Domestic funding involves the use of those financial resources, the sources of which are formed in the process of financial and economic activities of the organization. An example of such sources is net profit, depreciation, accounts payable, reserves for future expenses and payments, deferred income.

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

Grouping the financial resources of organizations by sources of their formation shown in the figure below.

The financial resources of the organization, unlike material and labor, are fungible and susceptible to inflation and devaluation.

At present, the actual problem for domestic industrial enterprises is the state of wear and tear of which has reached 70%. In this case, we are talking not only about physical, but also about moral wear and tear. There is a need to re-equip Russian enterprises with new high-tech equipment. At the same time, it is important to choose the source of financing for this re-equipment.

The following sources of funding are distinguished:

• Internal sources of the enterprise(net profit, depreciation, sale or lease of unused assets).
• Involved funds(foreign investment).
• Borrowed funds( , bills).
• mixed(complex, combined) financing.

Internal sources of financing of the enterprise

Involved funds

When choosing a foreign investor as a source of financing, an enterprise should take into account the fact that the investor is interested in high profits, the company itself and its share of ownership in it. The higher the share of foreign investment, the less control remains with the owner of the enterprise.

Remains debt financing, at which there is a choice between and . Most often, in practice, the effectiveness of leasing is determined by comparing it with a bank loan, which is not entirely correct, because each specific transaction has to take into account its own specific conditions.

Credit as a source of financing for an enterprise

- a loan in cash or commodity form, provided by the lender to the borrower on a repayment basis, most often with the payment of interest by the borrower for using the loan. This form of funding is the most common.

Loan benefits:

• the credit form of financing is more independent in the use of the funds received without any special conditions;
• most often, a loan is offered by a bank serving a particular enterprise, so that the process of obtaining a loan becomes very operational.

The disadvantages of a loan include the following:

• the loan term in rare cases exceeds 3 years, which is unbearable for enterprises aimed at long-term profit;
• to obtain a loan, an enterprise requires the provision of collateral, often equivalent to the amount of the loan itself;
• in some cases, banks offer to open a current account as one of the conditions for bank lending, which is not always beneficial for the enterprise;
• With this form of financing, an enterprise can use the standard depreciation scheme for purchased equipment, which obliges to pay property tax during the entire period of use.

Leasing as a source of enterprise financing

is a special complex form of entrepreneurial activity that allows one side - the lessee - to effectively update fixed assets, and the other - the lessor - to expand the boundaries of activities on mutually beneficial terms for both parties.

Advantages of leasing:

• Leasing involves 100% lending and does not require immediate start of payments. When using a conventional loan to purchase property, the company must pay about 15% of the cost at its own expense.
• Leasing allows an enterprise that does not have significant financial resources to start implementing a large project.

It is much easier for an enterprise to obtain a leasing contract than a loan, because The equipment itself serves as the collateral for the transaction..

A leasing agreement is more flexible than a loan. A loan always involves a limited size and repayment period. When leasing, an enterprise can calculate the receipt of its income and work out with the lessor an appropriate financing scheme that is convenient for it. Repayment can be made from funds received from the sale of products that are produced on equipment leased. Additional opportunities open up for the enterprise to expand production capacity: payments under a leasing agreement are distributed over the entire term of the agreement and, thereby, additional funds are released for investment in other types of assets.

Leasing does not increase debt in the company's balance sheet and does not affect the ratio of own and borrowed funds, i.e. does not reduce the company's ability to obtain additional loans. It is very important that the equipment purchased under a leasing agreement may not be listed on the balance sheet of the lessee during the entire term of the agreement, which means that it does not increase assets, which exempts the enterprise from paying taxes on acquired fixed assets.

The Russian Federation retained the right to choose the balance sheet of property received (transferred) under financial lease on the balance sheet of the lessor or lessee. The initial cost of the property that is the subject of leasing is the amount of the lessor's expenses for its acquisition. In addition, since 2002, regardless of the chosen method of accounting for the property that is the subject of a leasing agreement (on the balance sheet of the lessor or lessee), lease payments reduce the taxable base (Article 264 of the Tax Code of the Russian Federation). Article 269 of the Tax Code of the Russian Federation introduced a restriction on the amount of interest on loans that the lessor can attribute to a reduction in the tax base, but in other cases the lessor can attribute the amount of interest on a loan to a decrease in the tax base.

Leasing payments paid by the company wholly related to production. If the property received under leasing is taken into account on the balance sheet of the lessee, then the enterprise can receive benefits associated with the possibility of accelerated depreciation of the leased asset. Depreciation charges for such property may be charged on the basis of its value and norms approved in the prescribed manner, increased by a factor not exceeding 3.

Leasing companies unlike banks no deposit needed if this property or equipment is liquid in the secondary market.

Leasing allows an enterprise, on completely legal grounds, to minimize taxation, and also to attribute all expenses for equipment maintenance to the lessor.

The finances of an enterprise are the sum of all funds, both internal and external, that are in full use of the company and are used by it as a means of fulfilling debt obligations, directed to current expenses and to expanding the enterprise.

When money is present in the required amount, effectively used - this is the key to a successful business, its stability, liquidity and solvency.

The problem of choosing the most correct and best source of finance for the operation of the enterprise is attracting more and more attention from business owners.

The source of financing is stable, functional ways to receive funds and a list of economic entities that can provide such funds. It is important to choose the most profitable source of finance that would suit a particular project and bring the greatest dividends.

Financing is divided into the following types:

• Internal sources of funds;
• External sources;
• Mixed type.

