7.2.1. Reproduction of fixed assets

Fixed assets involved in the production process gradually lose their original characteristics due to their wear and tear during operation, i.e. physical wear and tear occurs. Along with physical wear and tear, obsolescence is also important in the management of fixed assets.

Due to wear and tear, the functioning of fixed assets and intangible assets is limited in time, which necessitates their renewal.

The continuous process of updating fixed assets to maintain their quantitative and qualitative condition, carried out through acquisition, reconstruction, technical re-equipment, modernization and overhaul is called reproduction of fixed assets.

With simple reproduction, the costs of compensating for the depreciation of fixed assets correspond to the amount of accrued depreciation and provide only for the replacement of obsolete equipment and major repairs of equipment. With expanded reproduction, the cost of depreciation compensation exceeds the amount of accrued depreciation, which allows for new construction, as well as reconstruction and modernization of existing fixed assets.

The presence, movement and composition of fixed assets are presented in reports in the form of a balance sheet model:

Nipple = Sosn + Sosp – Sosv,

where Sosk is the cost of available fixed assets at the end of the year;

Sosn – the cost of available fixed assets at the beginning of the year;

Sosp - the cost of fixed assets received in the reporting year, incl. new fixed assets put into operation;

Sov - the cost of fixed assets retired in the reporting year, incl. through liquidation or write-off.

To analyze the process of reproduction of fixed assets and the efficiency of their use, indicators such as:

fixed asset renewal ratio (Sosp / Sosk x 100);

fixed asset retirement ratio (Sosv / Sosn x 100);

capital productivity (revenue from the sale of goods, works, services / average cost of fixed assets in the analyzed period);

capital intensity (average cost of fixed assets / revenue from sales of goods, works, services);

capital-labor ratio (average annual cost of fixed assets / average annual number of employees);

return on fixed assets (profit / average cost of fixed assets).

The problem of continuous reproduction of fixed assets is solved through depreciation, investment and tax policies.

Reproduction of fixed assets is carried out in the form of: direct investments (capital investments); by transferring fixed capital by the founders against contributions to authorized capital; upon gratuitous transfer; through rent (leasing).

The main method of expanded reproduction of fixed capital is direct investment (capital investment). Direct investments are the costs of creating new fixed capital facilities, expansion, reconstruction and technical re-equipment of existing ones.

The ratio of costs in these areas is called the reproductive structure of direct investment.

The ratio of costs for equipment, construction and installation work and other capital investments form the technological structure of direct investment. The technological structure of direct investment consists of three main elements: the acquisition of equipment, tools and inventory; expenses for construction and installation work; other direct investments, which include design and survey work, early implementation of measures to put constructed facilities into operation (training of personnel for the main occupations of workers for enterprises under construction, etc.). In different sectors of the economy, the share of these costs in the total amount of direct investment is not the same. For example, during the construction of thermal power plants, metallurgical, chemical, and machine-building enterprises, the main part of direct investment consists of equipment costs. In housing and communal construction, the costs of construction and installation work predominate.

The most economically advantageous is the structure where equipment costs predominate (in terms of share).

7.2.2. Sources of financing for direct investment

Challenges in financing private equity include determining how to provide Money, systems of expenditure and control over their target and effective use. Methods of financing depend on the operating conditions of enterprises and are determined by the characteristics of the reproduction of fixed capital and sources of financing.

Sources, forms and methods of financing direct investment in fixed capital are determined by the nature of its participation in the production process and the characteristics of construction.

Financing of direct investment can be carried out through:

own financial resources and on-farm reserves;

borrowed funds;

raised funds received from the issue of securities, shares and other contributions of legal entities and individuals;

funds received through redistribution from centralized investment funds of concerns, associations and other associations;

funds from extra-budgetary funds;

appropriations from budgets of various levels provided on a non-refundable basis;

funds from foreign investors.

Since public investment is a means of achieving strategic economic goals in society, and commercial investment is a type of business, finding a balanced combination of public and commercial interests in investment activities becomes an important task.

Planning sources of financing for direct investment begins with determining the estimated cost of construction and determining the own funds that the investor may have.

The enterprise's own financial resources include initial contributions from the founders at the time of organization and part of the funds (profits) received as a result of its economic activities.

Own sources of financing for direct investment are divided into two groups: sources generated from carrying out work in an economic way; sources obtained from the results of the main activities of the enterprise.

Sources generated from carrying out work in an economic way include the mobilization (immobilization) of internal resources, profit on capital works, savings from cost reductions, savings from lower prices for equipment, and other sources.

Sources received as a result of the main activities of the enterprise include depreciation charges and profit from main activities.

In own funds allocated to finance direct investment, the largest share is occupied by depreciation charges. The methodology for their determination will be discussed below. The accumulation of depreciation charges at the enterprise occurs systematically (monthly), while elements of fixed capital do not require compensation in kind after each reproduction cycle. As a result, free funds are generated that can be used for the expanded reproduction of fixed capital of enterprises. In addition, new facilities are put into operation annually, for which depreciation is charged according to established standards, but such facilities do not require compensation until the end of their standard service life.

Profit from core activities is an important source of financing for direct investment, which links the final financial results of operations and the development opportunities of enterprises. The amount of profit allocated to finance investments in fixed capital is determined when it is distributed in financial terms.

With a lack of their own sources of investment financing, enterprises are forced to resort to external borrowing.

Borrowed funds used to finance investments in fixed capital are, first of all, long-term bank loans. Bank loans are provided to an enterprise on the basis of a loan agreement, the loan is issued on the terms of repayment, urgency, payment, security under guarantees, collateral of real estate, collateral of other assets of the enterprise.

Before the bank confirms its trust in the borrower in the form of a loan agreement, its legal and financial creditworthiness is checked. Legal creditworthiness means the legal capacity of the borrower to sign a loan agreement that has legal force. Financial creditworthiness is possessed by enterprises that are able to service the loan received within a specified period, that is, repay it in full and pay interest on it.

The Bank monitors the progress of the activities being financed. If the borrower fails to fulfill its obligations, the bank has the right to apply economic sanctions provided for in the loan agreement.

Sources of financing for the reproduction of fixed assets are also borrowed funds from other enterprises and loans from individual investors (individuals).

