Domestic sources of financial resources of enterprises. Financial resources of the company

External financial resources - This is a kind of resource of an enterprise, which is expressed in the form of attracted and borrowed capital.

The concept of financial resources of the enterprise

Entrepreneurship involves managing finance, cash, through their deposits and spending, in order to receive profits in the future. Accordingly, for this, the business entity needs to have capital, which can be formed due to the invested resources of various origin.

The company's own budget is formed, first of all, thanks to the contributions of participants. In the future, if implemented legal entity The activity will be successful, the source of the formation of internal resources will be income from such activities. Net profit is calculated from the amount of income and expenses, which include costs for conducting activities and pay for the necessary payments (taxes, credit obligations, etc.). In addition, the company's operational budget is also expressed in depreciation charges.

External financial resources of the enterprise

Despite the fact that their own cash can, to a certain extent, ensure the activities of a particular enterprise, it is impossible to imagine in modern conditions Business, not supported by third-party resources and deposits. External sources of financial resources formation include attracted and borrowed funds. They form entrepreneurial and loan capital, respectively.

The first is expressed in investing enterprise's activities by third-party persons, legal or physical. Sometimes, with sufficient resources, subjects prefer financing already existing business Instead of creating your own. In addition, investing a certain enterprise can be carried out in order to redeeper shares and obtaining the right to manage.

Loan capital is transferred to the business entity only for a while, while the financial organization has its benefit expressing in the form of interest payments.

Entrepreneurial and loan ratio

It is worth saying that in the modern economic situation, the sources of data formation of types of capital can intersect. That is, the financial resources attracted to the activities of the enterprise often themselves consist of credit funds. It is not always good, because the turnover of such resources is difficult, since banks and others financial organizations Prefer to carry out tightened monetary controls issued by borrowed.

Essence of attracted capital

It should be noted that entrepreneurial capital forms both domestic and external sources of financial resources of the enterprise. In part, these funds go to the creation of necessary material funds ensuring the activities of business entities. Their part is the authorized capital, which is formed by the sale of shares of the company. In fact, precisely the attracted capital is a help to carry out financial operations by the enterprise.

Essence of loan capital

These resources can be considered a means of operational regulation of economic activities. Since the enterprise receives borrowed money only for a short period, this causes their liquidity and speed of turnover. Loaded capital can be formed with the help of credit loans from banks and non-banking subjects, and with the help of the sale of bonds of the firm.

Sources of financing of the enterprise are their own and equivalent funds; funds mobilized in the financial market; Funds in order of redistribution (Fig. 6).

Funds mobilized in the financial market are: credit investments, sales revenues valuable papers, state subsidies.

Credit investments are borrowed funds, including bank loans, financial loans of various investors, debt creditors, are external sources of financing activities.

Borrowed funds on a long-term basis (more than a year) are usually attracted to acquire fixed assets, and on short-term (up to year) for the purchase of goods, resources and replenishment of working capital.

Fig. 6. Sources of the formation of financial resources of the enterprise

Sale of own securities, being a means of mobilized in the financial market, allows you to attract necessary investment To ensure the activities of the enterprise or its development.

State subsidies are provided to enterprises decisive important social problemswhich on objective reasons are sufficiently not compensated for income.

Own and equivalent to them means are made of income and depreciation deductions.

Own funds of the enterprise and equal to them are financial resources belonging to the property rights. They are the basis for implementing economic activity and include income from the sale of products, fixed assets and financial transactions, as well as amortized deductions equal to them, which ensure the increase in sustainable liabilities.

To replenish its own sources of financing, the company may receive income from the sale of part of its fixed assets if they are not used or used inefficiently.

Revenues from financial transactions can be obtained from the provision of cash in cash, from posting free funds on deposits, at the expense of the course difference, when buying and selling currency.

Depreciation These are funds deducted for the reimbursement of funds of fixed assets by incorporating part of their value in the cost of production, therefore, in the price of products. Depreciation deductions are carried out in accordance with the statutory regulations established by the legislation and the rules of deductions. They remain at the disposal of the enterprise. Depreciation Depreciation Providing simple reproduction.

Sustainable liabilities occupy a special place among the sources of financing the activities of the enterprise. From the standpoint of obligations, sustainable liabilities are external sources, and from the standpoint the possibility of the impact of management on the order of their payment relate to internal sources, therefore they are allocated as a separate element of financing the activities of the enterprise.

The increase in sustainable liabilities is formed by installments of payment for obligations. It includes: advances in buyers and customers; wage debt employees and social insurance authorities; reserves of upcoming expenses and payments; temporarily free funds of special funds; incremental depreciations; accounts payable (your debts for the already used resources), rent.

