Internal sources of own resources of the enterprise. Sources of formation of financial resources
The financial resources of an enterprise are cash income and receipts at the disposal of a business entity and intended for the fulfillment of financial obligations, the implementation of expenses for expanded reproduction and economic incentives for employees.
The finances of the enterprise are formed from a number of sources. Among them are own, borrowed and attracted. Sources of financial resources are: profit, depreciation, funds from the sale of securities, share and other contributions from legal and individuals, loans, funds from the sale of an insurance policy, etc.
Own funds include authorized capital, additional capital and retained earnings.
First of all, the enterprise focuses on the use of internal (own) sources of financing.
The organization of the authorized capital, its effective use, management is one of the main and most important tasks of the financial service of the enterprise. The authorized capital is the main source of the company's own funds. The amount of the authorized capital of a joint-stock company reflects the amount of shares issued by it, and the state and municipal enterprise- the amount of the authorized capital. The authorized capital is changed by the enterprise, as a rule, according to the results of its work for the year after the introduction of changes in the constituent documents.
It is possible to increase (decrease) the authorized capital by issuing additional shares into circulation (or withdrawing from circulation some of their number), as well as by increasing (decreasing) the par value of old shares.
Additional capital includes: - the results of the revaluation of fixed assets; - share premium of a joint-stock company; - gratuitously received monetary and material values for production purposes; - appropriations from the budget for financing capital investments; - funds for replenishment of working capital.
Retained earnings are profits received in a certain period and not directed in the process of its distribution to consumption by owners and staff. This part of the profit is intended for capitalization, i.e. to reinvest in production. According to its economic content, it is one of the forms of the reserve of the enterprise's own financial resources, which ensure its production development in the coming period.
In some cases, it becomes necessary for an enterprise to attract borrowed capital to cover the need for fixed and working capital. The main types of borrowed capital are: bank credit, financial leasing, commodity (commercial) credit, issue of securities, etc.
An enterprise that uses only its own capital has the highest financial stability (its autonomy coefficient is equal to one), but limits the pace of its development (because it cannot ensure the formation of the necessary additional volume of assets during periods of favorable market conditions) and does not use financial opportunities for profit growth on invested capital.
The principles of organizing the finances of enterprises and corporations are closely related to the goals and objectives of their activities, certain constituent documents. To the principles:
1) self-regulation of economic activity;
2) self-sufficiency and self-financing;
3) division of sources of formation of working capital into own and borrowed;
4) availability of financial reserves.
Own funds play a major role in organizing the circulation of funds, since enterprises operating on the basis of commercial calculation must have a certain property and operational independence in order to conduct business profitably and be responsible for decisions made.
Depending on the method of formation of own sources of financing, enterprises are divided into internal and external (attracted).
Internal sources of own funds are formed in the process economic activity and play a significant role in the life of any enterprise, since they determine its ability to self-finance. Obviously, an enterprise that is able to fully or to a large extent cover its financial needs from internal sources receives significant competitive advantages and favorable opportunities for growth by reducing the cost of attracting additional capital and risk reduction.
The main domestic sources of funding for any commercial enterprise are net profit, depreciation, sale or lease of unused assets, etc.
AT modern conditions enterprises independently distribute the profits remaining at their disposal. The rational use of profits involves taking into account such factors as plans for the further development of the enterprise, as well as observing the interests of owners, investors and employees. In general, the more profit is directed to the expansion of economic activity, the less the need for additional financing. The amount of retained earnings depends on the profitability of business operations, as well as on the policy adopted by the enterprise regarding payments to owners (dividend policy).
The advantages of reinvesting profits include:
no costs associated with raising capital from external sources;
maintaining control over the activities of the enterprise by the owners;
promotion financial stability and better opportunities to raise funds from external sources.
In turn, the disadvantages of using this source are its limited and changing value, the complexity of forecasting, as well as dependence on external factors that cannot be controlled by management (for example, market conditions, the phase of the economic cycle, changes in demand and prices, etc.). ).
Another important source of self-financing of enterprises is depreciation. They are included in the costs of the enterprise, reflecting the depreciation of fixed and intangible assets, and come as part of Money for products and services sold. Their main purpose is to provide not only simple, but also extended reproduction.
The advantage of depreciation as a source of funds is that it exists for any financial position enterprise and always remains at his disposal. The amount of depreciation as a source of investment financing largely depends on the method of its calculation, as a rule, determined and regulated by the state. The selected method of depreciation is fixed in the accounting policy of the enterprise and is applied during the entire life of the fixed asset.
For more effective use depreciation charges as financial resources, the enterprise needs to pursue an adequate depreciation policy. It includes a policy for the reproduction of fixed assets, a policy in the field of application of certain methods for calculating depreciation charges, the choice of priority areas for their use, and other elements.