Internal sources

The first and key sources of obtaining finance for the activities of the enterprise can be considered the organization's own funds. They contain:

• Initial capital
• Finances accumulated during the operation of the enterprise, formed internal reserve funds
• Other investments of private, legal entities

The capital of the enterprise is formed at the start of the creation of the organization, when its initial capital is formed - the total funds of the founders of the business invested in the property of the company in order to provide the necessary active scope. Such capital is also called authorized capital, and without it, the company will not be able to not only be created, but also to fully function in the future.

The ways of formation of such capital depend on the legal form of the organization chosen by the founders. However, regardless of this, all investments made in the authorized capital are further considered the property of the enterprise, and the investor cannot lay claim to them. So, in a situation where the company is liquidated or the investor wants to leave the founders, he is compensated only for his share of the remaining property, and the invested assets are not returned.

Where are these funds going? These are raw materials, wages for workers, energy resources, everything that is needed to produce goods and services requested by the consumer. He, in turn, pays for the final product, after which the invested funds are returned to the company's accounts. Further, funds for the needs of the organization are deducted, and the remaining money is considered the profit of the organization.

The amount of profit is associated with the fulfillment of certain conditions, the key of which is the ratio of income and expenses. However, the legal framework contains some procedures that regulate profits, such as the procedure for assessing the depreciation of an asset and investments in statutory funds.

So, profit is the primary resource for the cash reserve. Such funds are needed to cover a sudden loss or loss, they provide some insurance against unforeseen circumstances. How to form a reserve is determined by the regulatory and statutory acts of the enterprise, as well as its organizational and legal form.

Savings and social funds are based on profit and are invested in: wages paid in excess of the established, bonuses, financial assistance, compensation for housing, meals, transport, VHI policies for employees.

In addition to such reserves, additional capital can also be attributed to the capital of the enterprise. His education comes from various sources, such as:

• Income from shares issued by the enterprise and sold for a high price;
• Funds resulting from the revaluation of the company's own property;
• The difference in exchange rates;

Additional capital can be used as a means to increase the authorized capital; repayment of debt and monetary losses during the calendar year; distributed among the owners of the organization.

The depreciation fund also refers to the internal sources of financing of the enterprise. It is the monetary value of the depreciation of funds and property assets and is considered a resource for financing both conventional and advanced production.

Both external and internal sources can also include targeted investments from the budget, from higher-ranking individuals and companies. Subsidies and subventions are especially allocated.

The first is funds from the budget, issued to the second person on the basis of equity financing.

The second is the provided budget funds for a specific target expenditure, without the need to return them.

The main feature of targeted support is that such money can only be used in specific areas and in accordance with the accompanying documentation. Such funds become part of the capital of the organization.

External sources

For the full functioning of the enterprise, there are not enough own funds. There are several reasons for this, for example, the maturities of debts tend to differ from sales proceeds. In addition, funds may not be sent on time, as well as various force majeure events. This also includes inflation (when depreciated funds cannot cover the cost of the necessary resources to continue the production process), the growth of the enterprise itself, the creation of branches and / or subsidiaries. In such situations, the company turns to external sources of funds.

Borrowed funds are considered a liability and are divided into short-term and long-term, which is related to the maturity. The latter, in turn, are divided into loans (maturity of a year or more) and other liabilities. Short-term liabilities include loans with a maturity of less than 12 months and debt on loans from suppliers, contractors, etc.

One of the most important external sources of financing is a loan issued by a banking institution. Previously, high interest rates made it impossible for many organizations to use lending as a source of funds, as it was beyond their means. However, at the moment, this method has become available to companies. Foreign banking institutions, in particular, offer lower interest rates and loan repayment options, which is a serious competition for Russian banks.

Lending is one of the sources of financing

Please note that loans can only be issued by licensed financial institutions.

Upon receipt of a loan, a contractual relationship is established between the recipient and the bank. An agreement, or bank contract, legitimizes the process, fixes all the nuances and, as a rule, has a standard form.

In contrast to the loan as an external source of financing, leasing has recently been used. Leasing is a form of renting almost any equipment or machinery, which can also provide for the transfer of ownership. Sometimes, when concluding a leasing contract, you can agree on more favorable terms. With a leasing company, you can always negotiate terms that are convenient for the company to repay the lease, leasing requires fewer documents for registration, and therefore takes less time than a loan.

In addition to various forms of loan commitments, government sponsorship programs should be mentioned. The state implements such programs in those sectors that are of interest to it. However, this kind of financing has certain difficulties, for example, an enterprise must fit the program according to the specified parameters, which can be difficult due to their extensive list.

Securities are also a peculiar way of external financing of the organization. Thus, it is possible to attract large capitalists, as well as the company will receive, perhaps a small, but guaranteed income. Thus, it is not necessary to count on the issue of shares as a permanent and main source of income, but it will definitely help to establish relationships with companies whose investments and experience can be useful to the company.

Pros and cons of external and internal sources

Internal sources, pluses

• Easy fundraising scheme, no need for additional permissions from other parties
• There are no additional interest payments

• Limited in the amount of funds, hence less opportunities for expansion, investment
• No increase in funds for invested monetary resources due to loans

External sources, pluses

• Unlimited in the amount of funds received
• Increasing the potential of the company in the modernization of its technical base, its development, growth
• Hence the increasing profit and the rise in profitability in general

• The more credit obligations an organization has, the less its financial stability, the higher the risk of bankruptcy
• Interest payments on loans reduce total profit
• Obtaining an external source of financing is associated with various bureaucratic difficulties and with the satisfaction of the conditions set by the bank.

No company can exist without financial investments. It does not matter whether the business project is at the beginning of implementation or has been in existence for several years, its owner faces a difficult task - to constantly look for and find sources of business financing.

Main types of business financing sources

Finance is the total amount of funds that ensure all the activities of the company: from solvency to suppliers and landlords in the present to the possibility of expanding the scope of interests in the future.