An important source of financing for direct investment is funds raised from the financial market. The issue of securities (bonds, bills) and their placement on the financial market significantly expand the capabilities of enterprises to attract temporarily free funds of enterprises, organizations and citizens for investment.

In the last decade, leasing (financial lease) has been developing. Under a leasing agreement, the lessor undertakes to acquire ownership of the property stipulated by the agreement from the seller and provide this property to the lessee for a fee for temporary use for business purposes. Leasing allows enterprises to reduce the level of equity in sources of investment financing. The object of leasing can be any movable and immovable property classified as fixed capital according to the current classification, except for property prohibited from free circulation on the market.

The leasing company leases equipment to the enterprise, reserving the rights of the owner. If payments are not received from the tenant, the company has the right to sell the equipment.

Such a source of borrowed funds as loans placed on a competitive basis from the federal and regional budgets, from industry and inter-industry extra-budgetary funds is becoming widespread. They are allocated mainly to finance federal, regional or sectoral target programs, the implementation of which will allow concentrating financial resources on the most important areas of development of economic sectors and the social sphere. The gratuitous financing used in a number of cases from these sources actually turns into a source of own funds.

Another source is foreign investment. The main form of participation of foreign capital in the form of direct investment continues to be the creation of joint ventures in Russia. However, the volume of attracted investments is still small. The main problems in the process of their development are: determining the share of Russian investors in the authorized capital of created enterprises and, accordingly, in the distribution of profits, as well as the actual market valuation of buildings, structures, equipment and land invested as the Russian part of the authorized capital of commercial organizations with foreign investment.

The choice of sources of financing fixed capital must be decided by enterprises, taking into account many factors: the cost of attracted capital and the efficiency of return on it; the ratio of equity and borrowed capital, which determines the level of financial independence of the enterprise; the degree of risk of various sources of financing; economic interests of owners, investors, creditors, etc.

7.2.3. Sources of financing for the repair of fixed assets

Repair of fixed assets, being an element of simple reproduction, extends their service life, increases productivity, and reduces the need for direct investment in the creation of new fixed assets. The following types of repairs are distinguished; current, medium and capital.

At current repairs minor breakdowns are eliminated and individual parts are replaced. As a rule, it is random.

Average, or scheduled preventive maintenance is associated with the replacement of individual elements, parts and assemblies, checking the operation of all units. Average repairs can be carried out several times a year.

During major repairs of machinery and equipment, carried out at intervals of more than a year, as a rule, the unit is disassembled, worn parts and assemblies are replaced or restored, and basic parts are repaired. Major repairs of buildings and structures involve the replacement of worn-out structures and parts with stronger and more economical ones, which improve the performance of the objects being repaired.

The economic feasibility of major repairs is determined by comparing the costs of major repairs with the cost of the objects being repaired. If a major overhaul is not economically feasible, then the funds allocated for its implementation can be used to purchase machinery and equipment to replace obsolete and out-of-service ones.

Enterprises independently determine both the total volume of repair work and their structure by type. The repair plan is drawn up for the year as a whole for the enterprise on the basis of financial estimates for the repair of individual objects, taking into account current standards, prices, tariffs and is approved by the head of the enterprise.

All enterprises, regardless of subordination and forms of ownership, include the costs of all types of repairs of fixed assets as part of the costs of production and sales of products. Enterprises are also given the right to independently choose the option of attributing repair costs to the cost price. They can:

include in the cost price the actual costs of repairs immediately after their implementation. This method has a number of disadvantages. If an enterprise experiences seasonal fluctuations in repair work, then it will have significant fluctuations in the cost of individual periods, which in turn will complicate the calculation of profits and the determination of payments to the budget;

create a repair fund (cash reserve). Enterprises, based on technical and economic calculations, determine the total volume of repair work and the rate of formation of the repair fund. The norms for contributions to the repair fund should also take into account the costs of equipment modernization, if it is not carried out during reconstruction and technical re-equipment. In this case, the costs of modernizing fixed capital assets are covered from sources of direct investment financing. Based on approved standards, enterprises accrue a repair fund on a monthly basis and include it in the cost of products (works, services) in equal shares, and funds from this fund are spent as needed. This brings a certain stability to the formation of costs for production and sales of products and the profit of the enterprise;

If necessary, assign the actual costs of repairing fixed assets to deferred expenses with their subsequent monthly write-off to production costs.

It should be noted that financing of all types of repairs of non-productive elements of fixed capital is made from the profits remaining at the disposal of the enterprise.

To finance repairs, enterprises can attract short-term bank loans in cases where the volume of repair work in certain periods of the year exceeds the size of the sources of its financing, i.e., a so-called seasonal gap arises.

The procedure for financing repairs mainly depends on the method of its implementation. In the contract method of performing repair work, payments between the contractor and the customer are made for completed stages of work or the facility as a whole on the basis of contracts, to which acceptance certificates for completed work are attached.

Calculations for repairs carried out in an economic way are made, as a rule, according to individual cost elements (payment of wages, accrual for wages, payment for materials, parts and other expenses).

Depreciation of fixed assets: concept, role in reconstruction production process and methods of its calculation in accounting and tax accounting in Russia.

Financing of fixed assets is the procedure for providing funds, the system of spending and monitoring their targeted and effective use. Financing methods depend on the specific operating conditions of the enterprise and changes in the direction of its development. They are determined by the characteristics of the reproduction of fixed capital and sources of financing at one or another stage of economic development.

Sources of financing for the reproduction of fixed assets are divided into own, borrowed and attracted.

Sources of firms' own funds to finance the reproduction of fixed assets include:

profit remaining at the disposal of the company;

depreciation;

depreciation of intangible assets.

The sufficiency of sources of funds for the reproduction of fixed capital is crucial for the financial condition of the company.

Profit is the basis of the net income of an enterprise, expressing the form of value of the surplus product. Its value acts as the difference between revenue from sales of products (works and services) and its full cost. At the same time, according to the accounting policy chosen by the enterprise, the amount of revenue is determined by the products shipped or paid for. The full cost is established on the basis of production cost estimates and accounting data.

Profit is a general indicator of results commercial activities enterprises.