In some cases, it is possible to attract additional financial resources into economic circulation from internal sources through the sale or leasing of unused fixed and current assets. However, such transactions are of a one-time nature and cannot be considered as a regular source of funds.
Internal sources also include the so-called stable liabilities. These are funds that do not belong to the enterprise, but are constantly in its circulation. These include:
minimum wage arrears carried over from month to month
employees of the enterprise;
reserves to cover future expenses;
minimum carry-over debt to the budget and off-budget funds;
funds of creditors received as an advance payment for products (goods, services);
funds of buyers on pledges for returnable packaging;
carry-over balances of the consumption fund, etc.
Despite the advantages of domestic sources of financing, their volumes are usually insufficient to expand the scale of economic activity, implement investment projects, introduction of new technologies, etc.
In this regard, there is a need to additionally attract own funds from external sources.
Businesses can attract own funds by increasing the authorized capital through additional contributions from the founders or by issuing new shares. Opportunities and ways to attract additional equity significantly depend on legal form business organization.
Joint stock companies those who are in need of investments can carry out additional placement of shares by open or closed subscription (among a limited circle of investors). In the general case, the initial public offering of an enterprise's shares is a procedure for their sale on an organized market in order to attract capital from a wide range of investors.
Funding through issuance ordinary shares has the following advantages:
this source does not imply mandatory payments, the decision on dividends is made by the board of directors and approved general meeting shareholders;
shares do not have a fixed maturity date; they are permanent capital that cannot be "refunded" or redeemed;
carrying out an IPO significantly increases the status of an enterprise as a borrower (increasing credit rating, according to experts, the cost of attracting loans and debt servicing is reduced by 23% per annum), shares can also serve as collateral to secure debt;
the circulation of the company's shares on stock exchanges provides owners with more flexible opportunities to exit the business;
the capitalization of the enterprise increases, the market valuation its value, are provided by more favorable conditions to attract strategic investors;
the issue of shares creates a positive image of the enterprise in the business community, including the international one, etc.
Common disadvantages of financing by issuing ordinary shares include:
granting the right to participate in the profits and management of the company to a larger number of owners;
the possibility of losing control over the enterprise;
higher cost of capital raised compared to other sources;
the complexity of organizing and conducting the issue, significant costs for its preparation;
additional emission may be considered by investors as a negative signal and lead to a fall in prices in the short term.
For some enterprises, an additional source of formation of their own financial resources is the gratuitous financial help In particular, these can be budget allocations on a non-refundable basis, as a rule, they are allocated to finance government orders, certain socially significant investment programs, or as state support enterprises whose production is of national importance.
Other external sources include tangible and intangible assets donated to firms and included in their balance sheet.
In general, it is currently more profitable for enterprises to attract loans, which, under the current conditions, are cheaper, simpler and more profitable. effective method attraction of capital.
Implementation of financial relations assumes that the company has financial resources. However natural condition the functioning of the enterprise is the limitation of all resources, including financial ones, in relation to the possibility of their use. Hence, the task of ensuring the financial needs of the enterprise is considered as a priority in financial management.
Enterprise financial resources- this is a set of funds in the form of income and external receipts intended to ensure current costs, fulfill financial obligations and implement costs to ensure expanded reproduction and economic incentives for workers. The formation of financial resources is carried out from various sources which are divided into internal and external. Internal sources are formed at the expense of own and equivalent funds and are associated with the results of management. External sources represent the flow of resources to the enterprise from outside.
The initial formation of financial resources occurs at the time of the establishment of the enterprise, when the authorized capital (share or share capital) is formed.
These funds are transferred to the enterprise for temporary use on the terms of payment and repayment. As part of the financial resources formed in the order of redistribution, in last years the role of the developing insurance market, which provides the enterprise with insurance compensation for risks, is increasing. The privatization of state property that took place in the country brought to life new sources of financial resources in the form of share, equity and other contributions of the founders, as well as income from securities issued by other enterprises, income from keeping funds on deposit accounts in financial and credit institutions, income from renting out property.
Particular attention should be paid to the markedly reduced role budget appropriations. In the recent past, they occupied an important place in financial resources, and enterprises most often received them free of charge. At present, budgetary and sectoral financial sources occupy an ever smaller role in the structure of the financial resources of an enterprise, and are intended for a strictly limited list of costs. The structure of the financial resources of enterprises is not the same and depends on the organizational and legal form of the enterprise, as well as on its type and sectoral affiliation. Directions for the use of financial resources.
Since the main task commercial organization is the maximum extraction of profit, the problem of choosing the direction of the use of financial resources constantly arises: investments in order to expand the main activities of a commercial organization or investments in other assets. As you know, the economic value of profit is associated with obtaining a 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 working capital.