Unfortunately, from time to time there are reasons that impede the smooth and uninterrupted operation of the enterprise. Among them may be:

• funds from the sale of products come later than it is time to pay off debt obligations,
• inflation devalues ​​the income received so that it is impossible to purchase raw materials for the production of the next batch of goods,
• expansion of the company or the opening of a branch.

In all of the above situations, the company has to look for internal and external sources of financing.

Funding source - a donor resource that provides a permanent or temporary inflow of tangible and intangible funds. The more stable the company's business is, the higher its liquidity in the economic market, so the main headache for an entrepreneur is to find the best source of financing.

Types of funding sources:

• interior,
• external,
• mixed.

Financial analysts insist on the idea that the main sources should be rooted in several different sources, because each of them has its own characteristics.

Internal sources

Internal sources of financing are the totality of all the organization's own tangible and intangible resources that were received as a result of the company's work. They are expressed not only in money, but also in intellectual, technical and innovative resources.

Internal sources of business financing include:

• cash income,
• depreciation deductions,
• issued loans,
• withholding salaries,
• factoring,
• sale of assets,
• reserve profit,
• redistribution of funds.

Income in money

Profit from the sale of a product or service belongs to the owners of the company. Some of them are paid as legal dividends to the founders, and some go to ensure the company's performance in the future (purchase of raw materials, pay for labor, utility bills and taxes). Best suited as a source.

Depreciation deductions

This is the name of a certain amount set aside in reserve in case of breakdown or wear and tear of equipment. It should be enough to buy new equipment without the risk of getting into other sources and assets. They can be used as an investment in a new idea.

Internal sources of business financing

Issued loans

Those funds that were issued to customers on a loan basis. If necessary, they can be claimed.

Withholding salaries

The employee has the right to receive payment for the work done. However, if additional investment is required in a new project, you can refrain from paying for a month or two, having previously agreed with the staff. This method carries a lot of risk, as it increases the debt of the company and provokes workers to strike.

Factoring

The ability to defer payments to the supplier firm by promising to pay everything with interest later.

Sale of assets

An asset is any tangible or intangible resource that has a price. If the enterprise or its participants have unused assets, such as land or a warehouse, then they can be sold, and the money raised can be invested in a new, promising project.

Reserve profit

Money that is set aside in reserve, in case of unforeseen expenses or to eliminate the consequences of force majeure and natural disasters.

Reallocation of funds

It will help out if the organization is simultaneously engaged in several directions. It is necessary to determine the most productive one and transfer finances to it from the rest, less effective ones.

Internal financing is preferable, since it does not imply outside interference with the subsequent partial or even complete loss of basic control over the activities of the enterprise.

External sources

External sources of financing is the use of funds received from outside to continue the activities of the company.

Depending on the type and duration, external financing can be attracted (from investors and the state) and borrowed (credit firms, individuals and legal entities).

Examples of external funding sources:

• loans,
• leasing,
• overdraft,
• bonds,
• trade loans,
• equity financing,
• merger with another organization
• sale of shares,
• government sponsorship.

Types of external sources of business financing

Credits

A loan is the most common way to get money for development, because you can not only get it quickly, but also choose the most suitable program. In addition, lending is available to most business owners.

There are two main types of loans:

• commercial (provided by the supplier in the form of a deferred payment),
• financial (actual cash loan from financial institutions).

The loan is issued against the working capital or property of the company. Its amount cannot exceed 1 billion rubles, which the company is obliged to return within 3 years.

Leasing

Leasing is considered one of the types of lending. It differs from a regular loan in that an organization can rent machinery or equipment and, carrying out its activities with their help, gradually pay the full amount to the rightful owner. In other words, it's a full installment plan.

On leasing it is possible to rent:

• the whole enterprise
• piece of land,
• building,
• transport,
• technique,
• real estate.

As a rule, leasing companies go to a meeting and provide the most favorable conditions to the borrower: they do not require collateral, do not charge interest, and individually draw up a schedule for accepting payments.

Leasing is much faster than a loan due to the lack of the need to provide a large number of documents.

Overdraft

An overdraft is a form of lending by a bank when the main account of an enterprise is linked to a credit account. The maximum amount is equal to 50% of the monthly cash turnover of the company itself.

Thus, the bank becomes an invisible financial partner, which is always aware of the commercial situation: if an organization needs investments for any needs, funds from the bank are automatically credited to its account. However, if by the end of the agreed period the issued money is not returned to the banking institution, interest will be charged.

Bonds

Under bonds, a loan with an interest rate is assumed, which is issued by the investor.

By time, there can be long-term (from 7 years), medium-term (up to 7 years) and short-term (up to 2 years) bonds.

There are two types of bonds:

• coupon (the loan is paid with an equal percentage breakdown for 2, 3 or 4 times during the year),
• discount (the loan is repaid several times during the year, but the interest rate may vary from time to time).

Trade loans

This method of external financing is suitable if the enterprises cooperating with each other agree to receive payment in kind, goods or services, i.e. exchange product.

Leasing as a form of external financing

Equity financing

Such a source is involvement in the founders of a new member, investor, which, by investing its funds in the authorized capital, will expand or stabilize the financial capabilities of the company.

merger

If necessary, you can find another company with the same funding problems and merge firms. With economies of scale, partner organizations can find a better source. How? To take the same loan, the firm must be licensed, and the larger it is, the more likely it is that the procedure for obtaining a license will be successful.

Sale of shares

By selling even a small number of company shares, you can significantly replenish the budget. There is also a chance that large capitalists who are ready to invest in production will be interested in the company. But you need to be ready to share control: the greater the flow of investments from outside, the greater the share of the share will need to be shared.