After paying taxes and other payments from profits to the budget, enterprises are left with net profit. The enterprise has the right to use part of it for capital investments of a production and social nature, as well as for environmental protection measures. This part of the profit can be used for investment as part of an accumulation fund or other similar fund created by enterprises.

After profit, the next major source of financing investments in fixed assets of enterprises is depreciation. During operation, fixed assets gradually wear out, i.e. lose their original physical properties, as a result, their real book value decreases.

A distinction is made between physical (material) depreciation and cost depreciation, which includes, in addition to the monetary expression of physical depreciation, a certain amount of obsolescence. Cost depreciation is compensated by accumulating funds included in the cost of products (works, services) in the form of depreciation charges. The value of the latter depends on the book value of fixed assets and the established rates of their depreciation. Typically, the depreciation rate is determined as a percentage of the book value and is differentiated based on the type of fixed assets and the conditions of their operation. The amount of depreciation charges must be sufficient for the construction or acquisition of new facilities to replace those that are decommissioned.

The depreciation fund is formed through monthly depreciation deductions and is used for simple and partially expanded reproduction of fixed assets. The direction of depreciation for the expanded reproduction of fixed assets is determined by the specifics of its accrual and expenditure: it is accrued throughout the entire standard service life of fixed assets, and the need for its expenditure occurs only after their actual disposal.

If there are insufficient own sources of financing for the reproduction of fixed assets, the enterprise has the right to attract borrowed funds.

Borrowed sources include:

bank loans;

borrowed funds from other companies;

equity participation in construction;

financing from the budget;

financing from extra-budgetary funds.

The need for lending for capital investments arises from the frequent shortage of own funds among enterprises, which is caused by the discrepancy between the available financial resources and the needs for them for the expanded reproduction of fixed capital. In this case, credit relations arise between the borrower and the lender (bank), arising in connection with the movement of money on the terms of repayment and compensation expressed in the form of loan interest.

A long-term loan pays for construction and installation work, supplies of equipment, design products and other resources for construction. Repayment of borrowed funds for newly started construction projects and facilities begins after they are put into operation within the time limits established by the contracts. For facilities being built at existing enterprises, loan repayment begins before the commissioning of these facilities.

Raised financial resources include funds received from the issue of shares, shares and other contributions of individuals and legal entities to the authorized capital.

Thus, the issue of choosing sources of financing for capital investments must be decided taking into account many factors: the cost of attracted capital; efficiency of return from it; ratio of equity and borrowed capital; economic interests of investors and lenders.

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In market conditions, the successful development of an enterprise presupposes the presence of certain investments, i.e. investing money in objects entrepreneurial activity(means of production, securities, intellectual property, etc.). At the same time, investment in the creation and reproduction of fixed assets is carried out in the form of capital investments.

Sources of financing for capital investments of the enterprise are:

• - own financial resources and reserves;
• - attracted financial resources;
• - borrowed funds;
• - funds of enterprises centralized by associations (unions);
• - budget allocations;
• - foreign investment.

When determining sources of financing capital investments, first of all, the possibilities of own funds are considered.

The enterprise's own financial resources include initial contributions from the founders invested in fixed assets, depreciation, and profit; funds mobilized during the construction process.

Depreciation charges make up a significant part of the funds allocated to finance capital investments. Depreciation of fixed assets accumulates monthly, and they are renewed upon expiration of their service life. As a result, the enterprise generates free funds, which are used for simple and expanded reproduction of fixed assets. This is facilitated by the financial policy of accelerated depreciation of fixed assets.

Another major source of funds as part of own resources is profit. Part of the enterprise’s net profit can be allocated to capital investments of an industrial and social nature. The importance of this source lies in the fact that its value directly depends on the results of production economic activity. Such a source encourages enterprises to improve financial indicators your work.

With the development of the securities market, enterprises can attract financial resources, primarily through the sale of shares, the issuance of bonds, and bills. Raised financial resources also include shares and other contributions from members of labor collectives, citizens, and legal entities.

Borrowed financial assets include bank and budget loans, loans from other creditors against bills of exchange and other debt obligations, and bonded loans.

Long-term loans for the reproduction of fixed assets, reconstruction and technical re-equipment help strengthen commercial calculations and timely commissioning of facilities. Providing a loan on the terms of repayment and payment increases the material interest of enterprises in increasing the efficiency of construction.

For enterprises that can provide a sharp increase in the output of profitable products that are in high demand, the use of borrowed funds becomes more profitable than raising funds with the payment of a share of profits in the form of dividends.

A promising direction in accelerating the processes of reproduction of fixed assets may be the development of financial leasing.

Leasing as an economic and legal category is a special type of entrepreneurial activity aimed at investing temporarily free or attracted financial resources, when, under a financial lease (leasing) agreement, the lessor (lessor) undertakes to acquire ownership of the property stipulated by the agreement from a specific seller and provide this property to the lessee (to the lessee) for a fee for temporary use for business purposes.

Financing of the acquisition of leased property is carried out by lessors (leasing companies or credit organizations) at the expense of own or borrowed funds. Leasing is similar to a loan provided for the purchase of equipment; it can be considered as a property relationship based on the provision of a loan by the lessor to the lessee on the following terms: urgency; repayment; payment.

Introduction

In a market economy, most firms are privately owned, and almost all of the capital needed to keep these firms operating comes from private sources. The Russian economy is rapidly moving toward a market economy, industrial enterprises have been largely privatized, so many companies are faced with a completely new situation in which they can no longer ask for help from the state, but must look for other sources of financing. This means that success will be achieved by those companies that learn to find access to private capital, that is, they learn to recognize the factors that determine a company’s “attractiveness” to investors, and understand what responsibility the company has to its investor. In addition, companies will need to know where to find investors and how to present their proposals to them.

To begin with, I would like to define the concept of investment.

As you know, over time, fixed assets wear out, which directly affects the qualitative and quantitative results of the company’s current activities (labor productivity decreases, equipment downtime increases, the volume and quality of products, works and services produced decreases).

