.

Calculations by planned payments are a progressive form of transferring payments, since it basically has an oncoming movement of money and goods. This leads to faster settlements, a reduction in mutual receivables and payables, simplifies the calculation technique, and enables enterprises and organizations to plan their payment turnover in advance.

After the bank checks the correctness of the execution of the order, the funds are debited from the payer's account. If there are no funds on the buyer's account on the day of the due date of the planned payment, the payment order is accepted by the bank into the card file of unpaid settlement documents with posting to the off-balance account “Settlement documents not paid on time”. It is paid as funds are received to the payer's account after priority payments to the budget, the Pension Fund, the Employment Fund and the Compulsory Medical Insurance Fund.

The current Regulation "On non-cash payments" provides for a special procedure for settlements by payment orders when paying for money transfers through communication enterprises.

Enterprises and organizations have been granted the right, without limiting the amount, to make money transfers through communication enterprises for the following purposes:

In the name of individual citizens, funds due to them personally (pensions, alimony, wages, travel expenses, royalties);

Enterprises in places where there is no bank establishment, for expenses to pay wages, by organized recruitment of workers.

In these cases, the paying enterprise issues a payment order to the nearest post office, where it indicates the purpose of the transferred amount and submits it to its bank institution. To the order, the payer must attach forms of completed money transfers to specific recipients, as well as a general list of all transfer recipients (in 2 copies) indicating who receives the money, for what purposes, to which city or locality this transfer is sent.

In turn, the communication company that transfers funds issues a payment order through its bank institution in the name of that post office who will pay for these transfers. This instruction is accompanied by filled-in forms of remittances from remitters and a copy of the complete list of remittance recipients.

At the same time, the movement of funds between banks is carried out through correspondent accounts with the RCC. Communications enterprises pay for incoming transfers in cash or by crediting funds to the accounts of the recipients. At the same time, transfers addressed to legal entities are paid only by bank transfer, also by instructions drawn up in 4 copies, for the total amount of all transfers for each recipient.

Through communication enterprises, economic entities can also transfer cash amounts of trade proceeds to their accounts opened with banks. In the postal order form, the translator must indicate:

Your full name;

The number of the bank account to which this revenue is to be credited;

Name and number of the bank where this account is opened.

The communication company for all money transfers related to the transfer of trade proceeds must draw up a payment order to the transfer recipient for the total amount and submit this order to the bank servicing this communication company. On the reverse side of all copies of instructions relating to the transfer of trade proceeds, the communication enterprise is obliged to indicate the name of specific transferors of trade proceeds.

Settlements by payment orders have a number of advantages compared to other forms of payment: a relatively simple and fast document flow, faster cash flow, the ability of the payer to pre-check the quality of paid goods or services, the ability to use this form of payment for non-commodity payments, which makes settlements by payment orders the most promising form of payment.

1.2 Settlements by payment orders, letters of credit, collection orders

Settlements by payment requests, letters of credit, collection orders. Settlements under letters of credit - a letter of credit is a conditional monetary obligation accepted by a bank (issuing bank) on behalf of the payer, to make payments in favor of the recipient of funds upon presentation of the latter documents that comply with the terms of the letter of credit, or to authorize another bank (executing bank) to make such payments.

Banks can open the following types of letters of credit:

Covered (deposited) and uncovered (guaranteed);

Revocable and irrevocable (can be confirmed).

When opening a covered (deposited) letter of credit, the issuing bank transfers the amount of the letter of credit (cover) at the disposal of the executing bank at the expense of the payer or the credit provided to him for the entire period of the letter of credit.

When opening an uncovered (guaranteed) letter of credit, the issuing bank grants the executing bank the right to write off funds from its correspondent account within the amount of the letter of credit.

A revocable is a letter of credit that can be changed or canceled by the issuing bank on the basis of a written order of the payer without prior agreement with the recipient of funds and without any obligations of the issuing bank to the recipient of funds after the withdrawal of the letter of credit.

Irrevocable is a letter of credit that can be canceled only with the consent of the recipient of funds. At the request of the issuing bank, the nominated bank may confirm an irrevocable letter of credit (confirmed letter of credit). An irrevocable letter of credit confirmed by the nominated bank cannot be changed or canceled without the consent of the nominated bank. Partial payments under a letter of credit are allowed.

The payer submits to the servicing bank a letter of credit on the form of the established form, in which, in addition to the required details, the payer is obliged to indicate:

type of letter of credit (if there is no indication that the letter of credit is irrevocable, it is considered revocable); Condition of payment for a letter of credit (with or without acceptance);

number of the account opened by the executing bank for depositing funds with a covered (deposited) letter of credit; · Validity period of the letter of credit indicating the date (day, month and year) of its closing;

full and exact name of the documents against which payment under the letter of credit is made;

the name of the goods (works, services) for payment of which a letter of credit is opened, the number and date of the main contract, the term for the shipment of goods (works, services), the consignee and the destination (when paying for goods).

In the absence of at least one of these details, the bank refuses to open a letter of credit. In the event of a withdrawal (full or partial) or a change in the terms of the letter of credit, the payer submits to the issuing bank a corresponding order drawn up in any form in 3 copies. On each copy of the order, the responsible executor of the bank affixes the date, stamp and signature. One copy of the order is placed to the corresponding off-balance account, which records letters of credit in the issuing bank. Two copies of the instruction shall be sent to the executing bank no later than the working day following the day of its receipt. One copy of the order is transferred by the executing bank to the recipient of funds, the other serves as the basis for the return of funds or changes in the terms of the letter of credit.

When it is established that the documents accepted by the executing bank from the recipient of funds do not comply with the terms of the letter of credit, the issuing bank has the right to demand from the executing bank under the covered letter of credit the reimbursement of the amounts paid to the recipient of the funds, and under the uncovered letter of credit - the restoration of the amounts debited from its correspondent account.

To receive funds under a letter of credit, the recipient of funds submits to the executing bank 4 copies of the register of accounts, shipping and other documents stipulated by the terms of the letter of credit. They must be presented within the term of the letter of credit.

The executing bank is obliged to check the compliance of the documents submitted by the recipient of funds with the documents stipulated by the letter of credit, as well as the correctness of the registration of the register of accounts, the compliance of the signatures and seal of the recipient of funds with the samples stated in the signature and seal sample card. If violations are established in terms of the submission of documents, as well as the correctness of registration of registers of accounts, payment under the letter of credit is not made, the documents are returned to the recipient of funds. The recipient of funds has the right to re-submit the documents stipulated by the letter of credit before the expiration of its validity.

Closing of the letter of credit is carried out (in the amount of the letter of credit or its balance):

after the expiration of the letter of credit;

on the basis of the application of the recipient of funds to refuse further use a letter of credit before its expiration, if it is provided for by the terms of the letter of credit;

· by order of the payer to fully or partially withdraw the letter of credit, if such withdrawal is possible under the terms of the letter of credit.

Collection settlements are a banking operation through which the bank (issuing bank), on behalf of and at the expense of the client, on the basis of settlement documents, performs actions to receive payment from the payer.

To carry out collection settlements, the issuing bank has the right to involve another bank (executing bank). Settlements for collection are carried out on the basis of payment requests, the payment of which can be made at the order of the payer (with acceptance) or without his order (in the manner without acceptance), and collection orders, the payment of which is made without the order of the payer (in an indisputable manner).

Payment claims and collection orders are submitted by the recipient of funds (collector) to the payer's account through the bank servicing the recipient of funds (collector).

The recoverer submits to the bank the indicated settlement documents in the register of settlement documents transferred for collection, compiled in 2 copies. The first copy of the register is drawn up with two signatures of persons entitled to sign settlement documents, and a seal imprint.