State sponsorship

A separate type of external financing. Unlike a bank loan, government sponsorship involves a free and irrevocable loan of money. Nevertheless, it is not so easy to get it, because you need to meet one important criterion - it is in the sphere of interests of state bodies.

Public funding is of several types:

• capital investments (if on a permanent basis, then the state receives a controlling stake),
• subsidies (partial sponsorship),
• orders (the state orders and buys products, providing the company with a 100% sale of goods).

External financing is associated with high risks, and it is better to resort to it when you cannot cope with the crisis in the company on your own.

Pros and cons of internal and external funding sources

A source	pros	Minuses
Interior	– ease of raising funds, – no need to ask for permission to spend, – no need to pay interest rates, – maintaining control over activities;	- a limited amount of finance, - Expansion restrictions.
External	– unlimited financial flow, – the possibility of changing equipment, - increase in turnover and, accordingly, profit;	– high risk of bankruptcy, - the need to pay interest rates, - the need to go through bureaucratic delays.

How to choose a funding source

The efficiency and profit of the entire organization as a whole depends on the correct choice of the source of financing. First of all, a businessman should check his actions with the following list:

1. Give precise answers to the following questions: what is the funding for? how much money will be needed? When will the company be able to return them?
2. Decide on a list of potential sources of support.
3. Starting with the cheapest and ending with the most expensive, make a hierarchy.
4. Calculate the costs and payback of the business idea for which the source is being sought.
5. Choose the best financing option.

It is possible to understand to what extent the choice of the source of funding was justified only by the results of the work, over time: if the productivity and turnover of the organization increased, then everything was done correctly.

In Russian practice, the capital of an enterprise is often divided into active and passive capital. From a methodological point of view, this is wrong. This approach causes underestimation of the place and role of capital in business and leads to a superficial consideration of the sources of capital formation. Capital cannot be passive, as it is a value that brings surplus value in motion, in constant circulation. Therefore, it is more reasonable to apply here the concepts of sources of capital formation and functioning capital.

The economic means of the organization are formed at the expense of sources, i.e. financial resources. Distinguish:

• - sources of own funds (own capital);
• - sources of borrowed funds (borrowed capital).

Schematically, they can be represented as follows (Fig. 1).

Rice. one.

The capital of the enterprise can be considered from several points of view. First of all, it is expedient to distinguish between real capital, i.e. existing in the form of means of production, and money capital, i.e. existing in the form of money and used to acquire the means of production, as a set of sources of funds to ensure the economic activity of the enterprise. Consider first money capital.

Own capital - the source of the part of assets remaining after deducting all liabilities from total assets; some use the term more broadly to include obligations. Equity capital consists of authorized, additional, reserve capital; target financing and receipts, retained earnings. The structure of equity capital can be represented as a diagram (Fig. 2).

Rice. 2.

As part of equity capital, the main place is occupied by the authorized capital.

Authorized capital - the amount of capital determined by the contract and the charter of the organization, which is allocated by joint-stock companies and other enterprises to start activities. The authorized capital in organizations created at the expense of the owners' funds is a set of contributions from the founders (participants) of business partnerships and business companies (in the form of joint-stock companies, limited liability companies, etc.), municipalities, and the state.

The structure of borrowed sources can be represented as a diagram (Fig. 3).

Rice. 3.

Borrowed capital-is the capital that is attracted by the company from the outside in the form of loans, financial assistance, amounts received on collateral, and other external sources for a specific period, under certain conditions under any guarantee.

Bank loans include short-term and long-term bank loans. Credits are issued by the bank for strictly defined purposes, for a specified period and with the condition of repayment.

All considered sources of economic funds constitute a liability of the balance sheet.

The sum of the economic resources of the organization and the sum of the sources of their formation are equal, because the organization cannot have more economic resources than the sources of their formation, and vice versa.

Capital in material incarnation is divided into fixed and working capital.

Fixed capital serves for a number of years, circulating capital is completely consumed during one production cycle.

Fixed capital in most cases is identified with fixed assets (fixed assets) of the enterprise. However, the concept of fixed capital is broader, since in addition to fixed assets (buildings, structures, machinery and equipment), which represent a significant part of it, fixed capital also includes construction in progress and long-term investments - funds aimed at increasing capital stock.

Now consider the ways and sources of financing the activities of the enterprise.

MOSCOW HUMANITARIAN-ECONOMIC INSTITUTE

KALUGA BRANCH

Department of Finance and Credit

COURSE WORK

in the discipline "Finance of organizations (enterprises)"

Sources of financing the economic activity of the enterprise

KALUGA 2009

Introduction

Chapter 1. Theoretical Foundations of Funding Sources

1.1 Essence and classification of sources of financing of the enterprise

1.3 Borrowed sources of financing of the enterprise

Chapter 2. Management of enterprise financing sources

2.1 Management of own and borrowed funds

2.2 Management of the issuance of shares

2.3 Bank loan management

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

3.1 Modern tools for financing the activities of enterprises

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

Settlement part

Conclusion

List of used sources and literature

Introduction

Relevance of the research topic. Under the conditions of the formation of a market economy, the position of economic entities is fundamentally changing compared to that which they previously occupied in the command-administrative system. The transformational processes taking place in the Russian economy and the emergence of various forms of ownership have determined the diversity of economic behavior of economic entities.

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

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

Each enterprise in the process of its formation and development must determine how much equity capital should be invested in turnover. The expediency of attracting one or another financial source must be compared with the indicators of profitability of investments of this type and the cost of this source. The need of the enterprise for its own and borrowed funds is an object of planning, respectively, the decision on this issue has a direct impact on the financial condition and the possibility of the survival of the enterprise.

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

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

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

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

Consider the theoretical foundations of funding sources;

Learn source management techniques;

To study the problems of sources of financing for the activities of Russian enterprises.

