Sources of the formation of attracted financial resources. Sources of formation of financial resources of the enterprise. List of sources used

Financial resources of trade enterprises- these are the results of the functioning of finance, acting as cash income and receipts of funds. Trade finance is a system of economic relations through which the formation, distribution and use of Money... Existence and development financial resources in the conditions of market relations due to the circulation of commodity-money relations in the form of two phases: the purchase of goods and their sale in retail trade. The first phase is related to the movement of goods, and the second is related to the movement of funds.

Trade enterprises contribute to such a circulation of funds: by selling goods and services, they reimburse the purchase price of goods, distribution costs and receive income from the amount of cash proceeds. In the future, when using income, enterprises form cash funds to pay current expenses, finance capital investments, make mandatory contributions to off-budget funds and payments to the budget in the form of taxes and financial sanctions. Thus, all the activities of trade enterprises are carried out with the help of a real cash flow. The financial resources of trade enterprises are intended for the fulfillment of financial obligations, the implementation of costs and economic incentives for personnel. They act as material carriers of financial relations of enterprises.

According to the economic purpose, financial resources are distinguished that provide the following areas of the enterprise: basic economic activity, reproduction of fixed assets, material incentives for personnel, social development of the enterprise.

The role and importance of financial resources are predetermined by the need for organization at trade enterprises modern systems financial management and development financial policy... Their main goal is to build an effective financial management system aimed at achieving optimal levels of costs and profits, as well as increasing the profitability of resources.

Sources of formation of financial resources of a commercial enterprise in organizational and economic terms are:

- own and equivalent funds (This income , income from sales of products, income from financial transactions, other non-operating income and receipts, depreciation deductions, increase in stable liabilities, other types of income) ;

- funds mobilized for financial market (credit investments and sale of own securities);

- receipt of funds in the order of redistribution (insurance compensation and dividends and interest on securities and other issuers).

Own funds trade enterprises are financial, resources that belong to him on the basis of property rights and are economic basis trade economic activity... They are aimed at meeting the need for fixed and circulating assets of the enterprise.

Own financial resources used for the formation of fixed and circulating assets of the enterprise characterize its own capital.

The equity capital of a trade enterprise is formed from the following sources of funds:

- initial capital provided by the owner (share capital, and premiums on shares joint stock company);

- other contributions of legal entities and individuals (targeted funding, contributions and donations);

- earned capital: reserves accumulated by the enterprise (reserve capital, additional capital, accumulated profit).

In structure equity capital trade enterprises dominate the share capital and reserves accumulated by the enterprise, i.e. Reserve capital; additional capital, accumulation funds and accumulated profit.

Authorized capital characterizes the initial amount of equity capital directed to the creation of an enterprise and the beginning of economic activity. Its size is reflected in the amount registered in the constituent documents as a set of contributions (shares, shares at par, shares) of the founders. The authorized capital is start-up capital required trade enterprise for his commercial and economic activities in order to make a profit.

Minimum value authorized capital joint stock company according to federal law Russia must meet the following requirements: for an open joint stock company - at least a thousand times, and for a closed company - at least a hundred times the amount minimum size wages established on the date of registration of the company.

An increase in the authorized capital of a JSC can be carried out by increasing the par value of shares or by placing additional shares. The amount by which the authorized capital is increased should not exceed the difference between the value of net assets and the amount of the authorized and reserve capital of the companies, i.e.:

where ΔУК - the amount of increase in the authorized capital (increase);

NA - net assets, which is the difference between the total assets of the company and its financial liabilities;

MC, RK - authorized, reserve capital.

Reserve capital (fund)- is created according to the legislation in joint-stock companies in the amount stipulated by their charter, but not less than 5% of its authorized capital. It is formed by compulsory annual deductions until the amount established by the charter of the JSC is reached. The amount of annual deductions is also provided for by the charter of the JSC at least 5% of the company's net profit;

The funds of the reserve fund of the JSC are used for the following purposes:

Coverage of losses of trade and economic activities;

Redemption of bonds;

Redemption of shares;

Payment of dividends on preferred shares (on ordinary shares - from net profit).

Extra capital- this is an increase in the value of the company's assets (fixed and circulating assets) due to the appearance of new ones or an increase in the book value of existing assets as a result of:

Revaluation of fixed assets;

Share premium in the form of an excess of the price of shares over their par value;

Positive exchange rate differences received from the revaluation of property and claims (liabilities), the value of which is expressed in foreign currency, due to a change in the official exchange rate against the ruble;

positive difference received from the revaluation of property (excluding depreciable property, securities), carried out in order to bring the value of such property to the current market price.

Accumulated (net) profit is also a part of equity capital as the main internal source of the formation of financial resources that ensure the development of a commercial enterprise.

The so-called stable liabilities can be attributed to own funds, which, by their nature of formation and use, are more related to internal sources of attracting borrowed funds. Therefore, they stand out as a separate element of the company's borrowed and borrowed funds.

Stable liabilities are formed as a result of the peculiarities of financial relationships between enterprises and the state budget, suppliers of goods, off-budget social insurance funds, etc. These include; settlements with buyers and customers on the received advances; arrears on wages employees of the enterprise and social insurance authorities; reserves for future expenses and payments; temporarily free funds of special funds; accounts payable of the enterprise.

Currently, many enterprises are forced to pay more and more attention to the problems that are associated with the formation and improvement of the efficiency of using their financial resources to look for new sources to improve their condition, therefore, consideration of this topic is relevant.

The success of the development of each organization depends on how much it knows how to manage its available resources in the conditions modern market, since its effectiveness depends not only on the volume of resources used and attracted, but also on how it knows how to dispose of them.

There are 3 types of basic resources of the organization:

• material resources;
• human resources;
• financial resources.

Let's take a closer look at what the organization's financial resources are. Finance is the backbone of the entrepreneurship system. Financial resources are funds at the disposal of the enterprise and intended for the implementation of current costs and expenses for expanded reproduction, for the fulfillment of financial obligations and economic incentives for workers. Financial resources are also directed to the maintenance and development of non-production facilities, consumption, accumulation, to special reserve funds, etc.

It should be noted that the financial resources of enterprises are initially created from income received as a result of the formation of share capital, production and entrepreneurial activities, the sale and lease of their property, collection of share and statutory contributions, state support, and receipt of insurance claims. All of the above resources are further used to pay taxes, pay wages, purchase fixed and circulating assets, repay debts and implement deferred expenses.

The sources of the formation of financial resources are discussed in more detail in Figure 1.

Figure 1 Sources of formation of financial resources

Financial resources can be formed by:

• own funds;
• borrowed funds.

Own funds include:

• authorized capital;
• Extra capital;
• retained earnings.

The company primarily tries to use internal (own) sources of financing.

The formation of financial resources occurs at the moment of foundation of the enterprise, when the authorized capital is formed. The authorized capital is the property of the enterprise, which is created from the contributions of the founders. Therefore, it is worth noting that the effective use of the authorized capital, its organization, as well as its management is one of the main tasks of the financial service of the enterprise.

Additional capital may include the results of the revaluation of fixed assets, funds for replenishment of working capital, share premium, cash received free of charge and material values on production values.

Retained earnings represent earnings earned in a certain period and not directed in the process of its distribution for consumption by owners and personnel. It is also a profit that can be used to reinvest in production. An enterprise using only its own financial resources has the highest financial stability.

To cover the need for basic and revolving funds in some cases, it becomes necessary for an enterprise to raise borrowed capital. Its use can help to raise the financial potential of the enterprise development, as well as the possibility of growth financial profitability enterprises. But an extremely large amount of borrowed capital can lead to the fact that the enterprise is exposed to financial risk or the threat of bankruptcy.

The borrowed capital includes bank loans, financial leasing, commodity (commercial) loans, bond issues and others.

Debt capital is subdivided into:

• short;
• long-term.

A distinctive feature of the borrowed capital is that it can be obtained from other organizations or individuals on the terms of the subsequent return of funds, as a rule, with the payment of interest for the temporary use of the property.

Usually, borrowed capital with a maturity of up to one year refers to short-term, and from one year or more to long-term. The question of how to finance certain assets of an enterprise - at the expense of short-term or long-term capital - must be discussed in each specific case. The effectiveness of the investment of borrowed capital is determined by the degree of return on fixed or circulating assets.

Thus, summing up, it should be noted that the effective formation of financial resources in the future can allow the enterprise to timely invest in new production, to ensure the expansion and technical equipment of the enterprise, to finance research and development.

The production and financial activity of an enterprise, first of all, begins with the formation of financial resources.

Financial resources are funds at the disposal of the enterprise and intended to provide it effective operation, to fulfill financial obligations and economic incentives for employees. The formation of financial resources is carried out at the expense of own and equivalent funds, mobilization of resources in the financial market and the receipt of funds from the financial and banking system in the order of redistribution.

Financial resources are subdivided into: capital; consumption costs; investments in the non-production sphere; financial reserve.

The starting source of financial resources at the time of the establishment of the enterprise is the authorized (shareholder) capital - property created from the contributions of the founders (or proceeds from the sale of shares).

The main source of financial resources for operating enterprises stands for cost products sold(services rendered), the various parts of which in the process of distribution of proceeds take the form of cash income and savings. Financial resources are formed mainly from profits (from core and other types of activities) and depreciation charges.

Profit and depreciation deductions are the result of the circulation of funds invested in production. Optimal use of depreciation and profit for the intended purpose allows you to resume production on an extended basis.

The sources of financial resources of enterprises are also: proceeds from the sale of retired property, stable liabilities; various targeted receipts (payment for the maintenance of children in preschool institutions, etc.). mobilization of internal resources in construction, etc.

Significant financial resources, especially for newly created and reconstructed enterprises, can be mobilized in the financial market. The forms of their mobilization are: sale of shares, bonds and other types of securities issued by this enterprise, credit investments.

The use of financial resources is carried out by the enterprise in many directions, the main of which are: payments to the bodies of the financial and banking system, due to the fulfillment of financial obligations. These include: tax payments to the budget and off-budget funds, payment of interest to banks for using loans, repayment of previously taken loans, insurance payments, etc .; investing own funds in capital costs (reinvestment) associated with the expansion of production and its technical renovation, the transition to new progressive technologies, the use of know-how, etc .; investing financial resources in securities purchased on the market: shares and bonds of other firms, government loans, etc .; directing financial resources to the formation of cash funds for incentive and social nature; use of financial resources for charitable purposes, sponsorship, etc.

Financial resources can come in the order of redistribution from associations and concerns, to which they belong, from higher organizations while maintaining industry structures, from insurance organizations.

In some cases, an enterprise may be provided with subsidies (in cash or in kind) at the expense of the state or local budgets, as well as special funds.

The efficient use of financial resources allows the company to optimize its financial activities, which subsequently has a direct impact on the solvency of the organization, which is the guarantor of independence.

Literature: Yarkina T.V. "Fundamentals of Enterprise Economics." Moscow: 2005.

Equity capital is characterized by ease of attraction, provides a more stable financial condition and reduces the risk of bankruptcy. The need for equity capital is due to the requirements for self-financing of enterprises. Equity capital is the basis for the independence and independence of the enterprise. The peculiarity of equity capital is that it is invested on a long-term basis and is exposed to the greatest risk. The greater the share of own funds in the total amount of capital and the smaller the share of borrowed funds, the more firmly they are protected from losses of creditors, and, consequently, the risk of loss decreases.

However, it should be borne in mind that equity capital is limited in size. In addition, financing the activities of an enterprise only from its own funds is not always beneficial for it, especially when production is seasonal. Then, in some periods, large funds will accumulate in bank accounts, and in others they will be lacking. It should also be borne in mind that if the prices for financial resources are low, and the company can provide a higher level of return on invested capital than it pays for credit resources, then by attracting borrowed funds, it can control larger cash flows, expand the scale of activities, increase the return on equity (equity) capital. As a rule, a company takes out a loan to strengthen its position in the market.

At the same time, it should be borne in mind that in proportion to the growth in the share of borrowed capital, the risk of a decrease in financial sustainability and the solvency of the enterprise, the profitability of total assets decreases due to the interest paid on loans. The disadvantages of this source of financing should also include the complexity of the procedure for attracting, the high dependence of the loan interest on the financial market conditions and the increase in this connection the risk of a decrease in the company's solvency.

The financial position of the enterprise largely depends on the ratio of its own and borrowed capital.

Thus, at the expense of financial resources, investments are financed, as well as advancing of working capital, i.e. all expenses of enterprises.

Consider the use of financial resources by an enterprise in some areas, the main of which are:

* payments to the financial and banking system (tax payments, payments to the budget, payment of interest to banks for using loans, repayment of previously taken loans, insurance payments);

* investing own funds in capital costs (reinvestment) associated with the expansion of production and its technical renewal, the transition to new progressive technologies, the use of know-how;

* investing in securities purchased on the market: shares and bonds of other firms, in government loans;

* the formation of incentive and social funds;

* charitable purposes, sponsorship.

The main source of financing is equity. It includes the authorized, accumulated capital (reserve and additional capital, retained earnings) and other receipts (targeted funding, charitable donations, etc.).

Scheme 2. Composition (sources of formation) of the company's equity capital

Within the framework of financial management, the analysis of the advantages, disadvantages and limitations of using equity capital is of greatest interest. Russian companies, as they determine the possibilities of financing the company [Lisitsyna E.V. Formation of the company's own and borrowed capital // Financial management. - 2007.-№1.-p. 134].

Table 1. Characteristics of the main elements of equity capital

Basic elements of equity	The constituents	Sources of financing	Directions of use
Authorized capital	Capital raised from ordinary shares; Capital raised from preferred shares	Issue of shares	Ensuring the statutory activities of the organization
Extra capital	Invested additional capital	Share premium Valuables received free of charge	Direction of additional capital funds to increase the authorized capital; The direction of a part of the additional capital arising from the gratuitous receipt of valuables to repay with a loss formed as a result of the gratuitous transfer of property to other enterprises and persons; Repayment at the expense of additional capital of the amount of the decrease in the value of the property formed as a result of the increase in the value of the property during revaluation; Repayment at the expense of additional capital of the loss revealed by the results of the enterprise for the reporting year. Distribution of the amounts of additional capital between the founders of the enterprise.
Revaluation capital	Revaluation of assets
Accumulation capital
Reserve capital	Reserve capital, formed on a mandatory basis		Coverage of damages, expenses and losses; Redemption of bonds; Redemption of shares in the absence of other funds
Undestributed profits		Implementation of the statutory activities of the company

The authorized capital is the amount of funds of the founders to ensure the statutory activities. On the state enterprises- is the value of property assigned by the state to the enterprise on the basis of full economic management; at joint-stock enterprises - the par value of shares; for societies with limited liability- the sum of the shares of the owners; for a rental company - the amount of contributions from its employees, etc. The authorized capital is formed during the initial investment of funds. The founders' contributions to the authorized capital can be in the form of cash, property and intangible assets. The amount of the authorized capital is announced during the registration of the enterprise, and when adjusting its value, re-registration of the constituent documents is required.

When creating an enterprise, the authorized capital is directed to the acquisition of fixed assets and the formation of working capital in the amount necessary for the conduct of normal production and economic activities, licenses, patents, know-how, the use of which is an important income-generating factor. Thus, the initial capital is invested in production, in the process of which value is created, expressed in the price of products sold.

Additional capital, as a source of funds for an enterprise, is formed as a result of the revaluation of property or the sale of shares above their par value.

The reserve capital is created in accordance with legislative acts or constituent documents at the expense of the company's net profit. It is an insurance fund to compensate for possible losses and ensure the protection of the interests of third parties, if profits for the repurchase of shares, redemption of bonds, payment of interest on them will not be enough. By its size, the stock is judged financial strength enterprises. The absence or its insufficient value is considered as a factor of additional investment risk.

Retained earnings (uncovered loss) of the reporting period is reflected in the balance sheet as a cumulative total from the beginning of the year. After distribution, its remainder is added to the remainder of retained earnings of previous years.

The formed fixed capital needs to be replenished in the process of carrying out economic activities. Allocate internal and external sources of replenishment of equity capital.

Scheme. 3. Sources of replenishment of the company's equity capital

The main source of replenishment of equity capital is profit. As an economic category, it characterizes the effect obtained as a result of the financial and economic activities of an enterprise. When compared with the price of capital in relative terms, it characterizes the change in the value of the company.

Profit maximization is the goal of financial and economic activities commercial enterprises... Profit acts as a universal source of financing for all enterprise costs associated with production, financial, investment, environmental and social activities... Profit is a source of formation not only of decentralized funds of funds remaining at the disposal of enterprises, but also of centralized ones - budgets of all levels [Borodin I.A., Borodina E.I., Ivanova M.I. Theoretical basis enterprise finance. - 2nd ed., Rev. And add. - Rostov I / D: Publishing house of the Russian State Economic University "RINH", 2002.- p.107].

Profit underpins almost any financial management goal: increasing the value of the company (versus risk), increasing the wealth of capital owners (profit attributable to equity), or directly increasing the profit itself. Profit becomes an element of equity after it passes the stage of formation in the operating, investment and financial spheres activities of the enterprise, the stage of use to cover mandatory payments for debt service and fiscal payments, the stage of distribution for the formation of reserve capital and the payment of dividends, that is, it will take the form of retained earnings. The distribution of profits is determined by the goals and objectives of the company's development, is one of the main tools for influencing the growth of the company's market value [Polyak GB, Akodis I.A. Financial management. - M .: Finance; UNITY, 2007.-p. 204].

Scheme 4. Use of profit

The formation and distribution of profits is based on the following scheme:

1. Profit from product release(at wholesale selling prices) (volume marketable products) - (cost price).

2. Profit from the sale of products or services= (profit from output) +/- (profit in carry-overs of unsold products).

3. Gross profit, or according to the report - balance sheet profit= (profit from sales) +/- (results from other sales) +/- (non-operating results).

4. Estimated profit or taxable profit= (gross profit) - (rental payments) - (non-taxable profit or taxable in a special order) - (enterprise reserve fund).

5. Net profit =(gross profit) - (income tax) - (contributions to centralized funds).

Scheme 5. distribution of net profit.

The profit remaining at the enterprise is spent at its discretion on consumption, accumulation and development, incl. for investment.

Factors affecting the proportion and efficiency of profit distribution are divided into internal and external.

Internal factors

1. Stage life cycle enterprises. In the early stages, the company is forced to invest more funds in its development, limiting payments to capital owners. In the future, the enterprise, on the one hand, has more opportunities to attract borrowed funds, and on the other, it is forced to spend more funds to maintain its investment image by increasing dividend payments. Such financial decisions are reflected in the change in the proportions of the distribution of profits.

2. Necessity and possibility of real investment. If the company decides to implement a real investment project, then the share of retained earnings increases.

3. The relationship between risk and reward. In the context of conducting risky financial and economic transactions, the enterprise should direct funds to the formation of various reserve funds, thereby reducing the amount of retained earnings.

4. Corporate relations. The expectations of the owners of capital in terms of the level of profitability and the prospects for the development of the company and the interests of the company's management largely determine the proportions of the distribution of profits.

External factors

1. Legal restrictions on the profit distribution process.

2. Tax system.

3. Average market rate of return on invested capital.

Depreciation deductions as cash reflect the amount of depreciation of fixed assets production assets and intangible assets. They are included in the cost of goods produced and after their sale in the form of proceeds are transferred to the settlement account of an economic entity. By the economic nature, depreciation deductions provide a simple reproduction of values, but they refer to financial resources. The fact is that the wear and tear of buildings, structures, machines, equipment, Vehicle is not reimbursed immediately as depreciation charges are accrued and generated. The latter can be accumulated and spent on the expansion and renewal of production, on investments in securities and high-yield projects, placed on deposits, etc.

Taking into account the time factor, when depreciation is accumulated in a "pure" form, speaking conditionally, it accumulates from the moment of acquiring specific objects of fixed assets until the dates of their retirement, and the desire to accelerate the implementation of the achievements of scientific and technological progress into practice, it is legitimate to assert that depreciation is used for expanded reproduction, since it mediates the restoration of fixed capital on a more highly developed technical base. That is, the amortization fund not only provides reimbursement of the consumed value of fixed assets, but also performs the functions of accumulation [Borodin I.A., Borodina E.I., Ivanova M.I. Theoretical foundations of enterprise finance. - 2nd ed., Rev. And add. - Rostov I / D: Publishing house of the Russian State Economic University "RINH", 2008.- p.108].

The Tax Code of the Russian Federation (Ch. 25, Art. 259) provides for the use of two methods of depreciation: linear and non-linear [Tax Code of the Russian Federation. Part I and II. - M.: ELIT, 2009].

1. When applying the straight-line method, the amount of depreciation accrued for one month in relation to an object of depreciable property is determined as the product of its original (replacement) cost and the depreciation rate determined for this object. When applying the linear method, the depreciation rate for each object of depreciable property is determined by the formula [Tax Code of the Russian Federation. Part I and II. - M.: ELIT, 2009] ..

K = (1 / n) * 100%,

where K is the depreciation rate as a percentage of the original (replacement) cost of the depreciable property;

2. When applying the non-linear method, the amount of depreciation charged for one month in relation to the depreciable property is determined as the product of the residual value of the depreciable property and the depreciation rate determined for this object. When applying the non-linear method, the depreciation rate of the depreciable property is determined by the formula

K = (2 / n) * 100%,

where K is the depreciation rate as a percentage of the residual value of the depreciable property;

n is the useful life of this depreciable property, expressed in months.

At the same time, from the month following the month in which the residual value of an object of depreciable property reaches 20% of the original (replacement) value of this object, depreciation on it is calculated in the following order:

The sufficient value of the object of depreciable property and for the purpose of calculating depreciation is fixed as its base value for further calculations;

2) the amount of depreciation charged for one month in relation to a given object of depreciable property is determined by dividing the base cost of this object by the number of months remaining until the expiration of the useful life of this object.

The structure of equity capital in each company is individual, it is associated with the specifics of its activities, the stage of the life cycle.

The charter determines the number, par value, categories and types of shares placed by the company, the size of its authorized capital, which is made up of the par value of the shares, and, according to Russian legislation, the par value of all ordinary shares must be the same.

In accordance with the current legislation, a share is an equity security that secures the right of its holder (shareholder) to receive part of the net profit in the form of a dividend and, as a rule, to participate in the management of a joint-stock company and to receive part of the property remaining after the liquidation of the joint-stock company.

The price of shares differs from their par value by an amount depending on supply and demand, the level of dividend paid and interest on loans.

The joint stock company has the right to issue both ordinary and preferred shares. In this case, one condition must be observed: the share of preferred shares in the total authorized capital of the joint-stock company must not exceed 25% [ Civil Code RF. Part I and II. - M .: Prospect, 2009].

Ordinary share - a security that gives the right to vote at a meeting of shareholders and to receive a dividend paid out of profit after payment of mandatory payments and deductions from it, payment of dividends on preferred shares and replenishment of reserves provided for by the constituent documents and the decision of the meeting of shareholders.

Having analyzed the investment characteristics of an ordinary share and the rights granted to its owner, it is possible to formulate the advantages and disadvantages of financing through the issue of ordinary shares.

In case of liquidation of the company, the claims of the owner of the preferred share are satisfied after the claims of creditors, but before the obligations to ordinary shareholders. Preferred shareholders have preemptive right on the assets of the company and its income, they usually do not receive the right to vote in most decisions.

Preference shares are very diverse and differ quite significantly in the set of rights they grant. As a result, due to the choice best type the issue of preferred shares, it becomes possible to realize the goals that the company has set for itself in the formation of capital. It is possible to develop schemes that allow not only to solve the problem of financing, but also to minimize the price that society must pay for raising funds.

The process of managing the issue of shares includes the following stages:

1. Investigation of the possibilities of effective placement of the proposed issue of shares. The decision on the proposed initial or additional issue of shares can be made on the basis of:

Comprehensive preliminary analysis stock market;

Estimates of potential investment attractiveness

shares of this enterprise.

Analysis of the conjuncture of the stock market, both on-exchange and over-the-counter, includes

* characteristics of the state of supply and demand for shares;

* the dynamics of the price level and their quotation;

* the volume of sales of shares of new issues.

The assessment of the potential investment attractiveness of shares of enterprises is carried out from the standpoint of taking into account the prospects for development, the industry's competitiveness of manufactured products, as well as the levels of indicators financial condition enterprises in comparison with the industry average.

2. Determination of the objectives of the issue of shares. Due to the high cost of attracting equity capital from external sources, the objectives of the issue should be determined from the standpoint strategic development enterprises and the possibility of a significant increase in its market value in the coming period. The main objectives of the share issue are:

1) real investment requiring a large amount of financial resources associated with sectoral and regional diversification of production and economic activities, incl. creation of a network of new branches, subsidiaries, new industries with a large volume of production;

2) the need to significantly improve the structure of the capital used, incl. increasing the share of equity capital in order to increase the level of financial stability, ensuring more high level own creditworthiness and due to this decrease in the cost of raising borrowed capital, increasing the amount of the effect of financial leverage;

3) the planned merger or acquisition of another company in order to obtain a synergistic effect.

3. Determination of the emission volume. When determining the volume of issue of shares, it is necessary to proceed from the previously calculated need for attracting own financial resources from external sources.

4. Determination of the par, types and number of issued shares. The face value of a share is determined taking into account the main categories of upcoming buyers. The highest par values ​​of shares are calculated for legal entities, the smallest - for the acquisition by the population ( individuals). In the process of determining the types of shares, the expediency of issuing preferred and ordinary shares is established. The number of issued shares is determined based on the volume of issue and the par value of one share.

5. Estimation of the cost of the attracted share capital. In accordance with the principles of assessment, it is carried out according to two main parameters:

1) the expected level of dividends, which is determined based on the selected type of dividend policy;

2) proceeding from the costs of the issue of shares and the placement of the issue.

The calculated cost of attracted capital is compared with the actual weighted average cost of capital and the average interest rate in the capital market. After that, the final decision on the implementation of the issue of shares is made.

The financial resources of an enterprise, a firm are cash incomes and receipts at the disposal of a business entity and intended to fulfill financial obligations, implement costs for expanded reproduction and economic incentives for workers. The formation of financial resources is carried out at the expense of own and equivalent funds, mobilization of resources in the financial market and the receipt of funds from the financial and banking system in the order of redistribution. Financial resources are intended: to fulfill financial obligations to the budget, banks, insurance organizations, suppliers of materials and goods; implementation of costs for the expansion, reconstruction and modernization of production, the acquisition of new fixed assets; wages and material incentives for employees of enterprises; financing other costs.

The main goal of enterprises in market conditions is to meet social needs, profit and ensure their financial stability. To achieve this goal, enterprises must:

produce high-quality products, update them in accordance with demand;

rational use of production resources, taking into account their interchangeability;

develop a strategy and tactics for the behavior of the enterprise and adjust them in accordance with the existing circumstances;

to take care of employees, the growth of their qualifications, an increase in living standards, the creation of a favorable socio-psychological climate in the work collective;

to ensure the competitiveness of the enterprise, to pursue a flexible pricing policy, to introduce new things into production, labor organization and management.

The initial formation of financial resources occurs at the time of the establishment of the enterprise, when the statutory fund is formed. Its sources, depending on the organizational and legal forms of management, are: share capital, share contributions of members of cooperatives, sectoral financial resources (while maintaining sectoral structures), long-term credit, budgetary funds. The size of the authorized capital shows the size of those funds - fixed and circulating - that are invested in the production process.

The financial resources of the enterprise include:

• 1. Statutory fund - a source of formation of fixed assets and working capital. The main requirement for it is its sufficiency, ensuring the independence and autonomy of the enterprise from borrowed money, as well as effective work without undue risk. In accordance with international standards, the share of the authorized capital together with others own sources in the formation of the property of the enterprise should not be less than half.
• 2. The reserve fund, which is formed by deductions from profits. It has a cumulative character and is used by the enterprise for financial support their programs, as well as in case of unforeseen needs for financial resources.
• 3. The production development fund, which is also formed from profits and serves to finance the socio-economic development of the enterprise.
• 4. Depreciation fund, which is formed by depreciation deductions through the sale and is used only for simple or extended reproduction of fixed assets, as well as to some extent to cover the shortage of working capital.