In the absence or insufficiency of funds on the payer's account, accepted by the payer, payment requests for debiting funds without acceptance and collection orders are placed in a file cabinet under the off-balance account "Settlement documents not paid on time" indicating the date of placement in the file cabinet. The executing bank is obliged to notify the issuing bank about the placement of settlement documents in the file cabinet. The issuing bank brings the notice of filing to the card index to the client. Payment of settlement documents is made as funds are received to the payer's account in the order established by law.

Partial payment of payment requests, collection orders located in the file cabinet is allowed.

A payment request is a settlement document containing a requirement of the creditor (recipient of funds) under the main agreement to the debtor (payer) to pay a certain amount of money through the bank. Payment requests are applied in settlements for goods supplied, work performed, services rendered, as well as in other cases provided for by the main contract.

Settlements by means of payment requests can be carried out with or without the prior acceptance of the payer.

Without the payer's acceptance, settlements by payment claims are carried out in the following cases:

1) established by the legislation;

2) stipulated by the parties under the main agreement, subject to the provision of the servicing bank with the right to debit funds from the payer's account without his order.

In the payment request paid with the payer's acceptance, the recipient of the funds puts down "with acceptance" in the "Terms of payment" field. The term for acceptance of payment requests is determined by the parties under the main agreement (the term for acceptance must be at least 5 working days).

The last copy of the payment request is used to notify the payer of the receipt of the payment request. The specified copy of the settlement document is transferred to the payer for acceptance no later than the next business day from the date of receipt of the payment request by the bank.

Payment requests are placed by the executing bank in the file of settlement documents awaiting acceptance for payment, until the payer's acceptance is received, the acceptance is refused (full or partial), or the acceptance period expires.

The payer, within the period established for acceptance, submits to the bank an appropriate document on the acceptance of the payment request or the refusal, in whole or in part, of its acceptance on the grounds provided for in the agreement. Acceptance of a payment request or refusal of acceptance (full or partial) is formalized by an application for acceptance, refusal of acceptance. When accepting payment requests, the application is drawn up in 2 copies, the first of which is executed by the signatures of officials who have the right to sign settlement documents, and an imprint of the payer's seal. In case of full or partial refusal of acceptance, the application is made in 3 copies. The first and second copies of the application are made out by the signatures of officials who have the right to sign settlement documents, and the seal of the payer. The accepted payment request is paid from the payer's account no later than the working day following the day of receipt of the application. In case of a complete refusal of acceptance, the payment request must be returned to the issuing bank together with a copy of the application for return to the recipient of funds no later than the working day following the day the application was received.

If an application for acceptance or refusal of acceptance is not received within the prescribed period, the payment request is returned to the issuing bank on the next business day after the expiration of the acceptance period, indicating on the reverse side of the first copy of the payment request the reason for the return: "Consent to acceptance was not received."

In the payment request for debiting without acceptance on the basis of legislation, the recipient of funds indicates “without acceptance”, and also makes a reference to the law (number, date of adoption and article) on the basis of which the collection is carried out. In the "Purpose of payment" field, the creditor, in established cases, indicates the readings of measuring instruments and the current tariffs, or a record is made of calculations based on measuring instruments and current tariffs.

In the payment request for debiting funds without acceptance on the basis of an agreement, the recipient of funds indicates “without acceptance”, as well as the date, number of the main agreement and its corresponding clause providing for such a right to debit.

Without acceptance debiting from the account in the cases provided for by the main agreement is carried out by the bank if there is a condition in the bank account agreement on the debiting of funds without acceptance. The payer is obliged to provide the bank with information about the creditor who has the right to submit payment requests for debiting funds without acceptance, the name of the goods, works or services for which payments will be made, as well as about the main contract (date, number and corresponding clause providing right without acceptance).

A collection order is a settlement document on the basis of which funds are debited from the payers' accounts in an indisputable manner.

Collection orders apply:

1) in cases where an indisputable procedure for collecting funds is established by law, including for the collection of funds by bodies performing control functions (FTS, State Customs Committee, Central Bank);

2) for recovery under executive documents;

3) in cases stipulated by the parties under the main agreement, provided that the payer's bank is granted the right to debit funds from the account without his order.

When collecting funds from accounts in an indisputable manner in cases established by law, a reference to the law must be made in the collection order (indicating its number, date of adoption and the relevant article). When collecting funds on the basis of executive documents, the collection order must contain a reference to the date of issue of the executive document, its number, the number of the case on which the decision subject to enforcement was made, as well as the name of the body that made such a decision.

Collection orders for the collection of funds from accounts issued on the basis of executive documents are accepted by the bank of the recoverer with the original of the executive document or its duplicate attached.

1.3 Choosing the optimal form of non-cash payments when making settlement transactions with a specific supplier

The choice of the optimal form of non-cash payments in the implementation of settlement transactions with a specific supplier (buyer). Non-cash payments are carried out on the basis of settlement documents of the established form and in compliance with the relevant document flow. Depending on the type of settlement documents, the method of payment and the organization of workflow in the bank, payers and recipients of funds, the following main forms of non-cash payments are distinguished: settlements by payment orders, letter of credit form of settlements, settlements by checks, settlements by payment requests-orders, offsetting mutual claims.

Forms of settlements between the payer and the recipient of funds are determined by the agreement (agreement, separate agreements).

The choice of the form of payment is mainly determined by:

* the nature of economic relations between contractors;

* feature of the supplied products and the conditions for its acceptance;

* location of the parties to the transaction;

* method of cargo transportation;

* financial position of legal entities.

Settlements by payment orders. This is the most common form of non-cash payments in Russia at present. A payment order is an order from an enterprise to a servicing bank to transfer a certain amount from its account. This form of payment tends to be more widely used in a market economy.

Settlements by payment orders are used to make a wide range of payments: they are used to settle with suppliers and contractors in case of prepayment, with pension and insurance fund authorities, with employees when transferring wages to their accounts in other banks, with tax and other payments, when paying to a bank commissions, etc.

Settlements in the order of planned payments . In modern economic literature, there are various approaches to the interpretation of calculations in the order of planned payments. Often they are considered as a kind of settlements by payment orders, since this document is the main type of payment document used in settlements with planned payments. With uniform and constant deliveries between suppliers and buyers, settlements between them can be carried out in the order of planned payments on the basis of contracts (agreements) using payment orders in settlements.

The supplier, under the terms of the contract, undertakes to ship the products to the buyer in the established amounts and within a certain time frame based on the agreed delivery schedule. The Buyer undertakes to make scheduled payments within the terms specified in the agreement (daily or periodically), based on the frequency of payments and the planned volume of deliveries.

When switching to settlements by planned payments, the parties to the transaction send copies of agreements to the banks serving them with the details of the counterparty of the transaction, indicating the duration of the settlement periods, the terms for transferring payments, indicating the accounts from which payments will be made and to which funds will be credited, the timing of reconciliation and the completion procedure calculations.

For each planned payment is issued and transferred to the bank separate document- payment order (issued by the buyer).

Mutual offset. Offset of mutual claims, i.e. transfer from the account of one organization to the account of the counterparty only the difference (balance) of counterclaims. The main advantage of this form of non-cash payments is relative simplicity and economy.

Various settlement documents can be submitted for offset: payment requests-orders, payment orders, settlement checks, etc. When offsetting mutual claims, there is a sharp reduction in the movement of funds. They are required only in the amount of the difference remaining after offset.