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

Research methodology. The theoretical and methodological basis of the study was the dialectical method of cognition and a systematic approach. When performing the work, general scientific and special research methods were used.

Sources of information. As sources of information, the works of domestic scientists devoted to the basics of capital management and the study of the dividend policy of organizations, periodicals were used.

The volume and structure of the course work. The course work is written on 53 sheets of typewritten text and contains 1 figure.

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

The first chapter "Theoretical Foundations of Funding Sources" considers the classification of funding sources and the composition of own and borrowed funds.

The second chapter "Management of sources of financing" presents the main mechanisms for managing the sources of economic activity of enterprises.

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

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

The list of references consists of 27 sources.

1. Theoretical foundations of funding sources

1.1 The essence and classification of sources of financing of the enterprise

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

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

Determine short-term and long-term capital needs;

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

Ensure constant solvency and, consequently, financial stability;

Use own and borrowed funds with maximum profit;

Reduce the cost of financing business activities.

Organizational forms of financing :

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

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

Debt financing (bank loans, placement of bonds, leasing, etc.).

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

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

The primary source of funding for any business is authorized (share) capital (fund), which is formed from the contributions of the founders. Specific methods of formation of the authorized capital depends on the organizational and legal form of the enterprise. The minimum amount of the authorized capital on the day of registration of the company is:

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

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

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

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

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

Decreasing the par value of shares;

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

Decision to increase the authorized capital adopted by the general meeting of shareholders. This happens either by increasing the nominal value of shares, or by placing an additional announced issue of shares. However, for business development, it is not enough to own the initial capital contributed by the founders (shareholders). An enterprise in the course of its activities needs to accumulate other available sources of financing (Fig. 1).

Enterprise financing sources

			Rice. 1. Sources of financing of the enterprise

1.2 Maintenance of the company's own sources of financing

Undestributed profits is a reinvested source of own funds for equipment replacement and new investments.

The profit of the enterprise depends on the ratio of income received as a result of activities, with the costs that provided these incomes. Allocate gross profit, profit from sales, operating profit, profit before tax (according to accounting data), taxable profit (according to tax accounting data), retained (net) profit of the reporting period, reinvested (capitalized retained) profit.

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

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

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

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

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

Mandatory reserve fund create only joint-stock companies. The minimum amount of the reserve fund is 5% of the authorized capital. At the same time, the amount of annual mandatory contributions to the reserve fund cannot be less than 5% of net profit until the amount established by the company's charter is reached.

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

To cover the losses of the company;

Bond redemptions;

Redemption of shares of a joint-stock company in the absence of other funds.

Reserve capital cannot be used for other purposes.

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

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

The depreciation functions are divided into economic And tax .

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

Accounting depreciation may be more than tax depreciation, depending on the accepted method of determining it in accordance with current accounting standards.

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

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

1. linear;

2. diminishing balance;

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

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

The selected method of depreciation is fixed in the accounting policy of the organization and is applied during the entire life of the fixed asset.

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

Depreciation also offsets the cost intangible assets.

For accounting purposes, depreciation of intangible assets is charged in one of the following ways:

1. linear;

2. diminishing balance;

3. in proportion to the volume of production.

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

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

Placement of securities(shares, bonds) in the primary securities market is carried out in two forms:

Through an intermediary

By direct contact with investors, i.e. direct sale of the company's securities to investment funds (companies) and individuals.

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

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

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

Disadvantages of equity financing:

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

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

There is no tax shield.

The value of the market value of shares determines the capitalization of the enterprise. Capitalization- the market value of an enterprise whose shares are traded on the stock exchange, i.e. the market price of the shares multiplied by the number of shares (most often preferred shares are not included in the calculation of this indicator).

Issue of depositary receipts. Depositary receipts - it is a derivative (secondary) security freely traded on the stock market for shares of a foreign company deposited with a large depository bank that issued receipts in the form of certificates or in non-documentary form. ADR- marketable securities traded on the US exchange and over-the-counter markets, representing a certain number of underlying shares (that is, they represent individual securities very rarely). Global Depository Receipts ( GDR) may be sold outside the United States in other countries.

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

Purposes of placement by Russian companies of depositary receipts:

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

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

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

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

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

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

Have good reporting;

Be a completely transparent company;

Reflect data (in accordance with international standards) on the owners of the company, its financial condition over the past few years, the structure of assets and debt obligations. Moreover, under any debt obligations and risks, companies must form separate reserves.

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

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

1. Upon receipt of share premium.

2.When revaluing fixed assets.

3. In the event of exchange rate differences as a result of the formation of the authorized capital denominated in foreign currency.

4. When receiving targeted investment funds from the budget to finance capital investments (for non-profit organizations).

From fig. 1. it can be seen that the sources of financial resources, equated to their own, include funds received in the order of redistribution: insurance indemnities for the occurrence of cases, funds from extra-budgetary funds (to pay for sick leaves, vouchers to sanatoriums, etc.) and other receipts.

1.3 Borrowed sources of financing of the enterprise

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

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

Considering the option of raising funds with a long-term loan, the company chooses a bank that offers a lower interest rate, all other things being equal. The terms of the loan agreement are optimal for both parties if the transaction is based on market rate of interest, which allows you to equalize the market value of capital received in exchange for debt, and the present value of payments on it, coming in the future.

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

As loan security accepted:

pledge of property,

Guarantee,

bank guarantee,

State and municipal guarantees,

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

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

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

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

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

It became possible to obtain loans from non-residents without obtaining a corresponding permit from the Central Bank of the Russian Federation to carry out operations related to the movement of capital. Therefore, large Russian companies often opt for lending abroad, even though it is difficult to document a Western bank loan or an external loan.