Fixed assets are produced assets used repeatedly or continuously over a long period, but not less than one year, for the production of goods, provision of market and non-market services. Fixed assets consist of tangible and intangible fixed assets.
TO material fixed assets(fixed assets) include: buildings, structures, machinery and equipment, measuring and control instruments and devices, housing, Computer Engineering and office equipment, vehicles, tools, production and household equipment, working, productive and breeding livestock, perennial plantings and other types of material fixed assets.
TO intangible fixed assets(intangible assets) include computer software, databases, original works of entertainment, literature or art, science-intensive industrial technology, other intangible fixed assets that are objects of intellectual property, the use of which is limited by the ownership rights established on them.

In order to maintain, at least at the initial level, the capacity of an operating enterprise, it is necessary to periodically invest in modernization, medium-term and major repairs of equipment, reconstruction of production, and replacement of physically unsuitable fixed assets.

Reproduction of fixed capital in enterprises can be carried out either through direct investment, or through the transfer of fixed capital objects by the founders as contributions to the authorized capital, or through gratuitous transfer by legal and individuals. The main method of expanded reproduction of fixed capital is direct investment (capital investment).

1. Direct investments, their composition and structure

1.1. Types of investments

Investments are usually divided into straight(strategic) and portfolio(speculative).
Direct (strategic) investments are those that invest directly in production and sales (in real assets), or those that ensure ownership of a controlling stake, and therefore control over the enterprise. Direct investments are made without intermediaries between the investor and their recipient. They can only be medium- or long-term (profit should be expected no earlier than in 5-7 years).
Portfolio (speculative) investment is the purchase of securities on the market with the aim of their further sale and making a profit.

Of course, hopes are primarily placed on direct or strategic investments. It is their absence or low level that can lead to an “investment winter”, which will provoke complete deterioration of fixed assets and an irreparable collapse of the country’s economy. If you believe the forecasts of experts, this is approximately what awaits Russia in 2003; it is this year that most of the production capacities are expected to completely fail. To avoid this, there should be not only much more direct investment than there is, but also much more than planned.

Investments are investments of capital with the aim of its subsequent increase. The capital gains resulting from the investment must be sufficient to compensate the investor for not consuming existing funds in the current period, reward him for the risk, and compensate for losses from inflation in the future period.

New construction includes the costs of constructing facilities on new sites. Expansion means the construction of the second and subsequent stages of the enterprise, additional production complexes and production facilities, as well as the construction of new or expansion of existing workshops for the main purpose. Reconstruction is a complete or partial re-equipment and reconstruction of an enterprise with the replacement of outdated equipment and automation of production. As a result, an increase in production volume is achieved based on the new modern technology, expanding the range, improving the quality and competitiveness of products.

1.2. Included in direct investment includes investments by private companies of their own capital, reinvested profits and intra-company transfers of capital in the form of loans and borrowings.

Reinvested earnings refers to the portion of a company's annual profits that is not distributed to shareholders, but is reinvested in the assets of that company. Typically, reinvested profits are the basis for a company's growth: reinvesting existing funds is easier than raising new capital.

Technical re-equipment includes a set of measures to improve it to modern requirements technical level individual production areas through the introduction new technology, mechanization and automation of production processes, improving the organization and structure of production. This will ensure an increase in labor productivity and production volume. Technological structure direct investment consists of 3 elements: the acquisition of equipment, tools and inventory; expenses for construction and installation work; design and survey work, early implementation of activities for the commissioning of constructed facilities. The ratio of costs for equipment, construction and installation work and other capital investments form the technological structure of direct investment.

1. Sources of financing for direct investment

The choice of methods and sources of financing for an enterprise depends on many factors: the enterprise’s experience in the market, its current financial condition and development trends, the availability of certain sources of financing, the ability of the enterprise to prepare all the required documents and present the project to the financing party, as well as the terms of financing ( cost of attracted capital). However, it is necessary to note the main thing: an enterprise can find capital only on the terms on which financing operations for similar enterprises are actually carried out at a given time, and only from those sources that are interested in investing in the relevant market (in the country, industry, region).

1. Classification of sources of financing of fixed assets

Direct investment financing is a procedure for providing funds, a system of spending and monitoring their targeted and effective use. Financing methods depend on the specific operating conditions of the enterprise and changes in the direction of its development. They are determined by the characteristics of the reproduction of fixed capital and sources of financing at one or another stage of economic development.

Sources, forms and methods of financing direct investment in fixed capital are determined by the nature of its participation in the production process and the characteristics of construction.

Sources for the formation of investment resources can be divided into three main groups: own, borrowed, attracted.

2.2. Structure and characteristics of the enterprise’s own resources

Among its own sources of investment financing, the main role is played by the profit remaining at the disposal of the enterprise after paying taxes and other obligatory payments. Part of this profit is allocated to industrial development, can be used for any investment purpose. The company's net profit distribution policy is based on its chosen general economic development strategy.

Mobilization (immobilization) of internal resources.

To carry out construction and installation work in an economic way, the enterprise must provide its own construction division with a certain amount of working capital. Working capital is needed by customer enterprises to form stocks of uncredited equipment requiring installation, to cover the costs of creating stocks of structures, parts, basic, auxiliary and other materials, low-value and wearable items, for unfinished production of construction and installation works and minimal balances of cash resources. Therefore, customers need working capital to cover costs that are incurred by them directly and to organize the production of work performed in an economic way. The specified working capital is formed at the expense of current assets.

When determining the amount of working capital that can be used in construction, the state of the customer's payments (i.e., how much he owes to contractors and suppliers) and his accounts receivable (amounts due to the customer) are taken into account. The total amount of mutual debt changes as the construction program decreases or increases.

Profit on capital works , carried out in an economic way, is planned in the amount of 8% of the estimated cost or 7.41% of the total estimated cost of construction and installation work.

Savings from cost reduction construction and installation works is set as a percentage of the estimated cost of work or based on a plan of organizational and technical measures.

Savings from reduced equipment prices is determined by direct calculation based on the emerging dynamics.

Other sources include income from associated mining (ore, coal, gravel, etc.), which goes to the customer, depreciation charges for construction equipment when performing work in an economic way.

Own sources received as a result of the main activities of the enterprise include depreciation charges and profit from main activities.

The amount of depreciation charges depends on the volume of fixed assets used by the company and the adopted depreciation policy (using the straight-line or accelerated depreciation method).