Offsets of mutual claims are permanent and one-time. Permanent periodic balance settlements are usually made once every ten days between two economic organizations on the basis of counter, approximately equal deliveries. Both offsetting participants maintain mutual settlement accounts, on which all amounts due for payments are recorded. Settlement documents are not handed over to the bank, but are sent immediately to the buyer with the reflection of their amount on the account of mutual claims. Periodically, representatives of the parties reconcile accounts of mutual settlements, establish in whose favor there is a balance, and for this amount they issue either a payment order or another settlement document that performs a traditional document flow.

One-time offsets of mutual claims between two legal entities are carried out in the event that one party, when making a payment in favor of the other party, has counterclaims and claims against it. The uncredited balance of funds is repaid by the party that should have paid more. One-time group offsets can be carried out by banks on a certain date (end of the quarter, beginning of the year) to eliminate the resulting mutual overdue debts of legal entities for settlements with each other.

We examined the forms of non-cash payments that are used in the enterprise.

1.4 Attach, if possible, a copy of the statement from the settlement

In the report, draw a sample statement from the current account. A sample bank statement is shown below.

2. Lending to organizations

2.1 Conduct an assessment economic feasibility attraction of credit, borrowed funds of the enterprise. Calculate the financial leverage ratio

To assess the economic feasibility of attracting credit, borrowed funds of the enterprise. Calculate the financial leverage ratio (effect financial leverage).

Borrowed capital - a set of borrowed funds (cash and material assets) advanced to the enterprise and making a profit. In other words, the borrowed capital used by the enterprise characterizes the volume of its financial obligations (the total amount of debt).

The decision on the choice of certain forms of borrowing is made on the basis of a comparative analysis of their prices, as well as an assessment of the impact of the results of using borrowed capital on the financial performance of the enterprise as a whole. The use of borrowed capital under certain conditions is economically beneficial for the enterprise, and its effective management leads to an increase in production volumes, profits, and an increase in the return on equity. Conversely, the wrong approach to the formation of borrowed sources of an enterprise can have a very adverse effect on its financial condition.

When attracting borrowed capital, it is necessary to solve two contradictory tasks: to minimize the financial risk associated with attracting borrowed capital, and, on the other hand, to increase the return on equity through the use of borrowed funds. Thus, it is necessary to determine the boundary of the economic feasibility of attracting borrowed funds. The mechanism for assessing the impact of using borrowed funds on the return on equity is based on a ratio called the effect of financial leverage.

The effect of financial leverage is an increment to the net return on equity (change in earnings per share) obtained through the use of a loan (borrowed capital), despite the payment of the latter. Thus, the effect of financial leverage reflects the principle of growth in the owners' income by attracting borrowed funds. Using this indicator, it is possible to determine the effectiveness of the ratio of own and borrowed funds and calculate the maximum limit of bank lending, beyond which the financial stability enterprises.

The level of financial leverage depends on the terms of lending, the level of taxation, the availability of tax incentives for loans, loans, loans and the procedure for paying interest on loans, loans, etc. The effect of financial leverage (EFF) is measured by the additional return on equity obtained through the use of borrowed funds ( loans) compared with the return on equity of a financially independent organization:

EGF \u003d (1 - Np / 100) * (ER - SSPS) * ZK / SK,

Where Np -- income tax rate,%; ER -- economic profitability,%; SSPS -- the average estimated interest rate on loans (borrowed funds); ZK -- the cost of borrowed capital, SC -- the cost of equity. As for the indicator of economic profitability, it is defined as the ratio of profit before interest and taxes (in Russian practice, profit before tax plus payments for the use of borrowed funds (interest payable)) to the average value of the company's assets.

To date, the company does not have any obligations under credits and loans.

2.2 Choosing the optimal capital structure of a commercial organization

The choice of capital structure is considered to be a long-term strategic decision of the firm. The structure of capital is determined by the structure of the firm's assets - the share of constant cost capital in the total costs of the firm. Firms in capital-intensive industries require significant non-current assets, which require funding from long-term sources. On the other hand, borrowing increases the rate of return on equity, but at the same time, the expansion of loans leads to an increase in financial risk firms. There are several approaches to the formation of the capital structure of the company.

The first approach assumes the existence of an optimal capital structure of the firm. With this approach, the company's management sets the target capital structure according to the EPS criterion, and all financing decisions must comply with the accepted standards.

When using this approach, they are guided by the EPS indicator of earnings per share - and reason as follows. Debt-replacing a firm's stock first increases and then decreases earnings per share (EPS). The higher the share of debt in total value capital, the more creditors will demand in order to compensate for the risk of debt default - the value of debt obligations will increase. At a certain point (D/D+E=0.5), the cost of debt financing will start to exceed the effect of the reduction in the number of ordinary shares outstanding, and EPS will begin to decline. Simultaneously, the expansion of debt will increase the firm's financial risk beyond the firm's existing operational risk. In this example, the optimal capital structure should be taken as a structure in which the share of debt does not exceed 50%.

The inconvenience of the considered approach is due to the fact that there are no sufficiently reliable methods for predicting EPS for various levels of financial dependence of firms. Estimated data of financial managers may not meet the expectations of the market that evaluates the performance of the firm.

On the other hand, it is very difficult to prove that the chosen capital structure does not correspond to the maximum share price.

Return and risk chart

In the second approach, when forming the capital structure, they are guided not by the short-term criterion for evaluating the results of the company in the form of maximizing EPS, but by the long-term net cash flow generated by the company's capital. This approach is used by organizations focused on long-term stable activity, choosing a capital structure that provides the maximum present value of net cash flow for the forecast period, discounted at a rate corresponding to the estimated weighted average cost of capital kav.

Dynamics of the cost of capital

The value of the company's ordinary shares (equity) is estimated using the formula:

where: ko - the cost of ordinary shares; kav - weighted average cost of capital; kd is the cost of debt obligations.

With an increase in the share of debt in the total amount of capital, the price of equity increases. The price of debt increases slightly at first, and then more rapidly. Since the price of debt is lower than equity, the kav line has a point with a minimum value. The value of D / D + E, at which kav = min, corresponds to the optimal capital structure in the long run.

The third approach to the formation of the capital structure is focused on meeting the requirements of investors and creditors of the firm. The ratio between own and borrowed capital is one of the most important analytical indicators in assessing the risk of investing and lending to a company. In such an assessment, the following indicators of financial leverage and coverage are used, calculated according to accounting information.

The share of debt obligations in the asset is calculated by the formula:

This ratio characterizes the share of loans in total cost firm's capital (D/D+E).

The ratio of borrowed and equity capital is estimated by the formula:

This indicator characterizes the share of creditors' claims in the property of the company's owners (D/E).

These interchangeable indicators reflect the ability of the firm to cover debt obligations with its own property. Calculated from data financial statements, they do not correspond to the market value of the company's debts and property, but allow an approximate estimate of the capital structure.

The interest payout ratio is calculated using the formula:

This ratio shows how many times the gross profit exceeds the amount of annual interest on long-term medium-term loans and borrowings. The average value of this indicator is at the level of 5.5-6.

The debt coverage ratio (debt service) is calculated by the formula:

This ratio takes into account the ability of the company not only to pay interest, but also to repay the principal. The value (1 - income tax rate) allows you to bring the cash flow of payments of the main debt to a pre-tax calculation, since gross profit is a cash flow before taxes. This adjustment ensures the comparability of the cash flow elements used to calculate the indicator.

For example, if a firm has a gross profit of $100 million, annual interest payments of $10 million, and annual principal repayments of $15 million, then at an income tax rate of 24%, the debt service ratio would be:

According to the results of the calculations, it follows that the gross profit may decrease by more than 3 times before the company begins to experience difficulties with debt servicing.