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

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

Corporate bonds are classified:

1. By maturity .

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

2. In order of ownership: nominal and bearer.

3. Purpose of the bond issue: normal and target.

4. In the form of coupon income payment: coupon, discount (no-coupon), bonds with payment by choice.

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

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

The book value of a bonded loan, as a rule, does not coincide with its market value. The assessment of the market value of bonds is based on a number of data indicated on the bond itself: the official date of issue, face value, maturity, declared interest rate, date of payment of interest. Enterprises issuing loans strive to bring the announced interest rate on the bond as close as possible to the market rate in force at the time of the loan placement. Changes in the market rate of interest and the market value of the issuer's loan are inversely related. If the market interest rate exceeds the announced value, then the placed bonds are sold at a discount ( discount), and in the opposite situation - to their cost is added premium. Joint-stock companies and limited liability companies are allowed to issue bonds. Under Russian law, there are a number of restrictions on the issuance of bonds. Depending on the volume of the issue and the company's preparedness for the issue, it is possible to use various methods of bond placement.

Corporate Eurobonds. There are the following types of Eurobonds:

Eurobonds with a fixed rate:

a) ordinary bonds with a fixed rate (“straight bonds”),

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

c) bonds with a warrant or subscription certificate,

d) multicurrency bonds;

Eurobonds with a floating rate:

a) mini-max bonds,

b) bonds FLIP-FLOP ,

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

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

e) bonds with a currency option;

Other types of bonds existing in international markets.

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

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

budget loans. Budget loans can be attracted as a long-term borrowed source of financing for an enterprise. Competitive enterprises renewing fixed assets can obtain state-provided loans or government guarantees to attract financial resources from other credit institutions, as well as through the provision of investment tax incentives.

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

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

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

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

In world practice, four mortgage lending organization models:

1. Savings bank model.

2. Contract savings (German) model.

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

4. Two-level model (American).

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

Currently, there are several schemes in the Russian market.

1) At the expense of foreign investors.

2) At the expense of budgetary funds.

3) Due to securitization.

Chapter 2. Management of enterprise financing sources

2.1 Management of own and borrowed funds

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

The total amount of the company's own capital is reflected in the result of the first section "Liability" of the balance sheet. The structure of the articles in this section makes it possible to clearly identify its initially invested part (i.e., the amount of funds invested by the owners of the enterprise in the process of its creation) and its accumulated part in the process of effective economic activity.

The basis of the first part of the company's own capital is its authorized capital.

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

The formation of the company's own capital is subject to two main goals:

1. Formation at the expense of own capital of the required volume of non-current assets. The amount of the enterprise's own capital advanced into various types of its non-current assets (fixed assets; intangible assets; construction in progress; long-term financial investments, etc.) is characterized by the term own fixed capital.

The amount of own fixed capital of the enterprise is calculated according to the following formula:

SK OS \u003d VA-DZK V

where SC OS - the amount of own fixed capital formed by the enterprise;

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

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

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

The amount of the company's own working capital is calculated using the following formula:

SC About= OA-DKZ ABOUT– KPC

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

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

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

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

Own capital management is connected not only with ensuring the effective use of its already accumulated part, but also with

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

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

Other external sources of formation of own financial resources include tangible and intangible assets transferred to the enterprise free of charge and included in its balance sheet.

The increase in the company's own capital is primarily associated with the management of the formation of its own financial resources. The main task of this department is to ensure the necessary level of self-financing of the development of the economic activity of the enterprise in the coming period.

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

At the first stage of the analysis, the total volume of the formation of own financial resources, the correspondence of the growth rate of own capital to the growth rate of assets and the volume of sales of the enterprise, the dynamics of the share of own resources in the total volume of formation of financial resources in the preplanning period are studied.

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

At the third stage of the analysis, the sufficiency of own financial resources formed at the enterprise in the preplanning period is assessed. The criterion for such an assessment is the indicator "the amount of growth in the net assets of the enterprise." Its dynamics reflects the trend of the level of security of the development of the enterprise with its own financial resources.

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

P OFR \u003d - SK N - P R

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

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

U SK - the planned share of equity capital in its total amount;

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

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

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

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

PE + JSC®SFR MAKS

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

JSC - the planned amount of depreciation;

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

5. Ensuring the necessary volume of attraction of own financial resources from external sources.

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

SFR EXTERNAL \u003d P SFR - SFR VNUT

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

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

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

6. Optimization of the ratio of internal and external sources of formation of own financial resources. This optimization process is based on the following criteria:

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

b) ensuring the preservation of the management of the enterprise by its original founders. The growth of additional equity or share capital at the expense of third-party investors can lead to a loss of such control.

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

The coefficient of self-financing of the enterprise development is calculated according to the following formula:

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

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

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

П sfr - the planned volume of spending the enterprise's own financial resources for the purpose of consumption.

Effective financial activity of the enterprise is impossible without the constant attraction of borrowed funds. Usage loan capital allows you to significantly expand the volume of economic activity of the enterprise, ensure a more efficient use of equity capital, accelerate the formation of various targeted financial funds, and ultimately increase the market value of the enterprise.

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

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

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

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

In the process of development of the enterprise, as its financial obligations are repaid, there is a need to attract new borrowed funds. Sources and forms of borrowing by the enterprise are very diverse. Borrowed funds are classified by purpose, source, form and period of attraction, as well as by form of security.

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

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

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

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

2. Determination of the objectives of attracting borrowed funds in the coming period.

3. Determining the maximum amount of borrowing.

4. Estimation of the cost of attracting borrowed capital from various sources. 5. Determination of the ratio of the volume of borrowed funds attracted on a short-term and long-term basis.

