Financial management. Financial management Financial management is the science of financial management, the process of managing cash flow, the formation and use of financial resources of an enterprise. It is also a system of forms, methods and techniques, using

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Introduction. The content of the discipline and its tasks

1. The growing importance of finance in the life of society has led to an increase in the role and importance of financial management.

ManagerT - in general, it can be defined as a management system that includes a set of principles, methods, forms and techniques of management. Actually, management includes management theory and practical examples of effective leadership, which are understood as the art of management. Management is the process of developing and implementing control actions. The development of control actions includes the collection, transmission and processing of the necessary information, decision-making. Financial management is part of general management.

The purpose of financial management is an:

* development of certain solutions to achieve optimal final results and finding the optimal balance between short-term and long-term goals of enterprise development and decisions made in the current and future financial management;

* ensuring the growth of the welfare of the owners of the enterprise in the current and future period.

The main tasks of financial management:

* ensuring the formation of a sufficient exchange of financial resources in accordance with the consumers of the enterprise and its development strategy;

* ensuring the efficient use of financial resources in the context of the main areas of the enterprise.

* optimization of cash flow and settlement policy of the enterprise;

* profit maximization at an acceptable level financial risk and favorable taxation policy;

* ensuring a constant financial balance of the enterprise in the process of its development, i.e. ensuring financial stability and solvency.

2. Financial management studies cash flow management at the macroeconomic level, i.e. management of the movement of financial resources of an economic entity.

Method research of their subject is dialectical (method-method of research).

Receptions studies of the subject of financial management are:

* scientific abstraction;

* analysis and synthesis;

* high quality and quantitative analysis;

* economic and mathematical modeling of financial processes.

Financial management is part of the financial mechanism. Based on the economic disciplines "Finance and Subject", "Economic Theory", "AFHD", " Accounting" etc.

Theme№ 1.Financial memanagement as a management system

1. Financial management- a specific system for managing cash flows, the movement of financial resources and the corresponding organization of financial relations.

Financial management is considered as a phenomenon with different forms of manifestation:

As a system economic management and part of the financial mechanism;

As a governing body;

As a type of entrepreneurial activity.

Financial management includes strategy and management tactics.

Under strategy the general direction and way of using the means to achieve the set goal is understood. It allows you to focus your efforts on solution options.

Tactics- these are specific methods and techniques to achieve the goal in specific conditions. The task of management tactics is a set of methods and management techniques that are acceptable in a given economic situation.

Financial management as a management system consists of 2 subsystems:

1. controlled subsystem, or control object.

2. the control subsystem, or the subject of control.

Control object in financial management is a set of conditions for the implementation of cash flow, the circulation of value, the movement of financial resources and financial relations between business entities and their divisions in the business process.

Subject of management- this is a special group of people (financial management as a management apparatus, a financial manager as a manager), which, through various forms of managerial influence, carries out the purposeful functioning of the object.

2. The functions of financial management determine the formation of the structure of the control system.

There are 2 main types of financial management functions:

- functions of the control object:

* reproductive , ensures reproduction advanced capital on an extended basis;

* production - ensuring the continuous functioning of the enterprise and the circulation of capital;

* control (control of capital and enterprise management).

- functions of the subject of management- a general type of activity, expressing the direction of the implementation of the impact on the relations of people in the economic process and in financial work. These functions consist of collecting, organizing, transferring, storing information, making decisions.

- planning- covers the entire range of measures for the development and implementation of planned targets. A development methodology is being developed financial plans.

- forecasting long-term development of changes in the financial condition of the object as a whole and its various parts (unlike planning, it does not set the task of directly implementing the developed forecasts in practice).

- financial institutions- uniting people who jointly implement a financial program based on some rules and procedures.

- regulation- the impact on the object of management through which the state of stability of the financial system is achieved in the event of a deviation from the specified parameters.

- coordination- the consistency of the work of all links of the management system, the management apparatus and specialists.

- stimulation- encouraging employees of the financial system to be interested in the results of their work.

- control- checking the organization of financial work, the implementation of financial plans, etc. control involves the analysis of financial resources.

3. Financial management can be viewed as a complex management complex that includes:

* risk management,

* management of credit operations,

* management of operations with securities,

* management of foreign exchange transactions,

* management of operations with precious metals and precious stones,

* management of real estate transactions,

* management of financial innovations.

Financial management is carried out over time on a time basis. Financial management is divided into:

* strategic management,

* operational and tactical management.

Strategic management represents investment management. It is associated with the implementation of the chosen strategic goal. He suggests:

* financial assessment of capital investment projects,

* selection of acceptance criteria investment decisions,

* selection of the most optimal option for capital investment,

* determination of funding sources.

Operational and tactical financial management represents the operational management of cash. Cash management is directed to:

* to provide such an amount of cash that will be sufficient to fulfill financial obligations,

* to achieve high profitability from the use of temporarily free cash as capital.

4. Financial Directorate headed by the financial director or chief financial manager - this is the apparatus for managing an economic entity. It consists of different divisions, the composition of which is determined supreme body management of an economic entity. These divisions include:

* financial department,

* planning and Economic Department,

* accounting,

* laboratory (bureau, sector) economic analysis etc.

The Directorate and each of its divisions operate on the basis of Regulations on the financial directorate or divisions. In the position: - general moments of the organization of the directorate, its tasks, structure, functions, relationships with other divisions (directorates) and services of the economic entity, the rights and responsibilities of the directorate.

The main functions of the financial department:

* target definition financial development business entity,

* development of a financial strategy and financial program for the development of an economic entity and its divisions,

* definition of investment policy,

* development of credit policy,

* establishment of cost estimates for financial resources for all divisions of an economic entity,

* development of cash flow plans, financial plans of an economic entity and its divisions,

* participation in the development of a business plan of an economic entity,

* ensuring the financial activities of an economic entity and its divisions,

* implementation of cash settlements with suppliers and buyers,

* insurance against commercial risks, collateral, risky, leasing and other financial transactions,

* maintenance of accounting and statistical records in the field of finance, preparation of accounting records. balance sheet of an economic entity,

* analysis of the financial activities of an economic entity and its divisions.

In financial management, a key person is Financial Manager... Appropriate for large enterprises to form a group of financial managers, to secure for each specific area of ​​work and certain obligations. The group is headed by a leading financial manager - lead manager.

The activities of the financial manager are regulated by his job description which includes and qualification characteristics financial manager. He is usually a contracted employee. In addition to the salary, he can receive remuneration in the form of a percentage of profits (bonus).

5. Finance is a tool for influencing the production and trade process of an economic entity. This impact is carried out through a financial mechanism.

Financial mechanism is a system of action of financial levers, expressed in the organization, planning and stimulation of the use of financial resources.

The structure of the financial mechanism includes 5 interrelated elements:

* financial methods,

* financial leverage,

* legal support,

* regulatory support,

* Information Support.

Scheme "The structure of the financial mechanism".

Financial mechanism
Financial Methods	Financial leverage	Legal support	Regulatory support	Information Support
Planning			Instructions	Information different kind and kind
Forecasting		Presidential decrees	Standards
Investment	Depreciation deductions	Government Decisions
Lending	Financial	Orders and letters of ministers and departments	Methodical instructions
Self-lending		Charter of a legal entity (business entity)	Other regulatory documents
Self-financing	Rent
Taxation	Dividends
Settlement system
Material stimulation and responsibility
Insurance	economic
Collateral transactions
Transfer operations	Share contributions
Trust operations	Investments (direct, venture, portfolio)
	Exchange rate quotation
	Payment forms
Factoring	Types of loans
Funding	Franchise
Relationship with founders, business subjects bodies of state management	Preference
	Exchange rates, securities

Financial method- the way financial relations influence the business process.

* through the management of the movement of financial resources,

* in the line of market commercial relations associated with the measurement of costs and benefits with material incentives and is responsible for the efficient execution of funds.

The effect of financial methods is manifested in the formation and use of funds.

Financial leverage- techniques of the financial method. These include: profit, income, depreciation charges, economic earmarked funds, financial sanctions, rents, interest rates, deposits, bonds.

Legal support the functioning of the financial mechanism includes legislation, regulations, orders, circular letters and other legal documents governing bodies.

Regulatory support- form instructions, standards, norms, tariff rates, method of indication and explanation, etc.

Information Support consists of a different kind and type of economy, commercial financial and other information. Financial information includes: awareness of the financial stability and solvency of partners and competitors, prices, rates, dividends, percentages.

Information can be one of the types of intellectual property and be made as a contribution to the authorized capital of a joint-stock company or commodity production.

6. The function of finance in the sphere of production and circulation is closely related to commercial settlement.

Commercial settlement- a method of housekeeping by comparing costs and results economic activity in monetary (value) form.

The purpose of using commercial accounting is to maximize returns with minimal capital expenditures in a competitive environment.

In foreign economic practice, the requirement for comparing the amount of capital invested in production with the results of economic activity turns into the term "Innest-awinout" ( input - autut ).

Theme№ 2. Essence, composition of financial resources and capital

1. The term "Resources" is translated from French as an auxiliary tool. It means organizational means, values, supplies, opportunities, sources of funds and income.

Financial resources of an economic entity are monetary funds at its disposal. They are directed to the development of production, maintenance and development of production facilities, consumption, can remain in reserve.