Lease financing costs are not subject to income tax and should be taken into account in the calculation of coverage ratios in the same way as interest.

The disadvantages of the listed indicators, calculated on the basis of accounting, rather than market information, should include their static nature, which does not reflect the current dynamics of the company's activities. Forecasting future performance based on these metrics further takes into account discrepancies between market and accounting estimates of a firm's cost of capital. However, the lack of a developed capital market serving firms, investors and creditors forces the widespread use of accounting estimates even where their use is not justified.

There are other approaches to the formation of the capital structure of the company. For example, the Modigliani-Miller (MM) theory, formulated for the conditions of an ideal capital market, where there are no restrictions on the movement of funds (taxes, etc.), states that the cost of capital does not depend on its structure.

The current theories of substantiation of the optimal capital structure are quite imperfect for practical use. It is not possible to reliably estimate the impact of the capital structure on the price of an entity or market value her shares. Most organizations share the concept that there is an optimal capital structure. Others practice capital structure decisions based on personal preference and opportunity.

2.3 Analysis (drawing up) of the loan agreement

Analysis (drawing up) of a loan agreement (loan agreement, loan agreement). As I said, today the organization has no loans or credit obligations. However, let's take a quick look this question. Under a loan agreement, one party transfers money to the other party, and the borrower undertakes to return the same amount of money to the lender.

The loan agreement is considered concluded from the moment the money is transferred, which means that it is impossible to force the lender to issue a loan, since the promise to provide a loan has no legal significance. The parties to the loan agreement can be any subjects of civil law - capable citizens, legal entities, public legal entities that are owners of their property. A loan agreement requires a simple written form in cases where the lender is a legal entity or the amount of this agreement concluded between citizens is at least 10 times the minimum wage established by law, which corresponds to the general rules on simple writing deals. Such a form, in accordance with the law, may be a borrower's receipt or another document confirming the transfer by the lender to the borrower of a certain amount of money. In other cases, the loan agreement may be concluded orally.

A loan agreement is a special, independent type of loan agreement. It is this circumstance that makes it possible to apply the loan rules for its regulation in a subsidiary manner, unless otherwise follows from the essence of the loan agreement.

Most of the participants in the property turnover experience a constant need for a cash loan. Its satisfaction under the loan agreement is impossible, since it is of a real nature and cannot create confidence in the borrower that he will receive money at the right time, since the lender cannot be forced to issue a loan. Therefore, the financial market, within which, in fact, "trading in money" is carried out, needs another agreement of a consensual nature. This circumstance predetermined the emergence of a relatively independent loan agreement. Under a loan agreement, a bank or other credit institution undertakes to provide funds to the borrower in the amount and on the terms stipulated by the agreement, and the borrower undertakes to return the received amount of money with interest.

By its legal nature, the loan agreement is consensual, reimbursable and bilateral. Unlike a loan agreement, it enters into force already at the moment the parties reach an appropriate agreement, before the actual transfer of money to the borrower. This makes it possible for the borrower, if necessary, to force the lender to issue a loan, which is excluded in loan relations.

The loan agreement also differs from the loan agreement in terms of its subject composition. Only a bank or other credit institution that has an appropriate license from the Central Bank of the Russian Federation to perform such operations can act as a creditor here. The subject of a loan agreement can only be money. Moreover, the issuance of most loans is carried out in a non-cash form, i.e. the subject of credit relations are the rights of demand, and not money in the form of banknotes. That is why the law refers to the provision of a loan in the form of "money" and not "money or other things", as is the case in the loan agreement. Thus, the subject of the loan agreement is non-cash money ("cash"), i.e. claims, not things. If the contract refers to the obligation to lend things (defined by generic characteristics), and not money, then such an agreement is subject to special rules on commodity credit.

Consequently, the loan agreement, both in subject composition and in subject matter, has a narrower scope than a loan agreement. Finally, a loan agreement, unlike a loan agreement, is always paid. The remuneration to the lender is determined in the form of interest accrued on the amount of the loan for the entire time of its actual use. The amount of such interest is determined by the contract, and in the absence of special instructions in it, according to the rules of paragraph 1 of Art. 809 of the Civil Code, i.e. at the refinancing rate.

2.4 Studying (drawing up) a feasibility study for a loan application

Studying (drawing up) a feasibility study for a loan application. Let's briefly consider this issue. A feasibility study (feasibility study) is used to briefly describe the need and feasibility of incurring some costs.

A feasibility study for a loan is one of the main documents provided by the borrower, demonstrating the quality and level of the borrower's loan transaction. It can be executed in any, arbitrary form and signed by the head of the enterprise and the chief accountant.

The volume of the feasibility study is usually 2-3 pages, sometimes a little more.

Sometimes it depends on how and at what level the feasibility study is done, whether the bank will be able to assess the borrower and the degree of credit risk. Therefore, the feasibility study is a very important document for both the bank and the client.

The main tasks of the feasibility study:

· Show that these costs or these solutions are needed by the company.

· Determine how the project is feasible from a technical and economic point of view.

The feasibility study for obtaining a loan must reflect the economic efficiency and cost recovery during the period for which the loan is taken.

The feasibility study includes the following sections:

1) Deal deadlines;

2) Own and borrowed funds (assessment of the funds available to the client);

3) The exchange rate of the ruble at the time of the transaction;

4) The cost of the transaction-purchase (if the transaction is with a foreign partner, then taking into account customs excise duties);

5) Amounts received after the sale of the subject of the transaction;

6) Costs;

7) Turnover of funds;

8) Calculation of income tax, how much money will eventually remain at the disposal of the borrower after settlement with creditors and payment of all taxes to the state, calculation of the transaction efficiency indicator, which includes the profitability ratio and the rate of return on invested capital.

So, for example, an enterprise takes a loan in the amount of 50,000,000 rubles at 15.0% per annum for 3 months to purchase equipment under the guarantee of an insurance company. The company expects to carry out this transaction without the participation of its own funds and equity participation of partners. The enterprise assumes, mining and selling precious metals every month, to pay off the creditor and get some profit.

If the specialist of the credit department of the bank considers the data of the feasibility study of the transaction under the loan, he will immediately be able to draw the following conclusions:

1. As a result of this transaction, a very small amount will remain at the disposal of the enterprise, despite the small costs.

2. Efficiency rates are very low.

3. This enterprise can pay off the loan only if the number of turnovers (clause 7) for the loan period is equal to three.

If we analyze the formulas for calculating income tax and performance indicators with a number of turnovers less than 3 (063), then the taxable profit (094) will be much less than the interest that must be paid to the bank and payments to the insurance company. The number of turnovers equal to three means the purchase and sale of goods every month, which is possible only with very well-established relationships with sellers and buyers, and this is very risky, since there may be delays in the delivery of goods and the impossibility of their sale, which will lead to a loss of creditworthiness .

4. If the borrower had its own funds or involved partners in equity participation, the situation with this transaction would be more stable.

It can be concluded that this transaction is possible, but not very effective and risky, and the bank can take risks only by working with trusted and reliable partners.

3. Budgetary funds as a source of financing the activities of organizations

3.1 Conduct an analysis of the effectiveness of the use of state (municipal) financial support in the process of financing the activities of the organization

Conduct an analysis of the effectiveness of the use of state (municipal) financial support in the process of financing the activities of the organization.

Analysis of the effectiveness of the use of public funds includes the following elements:

1) verification of the economy of the organization's use of public funds spent on achieving specific results of its activities;

...