For example, wage It includes the price of each unit of sold products, but is paid to employees only once or twice a month, and in the period between the payments, the enterprise is used for its own purposes. Also occurs with taxes and other mandatory payments entrenched in the price of goods, but paid only by a certain period.

The funds entering the order of redistribution include: means of insurance compensation, as well as dividends and interest on securities of other issuers.

The means of insurance compensation appear from the enterprise only in the presence of insurance of various risks: transactions, emergency situations etc., as the result of compensation by the insurance organizations of the damage incurred by the enterprise.

Dividends and interest on securities appear in the case of the acquisition by the enterprise of shares and other securities of other issuers.

The choice of sources of financing of activity depends on numerous factors: sales, nature of markets, activities, specificity products, nature state regulation and taxation, communications with financial markets, etc.

When managing finances it is necessary to remember that an increase in depreciation deductions, due to the growth of the value of fixed assets, or the choice of depreciation methods leads, with other things being equal, to a decrease in profitability. However, if this enterprise remains profitable, then total amount depreciation funds and net profitremaining at his disposal, increases for a greater amount than the profit is reduced.

Implementation of financial relations Presums the availability of financial resources from the enterprise. However, the natural condition for the functioning of the enterprise is the limitation of all resources, including financial, with respect to their use. From here and the task of ensuring the financial needs of the enterprise is considered as a priority in managing finance.

Financial resources of the company- This is a set of funds in the form of income and external revenues intended to ensure current costs, fulfillment of financial obligations and exercise costs to ensure expanded reproduction and economic stimulation of working. Formation of financial resources is carried out from various sources that are divided into internal and external. Domestic sources are formed at the expense of their own and equivalent to them products and are associated with the results of the management. External sources are receipt of resources on the enterprise from outside.

The initial formation of financial resources occurs at the time of the establishment of an enterprise when the authorized capital is formed (share or share capital).

These funds are transmitted to the enterprise to temporary use under conditions of payability and repayment. In recent years, the role of the developing insurance market has increased in recent years, providing an enterprise insurance compensation for risks. Past privatization of state ownership caused new sources of financial resources in the form of mutual and other contributions of founders, as well as revenues on securities issued by other enterprises, revenues from storing funds in deposit accounts in financial and credit institutions, revenues from Property for rent.

Especially it should be stopped on a noticeably reduced role budget allocations . In the recent past, they occupied an important place in financial resources, and their enterprises received most often at no cost. Currently budget and industry financial sources It is a smaller role in the structure of the company's financial resources, and are intended for a strictly limited list of costs. The structure of the financial resources of enterprises of non-etinakov and depends on the organizational and legal form of the enterprise, as well as on its type and industry affiliation. Directions of using financial resources.

Since the main task commercial organization It is the maximum profit of profit, the problem of choosing the use of financial resources use is constantly arising: investments in order to expand the main activity of a commercial organization or investment into other assets. As is known, the economic value of the profit is associated with obtaining the result from investments in the most profitable assets.

The following main areas of use of financial resources of a commercial organization can be distinguished:

Capital investments.

Expansion of current funds.

Implementation of research and development works ( Niocarian).

Payment of taxes.

Accommodation in securities of other issuers, bank deposits and other assets.

The distribution of profits between the owners of the organization.

Stimulation of employees of the organization and support for members of their families.

Charitable goals.

If a strategy of a commercial organization It is related to the preservation and expansion of its position in the market, capital investments are needed (investments in fixed assets (capital)). Capital investments are one of the most important areas of use of financial resources of a commercial organization. IN russian conditions A very important increase in the volume of capital investments due to the need to update equipment, the introduction of resource-saving technologies and other innovations, since the percentage of not only moral, but also the physical wear of the equipment is very large.
Investments in the main funds of the commercial organization are carried out at the expense of the following sources: depreciation, profit of a commercial organization, long-term bank loans, budget loans and investments, revenues from accommodation in the financial market of shares, revenues from the placement of long-term securities.

In addition to expanded reproduction of fixed assets, part of the organization's profits can be aimed at expanding working capital - the purchase of additional raw materials, materials. Short-term bank loans can also be attracted for this purpose, funds coming in order of redistribution from the main ("maternal") company, etc.

Great importance For business development, the participation of a commercial organization in scientific research. Experience of foreign countries shows that innovation organizations are less susceptible to bankruptcy risk and provide a high level of profitability. Consequently, part of the profit of a commercial organization, as well as funds received in the order of targeted financing (for example, budget resources) can be designed to implement research and developmental work (R & D).

As already noted, deductions from profits can be sent to sectoral and intersectoral funds R & D. Such deplents reduce the tax base for income tax.

Profit as a cash income of a commercial organization is subject to taxation. To determine the taxable base on the organization's income tax income (works, services) and property rights, as well as non-dealer income decrease into relevant costs.