6. Determination of forms of borrowing.

7. Determination of the composition of the main creditors.

8. Formation of effective conditions for attracting loans.

9. Ensuring the effective use of loans.

10. Ensuring timely settlements on received loans.

2.2 Share issue management

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

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

2. Determining the purpose of the issue. The main of these goals that the company is guided by, resorting to this source of equity capital formation, are:

a) real investment;

b) the need for a significant improvement in the structure of capital used;

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

d) other purposes that require the rapid accumulation of a significant amount of equity capital.

3. Determination of the issue volume.

4. Determination of the par value, types and number of issued shares. The par value of shares is determined taking into account the main categories of their future buyers (the largest par values ​​of shares are oriented towards their acquisition by institutional investors, and the smallest ones - towards the acquisition by the population). In the process of determining the types of shares (common and preferred), the expediency of issuing preferred shares is established; if such an issue is considered expedient, then the ratio of ordinary and preferred shares is established (it should be borne in mind that, in accordance with the current legislation, the share of preferred shares cannot exceed 10% of the total issue volume).

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

Only after that the final decision on the issue of shares is made.

2.3 Bank loan management

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

Under bank loan means the funds provided by the bank on loan to the client for the intended use for a specified period at a certain percentage.

Bank credit is provided to enterprises at the present stage in the following main types:

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

2. A contract loan ("overdraft" ). When providing this loan, the bank opens a checking account for the enterprise, which takes into account both credit and settlement operations. A checking account is used as a source of credit in an amount not exceeding the maximum negative balance (contract limit) specified in the loan agreement. On the negative balance of the checking account, the company pays the bank the established credit interest; at the same time, the agreement may determine that the bank charges the enterprise a deposit interest on the positive balance of this account. The balancing of receipts and payments on the company's checking account occurs at intervals established by the contract with the calculation of credit payments.

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

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

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

6. Oncol loan. A feature of this type of loan is that it is provided to the borrower without specifying the term of its use (within the framework of short-term lending) with the latter's obligation to repay it at the first request of the lender. When repaying this loan, a grace period is usually provided (according to current practice - up to three days).

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

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

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

10. Consortium (consortium) loan . A bank servicing an enterprise may involve other banks in lending to its client (the union of banks to carry out such lending operations is called a “consortium”). After concluding a loan agreement with the client enterprise, the bank accumulates funds from other banks and transfers them to the borrower, distributing the amount of interest accordingly when servicing the debt.

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

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

2. Assessment of own creditworthiness.

In modern banking practice, the assessment of the level of creditworthiness of borrowers with the differentiation of their lending conditions is based on two main criteria: 1) the level of the financial condition of the enterprise;

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

3. The choice of the necessary types of attracted bank credit.

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

4. Study and assessment of the conditions for the implementation of bank lending in the context of types of loans. This stage in the formation of a policy for attracting bank loans is the most time-consuming and responsible due to the variety of assessed conditions and the implementation of numerous calculations.

5. "Alignment" of credit conditions in the process of concluding a loan agreement. The term "leveling" characterizes the process of bringing the terms of a particular loan agreement in line with the average terms of buying and selling credit instruments in the financial market. The grant-element indicator and the effective interest rate in the credit market are used as the main criteria in the process of "levelling" credit conditions.

6. Providing conditions for the effective use of bank credit. The criteria for such efficiency are the following conditions.

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

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

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

3.1 Modern tools for financing the activities of enterprises

Options

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

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

An option allows investors to form different strategies. The simplest of these are combinations of additional share issue and options. For the issuer of shares, the issuance of a so-called option for preferential purchase of shares for existing shareholders avoids a possible loss of control over the enterprise and a decrease in the share of income per share. In such an option, the number of shares that can be bought is specified, and the exercise price is fixed equal to the subscription price.

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

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

Large foreign companies also issue warrants along with bonds. A warrant is issued for a sufficiently long period or may even be indefinite. In addition, the exercise price in a warrant is usually 10-20% higher than the market price, which is intended to increase its attractiveness, as well as create an opportunity to increase the authorized capital in the event of a warrant being exercised.

Pledge operations

In countries with a developed market economy, collateral operations have become widespread, in particular in the relations of banks with firms that have certain difficulties with the level of solvency, since it is important for credit institutions to have a guarantee of repayment of the issued loan. In this case, a pledge can serve as a security, which is a way of securing obligations, in which the creditor-pledgee acquires the right, in case of default by the debtor of obligations, to receive satisfaction at the expense of the pledged property.

The subjects of pledge transactions are the pledgor and the creditor (pledge holder). The pledgor is a person to whom the subject of pledge belongs either on the basis of ownership or full economic management.

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

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

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

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

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

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

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

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

Factoring operations

As a rule, the factoring company enters into a tripartite agreement for a certain period with the supplier and the buyer, in accordance with the terms of which guarantees the supplier the payment of invoices issued to the respective payer through the factoring invoice. Such contracts may be long-term, and may also be concluded for the implementation of a one-time transaction. At the same time, the suppliers that have entered into a factoring agreement, during the term of the agreement, submit payment requests to the payer on behalf of the factor company for an amount reduced by the amount of the transaction fee.

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

Leasing

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

From a commercial point of view, when leasing, the same thing happens as when buying and selling equipment on an installment payment basis: the lessee makes monthly (quarterly, semi-annual) payments to the leasing institution during the agreed period, which retains the right of ownership for the period of the transaction. funded facility.

Leasing has certain features of a bank loan, as it enables the lessee to make payments within a specified period for the leased equipment through the sale of products produced on the leased equipment.