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Plan

§ 1. The financial environment of entrepreneurship: the concept and essence, structure.
§ 2. Microenvironment of entrepreneurship.
§ 3. Macroenvironment of entrepreneurship.
§one. The financial environment of entrepreneurship is a set of economic entities operating outside this enterprise and affecting its ability to carry out entrepreneurial activity and earn income. Or the financial environment of entrepreneurship can be viewed as a combination of various conditions and factors affecting the performance of the enterprise. The financial environment can have both positive and negative impact on the financial condition of the enterprise, on its ability to function effectively in the market. The financial environment creates certain conditions, a climate in which this or that enterprise is forced to work.
In accordance with the theory of strategic management, the environment, together with the capabilities and strategic potential of the company, expresses its strategic position in the market (see Fig. 1.1.).
Best Option- compliance of the company's capabilities with the conditions environment. In this case, special attention should be paid to the compliance of the financial capabilities of the enterprise with the financial environment of entrepreneurship. If an enterprise has sufficient potential to meet the demands of the environment, then the efficiency of its activities increases, which leads to an improvement in its financial condition and a strengthening of its position in the market. Otherwise, the enterprise, having overestimated its capabilities, will not be able, for example, to meet its obligations, fulfill an order, etc., thereby losing significant funds, which will lead to a deterioration in its financial condition.
Depending on the stage life cycle enterprises, the financial environment of entrepreneurship may change, but it cannot disappear. It can and should be formed, changed and, if necessary, adjusted to it.
The structure of the financial environment of entrepreneurship can be viewed from two positions. The first point of view indicates that the financial environment of entrepreneurship consists of a micro-environment and a macro-environment (see Fig. 1.2.).
The microenvironment of entrepreneurship is represented by the immediate environment of the enterprise, i.e. micro-level, and the macro-environment - macro-level factors.
In accordance with another point of view, the following types are distinguished as part of the financial environment for the functioning of an enterprise (see Fig. 1.3.)
external financial environment of indirect influence (includes a system of conditions and factors manifested at the macro level that affect the enterprise, for example, state financial policy);
external financial environment of direct influence (characterizes the system of conditions and factors affecting the enterprise in the process of its relationship with counterparties in financial transactions and transactions, for example, relations with buyers and suppliers, banks and insurance organizations, etc.);
internal financial environment (is a system of conditions and factors that determine the choice of organization and forms of financial activity of the enterprise in order to achieve best results which are under the direct control of managers and specialists financial services enterprise, for example, enterprise personnel).
§ 2. The entrepreneurial microenvironment includes entities that are directly related to this enterprise and affect its ability to conduct business and generate income. It includes suppliers, intermediaries, buyers (clients), competitors, contact audiences.
Suppliers are legal entities and individuals who provide the enterprise and its competitors with the production stocks necessary for the production finished products. The influence of suppliers on the financial activity of the enterprise is significant and can lead to both positive and negative results. For example, an increase in prices for supplies largely determines an increase in prices for finished products of an enterprise. Non-delivery of certain inventories, their irregularity, any negative events at the supplying enterprises lead to a violation of the schedules for the shipment of finished products of a particular enterprise. Therefore, this company violates the terms of payment and so on. discipline with other subjects of its business environment, and, therefore, incurs losses.
Intermediaries are organizations that assist the company in promoting, distributing and marketing finished products among buyers and thus affect the amount of income received. Allocate resellers (dealers), intermediaries for the organization of goods distribution, as well as marketing and financial and credit intermediaries.
Resellers help the business find buyers and directly sell finished products to them. They provide convenient conditions for the sale of finished products (convenience of location, convenience of time, convenience of purchase) at a lower cost than the manufacturer himself would do. The convenience of location is achieved by dealers through the accumulation of stocks of finished products in areas with the highest concentration of buyers. The convenience of time is due to the presence necessary products in those periods when the demand for it is especially high, which is important for seasonal promotion and sale of goods. The convenience of acquiring finished products lies in the sale of goods with the simultaneous transfer of the right to use them.
Distribution brokers help the finished goods manufacturer stock its own products and transport them from production sites to destinations. These include warehouse and transport organizations. The former ensure the accumulation and preservation of finished products along the way of its promotion. Transport organizations also move stocks of finished products to destinations.
Marketing intermediaries are organizations that marketing research, as well as the problems of studying and assessing entrepreneurial risk ( advertising agencies, consulting firms, etc.). Their main task is to help
it is more accurate for the manufacturer to address the finished product and sell it with the least risk and maximum income. However, at present, manufacturing enterprises rarely use the services of such companies, which greatly complicate their marketing activities.
Financial and credit intermediaries are represented by banks, credit institutions, insurance companies, the main task of which is to finance the manufacturer's transactions for the acquisition of production reserves and the sale of its own finished products, insurance against entrepreneurial and other types of risks associated with its activities. Almost all enterprises use the help of financial and credit intermediaries in the financial support of transactions. Significant impact on financial position enterprises can cause an increase in the cost of credit and (or) a reduction in lending opportunities, an increase in the cost of insurance services, as well as financial crises that paralyze the work of financial and credit intermediaries.
Clients are divided into the following groups:
consumer market buyers - individuals who purchase goods or services for personal consumption;
manufacturers' market buyers - organizations that purchase goods or services for further use in the production process of other products;
buyers of the reseller market - individuals and legal entities that purchase goods or services for subsequent resale and profit in the sphere of circulation;
public institution market buyers are public institutions that purchase goods or services for their own consumption, as well as for use in public utilities or for charitable purposes;
International market buyers are legal entities and individuals who purchase goods for various purposes outside the country of their production.
Competitors are organizations that typically provide Negative influence on the activities of this enterprise by capturing a larger market share, using competitive advantages (high quality goods, low prices, a wide range of goods, etc.).
Among the competitors are:
desires-competitors;
commodity-generic competitors;
product-species competitors;
competitor brands.
Competitive desires are needs that the buyer might want to satisfy. So, for example, if there is a need for transport, alternative desires-competitors can be the purchase of a car or a motorcycle, etc.
Product-generic competitors are the main ways to satisfy a specific desire through a previous purchase, such as a certain type of car.
product-species competitors are varieties of the same product that can satisfy a specific desire of the buyer, for example, cars with different engine sizes.
Competitive brands are products from different manufacturers that can satisfy the finally determined desire of the buyer. In our case, these are cars of similar types and types, but produced by different companies.
Contact audiences are any group that shows interest in the activities of this enterprise and influences its ability to generate income in the course of economic activity.
Contact audiences are classified according to two criteria:
1. by content;
2. by the nature of the impact on the interests of the enterprise;
By content, contact audiences are classified into:
financial circles;
media groups;
state institutions;
civilian action groups;
local groups;
general public;
internal groups.
Financial circles are contact audiences that influence the ability of an enterprise to provide itself with capital. These include banks, credit institutions, investment companies, insurance companies, etc.
Media groups are organizations that distribute news, articles, and commentary in the press, television, and radio.
State institutions influence a particular enterprise through requirements, prohibitions, recommendations, instructions that must be taken into account and implemented by enterprises.
Civic action groups are represented by consumer unions, environmentalists, religious and others. organizations.
Local contact audiences are groups of people living near the given enterprise and their community organizations.
The general public usually does not act as an organized force in relation to the enterprise, but the results of its commercial activities depend on how it perceives the image of the enterprise.
Internal contact audiences include workers and employees of the enterprise and its managers.
By the nature of the impact, contact audiences can be:
salutary,
sought,
unwanted.
Beneficial audiences are groups that have a positive impact on the enterprise (for example, sponsors).
the target audiences are those groups in which the enterprise itself is interested (for example, users of the media).
Unwanted audiences are those groups whose interest the company should not attract, but must necessarily reckon with it if it manifests itself (for example, consumer societies, tax authorities, etc.).
§ 3. The macro-environment of entrepreneurship is represented by a wider environment that influences the market situation in general and the activities of an individual enterprise in particular. It includes natural, technical, political, economic, demographic and cultural factors.
The impact of the natural factor on the business environment is characterized by a shortage of certain types of raw materials, an increase in the cost of energy carriers, an increase in environmental pollution, and state intervention in the process of using and reproducing natural resources.
The influence of the technical factor on the business environment is manifested in the acceleration of scientific and technological progress, the growth of R & D allocations, the improvement of finished products, the increase in labor productivity through the use of new technologies, etc.
the political factor influences the entrepreneurial activity of an enterprise through the development and adoption of legislative acts regulating this activity, increasing the requirements of state institutions that monitor compliance with laws, etc.
The impact of the demographic factor on entrepreneurial activity is manifested in an increase in the birth rate in developing countries, a decrease in the birth rate and an aging population in industrialized countries, an increase in the educational level and an increase in the number of employees.
The influence of the cultural factor of the macro environment is characterized by the commitment of the majority of the population to the main traditional cultural property, the presence of subcultures within a single culture.
Accounting by the financial manager of all components of the micro- and macro-environment of entrepreneurship is a prerequisite for successful investment and higher income generation for the enterprise.