Financial resources dedicated to development production and trade process are capital in his monetary form ... Thus, capital- this is a part of financial resources, this is money put into circulation and generating income from this turnover. The turnover of money is carried out by investing them in entrepreneurship. Capital is money meant to make a profit.

Universal capital formula:

D - T - D 1 , where:

D - funds advanced by the investor,

D 1 - funds received by the investor from the sale of goods and including the realized added value,

(D 1 -D) - the investor's income,

(D 1 -T) - proceeds from the sale of goods,

(D-T) - the costs of the investor for the purchase of goods.

2. Structurally, capital consists of monetary funds. It includes: money invested in fixed assets, invested in intangible assets, circulating funds, circulation funds.

By the form of attachments are distinguished:

* entrepreneurial capital,

* credit capital.

Entrepreneurial- represents capital invested in various enterprises through direct or portfolio investments. Such an investment of capital is carried out with the aim of obtaining profit and rights to manage an enterprise (JSC, partnerships)

Credit- this is money capital presented on credit on terms of repayment and payment. It is not invested in the enterprise, but transferred to another entrepreneur for temporary use in order to receive interest.

Credit capital acts as a commodity, and its price is interest.

Capital has a price. Price, or cost, capital represents the weighted average price component parts capital:

P is the price of capital, rubles;

C s - the price of equity capital (the sum of paid dividends, paid profit for hire and related costs), rubles;

C z - price borrowed capital(the amount of% for the loan received, paid on the bonds paid and related costs), rubles;

C p - prices of attracted capital (the amount of fines paid and related costs), rubles;

C is the share of equity in the total amount of capital,%;

Z- the share of borrowed capital in the total amount of capital,%;

P is the share of attracted capital in the total amount of capital,%.

3. Capital structure.

1. Fixed assets(fixed capital) - means of labor, reused in households. process, while not changing their material-natural form (cost over 10 minimum wages and serve more than 1 year - from 1.01.1997, except for agriculture).

The life cycle of fixed assets consists of the following stages:

Admission - participation in production process- moving within the enterprise - repairs - leasing - inventory - disposal.

Reimbursement of the cost of fixed assets as they wear out (except for land plots) occurs in the process of depreciation.

The share of the value of each group in the total production of fixed assets is the structure of the assets.

Funds are: - active;

Passive.

2. Intangible assets- investment of funds of the enterprise in intangible objects used during long term in economic activity and generating income. Intangible assets are the value of industrial and intellectual property and other property rights (know-how, patents, licenses, copyright).

3. Goodwill(goodwill- the prestige of the company) two values:

a) this is the notional value of the firm's business ties, the price of the firm's intangible assets, the monetary value of intangible capital. Intangible Capital - Prestige brand, business connections, stable clientele, etc.

b) the excess of the value of a certain group of assets over their market value, which is the sum of the value of the specified set of assets, if each of them were sold individually (analogue - sale of collections).

Goodwill manifests itself in the sale of a business entity. An entity's price may include: cost of equity to cost of added capital + Goodwill.

4.Revolving funds... They consist of objects of labor that have not yet entered the production process, but are already at the disposal of an economic entity, and objects of labor that are in the production process itself.

5.Circulation funds- associated with servicing the process of selling (circulation) of goods.

4. The economic organization of any business entity begins with the formation of basic and working capital, the value of which is reflected in the charter of an economic entity and is called authorized capital. (charter capital).

Authorized capital- this is the amount of contributions of the founders of an economic entity to ensure its life. Its value corresponds to the amount recorded in the constituent documents and is unchanged. Changes in the authorized capital can take place in accordance with the established procedure only after re-registration of an economic entity.

Contributions to the authorized capital can be: buildings, structures, material values, securities, rights to use natural resources, intellectual property, cash.

The cost is estimated in rubles by a joint decision of the participant of the economic entity and is their share in the authorized capital.

V unitary enterprises is being created authorized capital. Organizations or societies that are created without a charter have share capital.

The source of own funds is also Extra capital- This is the amount from the revaluation of inventory, fixed assets. Intangible assets, the amount of commission income.

In the financial activities of an economic entity, there are:

Liabilities.

Assets is a set of property rights belonging to an economic entity, i.e. rights of ownership, disposal and use of property.

Assets are:

* non-circulating- funds retired (withdrawn) from economic circulation (non-imported funds, long-term financial investments).

* negotiable- current, i.e. mobile assets, including circulating funds and circulation funds.

Liabilities - a set of debts and obligations of economic entities, consisting of borrowed and borrowed funds, including accounts payable (subsidies).

The assets of an economic entity, net of its debts, represent net assets business entity.

Theme№3. « Sources of financial resourcesRowls. Consolidated Profit "

1. According to the form of ownership, the sources of financial resources differ into 2 groups:

* own,

The sources of financial resources are:

* profit,

* depreciation deductions,

* accounts payable constantly at the disposal of an economic entity,

* funds received from the sale of securities,

* share and other contributions of members labor collective, legal entities and individuals,

* credit and loans,

* funds from the sale of the pledge certificate, insurance policy and other receipts of funds (donations, charity).

The profit and income system consists of:

* profit from product sales,

* profit from other sales,

* income from vertical operations (net of expenses on these operations),

* balance sheet (gross) profit,

* net profit.

In addition, a distinction is made between taxable profits and non-taxable profits.

2 ... The formation of the net profit of an economic entity includes:

*profit from product sales (goods, works, services) - the difference between the proceeds from the sale of products without VAT, excise taxes, and the costs of the right and sale included in the cost of production.

*production cost ( works, services) - the cost estimate of products used in the production process natural resources, raw materials, materials, fixed assets and other costs for the production and sale of costs included in the cost, according to their economic content, are grouped according to the following elements:

- material costs (waste return),

- labor costs,

- deduction for social needs,

Depreciation of fixed assets,

Other costs.

*profit from other sales - profit received from the sale of fixed assets and other property, waste, intangible assets, etc. it is defined as the difference between the proceeds from sales and the costs of those sales.

*income from non-operating transactions includes:

Income from equity participation in the activities of other entities,

Rental income,

Income from fines, penalties, etc.

These items of income form the balance sheet (gross) profit, which is reflected in the balance sheet. Income from business participation in other economic entities, income from securities is taxed under a different item than profit. Therefore, this income is separated from taxable profit into a separate group.

3. Integral principle market economy is the emergence of consolidated profits.

Consolidated Profit - consolidated profit by buh. reporting on activities and financial results of material and subsidiaries.

Consolidated Bukh. reporting represents the consolidation of the reporting of two or more economic entities located in certain legal and physical households. relationships. The need for consolidation is determined by economic feasibility. It is profitable for entrepreneurs instead of one large company to create several small enterprises, legally independent, but economically interconnected, because in this case, savings on tax payments can be obtained and the degree of risk in doing business is reduced, and mobility is increased.

Consolidated reporting has 2 main features:

* it is not a reporting of a legally independent economic entity, and has a clearly expressed analytical focus. The purpose of such reporting is not to identify taxable profits, but to obtain an overview of the activities of the corporate household. subject.

* Consolidation is not just a summation of items of the same name in financial statements. Business entities of the corporate family. In the process of consolidation, any internal corporate financial and business transactions are excluded, and only assets and liabilities, income and expenses from transactions with third parties are used in the consolidated statements.

Formation scheme net profit of an economic entity.

4. The essence of the turnover.

5. The procedure for creating a reserve fund, consumption and accumulation funds.

6. The concept of a share contribution. Types of shares.

7. Inventory fee.

4. In the branches of the content of commodity circulation (trade, public catering, material and technical supply, procurement), instead of the category "proceeds from the sale of products", the category "goods turnover" is used.

The essence of the turnover is these relations associated with the exchange of monetary income for goods in the order of purchase and sale.

5. An economic entity independently determines the direction of use of profit, unless otherwise provided for by the charter.

Net profit distribution scheme:

Company:

Ch.P. = Reserve Fund + Accumulation Fund + Consumption Fund

Partnerships:

Ch.P. = Reserve Fund + Accumulation Fund + Consumption Fund + profit distributed among institutions.

Reserve fund - created by economic consumers in case of termination of their activities to cover accounts payable... It is required for Joint Stock Company, cooperative, enterprises with foreign investment.

Deductions in RF are made until the size of these funds, established by the constituent documents, is reached, it is not more than 25% of the authorized capital, and for a joint stock company - not less than 15%. In this case, the amount of deductions to the fund must not exceed 50% of the taxable profit.

Accumulation fund andConsumption fund are special purpose funds. They are formed if it is provided for by the constituent documents.

Accumulation fund - a source of funds for an economic entity, accumulating profits and other sources for creating new property, acquiring funds, etc. It shows an increase in the property status of an economic entity, an increase in its own funds.

Consumption fund - a source of funds of an economic entity, reserved for the implementation of measures for social development (except for capital investments) and material incentives collective.

6. One of the sources of financial resources is a share contribution (share) - this is the amount of a monetary contribution paid by a legal entity and an individual upon joining the Joint Enterprise.

A share contribution is required for joining an LLP, mixed venture, joint Russian-foreign venture (often in a cooperative).

It is paid in: - in cash;

By transferring to the ownership of economic property and other material values ​​of the rights to use natural resources;

Property rights;

By providing property for the use of an economic entity without reimbursement for a certain time of the owner's expenses (maintenance, repair, depreciation);

By deducting from wages employees over a period of time.

7 ... The investment contribution is a tool for self-financing of the activities of an economic entity.