Depreciation funds are one of the main sources of the enterprise's own funds. They are received as part of the proceeds from sales to the current account of the enterprise, and all expenses for the payment are made directly from the current account. various directions capital investments.

Through the mechanism of accelerated depreciation, enterprises have the opportunity to regulate the amount and timing of financing the reproduction of funds from this source. The actual amounts of depreciation charges, entering the company's current account along with the proceeds from sales, are included in its working capital and begin to move independently, without connection with the depreciable property. They can remain free, be used for capital investments or invested in other types of working capital. However, the fact that in the circulation of funds of an enterprise the sources of funds practically do not differ does not mean that the nature of the formation of these funds does not affect the speed and efficiency of their use.

The sufficiency of sources of funds for the reproduction of fixed capital (as well as working capital) is crucial for the financial condition of the enterprise. Therefore, this controlled parameter of financial condition is always in the field of view of the financial manager.

According to Euromoney magazine, the volume of domestic investment in Russia has recently increased by 17%. This is a very encouraging fact, first of all, for regional enterprises, for which the chance of receiving foreign investment is very small. However, about 50% of investment investments are made from the enterprises’ own funds. On the one hand, it is good that domestic enterprises have free funds, on the other hand, many of them do this, as they say, for lack of anything better, while in capital-intensive industries it is simply impossible to do without attracting third-party financing.

2.3. Debt sources of financing

Among borrowed sources of financing, the main role is usually played by long-term bank loans. This is the most common way of financing businesses. Bank financing conditions vary. For example, in a foreign bank the interest rate may be LIBOR + 2%. However Russian enterprise, applying for a loan from a foreign bank, must not only have high solvency and liquidity, but also submit financial statements that comply with international standards, confirmed by one of the leading international auditing firms. At the same time, the most important factor When the bank made a decision to provide a loan, there was and remains the presence of liquid collateral or reliable guarantees. It is also necessary to take into account that Russian banks practically do not have cheap resources that they can provide to enterprises for a relatively long period of 3-5 years. Recently, examples of successful financing of long-term industrial projects, for example Sberbank. Thus, if the enterprise has liquid collateral and the terms of the loan are acceptable from an economic point of view, then you can resort to bank loans. However, they are unlikely to be the only long-term financing instrument. Typically a combination of equity and debt capital is used.

Currently, there is an exceptionally low weight of bank loans in investment financing - 3.5% (without loans from foreign banks only 2.9%). At the same time, a little more than 70% of the loans provided are loans for a period of more than 1 year and their amount is about 20% in relation to the amount of direct investment. The overwhelming majority of them, apparently, go to lending working capital and other operations. The transformation of savings into investments and intersectoral redistribution through the banking line are extremely small.

Raising capital through placement of bonds on the financial market is certainly an attractive way to finance an enterprise. Especially from the point of view of business owners, since in this case there is no redistribution of property. However, an enterprise planning to issue and place bonds must have a sustainable financial position, good development prospects, and the bond issue must be secured by the assets of the enterprise. The experience of the last two years shows that the largest companies have a real chance of successfully placing their bonds. Russian companies, well known in the market, demonstrating high rates of development and operating in industries attractive to investors, such as energy and telecommunications. There is a very high risk that the placement of bonds on the market will be unsuccessful if there is no confidence that the company’s bonds will be perceived by the financial market as a liquid and attractive instrument; in this case, you should refrain from using this method of financing.

Investment leasing is one of the most promising forms of attracting borrowed resources. It is considered as a type of long-term loan, provided in kind and repaid in installments.

Purchasing assets in installments is available to enterprises that have good financial condition and positive development trends. In this case, the asset acquired by the enterprise serves as collateral, which becomes the full property of the enterprise only after its cost has been fully paid. The company must have the amount to pay the initial fee, ranging from 10 to 50% of the cost of the acquired asset. This method financing is mainly used for the purchase of equipment. Usually leasing companies give preference to those types of equipment that can be easily dismantled and transported. That is why leasing operations are very common when purchasing Vehicle(ships, planes, trucks, etc.).

Equipment supplier financing(Vendor financing) is also very widespread. Many manufacturers, as a mechanism for stimulating demand, offer their customers the purchase of equipment in installments, after paying an initial advance payment. At the same time, they also give preference to reliable and dynamically developing enterprises. It is also necessary to take into account that the presence of a reputable private investor (for example, a well-known investment bank or fund) who took the risk and acquired shares of the enterprise is significant positive factor for manufacturers when deciding to supply equipment in installments.

2.4. Involved funds

Among the attracted sources of investment financing, it is first necessary to consider the possibility attracting share capital . This source can be used by companies and their independent structures (subsidiaries) created in the form joint stock companies. Many companies are already widely using the opportunity to attract equity capital to investment activities (for investment companies and investment funds, a similar form of raising capital is the issue of investment certificates).

For enterprises of other organizational and legal forms (except for joint stock companies), the main form of additional capital attraction is the expansion of the authorized capital through additional contributions (shares) of domestic and foreign investors.

The bulk of third-party investments from other enterprises and organizations are investments of large financial and industrial groups (FIGs). FIGs have substantial funds, which they invest in large enterprises, usually related to two or three related sectors of the economy and connected in a single technological chain. An example of this is Siberian Aluminum, MIKOM, YUKOS, Sibneft, LUKoil. But they are interested in related industries, which means that only enterprises in the petrochemical and metallurgy industries (and then only the aluminum industry) can count on investments from them.

Thus, the analysis shows that of the variety of sources for the formation of investment resources, when developing the investment strategy of a company (firm), only the main ones are taken into account:

• depreciation deductions;
• profit;
• long-term bank loans;
• investment leasing;
• issue of shares
• increase the authorized capital

The most important source of investment financing still remains the enterprise's own funds.

I would like to describe government funding in a separate line, despite the fact that its share in the total volume of investment in Russia is small (~19% - see Table 1. For comparison, in the UK the share of government investment is 40%.).