The essence of any economic category, including financial system manifests itself in its functions. Function (from lat. .functionio- performance, implementation) - an external manifestation of the properties of an object (phenomenon) in a given system of relations.

In the economic literature, there are various theoretical ideas about the functions of the financial system. This is primarily due to the specifics of approaches to the definition of finance and the financial system of existing economic schools and directions, which, in turn, is associated with specific historical and country-specific features of the functioning of financial systems.

Financial systems are characterized by dynamic development, during which their structural forms are modified, new financial instruments and services appear that correspond to the goals and objectives of the functioning of financial systems at a particular stage of social evolution. The financial systems of different countries may have certain differences due to the influence of many factors, including the economic model used, the size of the country, the degree of development of financial institutions and the level of competition among them, the use of innovations and technologies, cultural, historical, geographical, demographic and others. In countries with administrative economies, the functions of the financial system are reduced mainly to the distribution of financial resources, while institutions play the role of a state lever. In economically developed countries, the functions of the financial system are more differentiated and diverse.

In the Western economic literature, where the institutional approach to determining the essence of the financial system prevails, according to which the financial system is considered as a set of institutions that accumulate and provide funds, taking into account asset valuation and risk management, such functions of the financial system as information, control and monitoring, risk management, accumulation of savings, reduction of distribution costs, settlement and payment services, etc.

So, R. Levin refers to the functions of the financial system the information function, control and monitoring, risk management, accumulation of savings, reduction of distribution costs; R. Merton and 3. Body - payment and settlement, pooling of resources and allocation of shares in the enterprise, temporary, cross-industry and cross-country redistribution economic resources, risk management, informational, overcoming or mitigating problems associated with information asymmetries. At the same time, R. Merton and Z. Bodie believe that the main function of the financial system is the temporary, cross-industry and cross-country redistribution of economic resources.

In the work of J. Stiglitz, the following composition of the functions of the financial system is given: transfer of resources (capital) from savings agents to borrowers and investors; agglomeration of capital, since projects require more capital than can be held by one or a group of savings agents; project selection; monitoring the use of project funds; enforcement of contracts (refunds); transfer, sharing, risk aggregation, risk diversification.

In the domestic economic literature, a number of authors (A. G. Gryaznova, L. A. Drobozina, E. V. Markina and others), in accordance with the traditional understanding of the categories "finance" and "financial system", derive the functions of the financial system from the functions of finance, highlighting the distribution and control.

Some researchers believe that the financial system also has other functions: operational, stimulating, redistributive, reproductive.

According to other researchers (V. N. Gorelik, A. Z. Dadashev, D. G. Chernik), the financial system is designed to ensure, firstly, the distribution and redistribution of the gross domestic product through the implementation of a complex of commercial, financial and fiscal operations , affecting the pace and direction of the socio-economic development of the state; secondly, coordinated interaction between government authorities, business entities and the population in the process of formation and use of centralized and decentralized funds of funds, creating prerequisites for the transition to a higher level of business activity.

Analysis of the presented positions indicates that the main function of the financial system is distributive. This approach corresponds to that accepted in both domestic and Western economic literature. The financial system does not perform other functions if it does not perform the main one.

The composition of these other functions is determined by representatives of various scientific schools in different ways, based on theoretical ideas about the essence of the financial system.

• - distributive, covering the movement of economic resources in time and space;
• - regulatory, including financial regulation of the economy, risk management of economic activity and liquidity of financial assets, reduction of distribution costs, provision of optimal methods for making settlements;
• - mobilization, ensuring the accumulation of savings;
• - control, involving the control and monitoring of cash income and funds;
• - information, aimed at mitigating information asymmetry.

Characteristics of the functions of the financial system

The key function of the financial system is distributive.

The distributive function of the financial system is manifested in the process of distribution and redistribution between various economic entities of the gross domestic product, its most important component - national income, part of national wealth, as well as external receipts in the form of external government loans, foreign investment, other interstate transfers and is realized through the movement of financial resources in time and space.

With the improvement of distribution and redistribution mechanisms, the development of financial markets, the network of financial intermediaries, the range of financial instruments, the forms of its implementation become more and more diverse.

The movement of financial resources in time is associated with the existence of a time gap between the receipt and use of funds by economic entities. With the help of financial instruments, priorities are realized in the formation and use of financial resources over time, synchronization of financial flows, a more even distribution of the tax burden in time, diversification of insurance and other risks, capital investment.

The financial system contributes to the movement of financial resources not only in time, but also in space - between economic entities, regions, countries. Globalization processes economic relations, reflecting radical changes in the world and national economies, are accompanied by an increase in the interconnection of financial systems and the spatial expansion of financial capital. Breakthrough in development information technologies and communication means, introduction of worldwide computer networks, integration trading systems into a single "electronic" global market determine the high mobility of financial capital.

In the context of the introduction of innovations, the strengthening of the global nature of modern financial markets and the interweaving of financial systems, the processes of movement of financial resources in time and space are accelerating, while reducing transaction costs and increasing the efficiency of financial operations. The global marketplace has a complex, high-tech network of communication channels, resource and information flows encircling the whole world; it operates around the clock, in all time zones, in the form of organized stock exchanges and electronic trading systems, which provides the ability to access financial resources in real time from anywhere in the world, make transactions without intermediaries, and provide a full package of financial services to all categories investors.

The regulatory function of the financial system shows in which direction the redistribution of financial resources takes place, the formation of reproductive, sectoral and territorial proportions. Its action is aimed at ensuring a sustainable pace of socio-economic development through the use of financial methods and tools for macroeconomic regulation, risk management of economic activities and liquidity of financial assets, implementation of cost-effective projects, ensuring optimal methods for making settlements.

In the field macroeconomic regulation the impact on economic and social processes is carried out through budgetary, tax, customs, investment and monetary policy by concentrating financial resources in some segments of the economy and limiting the growth of financial resources in others. It is aimed at preventing possible or eliminating existing imbalances, ensuring the development of advanced technologies, and achieving social stability.