Investment fee - this is the employee's monetary contribution to the development of this economic entity, which accrues interest to the depositor in the amount and within the timeframe specified by the agreement or regulation on the investment contribution.

Theme№ 4 .Formation of a rational structuresources of funds of the enterprise

1. Financial resources are used by the enterprise to finance current expenses and investments.

Investments- these are all types of existing and intellectual values ​​invested by the investor in the objects of entrepreneurial activity in order to make a profit.

Investments- these are cash, securities, other property and rights that have a monetary value, invested in making a profit.

Investments are made by a legal or financial entity, which, in relation to the degree of commercial risk, is subdivided into:

* investors- legal or individual, who, when investing capital, most of that of someone else's, thinks, first of all, about minimizing risk. He is an intermediary in the financing of investments.

* entrepreneurs- invests his own capital at a certain risk.

* speculators- ready to take a certain, pre-calculated risk.

* players- at any risk.

Investments are divided into:

*clean- capital investments aimed at maintaining and expanding fixed assets. CV is an investment in fixed assets.

* transfer- costs of money, leading only to a change in the owner of capital. These include buying shares.

2. In business practice, there are 3 centers of capital investment:

Cost center.

Profit (translated from French - profit, benefit) is a center whose income from activities consistently exceeds the costs of this activity.

Venture (translated from English - to dare, to take risks) is a center that does not yet bring sustainable income, it may soon be bringing it. This is a risky investment in a center that can become stable over time and turn into profit.

Cost Center- it is the center through which the cash flow passes and the result of leaving it is mainly information.

3. Investments are:

* risky,

* portfolio,

* annuity,

* interactive.

Risky investments or venture capital are investments in the form of new shares issued in new areas of activity associated with high risk. He invests in unrelated projects with the expectation of a quick return on investment and a high rate of return.

Direct investments- investments in the authorized capital of an economic entity in order to generate income and obtain the rights to participate in the management of this economic entity.

Portfolio- associated with the purchase of securities and other assets.

A portfolio is a collection of various investment values ​​brought together that serve as a tool to achieve a specific investment goal of the investor.

Annuity (from German - annual payment) - investments that bring the depositor a certain income at regular intervals. This is a type of financial rent. It is a series of payments of the same amount, regularly received at regular intervals over a certain number of years.

Basically, these are investments in stocks, bonds, a non-state pension fund, in real estate that generates income. The depositor becomes a rentier, i.e. can live on income received from a one-time investment of capital.

4. The principles of forming an investment portfolio are the safety and profitability of investments, their growth, and the liquidity of investments.

Under security means the invulnerability of investments from shocks in the investment capital market and the stability of income generation.

Under liquidity means the ability of any financial resource to participate in the immediate purchase of goods (works, services), i.e. it is the ability to quickly and without loss in price turn into cash.

The main goal in the formation of a portfolio is to achieve the most optimal combination of risk for an investor.

The method of reducing the risk of serious losses is portfolio diversification , i.e. purchase of a certain number of different securities.

Over time, the investor's investment goals may change, which leads to a change in the composition of the portfolio. The revision of the portfolio is reduced to determining the ratio of profitability and risk of the securities included in it.

5. When buying shares and bonds of one JSC, an investor should proceed from the principle of financial leverage.

Financial leverage - the ratio between bonds and preferred shares, on the one hand, and common shares, on the other.

L - leverage level;

O - bonds, rubles;

А 1 - preferred shares, rubles;

And 2 - ordinary shares, rubles.

Financial leverage is an indicator of the financial stability of a JSC, which is reflected in its return on investment portfolio. High leverage leads to financial volatility.

The time value of financial resources.

Credit

1. The time value of financial resources.

2 . Characteristics of compounding and discounting processes.

3 . Index.

4 ... Credit.

1. Financial resources, the material basis of which is money, have a temporary value.

The time value of financial resources can be considered in 2 aspects:

1 th aspect associated with purchasing power of money. Cash at a given moment and after a certain period of time with an equal par value has completely different purchasing power. At state of the art economy and the inflation rate, money not invested in investment activities or deposited in a bank very quickly depreciates.

2 th aspect associated with circulation of funds as capital and receiving income from this turnover. Money should make new money as quickly as possible. Additional income from the circulation of money is determined using income discounting methods.

Discounting income- this is the reduction of income to the moment of capital investment. Discount factor, i.e. the reduction factor (at) is defined as follows:

a t= , where

a t- discount factor,

t- Time factors, i.e. the number of years during which the amount of money is in circulation and generates income,

n- Rate of return (or% rate).

Discount factor allows you to determine the current value (financial equivalent) of the future amount of money, i.e. reduce it by income that grows over a certain period of time according to the right of compound interest.

To determine the accrued capital and additional income, taking into account discounting, the following formula is used:

TO t= k(1+ n)t, where

TO t- the amount of capital investment by the end of the t-th period of time from the moment the personal amount was deposited, rubles.

TO- the current estimate of the amount of capital investment, i.e. from the point of view of the initial period, when the initial contribution is made, rub.

n- the discount factor (i.e. the rate of return or interest rate, unit fractions).

t- the time factor (number of years or the number of capital turnovers).

2) D = K (1+n) t - TO, where

D- additional income, rub.

Example.

We have 10 thousand rubles. We can invest them in two ways:

* for the 1st year at 100% income, therefore, the revenue will be 10 thousand rubles.

* for the 3rd month at 25% income, hence the revenue is 2.5. thousand roubles.

Which option is more profitable?

2 th option: for 4 turns per year, additional income will be:

1st turnover: 10+ 2.5 = 12.5 thousand rubles.

2nd turn: 12.5+ 3.12 = 15.6 thousand rubles.

3rd turnover: 15.6+ 3.9 = 19.5 thousand rubles.

4th turnover: 19.5+ 4.9 = 24.4 thousand rubles,

those. per year additional profit: 24.4-10 = 14.4 thousand rubles, which is 4.4 thousand rubles. more than the 1st option.

Or by the formula:

D = K (1+n) t - TO,

D = 10 (1 + 0.25) 4 -10 = 14.4 thousand rubles.

This additional income (D), as well as the future cost of capital (K t) were determined using the compounding method.

2. Compauding- it is the process of transition from the current (ie current) cost of capital to its future value.

The opposite process to compounding is discounting.

Discounting- it is the process of determining the current (i.e. current) value of money when its future value is known.

Discounting income is used to estimate future cash flows (profit,%, dividends) from now. An investor, having made an investment, must be guided by the following provisions:

* there is a constant depreciation of money,

* it is desirable to periodically receive capital income, and in an amount not lower than a certain minimum.

The investor evaluates how much income he can receive in the future and what the maximum possible amount of financial resources can be invested in the business. This assessment is made according to the formula:

TO- current estimate of the amount of capital investment, i.e. from the point of view of the initial period when the initial contribution is made, rub.

3. To measure the dynamics of economic processes for a certain period, relative indicators are used - index .

1) as a technique for analyzing the dynamics of indicators,

2) as an economic instrument of government regulation.

In the latter case indexing - this is a way of preserving the real value of monetary resources (capital and income) in terms of their purchasing power in the context of inflation.

Indexation is used to increase wages, pensions, income, i.e. a guaranteed level of costs and revenues is ensured.

When analyzing and…. Financial resources, it is necessary to take into account price changes, for which the price index is used.

Price index- an indicator characterizing the change in prices for a certain period of time.

Distinguish:

Individual (one-piece),

General (group) index.

Individual index

p 1 - the price of a specific product for the reporting period,

p 2 - price of… .. period.

General price index

g 1 - the number of goods sold for a certain period.

Price index is implemented according to a unified methodology approved by the State Statistics Committee of the Russian Federation dated June 29, 1995.

They can be applied:

* to assess the dynamics of purchasing opportunities in the past period,

* in forecasting the necessary financial resources in the future based on the emerging price trends.

For the analysis and forecast of quantitative indicators of economic activity, the following are also used:

Value index (revenue. Commodity turnover),

Index of physical volume (output or turnover),

Quantity index,

Structure index.

Cost index- is the ratio of the revenue of the reporting period to the revenue of the previous period in the corresponding periods.

q 0 - the number of goods sold in the previous period.

Physical volume index is determined by dividing the value index by the price index:

I p 0 = or i 0 =

Quantity index:

the average price of a product from the previous period.

Structure index:

4. Credit - provision of money by the lender to the borrower in the amount and on the terms provided for by the loan agreement, and the borrower undertakes to return the amount received and pay interest on it (Article 819 of the Civil Code of the Russian Federation).

Loans are:

Financial,

Commercial,

Investment

Tax.

Financial loan- a loan issued by a credit institution on terms of urgency, repayment and payment. It happens: - short-term (up to 1 year),

Long-term (over 1 year).

Commercial loan deferral of payments from one business entity to another. It is provided by the household. to the subject by suppliers of enterprises (p; y) in the form of a bill of exchange, a company loan or an open account, and a buyer to a supplier in the form of an advance.

Investment tax credit- such a change in the payment of tax, in which the organization is given the opportunity, within a certain period and within certain limits, to reduce its tax payments, followed by a phased payment of the loan amount and accrued interest. It can be provided for the tax on profit (income) of the organization, for regional and local taxes for a period of 1 to 5 years (but not more than 50%). Provided for research and development, technical re-equipment of its own production.

Tax credit- deferral or installment plan for the payment of tax. The grounds for granting are the damage caused as a result of natural disasters and other circumstances. Provided for one or more taxes.

Topic No.5 . Grade financial situation and financial stability of the enterprise

1 The financial condition of an economic entity is a characteristic of its financial competitiveness (i.e., solvency and creditworthiness), the use of financial resources and capital, the fulfillment of obligations to the state and other economic entities.

The movement of any inventory, labor and material resources is accompanied by the formation and expenditure of funds, therefore the financial condition of an economic entity reflects all aspects of its production and trading activities. The characteristics of the financial condition of an economic entity include an analysis of:

1. Profitability (profitability);

2. Financial stability;

3. Creditworthiness;

4. Use of capital;

5. The level of self-financing;

6. Currency self-sufficiency.

The source of information for the AF of the state is the balance sheet and the annex to it; statistical and operational reporting.

According to the scope of accessibility, the information can be divided into:

Open;

Closed (secret).

Information contained in accounting and statistical reporting, goes beyond the economic entity and is open information.

Each business entity develops its own targets, norms, tariffs, limits, a system for their assessment and regulation of financial activities. This information constitutes his trade secret, and sometimes “know-how”. The company has the right not to provide information containing commercial secrets. The list of information constituting a commercial secret is determined by the head of the enterprise.

2 . There are several methods of processing economic information in AHD.

1. Most widely used comparison... Its essence consists in comparing homogeneous objects to find similarities or differences between them. With the help of comparison, the general and the special in economic phenomena, changes in the level of the objects under study are established, trends and patterns of their development are studied. The following types of comparisons are used in the analysis:

a) comparison of actual results achieved with historical data. This makes it possible to assess the rate of change of the studied indicators and determine the trends and patterns of development of economic processes;

b) comparison of the actual level of indicators with the planned ones. It is necessary to assess the degree of implementation of the plan, the determination of the unused reserves of the enterprise;

c) comparison with the approved rates of resource consumption. It is necessary to identify the economy or overexpenditure of resources for the production of products, to assess the effectiveness of their use in the production process and to determine the lost opportunities to increase production and reduce the cost;

d) comparison with the best results, i.e. the best examples of labor, advanced experience, new achievements of science and technology. This allows you to identify the best practices and new opportunities of the enterprise;

e) comparison of the indicators of the investigated enterprise with the average industry data. Required to determine the rating of the enterprise;

f) comparison of different options for solving economic problems. This allows you to choose the most optimal one;

g) comparison of performance results before and after changes in any factor or production situation. It is used in calculating the influence of factors and determining the amount of reserves.

2. Relative and absolute values.

Absolute indicators show the quantitative dimensions of the phenomenon without regard to the size of other phenomena in natural units.

Relative indicators reflect the ratio of the magnitude of the phenomenon under study with the magnitude of another phenomenon or with the magnitude of the same phenomenon, but taken for a different time or for another object. Relative indicators are obtained by dividing one value by another, which is taken as a comparison base. Expressed in the form of ratios or percentages.

3. A way of grouping information.

Grouping - dividing the mass of the studied set of objects into quantitatively homogeneous groups according to the corresponding characteristics.

4. Balance method.

Serves to reflect the ratios, proportions of two groups of interconnected economic indicators, the results of which must be identical. A balance is compiled, in which, on the one hand, the need is shown, and on the other, the actual availability of resources.

5. Heuristic methods.

Refers to informal methods of solving economic problems. They are used mainly to predict the state of an object under conditions of partial or complete uncertainty, when the main source of obtaining the necessary information is the scientific intuition of scientists and specialists in this field. The essence of this method lies in the organized collection of judgments and suggestions of specialists (experts) on the problem under study with the subsequent processing of the received answers. The main varieties of the method expert assessments are:

a) the method of "brainstorming" - the generation of ideas occurs in a creative dispute;

b) the method of "brainstorming" - one group of experts puts forward ideas, and the other analyzes them;

c) the Delphi method - an anonymous survey of specialists on previously prepared questions with subsequent statistical processing of information.

6. Method of tabular and graphical reflection of analytical data.

This is the most rational and easy-to-understand form of presenting analytical information about the phenomena under study.

3. The profitability of an economic entity is characterized by absolute and relative indicators.

Absolute rate of return is the amount of profit (income)

Relative rate of return- the level of profitability.

Profitability is the profitability (profitability) of the production and trading process.

The level of profitability of trade enterprises, Catering is established by the ratio of profit from the sale of goods (public catering products) from the sale of goods (public catering products) to the cost of production (to turnover).

Р - the level of profitability,%

P - profit from the sale of products, rubles.

С - production cost, rubles.

In the process of analysis, the dynamics of changes in the volume of net profit, the level of profitability and the factors that determine them are studied. The main factors affecting net income are:

The volume of proceeds from the sale of products;

Cost level;

Profitability level;

Income from non-operating transactions;

Non-operating expenses;

The amount of taxes paid out of profits.

The analysis of the profitability of an economic entity is carried out in comparison with the plan and the previous period. The analysis is carried out according to the work data for the year. Planned indicators are developed by a business entity independently for internal use.

All costs in the company in relation to the amount of revenue can be divided into 2 groups:

Conditionally permanent;

Variables;

Conditional-constant costs are called, the amount of which does not change when the proceeds from the sale of products change (rent, depreciation of fixed assets, etc.).

Variable costs are costs, the amount of which changes in proportion to the change in the volume of proceeds from the sale of products (labor costs, transportation costs, deductions to various funds, etc.).

Conditional fixed costs are analyzed by the absolute amount, variable costs analyzed by comparing cost levels as a percentage of revenue.

The division of costs allows you to clearly show the relationship between revenue from product sales, cost and profit from product sales.

An analytical method can be used to determine break-even point- the point for which is equal to the cost price. The calculation of this point consists in determining the minimum volume of proceeds from the sale of products at which the level of profitability of an economic entity will be more than 0%:

T min - the minimum amount of revenue at which the level of profitability is more than 0%, rubles

With post - the amount of conditionally fixed costs, rubles.

From the lane. - the amount of conditionally variable costs, rubles.

T is the proceeds from the sale of products, rubles.

4 . Under the creditworthiness of an economic entity is understood that it has the prerequisites for obtaining a loan and its return on time. The borrower's creditworthiness is characterized by its accuracy in calculating previously received loans, current financial condition and the ability, if necessary, to mobilize funds from various sources. The bank, before granting a loan, determines the degree of risk that it is willing to take on and the amount of the loan that can be provided.

One of the important indicators of creditworthiness is liquidity.

The liquidity of an economic entity is its ability to quickly pay off its debts. Essentially, the liquidity of an economic entity means the liquidity of its balance sheet. Liquidity means the unconditional solvency of an economic entity and implies constant equality between assets and liabilities both in terms of the total amount and in terms of maturity. The analysis of balance sheet liquidity consists in comparing funds for an asset, grouped according to their degree of liquidity and arranged in descending order of liquidity, with liabilities for liabilities, combined by maturity and in ascending order of maturity.

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The content of financial management and its place in the management system
organization. The purpose and objectives of financial management. Basic concepts
financial management. Financial instruments. External - legal and
tax - environment. Financial management information support.
Methodological foundations for making financial decisions. Cash flows and
methods of their assessment. Methods for evaluating financial assets. Risk and return
financial assets. Portfolio investment risk and return. Control
investments. Evaluation of the efficiency and risk of investment projects.
Formation of the capital investment budget. Investment policy.
Management of sources of long-term funding. Traditional and new
financing methods. Price and capital structure. Weighted average and
the marginal price of capital. Capital structure theories. Managing your own
capital. Sustainable growth rate. Production and financial leverage.
Dividend policy. Business value. Working capital management.
Working capital policy. Inventory Management. Control
accounts receivable (credit policy). Cash management
means and their equivalents. Traditional and new methods
short-term financing. Funding source management
working capital. Financial planning and forecasting.
Strategic, long-term and short-term financial planning.
Financial strategy. Forecasting methods of basic financial
indicators. Special issues of financial management. Financial
management in conditions of inflation. Bankruptcy and financial restructuring.
Crisis management. International aspects of financial management.

3
1. Subject, tasks, basic
concepts of financial
management

4
Definition of financial management

Financial management is the most
can be defined in the simplest way as
the art of financial management
streams.

5
The essence of financial management
The essence of financial
management as a form
entrepreneurship, expressed
in exchange.
Money
Financial management services
Growth money

6
Capital mission

Capital must generate income,
otherwise the business entity may
lose their stability in the market .

7
Control object
Object management is a set of conditions for the implementation of monetary circulation and cash flow, the circulation of value, the movement of financial resources and financial relations arising in the internal and external environment of the enterprise.
Therefore, the following elements are included in the control object:
1) Money turnover;
2) Financial resources;
3) Circulation of capital;
4) Financial relations.

8
Subject of management
Subject management - a set of financial instruments, methods, technical means, as well as specialists, organized in a certain financial structure, which carry out the purposeful functioning of the control object.
The elements of the subject of management are:
1) Personnel (trained personnel);
2) Financial instruments and methods;
3) Technical controls;
4) Information support.

9
Typical control loop
Subject
management
(control part of the system)
control action feedback
An object
management
(controlled part of the system)

10

entrance
Output
Control subsystem (subject)
Financial Directorate and its divisions
Financial Manager
Managed subsystem (object)
Money turnover
Circulation of value
(capital)
Financial
Financial relations

11
The relationship between subject and object
management
External information
Subject of management
Information received by the subject of management about the state of the object of management
Information coming from the control system to the control object
Control object

12
The purpose of financial management
The purpose financial management is the development of certain solutions to achieve optimal final results and finding the optimal balance between short-term and long-term goals of enterprise development and decisions made in the current and future financial management.

13
The main goal of financial
management
The main goal financial management is to ensure the growth of the welfare of the owners of the enterprise in the current and future period.

14
The main objectives of the financial
management:
1). Ensuring the formation of a sufficient amount of financial resources in accordance with the needs of the enterprise and its development strategy.
2). Ensuring the efficient use of financial resources in the context of the main activities of the enterprise.
3). Optimization of cash flow and settlement policy of the enterprise.
4). Profit maximization with an acceptable level of financial risk and favorable taxation policy.
5). Ensuring a constant financial balance of the enterprise in the process of its development, i.e. ensuring financial stability and solvency.

15
Financial management principles

16
Financial management structure

17
Functions
financial
management
1. Functions of the control object,
2. Functions of the subject of management.

18
Control object functions
Control object functions:
1. Reproductive , ensures the reproduction of advanced capital on an expanded basis;
2. Production - ensuring the continuous functioning of the enterprise and the circulation of capital;
3. Control (control of capital management, enterprise).

19
Functions of the subject of management
1. Forecasting financial situations and conditions;
2. Planning financial activities;
3. Regulation;
4. Coordination of the activities of all financial departments with the main, auxiliary and service departments of the enterprise;
5. Analysis and assessment of the state of the enterprise;
6, Stimulation function;
7. Function of control over money circulation, formation and use of financial resources.

20
Management functions in
management cycle
PLANNING
CONTROL
ORGANIZATION
MANAGEMENT
MOTIVATION,
REGULATION

21
Financial strategy development
Organization
Financial planning
Analysis of financial activities
Control
Formation of effective information systems
Motivation
Delegation
FUNCTIONS
FINANCIAL MANAGEMENT
AS A CONTROL SYSTEM
Current assets
Fixed assets
Asset structure
Asset Management
Equity
Borrowed capital
Capital structure
Capital Management
Real investment
Financial investments
Investment management
Operating activities
Investment activities
Financial activities
Cash flow management
Composition of risks
Risk prevention
Risk insurance
Financial risk management
Solvency
Financial stability
Financial balance
Sanitation
Anti-crisis financial management
SPECIAL FUNCTIONS
FINANCIAL MANAGEMENT
FINANCIAL MANAGEMENT FUNCTIONS

22
General scheme of financial management
Financial task
(definition of the purpose of capital use)
Choice
Financial methods,
levers and techniques for managing the movement of financial resources and capital
Decision-making.
Drawing up a program of events,
financial plan
Organization of implementation of the decision
Monitoring the implementation of the decision
Analysis and evaluation of solution results

23
Basic concepts of financial
management
1). Cash flow concept.
2). Time value concept
monetary resources.
3). The concept of compromise between risk and
profitability.
4). Capital price concept.
5). Market efficiency concept
capital.
6). Asymmetry concept
information
7). The concept of agency relations.
eight). Opportunity Cost Concepts.

24
Cash flow concept
This concept assumes:
1. identification of the cash flow, its duration and type (short-term, long-term, with or without interest);
2. assessment of the factors that determine the size of the elements of the cash flow;
3. selection of a discount factor that allows comparing flow elements generated at different points in time;
4. an assessment of the risk associated with this flow and how to account for it.

25
Time value cash concept
resources
Time value is an objectively existing characteristic of monetary resources.
It is determined by three main reasons:
a) Inflation,
b) The risk of not receiving or not receiving the expected amount,
c) Turnover.

26
The concept of compromise between risk and
profitability
The meaning of the concept: making any income in business is almost always associated with risk, and the relationship between them is directly proportional.
At the same time, situations are possible when maximizing income should be associated with minimizing risk.

27
Capital price concept
Servicing one or another source of funding is not the same for the company, therefore, capital price shows
the minimum income required for
cover the costs of maintaining each
source and allowing not to be at a loss.
The quantitative assessment of the price of capital is of key importance in the analysis of investment projects and the choice of alternative options for financing an enterprise.

28
Market efficiency concept
capital
Transactions in the financial market (with securities) and their volume depends on how much current prices correspond to the intrinsic values ​​of securities.
Market price depends on many factors, including information.
Information is seen as a fundamental factor, and how quickly information reflects on prices, the level of market efficiency changes.

29
Information asymmetry concept
This concept is directly related to the previous concept.
Its meaning is as follows: separate
categories of persons may own information that is not
available to other market participants .
Using this information can have both positive and negative effects.

30
Agency relations concept
It was introduced into financial management due to the complexity of organizational legal forms business.
The essence: in complex organizational and legal forms, there is a gap between the ownership function and the management function, that is, the owners of companies are removed from the management that managers are engaged in.
In order to neutralize the contradictions between managers and owners, to limit the possibility of undesirable actions of managers, the owners are forced to bear agency costs (participation of the manager in profits or consent to the use of profits).

31
Opportunity Cost Concept
Any investment always
has an alternative.

32
The main stages of development of financial
management
Currently, Western specialists stand out five approaches to the formation and development of financial management.

33
The first approach
It is associated with the activities " schools of empirical
pragmatists"(1850-1860). Its representatives are professional analysts (Eugene Brigham, USA) who, working in the field of analysis of companies' creditworthiness, tried to substantiate a set of relative indicators suitable for such analysis. They first tried to show the variety of analytical coefficients that can be calculated from the data accounting statements and are useful for making management decisions.

34
Second approach
This approach is driven by the activities of the school
« statistical financial analysis»
(1860-1880). The main idea is that analytical ratios calculated from accounting data are only useful if there are criteria with thresholds which these coefficients can be compared.

35
Third approach
This approach is associated with the activities of the school
« multivariate analysts"(1870-1890).
Representatives of this school proceed from the idea of ​​constructing conceptual foundations based on the existence of an undeniable relationship of partial coefficients characterizing the financial condition and efficiency of current activities.

36
Fourth approach
The fourth approach is associated with the emergence of " schools
forecasting analysts
bankruptcy of companies"(1930). Representatives of this school focus on the financial stability of the company in the analysis, preferring a prospective analysis to a retrospective one.

37
Fifth approach
The fifth approach is the newest direction (1990) - the school “ participants in the stock
market».
The value of reporting lies in the ability to use it to predict the level of efficiency of investment in securities.
This direction is developed mainly by scientists and has not yet received recognition in practice.

38

1. The financial analysis and planning as well
financial forecasting:

assessment and analysis of assets and sources of their formation;

assessment of the size and composition of resources required to maintain the economic potential of the company and expand its activities;

assessment of sources of additional funding;

formation of a control system for the preparation and efficient use of financial resources.

39
Financial management areas
2. Providing the enterprise with financial
resources:

assessment of the amount of required financial resources;

the choice of the forms of their receipt;

assessment of the degree of availability and time of receipt of these resources;

assessment of the cost of owning this type of resources (%, discount, etc.);

an assessment of the risk associated with a given source of funding.

40
Financial management areas
3. Distribution and use of financial
resources:

analysis and assessment of long-term and short-term investment decisions;

optimality of the time of transformation of financial resources into other types of resources
(material, labor, money);

expediency and efficiency of investments in
PF, intangible assets and the formation of their rational structure;

optimal use of working capital;

ensuring the effectiveness of financial investments.

42
Financial service business
subject
The financial service usually consists of two divisions, one of which is under the purview of the treasurer, and the other is the controller (chief accountant) of the company.

43
Treasury functions
The functions of the Treasury include the formation of a capital investment budget, the development of annual financial plans, the development of a dividend policy, planning the capital structure and organizing relationships with its main suppliers - financial institutions and private investors. The Treasury also manages the current liquidity of the company and ensures the completeness and timeliness of collection of cash income and the smooth execution of payments.

44
Control service functions
The control service mainly performs accounting and auditing functions - accounting of production resources, production accounting and costing, tax accounting, internal audit, preparation of external financial statements.

45
Interacting with others
management subsystems
In the process of performing its functions, the financial management subsystem closely interacts with all other management subsystems, therefore, along with the vertical subordination of financiers, great importance has them horizontal integration with other services of the enterprise: marketing, supply, production, personnel, etc.

46
Information Support
financial management
Information support of financial management is carried out through a continuous targeted selection of informative indicators necessary for the analysis, planning and preparation of effective operational management decisions in all aspects of the company's financial activities.

47
Scorecard
information
securing
financial
management,
formed from
external sources

48
Scorecard
information
securing
financial
management,
formed from
internal sources

49
2. Financial
activity,
financial mechanism
enterprises, financial
analysis

50
Financial relations of the business owner
subject
The financial relations of a business entity form the basis of finance.
Finance expresses the form of the movement of value in the production and trade process and reflects the completeness of the acts of commodity-money relations, the public recognition of the produced use values, that is, the produced product has found its consumer.

51
Business finance functions
subject
The finances of an economic entity perform three functions:
1) the formation of funds
(income);
2) use of funds
(expenses);
3) control over the formation and use of funds.

52
Financial mechanism
Financial mechanism - the actions of financial levers, expressed in the organization, planning and stimulation of the use of financial resources.

53
Financial mechanism structure
The structure of the financial mechanism includes five interrelated elements:
financial methods, financial
leverage, legal, regulatory and
Information Support .

54
Financial method
Financial method can be defined as a way of action of financial relations on the economic process, which act in two directions: along the line of managing the movement of financial resources and along the line of market commercial relations associated with the commensuration of costs and benefits, with material incentives and responsibility for the efficient use of monetary funds.

55
Financial leverage
Financial leverage is a financial method action technique.
Financial leverage includes profit, income, depreciation charges, targeted economic funds, financial sanctions, rents, interest rates on loans, deposits, bonds, shares, contributions to authorized capital, portfolio investments, dividends, discounts, quotation of the ruble exchange rate etc.

56
Legal support
Legal support the functioning of the financial mechanism includes legislation, regulations, orders, circular letters and other legal documents of the governing bodies.

57
Regulatory support
Regulatory support the functioning of the financial mechanism is formed by instructions, standards, norms, tariff rates, guidelines and clarifications, etc.

58
Information Support
Information Support the functioning of the financial mechanism consists of various kinds and types of economic, commercial, financial and other information.
Financial information includes awareness of the financial stability and solvency of its partners and competitors, prices, rates, dividends, interest on the commodity, stock and foreign exchange markets, etc .; report on the state of affairs in the exchange, over-the-counter markets, on the financial and commercial activities of any business entities worthy of attention; various other information.

59
The financial analysis
Financial analysis is the assessment and forecasting of the financial condition of an enterprise based on its financial statements.

60
The main purpose of financial analysis
The main aim any type of financial analysis is the assessment and identification of the company's internal problems for the preparation, justification and adoption of various management decisions, including in the field of development, recovery from the crisis, the transition to bankruptcy procedures, buying-selling business or a block of shares, attracting investments ( borrowed money).

61
Financial Analysis Objectives
TO goals financial analysis also includes:
1. An objective assessment of the financial condition, financial results, efficiency and business activity of the object of analysis.
2. Identification of factors and causes of the achieved state and the results obtained.
3. Preparation and justification of the adopted management decisions in the field of finance.
4. Identification and mobilization of reserves for improving the financial condition and financial results, increasing the efficiency of all economic activities.

62
Where to start financial analysis
Financial analysis begins with a comprehensive study of the intentions of the enterprise, such as:

expansion of production,

placement of equipment,

change in current status,

and other activities requiring the movement of money.

63
Determination of scales
Financial analysis involves determining the scale, quantitative composition and timing of the movement of financial resources from suppliers to recipients through financial markets and financial institutions.

64
Types of financial analysis
Financial analysis can be of two types:
1. Internal analysis;
2. External analysis.

65
External analysis
External analysis is a financial analysis based only on public accounting data, carried out outside the company by interested parties
(owners, government agencies, contractors).

66
Features of external analysis
The features of external analysis are :
1). The plurality of subjects of analysis, users of information about the activities of the enterprise.
2). Diversity of goals and interests of the analysis;
3). Availability of standard methods, accounting and reporting standards;
4). Orientation of the analysis only to public, external reporting of the enterprise;
5). Limiting the tasks of analysis, due to the fact that external analysis is focused only on public, external reporting of the enterprise;
6). Maximum openness of the analysis results for users of information about the activities of the enterprise.

67
The main content of the external
financial analysis
The main content of external financial analysis is:
1). Analysis of absolute indicators of profit;
2). Analysis of relative profit indicators;
3). Analysis of the financial condition, market stability, financial results, balance sheet liquidity, enterprise solvency;
4). Assessment of property status;
5). Research of the state and dynamics of receivables and payables;
6). Analysis of the efficiency of the execution of borrowed capital, economic diagnostics of the financial condition of the enterprise.

68
Who does the external analysis
External financial analysis is carried out by employees of tax authorities, audit firms, commercial banks, insurance companies, in order to study the correctness of the reflection of the results of the enterprise, its creditworthiness.

69
On-farm financial analysis
When conducting it, data available to a limited circle of persons managing the activities of the enterprise are used as sources of information.
This is a financial statement, data on technical training production, regulatory and planning information and other data of system accounting.

70
Features of on-farm
financial analysis:
1). Orientation of the analysis results to the goals and interests of the enterprise management;
2). Use of all sources of information for analysis;
3) Lack of regulation of the analysis from outside government agencies;
4) The complexity of the analysis, the study of all aspects of the enterprise;
5). Integration of accounting, planning analysis and decision making;
6). Maximum privacy of analysis results in order to preserve trade secrets.

71
Internal analysis tasks
To investigate in more depth the reasons for the current financial condition, the effectiveness of the use of fixed and working capital, the relationship of indicators of volume, cost and profit.

72
Who conducts internal analysis
Internal financial analysis is carried out by the financial managers of the enterprise and its owners in order to use the entire set of available informative indicators.
The results of this analysis may be trade secrets.

73
Comparison table of internal and
external analysis
External analysis
Internal analysis
Target
Financial assessment
states (problem of choice)
Improving financial
fortunes
Initial data
Open (standard)
financial statements
Any information
necessary to solve
the task
Methodology
Standard
Any corresponding
decision of the
tasks
Accent
Comparison with others
enterprises
Identification of the cause
investigative links
An object
research
Enterprise as a whole
The enterprise, its structural
divisions, directions
activities, types
products

74
Financial analysis forms
1). Form No. 1 of financial analysis.
2). Form No. 2 of financial analysis.
3). Form No. 3 of financial analysis.

75
Form No. 1 of financial analysis
According to the volume of analytical research, there are full and

Plan

The purpose and objectives of financial management.

Financial Management Organization Principles

Financial management functions

Fundamental concepts of financial management

Financial management as a management system

Financial management information support

Literature

Karelin V.S. Finance corporations: textbook. / V. S. Karelin. - M.: Publishing-bargaining. corporation "Dashkov and K", 2005. - 619 p.

Zabelina OV Financial management: textbook. manual for universities / O. V. Zabelina, G. L. Tolkachenko. - M.: Examination, 2005 .-- 223 p.

Financial management. Theory and practice: textbook. for students of higher. study. institutions / Financial Acad. under the Government of the Russian Federation, Acad. management and market, Institute of financial management; ed. E.S.Stoyanova. - Ed. 5th, rev. and add. - M.: Perspektiva, 2005 .-- 655 p.

1.The purpose and objectives of financial management

Financial management - the process of developing and implementing management decisions related to the formation, distribution and use of the organization's financial resources.

The purpose of financial management - ensuring sustainable development and capitalization (growth of market value) of the organization.

This goal is inextricably linked with the main goal of managing the organization as a whole and is implemented with it in uniform procedures.

The main tasks that financial management is designed to solve:

Search for sources and ways of financing the organization's business to ensure the required level and structure of its assets. This task is implemented by determining the overall need for financial resources of the organization for the upcoming planning period, maximizing the volume of involvement of its own financial resources, determining the optimal structure of borrowed funds and managing their attraction.

Ensuring the efficient use of financial resources in the activities of the organization. This task is realized by optimizing the distribution of the formed volume of financial resources in time and in the directions of the organization's activities.

Optimization of cash flow. This task is solved by managing the organization's cash flows in the process of its cash circulation, ensuring the synchronization of the volumes of receipts and expenditures of funds for individual time periods, maintaining the required level of liquidity of its current assets.

Minimizing the level of financial risk. This task is achieved by diversifying the types of operating and financial activities, forming an optimal investment portfolio, monitoring the situation in financial markets, and applying various insurance schemes for financial assets.

Ensuring the financial stability of the organization in the process of its development. This task is achieved by forming the optimal structure of the capital and assets of the organization and maintaining the required level of its solvency.

2.Principles of organization of financial management

The basic principles of financial management include:

Focus on the strategic development goals of the organization. Management decisions in the field of financial activities in the current period should not contradict the strategic goals of the organization.

Responsiveness. Financial management is designed to take into account changes in external and internal environment factors, financial market conditions, resource potential, forms of organization of production and financial activities, financial condition and other parameters of the organization's functioning.

Complexity. Financial management as an integrated management system connects all management decisions in the formation, distribution and use of the organization's financial resources.

Integration. Any management decision directly or indirectly affects the formation of cash flows and the results of financial activities, therefore financial management is directly related to common system organization management.

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Financial Management Short Course

1. Concept, goals and objectives of financial management

1. The concept of management (eng. management- management-1) means the process of organization management, planning and control and is used in almost all areas of the organization. To carry out his tasks, the head of the organization must use technical and financial means, as well as human potential. The manager should carry out the key management activities: planning, building organizational links, motivation and control, in general, are management practices.

All management goals are reduced to the survival of the organization and its preservation of its place in the market for a long time. General management goals imply the development of the organization as a whole and are focused on the long term. Specific management objectives are developed within the framework of general objectives for the main activities of the organization.

The main goal of management- achieving and maintaining harmony in the development and functioning of the organization.

2. Distinguish between production, financial, personnel, innovative types management.

Financial management Is a system of economic management of production, the functioning of which is aimed at achieving the general goals of management.

Financial Management Subject- economic, organizational, legal and social issues arising in the process of managing financial relations at enterprises (in organizations, commercial structures).

There are two subsystems of financial management: controlled (object) and control subsystem (subject). Control object in financial management - a set of conditions for the existence of monetary circulation, the circulation of value, the movement of financial resources.

Subjects of management include government, financial and tax authorities, banks, insurance bodies, etc. The main subject of management- the owner.

Distinguish the following the main functions of the object of financial management: organization of monetary circulation; provision of financial resources and investment instruments; provision of fixed and circulating assets; organization of financial work.

It is customary to highlight the following main functions of the subject of financial management: analysis of the financial position of the financial statements to adjust the existing business models; determination of the required volumes and schemes for financing the needs of an enterprise (organization, commercial structure); ensuring sufficient solvency for timely payments; identifying opportunities to improve performance.

3. Financial management includes strategy and tactics. Under strategy refers to the general direction and way of using funds to achieve long-term goals, under tactics- specific methods and techniques to achieve the goal in a short period of time in certain conditions.

4. There are the following main sections of financial management:

☝ diagnostics of financial condition;

☝ management of short-term financial resources;

☝ management of investment of long-term financial resources;

☝ analysis of possible risks.

To the necessary conditions for the functioning of financial management relate entrepreneurial activity; self-financing; market pricing; labor market; capital market; state regulation of the activities of enterprises based on the system of market legislation.

4. The following main objectives of financial management: profit maximization; increase in the income of your own enterprise (organization, commercial structure); growth in the market value of shares; achieving stable liquidity of assets.

The main goal of financial management- ensuring the maximization of the market value of the enterprise, which corresponds to the ultimate financial interests of its owners.

The main financial management tasks includes: the formation of the required amount of financial resources; effective use of the formed volume of financial resources; optimization of the cash flow of the enterprise (organization); profit maximization; minimization of the level of financial risk and constant financial balance of the enterprise.

5. The ratio of equity and borrowed capital in the structure of sources of an enterprise (organization, commercial structure) determines the final financial results of its activities (the optimal ratio in turnover is 50: 50%). Many organizations choose to use only their own resources. However, it has been economically proven that the attraction of borrowed sources is advisable, provided that they are recouped, when the use will increase the profitability of own funds.

For the effective use of the formed volume of financial resources, it is necessary to establish proportionality in their use for the purposes of production, economic and social development organizations, payment of the required level of income for invested capital to the owners of the enterprise (organization, commercial structure).

Optimization of the company's cash flow is solved by effective management cash flows of the organization in the process of cash turnover in order to minimize the average balance of free cash assets.

Profit can be one of the goals of the enterprise, while its size should be adequate to the level of financial risk. The main goal of a modern enterprise should be the size of its value.

Minimizing the level of financial risk is one of the main goals of an enterprise (organization, commercial structure). The connection between risk and reward makes it necessary to constantly consider them as interrelated concepts.

Permanent financial equilibrium of the enterprise, i.e. balance, should be achieved by maintaining high level financial stability and solvency, the formation of an optimal structure of capital and assets, a sufficient level of self-financing of the investment needs of the enterprise.

2. Basic concepts and principles of financial management

1. Financial management is based on a number of interrelated fundamental concepts developed within the framework of the theory of finance. Concept (lat. conceptio- understanding, system) is a certain way of understanding and interpreting a phenomenon.

With the help of a concept or a system of concepts, the main point of view on this phenomenon is expressed, some constructivist framework is set that determines the essence and directions of development of this phenomenon.

There are the following main financial management concepts: cash flows; compromise between risk and return; present value; temporary value; asymmetric information; alternative costs; the temporal unrestrictedness of the functioning of an economic entity.

2. Main content cash flow concepts make up the issues of attracting cash flows, identifying cash flow, its duration and type; assessment of the factors that determine the size of its elements; selection of the discount factor; an assessment of the risk associated with this flow.

The concept of compromise between risk and return is based on the fact that making any kind of income in a business is always risky. The relationship between these interrelated characteristics is directly proportional: the higher the required or expected return, the higher the degree of risk associated with the possible non-receipt of this return.

Present value concept describes the patterns of business activity of the enterprise and explains the mechanism of capital growth. Every day, an entrepreneur is forced to manage a variety of transactions for the purchase and sale of goods (products), services, investment funds. In this regard, the manager needs to determine how appropriate it is to perform these operations, whether they will be effective.

Time value concept argues that the currency available today is not the same as the currency available over time. This is due to the effect of inflation, the risk of not receiving the expected amount and turnover.

Asymmetric information concept based on the fact that certain categories of persons can own information that is inaccessible to all market participants equally. In this case, one speaks of the presence of asymmetric information.

Opportunity Cost Concept proceeds from the fact that the adoption of any decision of a financial nature in the overwhelming majority of cases is associated with the rejection of some alternative option. The concept of opportunity costs is especially vividly manifested in the organization of management control systems. Any control system is costly, while the lack of systematic control can lead to much more serious financial losses.

The concept of temporary unrestrictedness of the functioning of an economic entity claims that the company, once established, will exist forever. This concept is, in a sense, conditional and is applicable not to a specific enterprise, but to the mechanism of economic development through the creation of independent, competing firms.

3. In modern management practice, the following main financial management principles:

☝ priority of the strategic development goals of the enterprise (organization, commercial structure);

☝ communication with the general enterprise management system;

☝ mandatory allocation of financial and investment decisions in financial management;

☝ building and maintaining the financial structure of the enterprise;

☝ separate management of cash flow and profit;

☝ harmonious combination of the company's profitability and increased liquidity;

☝ variability and complex nature of the formation of management decisions;

☝ high dynamism of management.

4. Based on the principle of priority of the strategic goals of the enterprise development even highly effective from an economic point of view, projects of management decisions in the field of financial management of the current period should be rejected if they conflict with the strategic directions of the enterprise and destroy the economic basis for the formation of their own financial resources.

The principle of communication with the general enterprise management system means that financial management covers issues of all levels of management and is directly related to operational, innovative, strategic, investment, anti-crisis management, personnel management and some other types of functional management.

The principle of mandatory allocation in financial management of financial and investment decisions states that financial solutions work to find financial resources. Investment decisions answer the question of where and how much money should be invested.

The principle of building and maintaining a financial structure implies that in the activities of the enterprise it is possible to distinguish structures of various nature and purpose, but the financial structure of the enterprise is formed by its main activity.

According to principle of separate management of cash flow and profit cash flow is not equal to profit.

Cash flow Is the movement of funds in real time.

Profitability and liquidity are interrelated concepts, but the relationship between them can be inversely proportional: this is how it manifests itself the principle of harmonious combination of profitability and increasing the liquidity of the enterprise(organization, commercial structure).

5. All activities of an enterprise are the result of making decisions that are different in nature and goals, but interrelated in content, in the field of formation, distribution and use of financial resources and organization of the enterprise's monetary turnover. These decisions are closely interconnected and have a direct or indirect impact on the results of its financial activities. This is the action the principle of variability and the complex nature of the formation of management decisions.

Management according to the principle of dynamism, must be adequate and prompt. Management decisions must be taken in short time, since the external and internal environment of the enterprise is constantly changing.

3. The main functions and methods of financial management

1. Functions of financial management determine the formation of the structure of the management system. As the main types of financial management functions, the functions of the object and the subject of management are distinguished.

TO functions of the control object include: the organization of monetary circulation, the supply of financial assets and investment instruments, the organization of financial work, etc.

Functions of the subject of management consistently consist of collecting, systematizing, transferring, storing information, working out and making a decision, transforming it into a team.

These include planning, forecasting or foresight, organization, regulation, coordination, stimulation, control.

2. Financial planning as a management function, it covers the entire range of measures for the development and implementation in practice of planned targets.

Forecasting in financial management - long-term development of changes in the financial condition of an object as a whole and its various parts. Forecasting, unlike planning, does not set the task of directly implementing the developed forecasts in practice. These projections represent an anticipation of the corresponding changes.

Organization function- the creation of governing bodies, the construction of the structure of the management apparatus, the establishment of the relationship between management units, the development of norms, standards, methods, etc.

Regulation in financial management - the impact on the object of management, through which the state of stability of the financial system is achieved in the event of a deviation from the specified parameters.

Coordination- the consistency of the work of all links of the management system, the management apparatus and specialists. Coordination ensures the unity of relations between the object of management, the subject of management, the management apparatus and the individual employee.

Stimulation in financial management it is expressed in encouraging employees of the financial service to be interested in the results of their work. Through incentives, the distribution of material and spiritual values ​​is controlled depending on the quantity and quality of labor expended.

Control in financial management comes down to checking the organization of financial work and the implementation of financial plans. Through control, information is collected on the use of financial resources and on the financial condition of the facility, changes are made to financial programs, additional reserves and opportunities are revealed.

3.K basic methods of financial management include forecasting, planning, insurance, self-financing and lending.

The practice of modern financial management includes non-formalized methods of expert assessments, scenarios, comparison, construction of systems of indicators and analytical tables, morphological.

These methods are based on the description of analytical procedures and do not suggest the use of strict analytical dependencies.

The basis of formalized methods of financial management includes strict formalized analytical dependencies.

4. In the practice of financial management, the following main groups of formalized methods are distinguished:

☝ elementary methods of factor analysis used to assess and predict the financial condition of an enterprise (organization, commercial structure), highlighting the main factors for its improvement (methods of chain substitutions, arithmetic differences, balance, highlighting the isolated influence of factors, percentage numbers, differential, logarithmic, integral, simple and compound interest);

☝ traditional methods of economic statistics (methods of average and relative values, groupings, graphical, index, elementary methods of processing time series);

☝ mathematical and statistical methods for studying relationships used in calculating various indicators of the stock market, predicting a possible bankruptcy (correlation analysis, regression analysis, analysis of variance, principal component analysis, covariance analysis, cluster analysis, etc.);

☝ methods of economic cybernetics and optimal programming (methods system analysis, machine imitation; linear, nonlinear, dynamic, convex programming, etc.); econometric methods based on the postulates of econometrics (matrix methods, harmonic analysis, spectral analysis, methods of the theory of production functions, methods of the theory of input-output balance).

5. When conducting financial analysis, the following are used basic research methods financial statements:

☝ horizontal (time) analysis, meaning the comparison of each reporting item with the previous period;

☝ vertical (structural), that is, identifying the impact of each reporting item on the result as a whole;

☝ comparative (spatial) - comparison of aggregate reporting indicators of an enterprise (organization, commercial structure) with similar indicators of competitors, on-farm analysis of structural divisions of an enterprise (organization, commercial structure);

☝ factorial - analysis of the influence of individual factors (causes) on the effective indicator using deterministic or stochastic research methods;

☝ relative indicators (ratios) is built on the basis of calculating the relationship between individual items of financial statements in order to determine the relationship of indicators.

4. Primary and derivative financial instruments

1. Carrying out operations in the financial market, the company chooses the appropriate financial instruments for their implementation. Financial instruments are a variety of tradable financial documents with monetary value, with the help of which transactions in the financial market are carried out.

Financial instrument- a contract under which there is a simultaneous increase in the financial assets of one enterprise (organization, commercial structure) and financial liabilities of a debt or equity nature of another enterprise (organization, commercial structure).

There are derivatives and primary financial instruments represented by types of securities.

2. It is customary to highlight the following basic financial management tools: budgeting; the financial analysis; attraction of borrowed funds; placement of free funds; leverage; investments; issue of capital management; trust operations; factoring; leasing; insurance.

Budgeting- technology of planning, accounting and control of money and financial results. The financial analysis- obtaining a small number of key parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors. Debt raising management funds - rational management of attracting borrowed funds. Free funds placement management- the use of direct and portfolio investments, commercial loans in order to obtain additional profit. Leverage- the process of asset management aimed at increasing profits. Investment management- investment management, carried out through the formation of an investment portfolio. Capital management issue- management of capital flows: management of cash flows and a portfolio of securities. Trust operations- fiduciary operations of banks, financial companies, investment funds for managing the client's property and performing other services in the interests and on behalf of the client as a trustee. Factoring- a kind of trade and commission operation related to lending of working capital (collection of the buyer's receivables; granting him a short-term loan; releasing him from credit risks by operations). Leasing- a form of long-term lease. Insurance- relations to protect the property interests of business entities and citizens in the event of certain events at the expense of funds formed from the insurance premiums paid by them.

3. Capital can exist in monetary, productive and commodity forms, securities can also be considered a form of capital existence.

Valuable paper- a financial document certifying the property right or the relationship of the loan owner of the document to the person who issued such a document (issuer).

Stock- equity securities, confirming the right of their owner to participate in the management of the economic company, the distribution of the latter's profits and the receipt of a share of the property proportional to his contribution to the authorized capital. Bonds- securities that confirm the obligation of the issuer to reimburse their owners for their nominal value within a certain period of time with payment of a fixed interest, unless otherwise provided by the terms of the bond issue. Treasury bonds- the type of government securities that are issued by the Ministry of Finance of Russia and are used as a means of payment for the current debt of the federal budget to enterprises and industries. Promissory note- a monetary obligation of the debtor of a strictly established form, which gives its owner the unconditional right, upon maturity, to demand from the debtor or the acceptor the payment of the amount specified in it. Receipt- a monetary document drawn up in the form prescribed by law, containing an order from the owner of the personal account who wrote the check on the payment of the amount indicated in it to the owner of the latter. Certificate of Deposit- a written certificate of the credit institution (issuing bank) on the deposit of funds, certifying the owner's right to receive upon expiration the deadline the amount of the deposit and interest on it. Unlike deposit savings certificate intended for individuals.

4. Derivative financial assets arose as a result of the development of traditional financial relations, when, as a result of financial transactions, not the asset itself is acquired, but the right to acquire it.

Hedging- a way to compensate for possible losses from the occurrence of certain financial risks by creating counter currency, commercial credit and other claims and obligations.

A derivative financial instrument is always based on some underlying asset (security, commodity, etc.). Financial derivative price, usually determined based on the price of the underlying asset.

The most common hedging techniques include forward and futures contracts, swaps, options, repo transactions, and warrants.

Forward contract- an agreement on the sale and purchase of a product or a financial instrument with an obligation to deliver and settle in the future.

Option unlike futures and forward contracts, it does not require the sale or purchase of the underlying asset, which under unfavorable conditions (erroneous forecasts, changes in the general situation, etc.) may lead to direct or indirect losses of one of the parties.

Futures contract (futures)- a type of securities aimed at getting a profit from price changes.

Swap- an agreement between two entities regarding the exchange of liabilities or assets in order to improve their structure, reduce risks and costs. A swap simplifies settlement mechanisms between participants in a business transaction. REPO transactions(agreement on repurchase of securities) - an agreement on borrowing securities against a certain guarantee of cash or funds against securities.

Share warrants- securities giving its owner the right to buy a certain amount of shares of a given company for a certain period of time at a fixed price.

In practical use, financial management is associated with the management of various financial assets, each of which requires the use of appropriate management techniques and taking into account the specifics of the corresponding link. financial market... Therefore, financial management can be viewed as a complex management complex, which includes:
1) risk management;
2) management of credit operations;
3) management of operations with securities;
4) management of foreign exchange transactions;
5) management of operations with precious metals and precious stones;
6) management of real estate transactions.
Financial management is carried out over time. The temporal sign affects the goals and directions of management. On a temporary basis, financial management is divided into:
strategic management;
operational and tactical management.
Strategic financial management is investment management. It is associated with the implementation of the chosen strategic goal and presupposes, first of all:
financial assessment of capital investment projects;
selection of criteria for making investment decisions;
selection of the most optimal capital investment option;
identification of funding sources.
Investments are assessed using various criteria, which can be very diverse. For example, it is profitable to invest capital if:
the profit from investing in the project exceeds the profit from the deposit;
return on investment exceeds inflation;
the profitability of this project, taking into account the time factor, is higher than the profitability of other projects.
All investments flow over time, therefore, in strategic management, it is important to take into account the influence of the time factor: first, the value of money decreases over time; secondly, the longer the investment period, the greater the degree of financial risk. Therefore, in strategic management, such techniques are widely used as capitalization of profits (i.e. converting profits into capital), discounting of capital, compounding, techniques for reducing the degree of financial risk.
Operational-tactical financial management is the operational management of cash. Cash flow is expressed in terms of "cash flow" and will be discussed later.
Cash management aims to:
to provide such an amount of cash, which will be sufficient to fulfill financial obligations;
to achieve high returns from the use of temporarily free cash as capital.
There are three goals of cash management:
an increase in the speed of receipt of cash;
decrease in speed cash payments;
ensuring the maximum return on your cash investment.
There are different management methods for each purpose. So, for the first purpose, methods are used that allow you to collect money as quickly as possible, for example, through the sale of manufactured products (works, services), using effective forms of payment; by receiving money from debtors, etc.
Accounts receivable management involves:
management of the turnover of funds in settlements in order to accelerate them;
control over the prevention of unjustified receivables (i.e. debts of materially responsible persons for shortages, theft, damage to valuables, etc.);
reduction in the amount of receivables.
In the management process, the selection of potential buyers and the choice of conditions and forms of payment for goods (works, services), for example, receiving an advance payment, prepayment, effective types of letter of credit, etc., are of great importance.
The selection of buyers can be carried out according to the following criteria:
their compliance with payment discipline in the past;
the state of their financial stability;
the level and dynamics of their solvency.
Accounts receivable management includes monitoring of its duration. To do this, it is advisable to group accounts receivable by the timing of its occurrence: up to 1 month, up to 3 months, up to 6 months, etc.
To fulfill the second goal, methods are needed that allow you to defer payments in order to keep money in circulation for as long as possible, for example, an investment tax credit.
To fulfill the third goal, you should use a cash management method that allows you to reduce it to a minimum, and, accordingly, increase the amount of money for investing in income-generating assets.

More on the topic 1.3. Financial management as a management complex:

1. 2. The essence, prerequisites for the emergence and directions of development of the science "Financial Management"
2. 3. Financial management as a management system. Subjects and objects of management.
3. Kvochkina V.I .. Theoretical foundations of financial management: Educational-methodical complex. For IV year students enrolled in the specialty 080105 "Finance and Credit" in the specialization "Financial Management" - Michurinsk: MichGAU Publishing House, 2007. - 122 p., 2007
4. 3. The main functions and mechanisms of financial management
5. 1.4. TECHNOLOGY OF MANAGEMENT DECISION MAKING IN THE FINANCIAL MANAGEMENT SYSTEM
6. 1.6.1 Information in financial management: concept and requirements for information, accounting principles
7. 1.1. THE CONCEPT OF FINANCIAL MANAGEMENT. FINANCIAL MANAGEMENT AS A MANAGEMENT SYSTEM
8. Topic 6. Financial management as a way to manage the finances of a company
9. The role of financial management in financial management of organizations. Purpose, objectives and functions of financial management.
10. Topic 1. Financial management as a system and mechanism of financial management

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