Firstly, this is the most traditional source of funding, and, therefore, trying to obtain funding from the regional administration or government is more common and does not require new knowledge and skills from management. Secondly, preparing a project for a private investor is much more difficult than for the state: state requirements for information disclosure and preparation investment projects more formal than professional. Thirdly, the state is the most loyal creditor, and many enterprises do not repay loans received from it on time without fear of being declared bankrupt. If an enterprise really has the opportunity to receive direct government funding, guarantees or a tax credit, then it must take advantage of it. Infrastructure, social, defense and scientific projects who, due to objective reasons, are unable to access financing from commercial sources. However, it should be taken into account that the total need for financing of Russian industry exceeds 1 billion US dollars, and therefore the likelihood of receiving government funding commercial enterprises is negligible and does not exceed 1%.

Table 1

2.5. Structure of direct investment in fixed capital by sources of financing (as a percentage of total)

In 2001 the share of own funds in the total volume of investments in fixed capital increased, exceeding half of the total volume of investments (more than ¼ of the total financing came from profit and about 1/5 from depreciation). The state, mainly from regional budgets, financed 1/5 of the total investment. In 2002 After the introduction of the new Tax Code, changes have emerged in the structure of own funds allocated for investment: the role of profit is decreasing (as the range of costs that includes production costs is expanding), the role of depreciation, on the contrary, has increased.

1. Direct foreign investments

The influx of foreign investment into Russia is vital for achieving such goals as exiting the current crisis and the initial recovery of the economy. Given the serious technological lag of the Russian economy in most respects, Russia needs foreign capital, which could bring new technologies and modern management methods, as well as contribute to the development of domestic investment. The experience of many developing countries shows that an investment boom in the economy begins with the arrival of foreign capital. The creation of their own advanced technologies in a number of countries began with the development of technologies brought by foreign capital.

In the Law “On foreign investment V Russian Federation» No. 160-FZ as amended on July 25, 2002 direct foreign investments are defined as “the acquisition by a foreign investor of at least 10 percent of a share (contribution) in the authorized (share) capital commercial organization created or newly created on the territory of the Russian Federation in the form of a business partnership or company in accordance with the civil legislation of the Russian Federation; investment of capital in fixed assets of a branch of a foreign legal entity created on the territory of the Russian Federation; implementation on the territory of the Russian Federation by a foreign investor as a lessor of financial lease (leasing) of equipment specified in sections XVI and XVII of the Commodity Nomenclature foreign economic activity Commonwealth of Independent States (CIS FEACN), with a customs value of at least 1 million rubles.”

In accordance with this above-mentioned Law, foreign investors in Russia can be (Article 1):

1) foreign legal entities, including, in particular, any companies, firms, enterprises, organizations or associations created and authorized to make investments in accordance with the laws of the country of their location;

2) foreign citizens, stateless persons, Russian citizens with permanent residence abroad, provided that they are registered to conduct business activities in the country of their citizenship or permanent residence;

3) foreign states;

4) international organizations;

Foreign investments can be equity investments, i.e. may use a joint venture form or be wholly owned by foreign investors. For registration large enterprises(with investments of more than 100 million rubles) a special permit from the Government of the Russian Federation is required.

table 2

Receipt of foreign investments into Russia by type,

million dollars

In the first half of 2002 there was a reduction trade balance RF by 23% - to $20.5 billion, which, however, did not lead to a slowdown in the growth of reserves of the Central Bank of the Russian Federation, since at the same time the deficit in the capital account decreased. Such information is contained in the macroeconomic analysis published by Alfa Bank. At the same time, the reduction in the capital flow deficit was not caused by an increase in direct investment, i.e. There has been no improvement in the investment climate in Russia, analysts say. Despite the fact that the total volume of foreign investment in the first half of this year. increased by 25% compared to the same period in 2001, foreign direct investment is still extremely insignificant - it amounts to $1.9 billion.

According to the same report, capital outflow from Russia in 2002. will amount to $20 billion in 2003-2005. - at least 15-20 billion dollars per year. According to the articles of the balance of payments of the Russian Federation, in the first half of 2002. capital outflow from Russia decreased by 24% - from $11.4 billion in the first half of 2001. up to 8.7% billion dollars in the first half of 2002

There is a “golden” rule in the investment business - if a particular market shows super-profits, then expect a lull in it next season. Surprisingly, this does not apply at all to the Russian market. So, in 2001 the Russian investment market brought 77% of profits, which was the most high rate in the world. For four months of 2002. this figure has already reached 48%. Other “troublemakers” do not lag behind Russia, but their indicators for the past period in 2002 were. still lower - 33% for the Republic of Korea, 28% for Thailand, 22% for Hungary.

1. Features of investment policy in modern stage economic development

Overcoming the investment crisis is of particular importance, both in the current and strategic aspects. The current need for investment is due to the extreme deterioration of equipment. On average across the country, the depreciation of fixed production assets is 40.4%, with more than 50% in oil production and electrical engineering, 75% in oil refining, and 80% in gas processing. If the share of completely worn-out fixed assets in the country as a whole is 12.5%, then in the sub-sectors of the fuel and energy complex it ranges from 22 to 38%. By 2000 exhausted resource 17 powerful power plants In Russia, about 25% of electrical substation equipment has also reached its service life limit.

The coming years will be critical in terms of updating equipment in the power industry. And in the strategic aspect, investments are now a key link that determines the solution to the entire complex of problems of the country’s development and economic modernization and, above all, the achievement of sustainable economic growth and high competitiveness of domestic production in the domestic and world markets.

Dynamics of investments in fixed capital and some other indicators characterizing the investment process for last years, are presented in the table:

Table 3

Growth rates of indicators characterizing the investment process (in% of the previous year)

Until 2002, the dynamics of investment in fixed assets generally produced an optimistic impression. Over the course of 2 years, direct domestic investment grew significantly faster than GDP and industrial production. The increase in investment demand has become a fairly stable component of overall economic growth. In 2000 the investment growth rate reached a record of 17.4%. In 2001 it decreased, still amounting to a significant value of 8.7%. In mid-2002 the volume of investments in fixed assets was approximately 15% higher than the pre-crisis level of 1997. (GDP volume by 20%, industrial production by 25%) *.

The share of investment in fixed capital in GDP began to increase slightly.

Despite some favorable developments, the current favorable situation not only does not yet provide grounds for complacency, but causes growing anxiety.