In part economic activity risk management the regulatory function of the financial system provides an opportunity for subjects of economic relations to reduce the risks of their activities by attracting the services of specialized institutions and financial market instruments. Institutions that take on these risks use different forms and methods of risk management appropriate to their role in the financial system. The main institutional element of the financial system, which ensures the implementation of the function under consideration, is traditionally insurance organizations that, by agreement of the parties, assume risks and pay insurance claims. State off-budget funds that solve the problems of providing social protection population, use the methods of redistribution of national income in favor of unprotected social groups population. Investment companies that manage cash funds contribute to the diversification of depositors' risks while maintaining and increasing investments, etc. To manage risks, methods such as insurance, diversification and hedging are used, as well as a range of techniques that allow you to transfer the risk, prevent or compensate for damage, avoid the risk in whole or in part.

Regulatory function of the financial system in part liquidity management of financial assets provides the possibility of changing the form of a financial asset depending on the requirements of the economic entity to the degree of its liquidity. Different categories of financial assets circulating on the market have different levels of liquidity. It is known that money has the greatest liquidity. Stocks are considered less liquid than bonds; long-term securities- less liquid than short-term; corporate securities - less liquid than government. Currency, securities, precious metals ensure the circulation, storage and accumulation of financial assets, as well as the efficiency of their use. The implementation of the function under consideration contributes to the choice by economic entities of the most appropriate forms of storage and use of their financial assets, reducing time and simplifying business transactions.

The regulatory function of the financial system contributes, among other things, to the realization cost-effective projects by choosing suitable methods and sources of financing. The effectiveness of the project largely depends on the model of its financing. The choice of methods and sources of financing is determined by a number of factors, and above all by the degree of availability of certain sources of financing, their cost. The regulatory function of the financial system provides economic entities implementing the project with the opportunity to choose the optimal financing model, which implies the best combination of methods and sources of financing while minimizing the weighted average cost of financial resources.

Implementation of the regulatory function of the financial system in settlements and payments is to provide settlement services that mediate the movement of financial resources between economic entities. With the development of scientific and technological progress, new payment systems are being introduced and more and more advanced means of payment are being used, which increases the speed of movement of financial resources and the scale of their spatial movement. With the development of payment systems, the traditional bilateral relations of settlement services within the framework of the contract are being transformed into a network structure of interconnections built on a multilateral basis.

The control function of the financial system involves control and monitoring at all stages of the formation and use of cash income and funds and objectively reflects the course of the distribution process. It manifests itself in the control of compliance with the law, the distribution of the gross domestic product, part of the national wealth, external revenues, as well as the spending of financial resources for their intended purpose. Financial control is aimed at ensuring the development of production, accelerating scientific and technological progress, improving the quality of work in all spheres and sectors of the economy, stimulating, rational and thrifty use of material, labor, financial resources and natural resources, reducing unproductive costs and losses, curbing mismanagement and waste .

The mobilization function of the financial system provides an opportunity for the formation of savings, the accumulation of wealth and income. It is implemented through the accumulation of capital and its accumulation with the help of financial institutions in the interests of market participants and society as a whole. This function allows using savings to counteract inflationary and crisis processes in the economy, ensure the stability and liquidity of the national currency, and generate resources for their further investment.

The function of broad financial information, which is performed by the financial system, contributes to the adoption of optimal decisions by economic entities due to information support.

In Russia, the function of broad financial information is implemented through various printed publications, statistical reference books and databases on the financial sector, the financial condition of organizations, structures that provide Financial services, etc. The most accessible and up-to-date information is provided by Internet resources, where changes in quotations, exchange rates, exchange rates and other financial indicators are reflected in real time. Among the most famous Internet resources, such as Alpari.ru; cbr.ru; en.investing. corn; stocknavigator.ru; vedi.ru. In addition, a number of companies operating in the financial market provide information in the form of analytical reviews and reports: Alfa Capital. Analytics"; “Market Analysis from VTB 24”; Investment Cafe. Market Pulse"; "Interfax"; RosBusinessConsulting (RBC); «VTB 2 4. Te khanal i: j Forex»; Nord-Capital. Analytics"; "Prime-TASS"; "Finam"; "Finmarket"; "Rating agency AK&M"; Alpari. Analytics Forex"" "Forexpf. Forex"; « FusionMedia. Market Review"; TeleTrade. Expert opinions”; " teletrade. Techanalysis, etc.

Information is an important factor determining the direction of the movement of financial resources. Such information includes interest rates, exchange rates, stock prices, stock market indices, prices, tariffs, etc. Thus, the dynamics of interest rates in financial markets is an indicator of economic development, indicating its general trend, and market valuation certain assets - a key tool for minimizing the risks of operations involving the movement of capital. Detailed analysis and accounting of financial information contribute to the adoption by economic entities of economic decisions, the effectiveness of which is largely due to the completeness, reliability and timeliness of this information. However, information is imperfect, in addition, its asymmetry is generated by the actions of the economic actors themselves. In this regard, the activities of the infrastructure institutions of the financial system make it possible to simplify the process of obtaining and processing information for all participants in economic processes and thereby reduce the level of information asymmetry.

Rubtsov B. B., Seleznev P. S. Modern tendencies development and anti-crisis regulation of the financial and economic system: monograph. M.: IPFRA-M, 2015. S. 18.

For the emergence finance as a sphere of economic relations, the emergence and coincidence in time at a certain historical stage of a whole complex of conditions (or prerequisites) is necessary, such as:

• education and recognition individuals for goods, services, land, etc.;
• the established system of legal norms in terms of property relations;
• strengthening the state as a spokesman for the interests of the whole society, acquiring the status of an owner by the state;
• the emergence of socially diverse groups of the population.

All these conditions arise under one common premise: a sufficiently high level of production, increasing its efficiency, growing and exceeding the limits necessary for biological survival.

The formation, distribution and use of cash income is the main condition for the emergence of finance.

Financial interests are the interests of the owners of cash income.

For the emergence of finance, a high level of development of the money economy is also necessary, a constant circulation of money on a large scale, the formation and use of the main functions of money. Financeis the movement of money. Financial relations always affect property relations. This is not only monetary relations, but also property relations. The subject of economic relations must always be the owner. It is by distributing and using the money income, of which he is the owner, that each participant in economic relations can realize his interests.

Financial resources

No serious economic or political decision can be made without a preliminary assessment of the amount of money income required for this. The distribution and accumulation of cash income acquire a target character. The concept of "financial resources" appears. Being money incomes accumulated and distributed for specific purposes, financial resources are used for various social, economic, scientific, cultural, political and other purposes (Fig. 18).

Financial resources- this is the accumulated income intended for specific needs.

Rice. 18. Main directions of use of financial resources

Financial resources serve all stages of the movement of cash income from their formation to use.

Since finances are conditioned by the movement of cash income, the patterns of their movement affect finances. Incomes usually go through three stages (stages) in their circulation (Fig. 19):

Rice. 19. Stages of the movement of cash income (finance)

Finance, as we see, is related to all stages of the formation, distribution and use of cash income. Primary Income are formed as a result of the sale and distribution of proceeds from the sale of goods and services. Since the production process is usually continuous, it is necessary to allocate part of the proceeds at the stage of selling goods to ensure both continuity production process.

primary income is formed as a result of expanded commodity production and is serviced by finance.

Rice. 20. The process of expanded reproduction

Primary distribution is the formation of primary income based on gross proceeds.

The secondary distribution of cash income (redistribution) can occur in several stages, that is, it is of a multiple nature.