The lessee's payments are included in the cost of its products and thus reduce taxable income. However, an increase in the share of such payments leads to an increase in costs and may lead to higher prices and, as a result, loss of competitiveness. That is why, when deciding on leasing, one should carry out detailed calculations of the amount of payments for the property received under leasing, compare them with financial calculations related to the acquisition of similar equipment for one's own funds or against a long-term bank loan.

The most typical advantages of leasing compared to the purchase of investment property with the buyer's own funds are the following:

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

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

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

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

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

You can also formulate the advantages of leasing compared to attracting a bank loan:

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

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

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

During the term of the leasing agreement, fixed payments are applied, which are paid more often than payments to repay the loan. This reduces the amount of one payment and contributes to the stability of the finances of the lessee;

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

Forfaiting.

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

Forfaiting is a financial operation to refinance receivables under an export commodity credit by transferring (endorsing) a bill of exchange in favor of a bank (forfaiting company) with the payment of a commission to the latter. The forfeitor bank assumes the obligation to finance the export operation by paying the discounted bill of exchange (simple or transferable), which is guaranteed by the provision of an aval by the bank of the importing country. As a result of forfeiting, the buyer's debt on a commercial loan is transformed into a financial debt (in favor of the bank). The purchase of bills of exchange is formalized by a standard contract, which contains an accurate description of the transaction, terms, costs, guarantees, etc.

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

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

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

The Association of Managers of Russia, together with the international consulting company Pricewaterhouse Coopers, conducted a study of the opinion of the management of domestic companies on possible options for financing businesses in the context of the global financial crisis. The survey results showed that the top three challenges were capital market problems (54%), rising costs of borrowing (48%) and falling stock markets (39%). The deterioration of the situation in financial markets around the world, the tightening of requirements for borrowers, and the increase in interest rates cause respondents' well-founded concern about the possibilities of attracting capital.

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

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

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

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

In the Forecast of socio-economic development of the Russian Federation for 2010 and for the planned period of 2011 and 2012 published by the Ministry of Economic Development of the Russian Federation. offers various options for economic development. One of the main conditions for the implementation of the moderately optimistic option is to increase the availability of credit resources and the growth of real lending. In 2010, lending to non-financial organizations and the population is projected to increase by at least 13%, in 2011 - by 15-17%, in 2012 - by 25-27%.

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

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

Settlement part

Exercise 1

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

Solution:

The amount of investment is 40,000,000 rubles.

Investment income

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

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

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

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

Calculate the discounted cash receipts by year of sale:

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

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

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

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

TOTAL: RUB 52,452,867

Calculate the discount payback period:

IC = 40,000,000 rubles.

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

DPP = @ 0.8 years @ 9 months

Answer: investment will pay off in approximately 9 months

Task 2

According to the financial statements, analyze the liability of the balance sheet of the enterprise.

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

Sources of funds	At the beginning of the period		At the end of the period		Change (+, -)
	thousand roubles.	%	thousand roubles.	%	thousand roubles.	%
1. Sources of funds - total
1.1 Equity - total including:	315 569	68,8	311 131	78,6	-4438	+9,8
Authorized capital	202,5	0,04	202,5	0,05	-	+0,01
Extra capital	256 806	56,0	235 465	59,4	-21 341	+3,4
Reserve capital	50,5	0,01	50,5	0,01	-	-
Social Sphere Fund	48 728	10,6	56 977	14,4	+8249	+3,8
Targeted funding	3782	0,8	8279	2,1	+4497	+1,3
Undestributed profits	6000	1,35	10157	206	+4157	+1,25
1.2 Borrowed capital - total including:	142 942	31,2	84 825	21,4	-58 117	-9,8
long term duties	1000	0,2	1200	0,3	+200	+0,1
short-term obligations including:	141 942	31,0	83 625	21,1	-58 317	-9,9
Loans and credits	2000	0,4	-	-	-2000	-0,4
Accounts payable	134 095	29,2	80 525	20,3	-53 570	-809
Indebtedness to the founders for the payment of income	5847	1,3	3100	0,8	-2747	-0,5

Balance currency 458 511 100 395 956 100 -62 555

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

Equity capital in balance currency:

At the beginning of the year 68.8%

- at the end of the year 78.6%

Borrowed capital in balance currency:

At the beginning of the year 31.2%

- at the end of the year 21.4%

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

Obviously, Progress JSC, trying to improve its financial situation, without applying to the bank for loans and credits, intensively used accounts payable to finance its activities for "cheap money", "interest-free loans", which ultimately could result in a decrease in confidence in organizations from partners, customers, buyers or to bankruptcy.

Table 2 Data for the calculation of the volume of products sold

Solution:

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

OK. \u003d OB x N,

where OV - one-day output of marketable products; N is the stock rate in days.

RH = TA 4 q / 90 days

At selling prices

OV \u003d 53825/90 \u003d 598 rubles.

OK. \u003d 598 x 8 \u003d 4784 rubles.

OV \u003d 42000/90 \u003d 467 rubles.

Ok .. \u003d 467 x 8 \u003d 3736 rubles.

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

V \u003d O f + TP - O to

At selling prices

V \u003d 168000 + 215300 - 4784 \u003d 378516 rubles.

By production cost

V \u003d 13700 + 176500 - 3736 \u003d 186464 rubles.

Profit from the sale of marketable products

378516 - 186464 = 192052 rubles

Answer: the volume of products sold at selling prices - 378516 rubles, and at production cost - 186464 rubles; profit from the sale of products - 192052r.

Conclusion

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

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

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

According to the types of property, state resources, funds of legal entities and individuals and foreign sources are allocated.

According to the time characteristics, funding sources can be divided into short-term and long-term.

As part of internal sources of formation of own financial resources. The main place belongs to the profit remaining at the disposal of the enterprise - it forms the predominant part of its own financial resources.

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

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

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

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

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

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