Implementation of research and development work ( R&D).
Payment of taxes.
Placement in securities of other issuers, bank deposits and other assets.
Distribution of profits between the owners of the organization.
Stimulation of employees of the organization and support for their families.
charitable purposes.
If the business strategy is associated with the preservation and expansion of its position in the market, then capital investments (investments in fixed assets (capital)) are necessary. Capital investments are one of the most important areas of using the financial resources of a commercial organization. In Russian conditions, it is very important to increase the volume of capital investments due to the need to upgrade equipment, introduce resource-saving technologies and other innovations, since the percentage of not only moral, but also physical wear and tear equipment is very large.
Investments in fixed assets of a commercial organization are made from the following sources: depreciation, profits of a commercial organization, long-term bank loans, budget loans and investments, proceeds from placement on financial market shares, proceeds from the placement of long-term securities.
In addition to the expanded reproduction of fixed assets, part of the organization's profits can be directed to the expansion of working capital - the purchase of additional raw materials, materials. For this purpose, short-term bank loans can also be attracted, funds received in the order of redistribution from the main ("parent") company, etc. can be used.
Great importance for business development has the participation of a commercial organization in scientific research. The experience of foreign countries shows that organizations that carry out innovations are less exposed to the risk of bankruptcy and provide high level profitability. Consequently, part of the profit of a commercial organization, as well as funds received in the form of targeted financing (for example, budget funds), can be intended for the implementation research and development work (R&D).
As already noted, deductions from profits can be directed to sectoral and intersectoral R&D funds. Such deductions 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 for corporate income tax, income from the sale of goods (works, services) and property rights, as well as non-operating income, are reduced by the corresponding expenses incurred.
For further savings a commercial organization may invest not only in own production but also in other assets. Such assets may be shares in the authorized capitals of other organizations (including shares of other issuers); debt securities (bonds, promissory notes, including state and municipal securities); bank deposits; transfer of funds to other organizations on the basis of loan agreements; acquisition of property for its further transfer to leasing, etc.
These investments can be different in terms: from several hours (such services are offered by banks for short-term investments) to several years. The main principles for the placement of temporarily free financial resources are the liquidity of assets (they should easily turn into means of payment at any time) and diversification (in market conditions of unpredictable investments, the more likely it is to save funds, the larger the set of assets in which investments are made).
One of the main differences commercial organizations from non-profit organizations is that the profits of commercial organizations are distributed among the owners of this organization. Joint stock companies pay dividends to owners of common and preferred shares; partnerships, companies limited liability distribute profits in accordance with the share of participation in the authorized (stock) capital. Profit unitary enterprises, unless otherwise decided by the owner, may come in the form of non-tax revenues to the relevant budget.
The financial resources of a commercial organization can be a source of expenses associated with stimulating employees and supporting their family members.
The financial resources of organizations (profits, receipts) are also currently used for charitable purposes.
The financial resources of an organization (enterprise) are a set of its own cash income in cash and non-cash form and receipts from outside (attracted and borrowed), accumulated by the organization (enterprise) and intended to fulfill financial obligations, finance current costs and costs associated with the development of production.
The notion of " capital"- part of the financial resources invested in production and generating income at the end of the turnover. In other words, capital is a converted form of financial resources.
By sources of education financial resources are divided into own(internal) and involved on different conditions (external), mobilized in the financial market and received in the order of redistribution.
The main share in own financial resources is the profit remaining at the disposal of the organization (enterprise) and distributed by the decision of the governing bodies. Depending on the financial policy organization (enterprise), the profit remaining at its disposal can be used as follows:
- aimed at consumption in full;
- fully invested in other projects not related to the activities of the organization;
- reinvested in the development of the organization in full;
- divided into the first three areas.
Obviously, the latter option is the most preferable, it is only important to observe economically justified proportions of its distribution.
The second most important source of own financial resources are depreciation deductions- monetary expression of the cost of depreciation of the main production assets and intangible assets. They are of a dual nature, as they are included in the cost of production and then, as part of the proceeds from the sale of products, they enter the settlement account of the enterprise, becoming an internal source of financing for both simple and expanded reproduction.
Accumulated depreciation charges form a depreciation fund intended for the reproduction of depreciated fixed assets.
Not all profit remains at the disposal of the organization (enterprise), part of it in the form of taxes and other obligatory payments goes to budget system. The profit remaining at the disposal of the organization (enterprise) is distributed by the decision of the governing bodies for the purpose of accumulation and consumption and reserves. The profit allocated for accumulation is used for the development of production and contributes to the growth of the property of the enterprise. Profit directed to consumption is used to solve social problems.
Attracted, or external, sources of formation of financial resources can be divided into own, borrowed, received in the order of redistribution and budget allocations. This division is due to the form of capital investment. In the capital market, there are two options for raising funds: equity and debt financing. With equity financing, the issue and placement of its shares on the stock market is carried out. The second option involves the issuance and placement of bonds (term securities), i.e. provision of capital on the basis of a bonded loan. If external investors invest money as entrepreneurial capital, then the result of such an investment is the formation of attracted own financial resources.
Entrepreneurial capital represents the capital invested in the authorized capital of another organization (enterprise) in order to derive profit or participate in the management of the organization (enterprise).
Loan capital is transferred to an organization (enterprise) for temporary use on terms of payment and repayment in the form of bank loans issued for different periods, funds of other organizations (enterprises) in the form of promissory notes, bonded loans.
Funds raised in the financial market include funds from the sale of own shares and bonds, as well as other types of securities.
Funds received in the order of redistribution include insurance compensation for emerging risks, financial resources from concerns, associations, parent companies, dividends and interest on securities of other issuers, and budget subsidies.
Budget allocations can be used both on a non-refundable and reimbursable basis. As a rule, they are allocated to finance government orders, individual investment programs, or as short-term state support for organizations (enterprises) whose products are of national importance.
Financial resources are used by the organization (enterprise) in the process of production and investment activities. They are in constant motion and remain in cash only in the form of cash balances on a current account in a commercial bank and in the cash desk of an 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 in time. The deepening of these processes in modern market economy leads to the complication of financial work, the use of special financial instruments in practice.
7. Own financial resources of the enterprise. Composition and conditions of formation.
It is necessary to single out the concept of "capital" - a part of the financial resources invested in production and generating income at the end of the turnover.
Major share in own financial resources is the profit remaining at the disposal of the organization (enterprise) and distributed by the decision of the governing bodies. Depending on the financial policy of the organization (enterprise), the profit remaining at its disposal can be used as follows:
Aimed at full consumption;
Fully invested in other projects not related to the activities of the organization;
Reinvested in the development of the organization in full;
Distributed in the first three directions.
The second most important source of own financial resources are depreciation deductions - monetary expression of the cost of depreciation of fixed production assets and intangible assets. They are of a dual nature, as they are included in the cost of production and then, as part of the proceeds from the sale of products, they enter the settlement account of the enterprise, becoming an internal source of financing for both simple and expanded reproduction. The accumulated depreciation deductions form a depreciation fund intended for the reproduction of depreciated fixed assets.
Not all profit remains at the disposal of the organization (enterprise), part of it in the form of taxes and other obligatory payments goes to the budget system. The profit remaining at the disposal of the organization (enterprise) is distributed by the decision of the governing bodies for the purpose of accumulation and consumption and reserves. The profit allocated for accumulation is used for the development of production and contributes to the growth of the property of the enterprise. Profit directed to consumption is used to solve social problems.
8. External sources of financial resources.
Financial resources of the organization (enterprise) - this is a set of own cash income in cash and non-cash form and receipts from outside (attracted and borrowed), accumulated by the organization (enterprise) and intended to fulfill financial obligations, finance current costs and costs associated with the development of production.
According to the sources of education, financial resources are divided into own (internal) and attracted on different terms (external), mobilized in the financial market and received in the order of redistribution.
attracted, or external, sources the formation of financial resources can be divided into own, borrowed, received in the order of redistribution and budget allocations. This division is due to the form of capital investment. In the capital market, there are two options for raising funds: equity and debt financing. With equity financing, the issue and placement of its shares on the stock market is carried out. The second option involves the issuance and placement of bonds (term securities), i.e. provision of capital on the basis of a bonded loan. If external investors invest money as entrepreneurial capital, then the result of such an investment is the formation of attracted own financial resources.
Entrepreneurial capital represents the capital invested in the authorized capital of another organization (enterprise) in order to derive profit or participate in the management of the organization (enterprise).
Loan capital is transferred to an organization (enterprise) for temporary use on terms of payment and repayment in the form of bank loans issued for different periods, funds of other organizations (enterprises) in the form of promissory notes, bonded loans.
Funds raised in the financial market include funds from the sale of own shares and bonds, as well as other types of securities.
To the funds coming in order redistribution, include insurance compensation for emerging risks, financial resources coming from concerns, associations, parent companies, dividends and interest on securities of other issuers, budget subsidies.
Budget appropriations can be used both on an irrevocable and returnable basis. As a rule, they are allocated to finance government orders, individual investment programs, or as short-term state support for organizations (enterprises) whose products are of national importance.
Financial resources are used by the organization (enterprise) in the process of production and investment activities. They are in constant motion and remain in cash only in the form of cash balances on a current account in a commercial bank and in the cash desk of an organization (enterprise).