For further savings A commercial organization can carry out attachments not only in own production, but also in other assets. Such assets may be a share in the authorized capital of other organizations (including the shares of other issuers); debt securities (bonds, bills, including state and municipal securities); bank deposits; transfer of funds to other organizations based on loan agreements; Acquisition of property for further transmission of it in leasing, etc.

These investments can be different in terms: from several hours (such services offer banks for short-term investments) up to several years. The basic principles of posting temporarily free financial resources are the liquidity of assets (they should easily turn into payment instruments at any time) and diversification (in market conditions of unpredictability of investments, the greater the likelihood of preserving funds, the greater the set of assets in which attachments are carried out).

One of the main differences Commercial organizations from non-commercial is that the profit profit of commercial organizations is distributed among the owners of this organization. Joint Stock Company pay dividends to owners of ordinary and preferred shares; partnerships, society with limited liability Distribute profits, respectively, with a share of participation in the authorized (warehouse) capital. Profit unitary enterprisesIf the owner is not accepted by another solution, it can come in the form of non-tax revenues to the relevant budget.

The financial resources of the commercial organization can be a source of expenses related to the incentive of employees and support for members of their families.

Financial resources of organizations (profit, receipts) are currently used for charitable goals.

The financial resources of the organization (enterprise) are a combination of own cash income in cash and non-cash form and income from the outside (attracted and borrowed), accumulated by the organization (enterprise) and intended to fulfill financial obligations, financing the current costs and costs associated with the development of production.

It is necessary to highlight the concept " capital"- Part of the financial resources embedded in the production and income from the completion of turnover. In other words, capital is the transfused form of financial resources.

According to sources of education Financial resources are divided into own(internal) and attracted On different conditions (external), mobilized in the financial market and coming in the order of redistribution.

The main share in own financial resources is a profit, remaining at the disposal of the organization (enterprise) and distributed by the decision of the governing bodies. Depending on the financial Policy Organizations (enterprises) Profit remaining at its disposal can be used as follows:

• aims to consume in full;
• invested in fully in other projects that are not related to the activities of the organization;
• reinvested in the development of the organization in full;
• distributed on the first three directions.

Obviously, the last option is most preferable, it is only important to comply with the economically reasonable proportions of its distribution.

The second most important source of own financial resources serve depreciation deductions - monetary expression of the value of the depreciation of the main production Funds and intangible assets. They have a dual character, as they are included in the cost of production costs and then in the composition of revenues from the sale of products come to the settlement account of the enterprise, becoming an internal source of financing both simple and expanded reproduction.

Accumulated depreciation deductions form a depreciation fund designed to reproduce worn fixed assets.

Not all the profit remains at the disposal of the organization (enterprise), part of it in the form of taxes and other obligatory payments enters budget System. Profit remaining at the disposal of the organization (enterprise) is distributed to the decision of the governing bodies for the goals of accumulation and consumption and reserves. Profit directed to accumulation is used to develop production and promotes the growth of the property of the enterprise. Profit directed to consumption is used to solve social tasks.

Attracted, or external, sources of formation of financial resources can be divided into their own, borrowed, coming in the order of redistribution and budget allocations. This division is due to the form of capital investment. In the capital market, two options for attracting funds are possible: share and debt financing. With equity financing, emissions and placement of their shares in the stock market are carried out. The second option involves the release and placement of bonds (urgent securities), i.e. The provision of capital based on a bond loan. If external investors invest in cash as entrepreneurial capital, the result of such an investment is the formation of attracted own financial resources.

Business Capital. Represents capital invested in the authorized capital of another organization (enterprise) in order to extract profits or participate in the management of the organization (enterprise).

Loading capital is transferred to the organization (enterprise) for temporary use on terms of payability and repayment in the form of loans of banks issued for different dates, funds of other organizations (enterprises) in the form of bills, bond loans.

Funds mobilized in the financial market include funds from selling their own shares and bonds, as well as other types of securities.

The funds coming in order of redistribution include insurance compensation for coming risks, financial resources coming from concerns, associations, headquarters, dividends and interest on securities of other issuers, budget subsidies.

Budget allocations can be used both on irretrievable and returnable. As a rule, they are allocated to finance state orders, individual investment programs or as short-term state support organizations (enterprises), the products of which are of national significance.

Financial resources are used by the organization (enterprise) in the process of industrial and investment activities. They are in constant movement and are in cash only in the form of cash balances on estimated account In a commercial bank and in the office of the organization (enterprise).

Taking care of financial stability and a stable place in the market economy, the organization (enterprise) distributes its financial resources by type of activity and time. The deepening of these processes in the modern market economy leads to complication financial work, use in the practice of special financial instruments.