As can be seen from the schematic representation of the abstract production process (Fig. 20), any production ends with the primary distribution of money income, without which further economic development is impossible. And the distribution of money income ( D") is financed. The allocation of financial resources for the expansion of production takes the following forms: payment for current material costs, depreciation of equipment, rent, interest on a loan, wages of workers employed in this production. After the primary distribution of monetary income, the processes of redistribution begin, i.e., the formation of secondary income. First of all, these are taxes, contributions to insurance funds, contributions to social, cultural and other organizations.

Last stage distribution and redistribution of income - their implementation. Realizable income called final. Part of the final income may not be realized, but directed to accumulation and savings. Nevertheless, there is the following financial equality, which is not violated under any circumstances:

ΣA = ΣB + ΣC,

• BUT- primary income;
• AT- final income;
• FROM- Savings and savings.

The distribution process is influenced not only by finances, but also by prices.

Since the process of realizing any goods (goods, services, etc.) into cash income is carried out at certain prices, then price dynamics has an independent effect on the distribution process. The more prices change (both upward and downward), the more money income fluctuates. These shifts are especially sharp in conditions of inflation.

Financial resources as part of cash income act as various forms. For the real sector of the economy (production), this is part of the profit, for the state budget - the entire amount of its revenue, for the family - all the income of its members, etc.

Financial resources- this is the part of the funds that can be used by their owner for any purpose at his discretion.

The process of distribution and redistribution of financial resources

Financial resources are offered on the market by a large number of business entities and the population. It is clear that potential users (consumers) of these funds are not able to independently establish business relations with every economic entity, with every citizen. In this regard, the problem arises of combining disparate savings into significant amounts of financial resources that can be offered for use by a large potential investor.

This problem is solved financial intermediaries(banks, investment and mutual funds, investment companies, savings associations and
etc.), which accumulate free resources, primarily of the population, and pay interest on these resources. The attracted resources are provided by financial intermediaries as loans or placed in securities. Their income consists of the difference between the interest paid on the attracted resources and the interest received on the resources provided.

Owners of cash savings can transfer their funds to investment companies, or they can directly acquire industrial corporations. But in the second case, they will face intermediaries - dealers and brokers, which are professional participants in financial markets. Dealers carry out operations independently, on their own behalf; brokers act only on behalf of clients and on their behalf.

Timely financial market offers potential investors wide opportunities for investing funds by acquiring monetary obligations of a wide range of business entities. These liabilities are called financial instruments. These include: IOUs, futures contracts, etc. A variety of financial instruments allows owners of funds to diversify their investment portfolio, that is, invest their savings in the obligations of different companies and banks. These obligations will have a different yield, but also a different degree of riskiness. If a company fails, investments in other companies will continue. Diversification of the investment portfolio is carried out according to the principle: "you can not put all your eggs in one basket."

Financial relations as a sphere of economic activity

financial relations- these are relations associated with the distribution, redistribution and use of cash income.

The phenomenon of financial relations as a sphere of economic relations in society arises at the stage of distribution of primary income (Fig. 21).

Rice. 21. Financial relations at the stage of distribution of primary income

Financial relations, arising in connection with monetary and serving the circulation of cash income, concern almost all individuals and legal entities. Main participants in financial relations are producers of any products (real sector of the economy); budget and non-profit organizations; the population, the state, banks and special credit and financial institutions. In the course of its development, financial relations give rise to credit and exist with them in close relationship (Fig. 22).

Credit relations is part of the financial relationship. Both of them are the result of monetary relations.

Rice. 22. Place of credit and financial relations in the structure of economic relations

Credit relations arise in connection with the provision by one entity to another (individuals and / or legal entities) of money on the terms urgency, return, payment.

The main difference between financial and credit relations is the repayment of funds provided on the terms of urgency, repayment and payment.

Usually isolated three stages of income movement, reflecting the formation of primary, secondary and final income.

Primary Income are formed as a result of distribution (works, services). The amount of revenue is divided into a compensation fund for material costs incurred in the production process (the cost of raw materials and materials, equipment, rent), the employee and the owner of the means of production. Thus, during the primary distribution, incomes of owners are formed. In addition, the following circumstance should be taken into account: indirect taxes established by the state are included in primary income. Therefore, at this stage, state revenues are partially formed.

At the second stage from primary income direct taxes are paid, insurance payments are paid, assistance is provided to the disabled. From the newly created funds of funds, in particular, from various levels of government, funds are paid, which are the costs of non-material workers, doctors, teachers, notaries, employees, military, etc.

As a result of this process, a new income structure is formed. It is made up of secondary incomes formed during the redistribution of primary incomes.

But doctors, teachers, employees, in turn, pay taxes and make insurance premiums. These taxes and contributions form funds earmarked for certain payments. These payments may generate tertiary income. It is almost impossible to trace the chain of their formation. The movement of these incomes is a very complex process.

The result of this process, its third and final stage, is the formation of final incomes. They are used to purchase goods and services. A certain part of the income is saved.

The amount of primary income for a certain period is necessarily equal to the sum of final income plus savings. The distribution and redistribution of income means the formation of their new structure. Moreover, this structure reflects the economic relations (connections) between economic structures and the state.

At each stage of income generation, funds of funds, i.e. finances, are formed. Consequently, it is finance that mediates the processes of distribution and redistribution of income.

The result of the functioning of the financial system is a changed structure of income.

The distribution process of added(newly created) cost through is shown in Fig. 1. As can be seen from fig. 1, as a result of the distribution of the primary incomes of owners (entrepreneurs and workers), the incomes of workers in the non-material sphere are formed. However, it should be taken into account that in reality the distribution processes are much more complicated than it is shown in Fig. 1. Part of the income of workers in the material sphere is distributed in favor of workers in the non-material sphere directly through the consumption by the former of services provided by the latter. This is how the income of lawyers, notaries, security guards, etc. is formed. In turn, they pay taxes to the budgets involved in the subsequent redistribution of income.

Finance as monetary relations arise at the stage of distribution. But they are the most important link in everything and have a strong influence on it.

Rice. 1. Distribution of value added through the financial system

control function

control function consists in constant monitoring of the completeness, correctness and timeliness of receipt of income and the implementation of expenditures from all levels and. This function is manifested in any financial transaction. All these operations must not only be economically viable, but must also comply with applicable legal regulations. The control function of finance is expressed in the formation of cash funds (budgets and off-budget funds) in accordance with the proclaimed goals and in accordance with the standards established by the legislature. This function involves not only monitoring the processes taking place in the financial sector, but their timely adjustment in accordance with the norms of the current legislation.

The practical expression of the control function of finance is the system. This control ensures the validity of income generation budget system and expenditure of budgets and off-budget funds. Financial control is divided into preliminary, current and subsequent. Preliminary control is carried out at the stage of developing forecasts of budget revenues and expenditures and preparing draft budgets. Its purpose is to ensure the correctness of budget figures. current control is responsible for the timeliness and completeness of the collection of planned revenues and targeted spending of funds. Subsequent control is aimed at checking the reporting data about.

Stimulating function

Stimulating function finance is associated with the impact on the processes occurring in the real economy. Thus, during the formation of budget revenues, tax incentives for certain industries can be provided. The purpose of these incentives is to accelerate the rate of growth of technologically advanced products. In addition, the budgets provide for expenditures that can ensure the structural restructuring of the economy through financial support for high technology and the most competitive industries.

Finance, understood in the broad sense of the word, includes all monetary funds, including loans. Therefore, credit relations are part of finance. is the movement of the loan fund.

You can also define a loan as a system of economic relations regarding the transfer from one owner to another for temporary use of values ​​(including money). Credit relations have their own specifics. The loan is associated with the transfer of the fund of funds for temporary use on the terms of repayment, urgency, payment, security. These conditions distinguish credit relations from other financial relations.

See also: