Short-term financial policy lectures. Essence, goals and objectives of short-term financial policy. Calculation of the market price of goods

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Ministry of Education and Science Russian Federation

Federal State Budgetary educational institution higher professional education

"Ivanovo State Power Engineering University named after V.I. Lenin "

Department of Management and Marketing

COURSE WORK by discipline:

« Enterprise finance»

Completed:

Art. gr. 3-53h

Malikov Sh.M.

Checked:

Doctor of Economics, prof. O.V. Makashina

Ivanovo 2015

Introduction

1. General characteristics of the company

1.1 Activities, manufactured products, buyers, suppliers; founders, subsidiaries, dependent companies

1.2 Performance indicators

2. Development of short-term financial policy

2.1 Assessment of the company's market activity, justification of future revenue growth rates

2.2 Management of operational and financial cycles. Substantiation of forecast indicators of the duration of the financial cycle

2.3 Management of highly liquid assets. Substantiation of predicted indicators of DS and KFV

2.4 Profit management based on resource intensity indicator

3. Development of a long-term financial policy

3.1 Managing Aggregate Risk and Rationale for Risk Management Policy

3.2 Calculation of indicators financial leverage.

3.3 Analysis of the structure of invested capital

3.4 Calculation of the cost of equity and debt capital and the weighted average cost of capital

3.5 Management of fixed assets

3.6 The DuPont Model and the Sustainable Growth Model

3.7 Dividend Policy Management. Justification of the dividend payout ratio

3.8 Development of financial projections

3.9 Business Valuation

Conclusion

Introduction

In a competitive market, financial policy plays a huge role. It helps to clearly formulate the goals and objectives of the enterprise for management, both in the short term and in long term... The purpose of this term paper is the development of short-term and long-term financial policy of the organization on the example of OJSC "Kamaz".

The main tasks of the work:

1) assessment of key indicators of financial policy;

2) analysis different types the activities of the enterprise;

3) analysis of dividend policy;

4) analysis of the efficiency of the enterprise;

5) analysis of the prospects for business development of the enterprise;

6) development of financial policy.

To solve the set tasks, the annual statements of OJSC Kamaz will be used (Balance sheet, Profit and loss statement, Capital change statement, Cash flow statement and explanation to the balance sheet and profit and loss statement).

Chapter1. Generalcharacteristiccompany

1.1 Viewsactivities, producedproduction, buyers, suppliers;founders, subsidiaries, dependentsocieties

The open joint-stock company OJSC KAMAZ was established as a result of the transformation of the Production Association KamAZ. The company was registered by the decision of the Executive Committee of the Naberezhnye Chelny City Council of People's Deputies of the Tatarstan Autonomous Soviet Socialist Republic of August 23, 1990 No. 564, registration certificate No. 1, and also registered by the Ministry of Finance of the Republic of Tatarstan as joint venture"KAMAZ" in the form joint stock company(JSC "KAMAZ") August 7, 1991 with register No. 1.

The aim of KAMAZ OJSC is to generate profit and use it in the interests of shareholders, as well as to saturate the market with goods and services.

The KAMAZ Group of Companies is the largest automotive corporation in the Russian Federation. OJSC KAMAZ ranks 16th among the world's leading manufacturers of heavy trucks. OJSC KAMAZ produces a wide range of trucks: trucks (over 40 models, over 1500 complete sets, right-hand drive vehicles), trailers, buses, tractors, engines, power units and various tools. KAMAZ traditionally positions itself on the market of trucks with a total weight of 14 to 40 tons. In recent years, the range of products has expanded due to new models and families of vehicles - from urban distribution trucks to high-capacity vehicles for operation as part of road trains with a gross weight of up to 120 tons.

The types of activities of the Society are:

· Production of trucks and buses;

· Production of parts, assemblies and assemblies of cars and agricultural machinery;

· investment activities;

· Provision of services in the field of management;

· Scientific and technical activities;

Development and implementation of business process management standards, accounting and reporting;

· foreign economic activity; and

· Other types of activities that are not prohibited by applicable law and do not contradict the goals of the Company.

The company employs 21,402 people.

Sergey Chemezov Chairman of the Board of Directors of OJSC KAMAZ, General director State corporation"Russian Technologies".

1.2 Indicatorsactivities: the sizeenterprises, efficiency, financialsteadiness, dynamics, indicatorsmarket, operating room, investment, financialactivities

Table 1.1 Key absolute indicators

According to table 1.1, the following conclusion can be drawn: OJSC Kamaz is a large enterprise at the international level, its revenue is more than 100 billion rubles.

Table 1.2 Market Activity

According to table 1.2, it can be seen that revenue in the reporting year has increased significantly, which indicates an increase in the company's sales of its products. The profitability of sales has decreased, which is a negative trend and indicates a deterioration in cost control.

The high share of profit from sales in profit before tax indicates that the main source of profit at the enterprise is the main activity.

The company's net credit position has been declining in dynamics, but at the same time it remains positive, which indicates the destruction of the company's value.

Table 1.3 Investment activity

According to table 1.3, it can be concluded that the main direction of the company's investment activity is financial investments in itself. This characterizes a fairly high proportion of outside current assets in balance sheet currency (more than 50%), which practically does not change in dynamics, despite the fact that the growth rate of non-current assets in the reporting year was -1.5%.

The OS usability factor is maintained at a constant level close to 50% due to the introduction of new OS.

Table 1.4 Operational Activities

Index	last year	reporting year

By operating activities positive trends are observed: a decrease in the period of turnover of current assets, an increase in the turnover ratio of non-current assets and an increase in labor productivity, which is largely a consequence of an increase in revenue in the reporting year. An increase in the return on net assets should also be noted.

Such indicators of operating performance may be the result of an increase in the effectiveness of the organization's financial policies aimed at managing finished products.

Table 1.5 Financial activities

According to table 1.5, we can conclude that the company is not very actively attracting borrowed capital, since the leverage tends to decrease and the share of equity capital in the capital structure is large.

The indicator characterizing the dividend policy - the ratio of capitalized profit to the value of assets - is negative, which indicates that the dividend policy is unfavorable for shareholders.

In general, based on the results of assessing performance indicators, the following conclusion can be drawn: the enterprise is efficient business with a strong market position and positive trends in all areas of activity, possibly except for operational, but one should take into account the specifics of the company's activities: a specific industry and a long production cycle.

Chapter2. Development ofshort termfinancialpoliticians

2.1 Grademarketactivitiescompany

Table 2.1

In the reporting year, a negative rate of revenue growth was observed, but at the same time, the profitability of sales and the share of profit from sales in profit before tax increased, which reflects effective market activity. A decrease in the rate of revenue growth may indicate a decrease in the company's market share and a decrease in sales.

financial policy asset revenue

2.2 Controloperatingandfinancialcycle

Table 2.2 Operational Activities

Index	last year	reporting year
Non-current assets turnover ratio
Return on net assets,%
The period of turnover of current assets, days
Inventory and VAT turnover period, days
Labor productivity, thousand rubles / person
Average annual wage, thousand rubles / person

Table 2.3 Financial activities

The leverage of financial leverage is more than 1 in the previous and reporting years, which shows the active attraction of borrowed funds by the company: in the reporting year by 1 rub. own capital accounts for 1, 23 rubles. borrowed capital - which is confirmed by the low coefficient of autonomy. But at the same time, a high return on assets tending to decrease, which can lead to an increase in financial risk. A negative indicator of operating activity is a decrease in the turnover ratio of current assets, inventories and VAT, which is explained by a possible decrease in demand. The ratio of capitalized profit to asset value remains approximately constant and characterizes the company's stable dividend policy.

2.3 Controlhighly liquidassets

Table 2.4 Analysis of the structure and dynamics of highly liquid assets

The name of indicators	the beginning of the previous year	beginning of the reporting year	end of the reporting year	growth rate in the previous one. year,%	growth rate in the reporting year,%
		specific gravity	amount, thousand rubles	specific gravity	amount, thousand rubles	specific gravity
Financial investments (excluding cash equivalents)
Cash and cash equivalents
Total highly liquid assets

In the reporting year, the structure of highly liquid assets changed significantly: by the end of the previous year, the share of DS and cash equivalents was only 6.41%, and by the end of the reporting year it increased to 28%. However, at the beginning of the previous year, their share was 83.3%. Based on this, we can conclude that during the previous year the company acquired securities of other organizations. The growth rate of highly liquid assets in the reporting year was -72.8%, which reduces the company's ability to instantly pay off short-term liabilities.

Table 2.5 Assessment of the adequacy of funds

Index	last year	reporting year
Amount of funds, thousand rubles
Amount of cash and financial investments, thousand rubles
Standard value of cash and KFV (3.33% of current assets), thousand rubles

Conclusion (sufficiency of highly liquid assets)
Standard value of cash and KFV (2.5% of revenue), thousand rubles
Deviation of highly liquid assets from the standard value,%

Standard value of cash and KFV, (5% of short-term liabilities), thousand rubles
Deviation of highly liquid assets from the standard value,%

The analysis of the company's highly liquid assets, presented in Table 2.5, shows that these assets include cash (11.0% of the total of highly liquid assets at the end of the year) and financial investments (89.0%). The cost of highly liquid assets is sufficient to ensure a high level of the company's liquidity, since the level of coverage ranged from 279.4% to 366.0% of their standard value. This indicates that the company has a sufficient amount of highly liquid assets to finance its activities.

2.4 Controlprofiton thebasisindicatorsresource intensity

Table 2.6 Analysis of profit from sales by resource principle (expenses by elements)

Index	value for the previous year, thousand rubles	value for the reporting year, thousand rubles	change, thousand rubles	influence on profit, thousand rubles	resource capacity previous year	resource capacity of the reporting year	growth rate of resource capacity,%

Material costs
Labor costs and social contributions
Depreciation
Other costs
Revenue from sales

Calculation of the influence of factors

A decrease in revenue in the reporting year was caused by a decrease in sales.

The decrease in profit from sales was influenced by a decrease in revenue, as well as an increase in labor costs and depreciation. The company's financial policy is effective, and control over the efficiency of labor costs and depreciation should be strengthened.

Chapter3. Development ofbeforelong-termfinancialpoliticians

3.1 Controlcumulativerisk

Table 3.1 Calculation of indicators of aggregate risk

Index	last year	reporting year	growth rate,%

Variable costs
Fixed costs
Percentage to be paid
Profit before interest and tax (operating income)
Net profit
Level operational risk
Financial risk level
Aggregate risk level
Critical sales for operating profit
Critical sales volume for net profit

Operating reliability margin,%
Financial safety margin,%

Aggregate safety margin,%
Profit before interest and tax, calculated through the level of operational risk
Net profit calculated through the level of financial risk
Net profit calculated in terms of the average risk level
Assessment of the aggregate risk
Level operating lever(growth rate of operating profit / growth rate of revenue)
Level of financial leverage (growth rate of net profit / growth rate of operating profit)
Aggregate risk level (growth rate of net profit / growth rate of revenue)

There is a low value of the level of operational risk, there is practically no financial risk (the IRR is approximately equal to 1 due to the low actual rate for borrowed capital). The cumulative safety margin is quite high (41%), which means that a 41% decrease in sales volume is allowed, and the company will reach 0 in net profit. As can be seen from the calculation of the influence of factors on revenue, a decrease in revenue occurs due to a decrease in sales. In such a case, fixed costs should be reduced to reduce operational risk.

3.2 Calculationindicatorsfinanciallever

Table 3.2

Index	last year	reporting year	growth rate,%
Actual interest payable, thousand rubles
Income tax and deferred taxes, thousand rubles
Profit before tax, thousand rubles


Net profit, thousand rubles
Equity capital, thousand rubles
Debt capital, thousand rubles
Net assets equal to the invested capital, thousand rubles

Table 3.3 Preliminary calculation of indicators

Table 3.4 Calculation based on the actual price of borrowed capital

Return on equity (actual),%

Financial leverage effect,%
Financial leverage level

Table 3.5 Calculation at the market price of borrowed capital

Conditional interest payable (at market rates), thousand rubles
Conditional net profit (taking into account market interest), thousand rubles
Return on equity (through market rates),%
Financial leverage differential,%
Financial leverage effect,%
Financial leverage level
Leverage Index (ratio of actual and debt-free return on equity)
Return on equity (through the effect of financial leverage),%

The share of borrowed capital in the structure of the company's capital is greater than that of equity, but at the same time the EFR is significant and positive. PFR> 1, but at the same time the financial risk is low, because the actual interest on the ZK is significantly lower than the market one. The company can adhere to the chosen strategy of attracting ZK, since given the high return on assets, this will be beneficial even at market interest rates. In dynamics, the DFR is decreasing due to a decrease in the profitability of the capital.