In addition to the above main components of the financial resources of the enterprise, they also include:

accounts payable all kinds;

retained earnings;

loans and other borrowed sources;

payroll fund;

subsidies;

stable liabilities for wages and deductions to funds that are made from the payroll;

monetary funds received from the issue of securities, except for shares, the proceeds from the sale of which are included in the authorized capital of the joint-stock company;

investment contributions and shares;

indebtedness of an enterprise acting as a lessee (for example, in a finance lease);

other monetary resources, which are reflected in the liabilities of the balance sheet of the enterprise;

Thus, according to the sources of their formation, the financial resources of the enterprise can be divided into three groups: own, equated to their own and borrowed.

The concept of effective use of financial resources, like any other types of resources (material, labor, natural), includes a comparison of the quantity and quality of expended resources with the quantitative and qualitative expression of the results achieved.

It should be noted that the efficiency of the use of financial resources is directly related to the efficient use of material, labor and other types of resources. So, a decrease in the material consumption of products, that is, the release of more products without increasing the volume of raw materials and materials used for this, leads to savings in financial resources. Reducing the cost of living labor per unit of production means an increase in the efficiency of use labor resources, which also leads to savings in financial resources through an increase in cash savings and a decrease in the enterprise's needs for additional funds.

However, the concept of effective use of financial resources also has an independent meaning. This concept reflects not only the result of the use of material and raw materials, labor resources, but also reveals certain economic relations inherent in the category of finance. So, using the distribution function of finance, enterprises through the principles of distribution of financial resources achieve the optimal mode of functioning in a market economy.

The effectiveness of the use of financial resources can be assessed by comparing the achieved results of activities (for example, profit) with the amount of financial resources that were at the disposal of the enterprise for the corresponding period.

However, the result of economic activity does not always depend only on the effective use of financial resources. So, by optimally distributing and using financial resources, an enterprise can incur losses as a result of a decrease in labor discipline, violation of production technology, overspending of materials, raw materials and other reasons. Therefore, in order to consider in more detail the problem of effective use of financial resources, it is necessary to assess the effectiveness of the use of all the constituent parts that form the overall financial resources of the enterprise.

The structure of sources of formation of financial resources is of great importance, and, first of all, the share of own resources. The large share of attracted funds makes the financial activities of the enterprise more difficult additional costs to pay interest on loans from commercial banks, dividends on shares and bonds, and complicates the liquidity of the company's balance sheet.

The formation and use of financial resources can be carried out in two forms: stock and non-stock.

At the enterprise level, financial resources are formed and used both in stock form and in non-stock form. The enterprise uses part of the financial resources for the formation of targeted cash funds: wages fund, production development fund, fund material incentives and others. The use of financial resources for the fulfillment of payment obligations to the budget and banks is carried out in a non-stock form.

Enterprise finances are an important component of the republic's financial system. They serve the main link social production, where material, intangible benefits are created and the main part of the country's financial resources is formed. Taking into account the nature of the served spheres of social production, the finances of the enterprise are subdivided into finances of the sphere of material production and finances of the non-production sphere. The finance of the sphere of material production has features that characterize the economic nature of finance in general. At the same time, they have specific features that follow from the peculiarities of economic management, the nature of the distribution relations arising here.

In the sphere of material production, goods are produced, the basis of its organizational structure is formed by enterprises, associations, associations. Therefore, an important feature of finance in this area is their direct connection with the formation of primary income and the use of targeted funds for on-farm purposes. Finances in the sphere of material production directly serve the process of value creation and are a condition for the uninterrupted circulation of production assets.

The object of distribution at the enterprise is the proceeds from the sale of products. On the basis of its distribution, a fund for reimbursing the company's current costs is formed, deductions are made to national funds (in the form of value added tax, excise taxes, to extra-budgetary funds) and net income is generated. Funds are formed from net income for industrial purposes, necessary for expanding production, improving its material and technical base, consumer funds, that is, with the help of finance, the prerequisites are created to meet the needs of enterprises in the development of production, to meet the social needs of the collective of workers of this enterprise.

Net income also serves as a source of formation of national resources in the following forms:

• 1. income tax;
• 2. real estate tax;
• 3. tax on income.

Thus, the finances of enterprises are a system of monetary relations associated with the formation and use of funds and savings of enterprises for national purposes, financing the costs of enterprises themselves, social needs and material incentives for workers.

The amount of value created in the sphere of material production determines the size of monetary funds and the financial resources of the enterprise and the republic as a whole formed on their basis. At the same time, the created funds, with their optimal distribution, provide opportunities for the growth of production and an increase in the volume of national financial resources.

Taking into account the specifics of the funds being formed, the finances of the sphere of material production include the monetary relations of enterprises:

with other enterprises (they are formed in the process of receiving proceeds from sales, receipt of non-operating income, payment of material costs, payment and receipt of fines in case of violation of contractual obligations, sale of securities, investing in shares and bonds of other enterprises, payment and receipt of dividends on them, and percent; for commercial lending);

with the collective of workers of this enterprise (these relations mediate the creation of a wage fund, bonuses, distribution of profits and payment of benefits to employees from the consumption fund, as well as raising funds from employees (sale of securities, shares to form the financial resources of the enterprise);

self-supporting divisions within enterprises in the distribution of financial resources between them;

with the state when paying taxes to the budget, deductions to off-budget funds, appropriations from the budget, when purchasing government securities, as well as receiving payments on them;

with banks (this group of financial relations receives the form of obtaining bank loans, repaying them, paying interest on loans, providing banks for temporary use of free funds for a certain fee, operations with securities sold by banks);

with higher-level organizations within the boundaries of intra-industry redistribution;

with the founders (these relations are formed when the founder contributes funds for the formation of the authorized capital, as well as when the enterprise's profit is distributed and a part of it is transferred to the founder in accordance with the agreement).

The main source of financial resources at operating enterprises is the cost of products sold (services rendered), various parts of which, in the process of distributing proceeds, take the form of cash income and savings. Financial resources are formed mainly from profits (from core and other types of activities) and depreciation charges. Along with them, sources of financial resources are: proceeds from the sale of retired property, stable liabilities, various targeted receipts (payments for the maintenance of children in preschool institutions, etc.), mobilization of internal resources in construction, etc.

The processes of privatization of state property have led to the emergence and plays an important role of another source of financial resources - shares and other contributions of members of the labor collective.

Before switching to market conditions management, significant financial resources of the enterprise received on the basis of intra-industry redistribution of funds and budget financing... However, the principles of market management, the introduction of commercial principles into the activities of enterprises demanded fundamentally different approaches to the formation of financial resources. Initiative and entrepreneurial orientation, complete material liability caused two major changes in the field of financial relationships of enterprises with other structures: firstly, the development of insurance operations, and secondly, a significant reduction in the scope of gratuitous appropriations. In this regard, during the transition to a market basis of management, payments are gradually playing an increasingly important role in the composition of financial resources formed in the order of redistribution. insurance compensation from insurance companies, and less and less from budget and industry financial sources. Enterprises can receive financial resources: from associations and concerns they belong to - only if this is provided for by the mechanism for using the corresponding funds; from higher organizations - while maintaining industry structures; from organs government controlled- in the form of budget subsidies for a strictly limited list of costs. But in the conditions of the functioning of the securities market, there appear such types of financial resources as dividends and interest on securities of other issuers, as well as profit from financial transactions.

Significant financial resources, especially for newly created and reconstructed enterprises, can be mobilized in the financial market. The forms of their mobilization are the sale of shares, bonds and other types of securities issued by this enterprise, credit investments.

With the transition to a market economy, not only the role of heads of enterprises, members of the board of joint-stock companies, but also financial services, playing a secondary role in the conditions of administrative-command management methods. The search for financial sources for the development of an enterprise, directions for the most effective investment of financial resources, transactions with securities and other issues of financial management become the main ones for the financial services of enterprises in the conditions market economy... The essence of financial management is such an organization of financial management by the relevant services, which allows you to attract additional financial resources on the most favorable terms, invest them with the greatest effect, carry out profitable operations in the financial market, buying and reselling securities. Achieving success in the field of financial management largely depends on such behavior of employees of financial services, in which initiative, the search for unconventional solutions, the scale of operations and justified risk, and business acumen become the main ones.

When mobilizing funds from other owners to cover the costs of their enterprise, employees of the financial service must first of all have a clear idea of ​​the purpose of investing resources and, in accordance with them, give recommendations on the forms of raising funds. To cover the short-term and medium-term needs for funds, it is advisable to use loans from credit institutions. When making large capital investments in the reconstruction and expansion of an enterprise, you can use the issue of securities, however, such a recommendation can be given only if the financiers have thoroughly studied the financial market, analyzed the demand for different types securities, took into account the possible change in the situation and, having weighed all this, nevertheless, are confident in a relatively quick and profitable sale of the securities of their company.

The most important aspect of the activities of the financial service of the enterprise is rational use free financial resources, finding the most effective areas for investing funds that bring additional profit to the company. Profitable investment of funds is achievable only with the help of those employees of financial services who combine the art of predicting the dynamics of economic processes with a highly professional knowledge of the technique of financial transactions. Carrying out, in particular, transactions in the financial market, the employees of the enterprise take into account the specifics of the circulation of securities.

When investing money in securities, employees of financial services are required to comply with a number of requirements if they do not want to harm their enterprise, and vice versa, they seek to contribute to its prosperity. These requirements are as follows: when buying shares (bonds) of other companies, it is necessary to invest only excess financial resources, and the company must always have cash in case of emergency.

An enterprise's cash can be either in the form of a cash reserve in a bank account or in highly liquid government securities (bonds and treasury bonds). Before purchasing shares (bonds) of any enterprise, it is necessary to comprehensively study its activities, analyze the dynamics of its financial results, because the value of a share is determined primarily by those incomes that are expected in the future, and not at all those that are promised in the dividend level indicated on the share.