Financial resources are a set of own cash income and income from the outside (attracted and borrowed funds), which are at the disposal of the business entity and intended to fulfill the financial obligations of the enterprise, financing the current costs associated with the expansion of production and economic stimulation.

Financial resources are used by enterprises in the process of industrial and investment activities. The main forms of their existence are the main and working capital of the enterprise. In essence, financial resources are presented in the assets of the balance; In other words, they are very diverse and can be classified on various features. In particular, these are long-term material, intangible and financial assets, productive reserves, receivables and cash and their equivalents. This is not about the material and real representation, but about the feasibility of investing cash in certain assets and their ratio. Financial resources are in constant movement and are in monetary form only in the form of cash balances at the current account in the commercial bank and at the enterprise's cash desk. According to sources of education, financial resources are divided into their own (internal) and attracted on different conditions (external), mobilized in the financial market and entering the order of redistribution. The content of financial resources: - profits; - depreciation; - accounts payable; - cash received from the sale of securities; - deposits of joint venture participants; - loans and monetary loans, etc.

The amount of financial resources of enterprises depends on the volume of production, its effectiveness and determines the possibilities of their use on: - the implementation of the necessary capital investments; - advancement in the current investment (in the cost); - an increase in working capital; - fulfillment of financial obligations; - Investing in securities; - ensuring social needs, charity and sponsorship.

If external investors are investing den. Funds as entrepreneurial capital, the result of such an investment is the formation of attractive financial resources. Part of the financial resources embedded in the production and income upon completion of turnover is capital. In the form of attachments, the entrepreneurial capital is distinguished in various enterprises through simple or portfolio investments in order to obtain profits and credit (loan) capital - cash provided on credit on the terms of repayment and payability.

Own financial resources: - authorized capital; - Profit from financial activities; - depreciation (for reproduction of fixed assets); - additional capital; - Reserve Fund; - remnants of reserve and insurance funds; - funds equated with their own - sustainable liabilities (enterprise debt to suppliers, employees, budget for taxes, on compulsory payments to extra-budgetary funds).

Profit. Not all the profit remains at the disposal of the enterprise, part of it in the form of taxes and other payments enters the budget. Profit remaining at the disposal of the enterprise is distributed by the decision of the governing bodies on the goal of accumulation and consumption.

Profit directed to accumulation is used to develop production and promotes the growth of the property of the enterprise. Profit directed to consumption is used to solve social tasks.

Depreciation is the process of transferring the cost of fixed assets to the manufactured product as wear. Depreciation deductions - the cost element of the enterprise on the production of products (performance, service provision). Depreciation deductions are a monetary expression of the value of the depreciation of the main production assets and intangible assets. They have a dual character, because It is included in the cost of production and in the composition of revenues from the sale of products come to the current account of the enterprise, becoming an internal source of financing both simple and expanded production.

Sustainable liabilities are liabilities that do not belong to the enterprise, but are constantly in circulation and are used on legal grounds. They are a source of coating their own working capital in the amount of growth, i.e. The difference between their magnitude at the end and the beginning of the period. The amount of sustainable liabilities may vary. Sustainable liabilities include: - minimal overgoing debt for wages, contributions to extra-budgetary social funds; - minimum debt on reserves to cover upcoming expenses and payments; - debt to customers in advance and partial payment (prepayment) of products; - debt budget for some species taxes whose accrual ahead of time Payment.

Borrowed financial resources: - Bank loans; - budget loan; - trade loan; - Commercial loan; - Financial leasing; - means of industry centralized reserves; - payables, permanent in circulation.

Attracted financial resources: - funds received from the issue of securities; - from equity participation in the activities of other enterprises; - insurance compensation upon the occurrence of the insured event; - mutual and other contributions of members of the labor collective of individuals and legal entities; - Charity and sponsorship etc.

Enterprises can receive funds for the implementation of targeted activities from higher organizations, individuals, as well as from budgets. Budgetary help may be allocated in the form of subventions and subsidies. Subvention - budget funds provided by the enterprise at a gratuitous and irrevocable basis for the implementation of certain target expenses. Subsidy - budget funds provided by the enterprise on the terms of equity financing of target expenses, these funds are part own capital Enterprises.

Even on the topic 63. Domestic and external sources of formation of financial resources of the enterprise.:

1. 2. The composition of own capital and its own financial resources of the enterprise.
2. 1.9.1. Economic Essence, Classification and Principles of Forming Financial Capital Enterprise
3. 2. Company financial resources: concept, appointment, role.
4. 17. Features of the formation of financial resources at the level of households
5. Actual problems of efficient use of financial resources of enterprises
6. 43. Anti-crisis financial management, essence and classification of financial crises of the enterprise
7. Financial mechanism of investment activities of enterprises.

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