3.3 Analysisstructuresinvestedcapital

Table 3.6 Vertical, horizontal and factor analysis of invested capital

Index	amount, thousand rubles	specific gravity	change over the year	share of factors in capital change,%
	last year	reporting year	last year	reporting year	growth rate,%	in structure,%
Fixed assets
Working capital:
Current assets
Accounts payable (deducted)
Invested capital
Equity
Long-term debt capital
Short-term debt capital
Invested capital

The main contribution to the change in the invested capital in the reporting year was made by the change in the structure of the company's assets towards an increase in the share of working capital. In the structure of the liability, there is a high growth rate of short-term borrowed capital, the share of which in the change in invested capital is about 70%.

Based on this, it can be concluded that the company actively attracts cheap sources of capital, which contributes to tax savings and allows the use of EFR.

3.4 CalculationcostSC, ZKandWACC

Table 3.7 Calculation of the market value of equity capital (CAPM)

Index	last year	reporting year
Risk-free profitability,%
Risk premium,%
Activity beta coefficient (power)
Expenses for ordinary activities, taking into account other results (excluding interest payable)
Fixed costs (including other financial results)
Variable costs
Constant / Variable Ratio
Operational risk beta
Equity
Borrowed capital
Equity / debt ratio

Beta adjusted for operational and financial risk

Table 3.8 Factor analysis of the cost of equity

Index	factor influence, points	factor influence, percent
Risk-free profitability
Market risk premium
Activity beta coefficient
The ratio of fixed and variable costs
Effective income tax rate
Debt to equity capital ratio
Equity cost

Table 3.9 Calculation of the weighted average cost of capital

Index	last year	reporting year
Invested capital, thousand rubles
including:
equity
long term duties
short-term borrowed funds
Invested capital structure,%:
Share of equity capital,%
Share of long-term borrowed capital,%
Share of short-term borrowed capital,%
Actual cost of equity,%
Market value of equity,%
Actual cost of borrowed capital,%
Market value of borrowed capital,%
Effective income tax rate,%
Market WACC,%
WACC conditional,% (equity at market value, borrowed capital at actual)
Profit before tax and interest payments, thousand rubles
Net operating profit, thousand rubles
Return on invested capital (ROIC),%

The actual profitability of the company is significantly higher than the expected (market) one: the profitability of the IC in the reporting year was 66.57%, while the market value was 28.24%. Consequently, the company is efficient for investment and provides profitability to investors. Because the refined beta coefficient is almost 2 times greater than 1, therefore, the company is more risky than the industry as a whole.

The company creates value because spread> 0. The decrease in the market value of WACC was mainly due to the decrease in the market value of the land holding company, an increase in the effective profit rate and due to changes in the capital structure: in the reporting year, the share of expensive investment capital decreased.

3.5 Controlthe mainby means

Table 3.10 Indicators of the condition of fixed assets

Index	last year	reporting year
Historical cost of property, plant and equipment at the beginning of the year
Cost of property, plant and equipment at the end of the year
Average annual acquisition cost of property, plant and equipment
Average annual residual value of fixed assets
Depreciation of fixed assets annual
Disposal of property, plant and equipment
Receipt of fixed assets
Average depreciation rate,%
Input ratio,%
Retirement rate,%
Renewal rate,%
Expiration rate,%
Wear rate,%
Average useful life of fixed assets, years
Average actual useful life of fixed assets, years
Average residual useful life of fixed assets, years
Average full renewal period, years
Average period of complete retirement, years
Depreciation rate of retired fixed assets,%

Table 3.11 Rationale for Investment Needs

Index	forecast period

Forecasted revenue growth rate,%
Actual level of wear,%
Target level of wear (should be less than actual),%
Price index (ratio of market and book value of fixed assets)
Total investment requirement, thousand rubles
Total investment requirement, taking into account a given depreciation rate, thousand rubles

Fixed assets are characterized by a rather long useful life, taking into account the depreciation rate, which in the reporting year was 52.7%. The average depreciation rate decreased significantly in the reporting year, the commissioning ratio also decreased, but the residual value increased by the end of the year. The shelf life is on a downward trend, which indicates the need to update the OS in the near future. It is also interesting to note that in the reporting year, there was practically no disposal of fixed assets, which is not a positive fact with this shelf life ratio. Thus, the calculated investment requirement, taking into account the depreciation rate, was approximately 1.6 billion rubles.

3.6 Controlefficiencyactivitiescompany. ModelDupont

Table 3.12

Factor analysis of return on equity

Index	last year	reporting year	changes in factors, points	factor influence, points	influence of factors,%

Equity multiplier
Asset turnover ratio
Net margin,%
Return on equity,%

The decrease in the profitability of the IC in the reporting year is primarily due to a significant decrease in the asset turnover ratio. The multiplier of the IC is high and tends to grow, which increases the company's profit, but at the same time increases the risk, so it is not advisable for the company to increase the value of the multiplier. The company's policy should be aimed at increasing net margins and accelerating asset turnover.

3.7 Controldividendpolitics

Table 3.13 Initial data

Table 3.14

Index	last year	reporting year
Earnings per share
Dividends per share
Ratio of dividends to assets,%
Share of retained earnings in the balance sheet,%

Profit capitalization ratio,%
Dividend yield,%
Capital return,%
Total profitability,%
Return on equity,%
Dividend Coverage (EPS / DPS)
Dividend yield (DPS / EPS)

The company's dividend policy in the reporting year was carried out in the interests of shareholders, which shows the high value of the dividend payout ratio and the dividend per share ratio, exceeding earnings per share. The financial policy of the company should be aimed at capitalizing profits, since the company is proprietary.

3.8 Development offinancialforecasts.Forecastindicatorsprofitsandlosses, balanceandmovementDS

Table 3.15

Index	reporting year	forecast period

Market policy
Growth rate of revenue (in real terms),%
Operational policy
Material consumption, RUB / RUB
Salary intensity (labor costs / revenue), RUB / RUB
Tax intensity of payments to social funds, RUB / RUB
Other resource intensity, RUB / RUB
Average depreciation rate (to the original cost of non-current assets),%
Duration of inventory turnover, VAT, other current assets (through revenue), days
Duration of accounts receivable turnover (through proceeds), days
The duration of the turnover of highly liquid assets (through revenue), days
Duration of accounts payable turnover (through proceeds), days
Investment strategy
Capital investments in non-current assets, including:
Intangible assets
into property, plant and equipment and construction in progress
in long-term financial investments
Dividend policy
Dividend payout ratio,%

Table 3.16 Forecast of income and expenses

Index		forecast period
	reporting year

Expenses for ordinary activities:
Material costs
Labor costs
Social contributions
Depreciation
Other costs
Revenue from sales
Percentage to be paid
Other result (excluding interest payable)
Profit before tax
Current income tax and deferred taxes
Net profit
Undestributed profits
Dividends

Table 3.17 Forecast balance

		forecast period
Index	reporting year

Fixed assets
Inventories, VAT, other current assets
Receivables
Cash and short-term financial investments
Balance summary

Equity invested capital
Own accumulated capital
long term duties
Short-term borrowed funds
Accounts payable
Balance summary

Cash flow forecast

Index	reporting year	forecast period

Current activity
Receipts (current activity)
Payments (ongoing activities)
suppliers of material resources
staff
budget and extrabudgetary

interest payment
Net CP for other activities
The result of the movement of the DS from the current activity
Investment activities
Receipts

The result of the movement of the DS from investment activities
Financial activities
Increase in long-term liabilities
Growth in short-term loans
Payment of dividends
Result of DSot movement financial activities
Net cash
Cumulative cash flow at the end of the year

3.9 Gradecostbusiness

Table 3.18 DCF Method

Indicators	forecast period

Free Cash Flow (FCF)
Discounted FCF
DCFA value in the forecast period
DCFA value in the terminal period
Cost of capital invested (core business)
DCF cost

Table 3.19 EVA Method

Indicators	forecast period

Economic Profit (EVA)
Discounted economic profit
EVA cost in the forecast period
EVA value in the terminal period
Total EVA Cost
EVA cost

Calculating the value of a business using two methods: the discounted cash flow method and the economic value added method - gives the same estimate equal to 90 billion rubles.

The calculation by the method of economic value added allows you to see that value is created in all years, and you can see the trend of its increase.

Conclusion

In this work, a financial analysis of the JSC Techsnabexport company was carried out and the financial policy of the company was developed.

Characteristics of market activities. The main source of the company's profit is its core business. The company's revenue in the reporting year decreased mainly due to a decrease in sales (the rate of revenue growth was -15, 31%). However, the profitability of sales has increased, which is indicative of improved cost control.

Characteristics of operating activities. A decrease in revenue leads to an increase in the turnover period of current assets and a decrease in the turnover ratio of non-current assets, which leads to a slowdown in the operating cycle. These trends may be the result of a decrease in the effectiveness of financial policies aimed at managing finished goods.

Characteristics of financial activities. The company actively attracts borrowed funds: by 1 rub. own funds accounts for 1, 23 rubles. borrowed. At the same time, the actual interest rate (3.23%) is significantly lower than the market rate (13%), due to which the level of financial risk is approximately equal to 1, i.e. low financial risk. The dividend policy is carried out by the company in the interests of shareholders, since the ratio of capitalized profit to the value of assets is approximately 30%. With a high return on assets of the company (40, 22% in the reporting year), profit should be capitalized to a greater extent.

Characteristics of investment activities. The main direction of the company's investment activity is financial investments, the share of which in highly liquid assets by the end of the reporting year amounted to approximately 72%. At the same time, the growth rate of highly liquid assets decreased by 72.8%, which significantly reduces the company's ability to pay off its short-term obligations. Considering the sufficiency of the company's funds to finance its activities, it can be concluded that there is a surplus, since the level of security ranged from 280% to 366% of the standard value (due to financial investments).

Management of risks. Financial risk the company is practically absent due to the attraction of borrowed capital at a very favorable (low) interest rate. The level of operational risk is acceptable (2, 3 in the reporting year), but it has an increasing dynamics (the growth rate was 1, 14%), which, if sales continue to decline, may increase the company's risk in the future. The cumulative safety margin is quite high (41%), which means an acceptable decrease in sales volume by 41%, and the company will go to 0 in terms of net profit.

Considering the capital structure, it should be noted an increase in the share of working capital in the structure of an asset and an increase in the share of borrowed capital due to a significant increase in short-term borrowed capital in the structure of liabilities. The company effectively attracts cheap sources of financing, which contributes to tax savings and leverages the effect of financial leverage.

The business value is estimated at 90 billion rubles. The appraisal was carried out using two methods: the discounted cash flow method and the economic value added method. The second method showed the creation of business value in each of the three predicted years, as well as the trend of its increase. The company creates value, which is confirmed by a positive spread (14%) and is effective for investment, since the actual profitability of the company in the reporting year was 31.25%, which is higher than the expected 17.23%. However, it should be noted that the company is more risky than the industry as a whole, which is characterized by a value of the beta coefficient of the purified, which is twice the standard value.

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1.3 Features of long-term and short-term financial policy

Financial policy is represented by a specific (financial) ideology aimed at achieving the main goal of the enterprise's economic activity - making a profit.

Short-term and long-term financial policy are structural elements of the general financial policy of a business entity. At the same time, they are responsible for various areas of the enterprise.

Long-term financial policy inherently covers absolutely the entire life cycle with a full description of its phases of growth, decline, maturity and capital withdrawal to the most needed places. The long-term cycle is subdivided into a large number of short-term periods, the duration of which is equal to one fiscal year. For each separate year, its own short-term financial policy of the enterprise is formed.

These two types of policies have their own, different from each other areas of application. Long-term financial policy focuses on the investment activities of the enterprise (long-term financial and capital investments), while the short-term focuses on the current activities of the business entity.

There are differences between these two components of financial policy when linked to strategic directions in the market. A short-term financial policy contributes to solving problems of regulating the offers of services and goods within a year, a long-term financial policy should ensure a company's place in the market, based on changes in the quality, quantity, and range of the same services and goods.

Working capital management in the long term boils down to solving two main problems:

Determination of the optimality in the structure and size of current assets of liabilities;

Provision through various forms of funds to cover the financial needs of working capital.

The long-term financial policy, in comparison with the short-term, has various objects of management. Financial policy in short term manages circulating capital, and long-term - fixed capital, which can be represented by a combination of circulating and non-circulating capital.

From the standpoint of performance criteria, these two concepts compete with each other. The short-term financial policy considers the achievement of the maximum level of profit as an assessment of efficiency, and the long-term one - the maximum benefit from investment investments.

These criteria give rise to differences between short-term and long-term financial policy in determining strategic objectives. So, when implementing the latter, the main strategy is considered to be the achievement of productivity, an increase in capacity and fixed assets, as well as capital is considered not from the point of view of finance, but in physical form, which can be measured as production capacity.

The short-term policy in the field of finance is responsible for the implementation of production tasks within the limits of the available capacities while providing flexible financing, the formation and accumulation of its own financial sources and working and non-working capital.

Long-term financial policy closely interacts with short-term financial policy.

Through the implementation of operational and current financial policy, the practical implementation of the financial tactics of the enterprise is carried out.

Fiscal tactics should not be equated with the shortest-term fiscal policy. Politics is not the only component of an enterprise's short-term financial policy. In its composition there are always elements associated with an increase for the enterprise by means of earning or saving financial resources in monetary calculations.

Short-term financial policy refers to financial decisions and activities for a period of less than 12 months or a period of the duration of an operating cycle not exceeding 12 months.

The basis of short-term financial policy is to ensure the short-term or current success of the financial activities of the enterprise.

This success is achieved by optimizing cash flow.

The short-term goals of the firm are mainly limited to the efficient use of the firm's productive potential.

The short-term goals of the enterprise include:

Implementation of operational or ongoing activities;

Effective organization of financial management at the enterprise;

Maintaining a competitive level of enterprise profit.

The tactics are interconnected with the strategy implemented through the implementation of the long-term policy of the enterprise.

Short-term financial decisions must be consistent with long-term financial goals and contribute to their achievement.

The company's strategy includes the definition of goals and objectives, a prospective analysis of the company's production program.

The effective functioning of the enterprise in the long term is largely determined by the level strategic management his financial activities.

Along with the above differences in these two financial policies, there is a connection between them. The short-term can be considered an “embedded” part of the long-term financial policy. After all, the directions of expansion production activities, the release of free funds for further investment in the production process, which are the main factor long-term planning, are formed in the course of the current activity of a business entity.

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First Vocational University

Professional Institute of Management

Short-term financial policy

The abstract was prepared by

Privalova S.V.

UMShZ-11/9-DSB1-2-B

Moscow 2010

1. Short-term financial policy of the enterprise

The financial policy of an enterprise is an integral part of its economic policy. If finance is a basic category, historically formed in the conditions of the emergence and development of commodity-money relations, then financial policy is expressed by a set of activities carried out by the owner, the administration, labor collective(depending on the forms of ownership and management of the enterprise) in order to find and use finance for the implementation of basic functions and tasks.

Activities of this kind include the development of scientifically based concepts for organizing financial activities, determining the key areas for the use of financial funds for long, medium and short periods, as well as the practical implementation of the developed strategy.

The concepts of organizing the financial activities of an enterprise are based on researching the demand for products and services, assessing various (financial, material, labor, intellectual, information) resources of the enterprise and predicting the results of economic activities.

2. "Objectives - Strategies"

The directions of using the financial funds of the enterprise are determined based on the goals set, the position of the enterprise in the market, the developed concept of organizing financial activities. The main goal financial policy of the enterprise is the most complete and effective use and build-up of its financial potential.

In turn, enterprise strategies do not exist in a void, but always serve to achieve specific goals.

The purpose of the enterprise is such a state of the future reality that the enterprise wants to achieve by its own efforts.

Enterprise strategy - a set of political attitudes of the enterprise and long-term action programs, within the framework of which it is planned to achieve the goal.

The goals and strategies are considered by the consultant as a whole, since not only do goals determine strategies, but strategies have a significant impact on goal setting. So, the achievement of some specific goals of the enterprise can be carried out by some specific strategies, but the enterprise does not always allow its own potential to apply these strategies. For example, an enterprise that produces semi-finished products for the furniture industry - furniture boards for the manufacture of cabinet furniture - can formulate a strategic goal as achieving a 50% market share in supplying all types of semi-finished products to small regional furniture factories. The strategy for achieving the goal provides for expanding the range of the enterprise, including accessories, furniture fabrics, foam rubber, etc., as well as promoting sales through personal sales- the use of traveling salesmen. If the potential of the enterprise does not allow the creation of the necessary commodity stocks and the organization of the agent network, not only the strategy, but also the goal must be revised.

In theory, every business has goals and strategies that govern its activities. The complex "goals-strategies" sets the main directions of the search for market opportunities, maintains costs within the planned framework, determines the number and qualifications of personnel. The goals conveyed to each employee, the strategies developed and promulgated at the enterprise, force the personnel to adapt their own goals to the goals of the enterprise, their own strategies to its strategies. The adoption of strategies by the enterprise frees top management from routine work and the need to make decisions on all small issues, creates the opportunity to delegate tactical decisions to middle management and field workers.

In practice, for many Russian enterprises the "blurring" of the "goal-strategy" complex is characteristic. The usual goals are to obtain "good" profits and "development" of the enterprise, strategies - the established traditions and methods of activity. Such strategies lose their guiding and stabilizing effect, allow any creativity of the staff, justify any costs, contribute to the dispersion of forces and resources.

3. Business planning

Any company. which starts its activity or is already operating, at the beginning of a new project, must clearly represent the need for the future in financial, material, labor and intellectual resources, the sources of their receipt, and also be able to accurately calculate the efficiency of using the resources available in the course of the company's activities ... In conditions market economy entrepreneurs should not rely on stable income and success without clear and effective planning of their activities, constant collection and accumulation of information about the state of target markets, the position of competitors in them, and about their own capabilities and prospects. One of the main directions strategic planning is business planning, which provides for a development perspective, if it is correctly drawn up and answers the most important question for a businessman - is it worth investing in a particular project, whether it will bring income that can recoup all the costs of manpower and resources.

The business plan includes:

1. Brief description of the enterprise

a) Product characteristics;

b) Characteristics of the markets;

c) Characteristics of competitors.

2. Organizational plan

3. Production plan

This section includes the main indicators of production.

4. Calculation of the break-even point

The break-even point is the volume of production at which the company has neither profit nor loss.

5. Enterprise risks

Entrepreneurial activity is directly related to various risks. There are two groups of factors - external and internal, which affect the final result and there is always a danger that the goals set in the plan may not be fully or partially achieved.

4. Flow of payments

Very often, contracts of a financial nature do not provide for separate one-time payments, but a series of payments distributed over time. Examples include regular payments to repay a long-term loan together with interest accrued on it, periodic contributions to the current account, on which a certain fund for various purposes is formed (investment, pension, insurance, reserve, accumulative, etc.), dividends paid on securities, payments of pensions from a pension fund, etc. A series of successive payments and receipts is called a stream of payments. Disbursements are presented as negative values and receipts as positive. The generalizing characteristics of the flow of payments are the accumulated amount and the present value. Each of these characteristics is a number. The accrued payment stream is the sum of all payments with interest accrued on them at the end of the annuity. The modern value of the flow of payments is understood as the sum of all financial transactions discounted (given) at a certain point in time, coinciding with the beginning of the flow of payments or preceding it. The specific meaning of these generalizing characteristics is determined by the nature of the flow of payments, the reason that generates it.

5. Cash payments: types, organization

All operations performed by the enterprise with its counterparties, budget, employees, owners, etc., are directly or indirectly expressed in terms of funds. In the current activity, settlement operations that accompany the movement of resource flows, the execution of works, and the provision of services play an extremely important role. In particular, the acquisition of raw materials and materials means, on the one hand, an increase in the firm's tangible assets, and, on the other hand, an outflow of funds. Exactly the opposite takes place when a firm sells its products.

Depending on the form of settlements between the enterprise and its counterparties, the flows of material resources and the corresponding cash flows most often do not coincide in time.

As you know, there are different ways settlement for the products sold: prepayment, cash sale, sale with deferred payment, sale by installments (or commercial credit), sale at a discount, etc.

a) Advance payment (advance payment for the goods) is the full or partial payment for the goods by the buyer prior to its transfer by the seller within the period established by the contract. Payment for the goods by the buyer must be made immediately before or after receiving the goods, i.e. moments of transfer of goods and payment should be as close to each other as possible. Advance payment as a form of payment can be provided for by the sale and purchase agreement, and its peculiarity lies in the fact that it does not imply the obligation to bring the payment deadline as close as possible to the date of transfer of the goods by the seller. If the seller, who has received the prepayment amount, does not fulfill the obligation to transfer the goods to fixed time, the buyer has the right, at his discretion, to demand either the transfer of the paid goods; or a refund of the prepayment amount. The buyer pays interest on the prepayment amount, and the moment from which they are calculated can be determined in different ways. By general rule interest is calculated from the day when, under the contract of sale, the transfer of the goods should have been made, until the day the goods are handed over to the buyer or the prepayment amount is returned to him. the contract may provide for the seller's obligation to charge interest on the prepayment amount from the date of receipt of this amount from the buyer.

In certain situations related to the sale and purchase of goods, the settlement system may provide for an advance or a deposit.

b) An advance is an amount paid in advance of a monetary obligation and does not bear a security nature inherent in a deposit. Advance payment is not obligatory, but may be stipulated by the contract. Despite the fact that the advance is widely used in practice and is mentioned in a number of normative documents, the current legislation does not give a strict definition of it. In a sense, an advance is synonymous with an advance payment; it is the last concept in Russian legislation spelled out more specifically.

c) A deposit is an amount of money issued by one of the contracting parties against the payments due from it under the contract to the other party, as evidence of the conclusion of the contract and to ensure its execution. An agreement on a deposit is always drawn up in writing, and the transferred amount of money is referred to in it as a deposit. Otherwise, we are talking about an advance, which performs only a payment function and does not have a security character inherent in the deposit.

In other words, under some circumstances (in particular, in disputable situations, when the customer believes that the contract under which the deposit was issued was not performed or performed improperly, or the result was not received as he expected, etc.) the deposit the full amount can be withheld, i.e. not returned to the customer, while the advance payment in this case is subject to return at least partially.

d) Unlike a pledge, the subject of a deposit is always a sum of money.

Payment for cash means the exchange of the sold products (goods) for money. This is one of the most beneficial settlement options for the seller - the money received at the cashier can be immediately used in financial and economic activities. In mass transactions in the business environment, this form of payment takes an insignificant place due to its many inherent disadvantages.

e) Sale with deferred payment, or sale on credit - this is the sale of goods with the condition of payment for it through certain time stipulated in the sales contract. If the buyer who has received the goods does not fulfill the obligation to pay for it on time, the seller has the right to demand payment or return of the goods. Unless otherwise provided by the contract of purchase and sale, from the moment the goods are transferred to the buyer and until payment for them, the goods given on credit are recognized as being pledged by the seller to ensure that the buyer fulfills his obligation to pay for the goods. Selling on credit is the most unprofitable for the seller, however, it is this form of settlement that is most common in the system of business relations. In this case, the products are shipped, the financial result is calculated (note that the ownership in this case is already transferred to the buyer), but the money is not received, and accounts receivable are formed in the seller's accounting system.

f) Sale by installments is the sale of goods on credit with the condition of paying for it by a series of payments in accordance with the schedule provided for in the purchase and sale agreement. According to the Civil Code of the Russian Federation, an agreement on the sale of goods on credit with the condition of payment by installments is considered concluded if, along with other essential conditions of the sale and purchase agreement, the price of the goods, the procedure, terms and amounts of payments are indicated. If the buyer does not make the next payment within the time period established by the contract, the seller has the right, unless otherwise provided by the contract, to refuse to fulfill the contract and demand the return of the sold goods, except for cases when the amount of payments received exceeds half of the price of the goods.

g) Discount sale means that the buyer can get a discount on the selling price in one of two typical situations. The first situation means providing a discount for "quick payment, that is, in the case when the payment for the purchased product is made within a rather short period of time stipulated in the sales contract from the moment of receipt of the purchase. The second situation means the provision of a discount for the volume of the purchased batch, i.e. e. the discount is provided when the buyer purchases a batch of products that exceeds the agreed minimum.

It is obvious that the movement, size and distribution in time of cash flows in each of the described options for selling products are different.

h) In accordance with the Civil Code of the Russian Federation, payments within the territory of Russia are made by cash or non-cash payments. With cash payments, funds are transferred in the form of banknotes and coins, and with non-cash payments, the right to sum of money transmitted by issuing the relevant settlement documents and making entries on the accounts.

Currently, the implementation of payments in cash is significantly limited. The Civil Code of the Russian Federation establishes that the choice of cash or non-cash form of payment is directly related to the nature of the transaction, as well as to legal status participants.

Settlements of legal entities, as well as settlements with the participation of citizens related to the implementation entrepreneurial activity, as a general rule, are carried out by bank transfer. Without any restrictions, only individuals can pay in cash and only for transactions that are not related to their entrepreneurial activities.

The non-cash form of settlements is associated with the execution of the corresponding documents in a uniform form and therefore is more laborious. To ensure the current activities of the organization, settlements for small amounts of money, including between legal entities, can be carried out in cash.

For this purpose, the guidelines of the Bank of Russia establish the maximum amount of cash settlement per one payment. Cash turnover is regulated by the Regulations on Cashless Payments in the Russian Federation, approved by the Bank of Russia.

Cash arriving at the cash desk of an enterprise must be handed over to a bank institution with subsequent crediting to the account of this enterprise. The amount of money that can be kept in the cash desk of the company is limited. The procedure and terms for depositing cash at a bank institution are established individually for each enterprise.

Cashless payments- these are settlements made by banks transferring funds to customer accounts, based on payment documents drawn up according to uniform standards and rules. Cashless payments are made through credit institutions or the Bank of Russia on accounts opened on the basis of bank account or correspondent account agreements, unless otherwise provided by law and is not stipulated by the form of payment used.

Forms of cashless payments and their a brief description of are given in the Civil Code of the Russian Federation, and the technique for their implementation is established by the instructions of the Bank of Russia. In particular, the Regulations on Cashless Payments in the Russian Federation formulate the basic principles for organizing this form of payments:

documentary - the settlement document must be drawn up on paper or, in established cases, in in electronic format;

urgency - in accordance with article 80 Federal law"On the Central Bank of the Russian Federation (Bank of Russia)" the total term for non-cash settlements should not exceed two business days within a constituent entity of the Russian Federation and five business days within the Russian Federation;

security of payment - payments from the account must be made within the limits of the amounts available on it. In case of insufficient funds on the account to meet all the requirements presented to it; the withdrawal of funds is carried out in the order determined by law;

freedom to choose the forms of non-cash payments - the current legislation establishes several forms of payments and types of payments that counterparty organizations can choose at their discretion:

settlements by payment orders;

settlements under the letter of credit;

settlements by checks;

collection settlements;

settlements with payment requests;

unification of payment documents - it is legally established that settlement documents must be drawn up on uniform forms in paper or electronic form and contain an agreed list of mandatory details.

When making non-cash settlements, settlements by payment orders, by letter of credit, checks, settlements by collection, as well as settlements in other forms provided for by law and the relevant banking rules are allowed.

Settlements by payment orders.

A payment order is an order issued by the account holder (payer) to the bank serving him to transfer a certain amount of money to the account of the recipient of funds opened with this or another bank. In modern economic practice, this is the main form of payment.

On the day the bank accepts a payment order from the client, the bank has an obligation to the client, within the time frame established by law or the agreement, to transfer funds as intended from the correspondent account, other accounts opened for carrying out settlement operations, provided that the client observes the following conditions:

correct indication of the details of the payer, recipient of funds, mandatory for the operation of transferring funds;

the presence on his account of funds in an amount sufficient for the execution of the accepted document.

If the client observes the conditions, the credit institution or its branch, on the day of acceptance of the payment order from the client, debits funds from his account and transfers them from his correspondent account (sub-account) and other accounts opened for carrying out settlement operations, no later than the next day, unless otherwise provided. in the bank account agreement. Clients are advised to submit settlement documents to the bank on the eve of the due date (payments to the budget, extra-budgetary funds, planned payments). If the date of payment is not indicated on the document, then the date of acceptance of the document from the client is considered the date of payment.

6. Cash flows

Cash flow is cash flow in real time, in fact, cash flow is the difference between the amount of receipts and payments of the company's cash for certain period time, as the financial year is taken for this period. Cash flow management is based on the concept of money circulation. For example, money is converted into inventory, accounts receivable and back into money, completing the company's working capital cycle. When the cash flow is reduced or blocked completely, the phenomenon of insolvency occurs. An enterprise may experience a lack of funds even if formally it remains profitable (for example, the terms of payments by the company's clients are violated). This is where the problems of profitable but illiquid companies on the brink of bankruptcy are connected.

Conclusion

When our country is implementing a difficult, largely contradictory, but historically necessary reform in social, political and economic life, a lot of complex problems arise. One of them is how to anticipate difficulties and opportunities and how to choose an economic policy and strategy?

Which of the specific "moves" are used by most successful companies?

Firstly, it is an orientation towards a long-term relationship with a client. We often hear this phrase, but we do not always imagine how a company employee should behave in order to emphasize the priority of clients' interests. Most often, you can make a client feel important for your company by providing him with additional advice or information on your services.

Secondly, the most successful companies plan large budgets for training employees interacting with clients. The focus of trainers is on the ability of employees to speak clearly, without using professional jargon, and the ability to identify the needs of the client.

The third important rule forming a loyal customer base is the selection, sorting and termination of customer relationships that do not meet the characteristics of the target group. For an advertising agency, for example, the history of the client's relationship with companies of a similar profile is extremely important. If the customer company often changed partners among advertising agencies, then the forecast for working with this client is negative.

The fourth point is a formula that ensures the emergence of trust in your company on the part of the client (the author of the formula is Harry Beckwith):

Consistency / predictability Meeting deadlines + Non-disclosure of customer information.

Strategies are always developed based on the actual situation, but are designed to guide the actions of the enterprise in the long term, when the initial provisions adopted during the development may no longer correspond to the realities of the market. If there is a serious discrepancy between strategic guidelines and modern market requirements, strategies need to be revised, which means that some of the resources were wasted irrationally.

Changes that are significant for strategies can occur in the macro environment (change in the general level of technology, political situation, environmental requirements, culture) or in market conditions(changes in market solvency, competitors' behavior, customer needs). Such changes are outside the control of the enterprise, but can often be predicted at the stage of developing strategies.

The company's strategy, formulated and communicated to each employee, is able to concentrate all efforts in the right direction. At the same time, a clear, clear and understandable strategy for personnel is likely to be soon clear and understandable to a competitor who will develop effective countermeasures (at least, this often happens on Russian market). The strategy of capturing market share at the expense of a specific competitor will force the competitor to react as soon as he understands the situation. An enterprise growth strategy through the purchase of several production facilities, once made public, can raise the prices of these production facilities. At the same time, the strategies formulated by the head "for personal use", without communicating to the staff - "a thing in itself" useful functions.

Acceptance of any strategy requires its indispensable implementation at all levels of the hierarchy, with appropriate adjustments to the wording and specification of goals.

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Financial policy is the general financial ideology of the organization, subordinated to the achievement of the main goal of its activities, which is profit (for commercial organizations).

The purpose of financial policy is to build effective systems financial management aimed at achieving the strategic and tactical goals of its activities.

Strategic objectives of the financial policy of the enterprise:

Profit maximization;

Optimization of the capital structure of the enterprise and ensuring its financial stability;

Achieving transparency of the financial and economic condition of the enterprise for owners (participants, founders), investors, creditors;

Creation of an effective mechanism for managing the finances of an enterprise;

The use of market mechanisms by the enterprise for attracting financial resources.