Firstly, the increase in investment starts from a very low initial level due to a long and severe recession;

Secondly, despite the increase in their share in GDP, it remains low: 14-18%. In developing and developed countries of the Pacific Rim, the share of investment in GDP is much higher. Thus, in China, Malaysia, and recently in Thailand it exceeded 40%. In addition, the share of investments in authorized capital and, in general, gross capital formation in Russian GDP lags behind the share of gross savings, which reflects capital flight from the country. According to available indirect estimates, the annual capital balance for several years exceeds 20 billion. $ annually.

Third, according to data for 9 months of 2002. there has been a significant reduction in the growth rate of investments in fixed capital and their lag behind the dynamics of the most important production indicators

Fourth, the absolute amount of direct domestic investment sharply lags behind the need for it. According to calculations by the Ministry of Economic Development of the Russian Federation, over the next 15 years, annual investments in the real sector of the economy in the amount of 3 trillion are required. rubles In fact, in 2001 they amounted to almost two times less - 1599.5 billion rubles. Based on the scale of investments made in 2001, it will take 50 years to solve this problem, taking into account the fact that the share of investments in industry is slightly more than 40% of them total amount- more than 100 years.

Fifthly, the influx of foreign capital is insufficient. Although the total inflow of capital into the Russian Federation is growing from year to year, the volume and share of foreign direct investment has decreased to 27.9% of the total volume, whereas in 2000. was 40%, and in 1999 - 44.6%.

At sixth, a very heterogeneous intersectoral structure of investments - different sectors are provided with them very unevenly. And this unevenness is still increasing. Investments in the fuel industry and transport are increasing most significantly. The share of all investments in the fuel industry in 2000 was. 18.5% (approximately ½ of investments in industry), in transport - 21.5%. In 2001 the corresponding figures were 21.2, 52 and 23%. Moreover, among investments in transport, the overwhelming majority falls on pipeline transport. In other words, the structure of investments preserves the export and raw materials orientation of the development of the Russian economy, and has not yet become a factor in the accelerated development of the manufacturing industry.

Conclusion

Attracting national and foreign investments on a large scale Russian economy pursues long-term strategic goals of creating a civilized, socially oriented society in Russia, characterized by high quality life of the population, which is based on a mixed economy, which involves not only the joint effective functioning various forms property, but also the internationalization of the goods market, work force and capital. And foreign capital can bring scientific and technological progress and advanced management experience to Russia. Therefore, the inclusion of Russia in the world economy and the attraction of foreign capital is a necessary condition for building a modern civil society in the country. Attracting foreign capital to material production is much more profitable than obtaining loans to purchase necessary goods, which are still wasted haphazardly and only increase government debts. The influx of foreign investment is also vital for achieving medium-term goals - overcoming the current socio-economic crisis, overcoming the decline in production and the deterioration in the quality of life of Russians. It must be borne in mind that the interests Russian society, on the one hand, and foreign investors, on the other, do not directly coincide. Russia is interested in restoring, updating its production potential, saturating consumer market high-quality and inexpensive goods, in the development and structural restructuring of its export potential, in pursuing an anti-import policy, in introducing Western management culture. Foreign investors are naturally interested in a new springboard for profiting from Russia's vast domestic market, its natural resources, skilled and cheap labor, the achievements of domestic science and technology and... even its environmental safety.

Therefore, our state faces a difficult and rather delicate task: to attract foreign capital to the country without depriving it of its own incentives and directing it through economic regulation measures to achieve public goals. When attracting foreign capital, one must not discriminate against national investors. Should not be provided to enterprises with foreign investment tax benefits, which Russians employed in the same field of activity do not have. As experience has shown, such a measure has virtually no effect on the investment activity of foreign capital, but leads to the emergence of enterprises with formal foreign participation in the place of former domestic production facilities, claiming preferential taxation.

We must strive to create a favorable investment climate not only for foreign investors, but also for our own. And it’s not about finding them funds to make investments. Russian private capital also needs guarantees against forced seizures and arbitrariness of the authorities, an insurance system against non-commercial risks, as well as stable working conditions when making long-term investments.

BIBLIOGRAPHY:

1. Enterprise finance - textbook. Edited by N.V. Kolchina, UNITY, 1998.
2. Corporate Finance - a textbook for universities. V.V. Bocharov, V.E. Leontyev.
3. "Peter", St. Petersburg, 2002
4. Comprehensive analysis and control of investment activities, D.A. Endovitsky, “Finance and Statistics”, Moscow, 2001.
5. Economic growth and investment, collection of scientific articles, “Economic Education”, Moscow, 1998.
6. “Economic Issues”, No. 1, 2003. V. Starodubovsky “The Crooked Road of Direct Investment”
7. “MEiMO”, No. 2, 2003 F. Gabaidulina “Foreign direct investment, TNC activities and globalization”
8. the federal law“On foreign investments in the Russian Federation” No. 160-FZ as amended on July 25, 2002.
9. « Financial management No. 4" / 2001 "Selection of methods and sources of financing", Sinelnikov D.A.
10. All-Russian classifier fixed assets

Introduction. 3

1. Essence, classification and formation of fixed assets and property of the enterprise. 5

2. Sources of financing for the reproduction of fixed assets. 13

2.2 Purpose of depreciation in simple and expanded reproduction of fixed production assets. 20

2.3 The role of depreciation in the accumulation of fixed assets.24

Conclusion. 29

References:31

Introduction

Fixed assets are one of the most important components in the totality of the enterprise's property. Provision of them in required quantity and assortment and their more complete use are a necessary condition for increasing production efficiency in industrial enterprises.

At the moment, the most pressing problem is the assessment and efficiency of using fixed assets, which is a necessary condition for restructuring an enterprise.

According to the State Statistics Committee of the Russian Federation, in 2005, investments in fixed capital were made by 94% of industrial enterprises. The increased investment activity is largely due to the improvement in the overall economic situation in the country.

Thus, in order to significantly improve the quantitative and qualitative composition of fixed assets of enterprises and increase efficiency, significant investments in fixed capital are also necessary, the implementation of which at specific enterprises should be preceded by an analysis of the state, provision of fixed assets of main and auxiliary production, analysis of the efficiency of their use, analysis and evaluation investment risks, etc. The above indicates the relevance of the topic of the course work.

The purpose of this course work is to analyze the features of financing the reproduction of fixed assets.