The object of financial policy is the economic system and its activities in relation to the financial condition and financial results, the cash flow of an economic entity, which is a flow of cash receipts and payments. Certain sources must correspond to each direction of spending of monetary funds: at the enterprise, the sources include equity capital and liabilities that are invested in production and take the form of assets.

The subject of financial policy is intra-company and inter-business financial processes, relations and operations, including production processes that form financial flows and determine the financial condition and financial results, settlement relations, investments, issues of purchasing and issuing securities, etc.

The subject of financial policy is the founders of the organization and the management (employers), financial services who develop and implement the strategy and tactics of financial management in order to increase the liquidity and solvency of the enterprise through the receipt and effective use of profits.

Financial policy consists in setting goals and objectives of financial management, as well as in determining and using methods and means of their implementation, in constant monitoring, analysis and assessment of the compliance of the ongoing processes with the intended goals.

Financial policy is manifested in the system of forms and methods of mobilization and optimal distribution of financial resources, determines the choice and development financial mechanisms, methods and criteria for assessing the effectiveness and feasibility of the formation, direction and use of financial resources in management.

Long-term financial policy covers the entire life cycle of an enterprise or investment project, which is divided into many short-term periods equal in duration to one financial (calendar) year. Based on the results of the financial year, the final determination of the financial result of the company's activities, distribution of profits, tax calculations, and preparation of financial statements are made. The success of the enterprise in the short term depends to a decisive extent on the quality of the short-term financial policy developed by it, which is understood as a system of measures aimed at ensuring uninterrupted financing of its current activities.

There is an organic connection between short-term and long-term financial policy: short-term financial policy is "built-in" into the long-term one - funds for expanding production, increasing the amount of fixed capital used are generated precisely in the process of current activities, which creates both a source of simple reproduction of fixed assets (depreciation) and the source of their expanded reproduction (profit). At the same time, it is the cash flows from current activities that form the overall result, the return on the enterprise (investment project) for the entire period of its life cycle.

In the activities of an enterprise, which, along with current activities, implements an investment project, cash flows from current and investment activities are intertwined. When implementing an investment project at the expense of borrowed funds, for example, two schemes of loan repayment are possible, one of which is based on the use of cash flows from current and investment activities at the same time, and the other assumes a strict delimitation of these cash flows.

The differentiation of current and investment activities is necessary to ensure effective control over the use of financial resources and to prevent the immobilization (diversion) of working capital into capital costs, which can undermine the current financing of the enterprise.

The existing procedure for accounting for funds in settlement accounts with banks does not imply the allocation of a separate account to record the movement of funds for capital investments. The accounting of the own funds of enterprises and organizations intended for financing capital investments is kept on their settlement accounts, separate accounts for such purposes are not opened. In order to facilitate the accounting of capital investments and to prevent the immobilization of working capital, banks are allowed to maintain separate personal accounts for customers to record transactions on the use of funds for capital investments. The opening of these accounts and the performance of transactions on them are made on a contractual basis on the same balance sheet, where transactions on current accounts are accounted for. At the same time, the order of payments established by the legislation should not be violated. Funds to these accounts must be transferred from the company's current account.

The preliminary stage in the development of the financial policy of the enterprise is the analysis of its financial and economic condition, which will reveal the strengths and weaknesses of the enterprise's finances, i.e. "to diagnose". The analysis should be based on the indicators of the quarterly and annual accounting statements enterprises. At the same time, it should be remembered that reporting is inherently historical, i.e. records the results of events that have occurred in the past, in addition, the cost indicators are distorted under the influence of inflation. In the analysis of reporting, methods such as horizontal and vertical analysis, trend analysis, calculation financial ratios... In the process of analyzing the financial statements, the composition of the property of the enterprise, its financial investments, sources of formation of equity capital, the size and sources of borrowed funds are determined, the volume of proceeds from sales and the amount of profit are estimated. Financial analysis, i.e. analysis of cash flows, the processes of formation, distribution and use of funds of funds will be more reasonable if the financial analyst clearly understands the system of financial accounting, the movement of funds on specific accounts, the mechanism for generating financial results.

The quality of short-term financial policy directly depends on the accounting policy adopted by the company. Accounting policy, which is a set of accounting methods adopted by the organization, can significantly affect the process of forming the financial result and the assessment of the financial and economic activities of the organization.

In the accounting policy of the organization, methods of depreciation of fixed assets, intangible assets, methods of assessing inventories, goods, work in progress and finished goods, methods of writing off inventories to production costs, options for the formation of insurance funds are fixed.

Therefore, changes in accounting policies could have a material effect on financial position, cash flow or financial results of the organization. It is advisable to calculate the options for certain provisions of the accounting policy, since the structure of the balance sheet, the values of a number of key financial and economic indicators, directly depend on the decisions made in this area.

Short-term financial policy must be coordinated with the tax policy of the enterprise. Tax policy presupposes tax management in order to optimize taxation within the framework of compliance with the current tax legislation - prevention of excessive tax payments, exclusion of double taxation. It is also necessary to use a variety of tax benefits provided by the legislation of the Russian Federation on various grounds:

According to the range of products (essential goods, for children, etc.);

In the direction of spending funds (some types of capital investments, charity);

By the composition of employees (benefits for enterprises in which people with disabilities work);

By the number of employees (small businesses);

By affiliation of the enterprise (consumer cooperation enterprises located in the Far North, prosthetic and orthopedic, etc.).

Tax policy is related to accounting policy, since the choice of methods for attributing costs to cost may affect the size of the taxable base of income tax.

Thus, the main task of the short-term financial policy is to ensure uninterrupted financing of the current activities of the organization - it provides for the setting of many diverse private tasks.


General purpose	Implementation of current activities, management of short-term financial investments	Management of investment activities and long-term financial investments
Time frame	One financial year or a period equal to one working capital turnover	As a rule - several years, up to the full payback of the investment project or the end of its life cycle
Market strategy	Management of the supply of goods (works, services), the level of prices and material stocks taking into account the existing capacities of the enterprise	Management of the company's position in the market due to fundamental changes in the structure of production and product range
Control object	Working capital	Fixed and working capital
Possible targets	Ensuring continuous production within the available capacities and resources, ensuring the flexibility of current financing, generating own sources financing	Ensuring an increase in production capacity and fixed assets in accordance with a long-term market strategy
Efficiency criterion	Maximizing current profit	Maximizing return on an investment project

Short-term financial policy lectures. Essence, goals and objectives of short-term financial policy. Calculation of the market price of goods

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