Simple reproduction, when the cost of compensating for the depreciation of fixed assets corresponds to the amount of accrued depreciation;

Expanded reproduction, when the cost of compensating for the depreciation of fixed assets exceeds the amount of accrued depreciation.

In connection with the goal set in the work, it is necessary to solve a number of interrelated problems:

Describe the essence, classification and formation of fixed assets and property of the enterprise;

Analyze depreciation as a category for accounting for depreciation of fixed assets;

Provide an analysis of the purpose of depreciation in simple and expanded reproduction of fixed assets;

Describe the role of depreciation in the accumulation of fixed assets.

1. Essence, classification and formation of fixed assets and property of the enterprise

For the normal functioning of an enterprise, the availability of certain funds and sources is necessary. Basic production assets, consisting of

constructions, structures, machines, equipment and other means of labor that are involved in the production process are the most important basis for the company’s activities. Without their presence, hardly anything could have happened. Naturally, for the normal functioning of each enterprise, not only fixed assets are needed, but also working capital, which is, first of all, cash that is used by the enterprise to acquire working capital and circulation funds.

The material base of the enterprise is formed by means of labor and objects of labor, which are combined into means of production. Instruments of labor are accounted for in the form of fixed assets.

Fixed assets in in value terms represent fixed assets accounted for in the accounting reporting system.

Fixed assets are those inventory assets that retain their physical form for a long period of time, wear out gradually and transfer their value to finished products or services in parts.

The essence of fixed assets can be characterized as follows:

They are materially embodied in the means of labor;

Their cost is transferred in parts to the products;

They retain their natural shape for a long time as they wear;

Recovered on the basis of depreciation at the end of its useful life.

Depending on their purpose, fixed assets are divided into fixed production and fixed non-productive assets.

Fixed production assets include those fixed assets that are directly involved in the production process (machines, equipment, machine tools, etc.) or create the conditions for the production process (industrial buildings, pipelines, etc.).

Fixed non-productive assets are the objects of the enterprise, medical institutions, canteens, etc.

For accounting and reproduction planning, fixed assets are divided into groups and types in accordance with their service life and purpose in the production process.

The composition and classification of fixed production assets are shown in Figure 1.

Rice. 1. Composition and classification of fixed production assets

For manufacturing enterprises the typical composition of fixed assets is as follows: buildings, structures, working and power machines, equipment, measuring and control instruments and devices, computer technology, vehicles, production and business equipment, etc. In this classification, not all elements of fixed assets play the same role . Some of them (machinery and equipment) are directly involved in the production process and therefore are classified as the active part of fixed assets. Others (industrial buildings and structures) ensure the normal functioning of the production process and represent a passive part of fixed assets.

However, it must be borne in mind that when striving to achieve some optimal ratio between the active and passive parts of fixed assets, problems may arise. social problems. The desire to ensure a high proportion of their active part without taking into account specific production conditions can cause a violation of production and sanitary-hygienic working conditions. Sometimes an increase in the active part of fixed assets without a technical and economic analysis leads to an unreasonably quantitative increase in the equipment fleet due to the share of old equipment. In this regard, when analyzing the structure of fixed assets, the age composition of their active part is taken into account.

Any production process is a process of transformation of objects of labor, labor, carried out by living labor with the help of means of labor. The totality of the means of labor forms the main production assets, which are used in several production cycles, gradually wear out and transfer their value to the product in parts throughout its entire service life, without losing its natural form.

Along with them in national economy fixed non-productive assets also function - objects of long-term non-productive use that retain their natural form and gradually lose value. These include funds for housing and communal services, cultural organizations, science, healthcare, and the like. Basic non-productive assets do not participate in the creation of use values. In total, the main production and main non-production assets form the fixed assets of the enterprise. IN financial statements fixed assets are reflected as fixed assets.

The cost advanced into fixed assets in the process of their beneficial use, makes a continuous circuit. Fixed assets operate for a long period and transfer their value in parts to the cost of manufactured products, work performed or services provided while maintaining their material form.

One of the main tasks of enterprises is to increase efficiency and quality social production and a significant increase in the return on capital investments and fixed assets, which are the material base of production and the most important integral part productive forces of the country.

Numerical growth and qualitative improvement of the means of labor based on continuous scientific and technological progress are a decisive prerequisite for the steady growth of labor productivity.

According to a sample survey of investment activity of industrial enterprises at the end of 2005, conducted by the State Committee of the Russian Federation, investments in fixed capital in 2005 were carried out by 94%, and in 2004 - by 93% of industrial enterprises. Among large and medium-sized industrial enterprises, investments in fixed capital in 2005 were carried out by 96% of enterprises, and only 39% of small businesses.

Fixed assets participate in the production process for a long time, serve a large number of production cycles and, gradually wearing out in the production process, transfer their value in parts to the manufactured products, while maintaining their natural form. This feature of fixed assets makes it necessary to use them as efficiently as possible.

In conditions of rapid technological progress, technology is constantly being improved, new, more highly productive types of mechanisms and devices are being created to replace old technology. The useful life (service life) of fixed assets in the production process is becoming increasingly important, both from the point of view of technical progress and from the point of view of a more correct, highly efficient use of those capital investments that are spent on the creation of new fixed assets.

Fixed assets are distinguished according to many criteria, but, first of all, depending on the nature of the participation of fixed assets in the sphere of material production. Fixed assets are divided into:

Production fixed assets function in the production process, are constantly involved in it, wear out gradually, transferring their value to the finished product, and are replenished through capital investments;

Non-productive fixed assets are intended to serve the production process, and therefore are not directly involved in it, and do not transfer their value to the product, because it is not produced; they are reproduced at the expense of national income.

Despite the fact that non-production fixed assets do not have any direct impact on the volume of production or the growth of labor productivity, the constant increase in these funds is associated with an improvement in the well-being of the enterprise’s employees, an increase in the material and cultural standard of their lives, which ultimately affects the results of operations enterprises.

Production fixed assets, depending on which sector of the economy the enterprise belongs to, for example, fixed assets for industrial enterprise are divided into industrial production and non-industrial. In turn, non-industrial fixed assets can be production (agriculture, construction, etc.) and non-production (housing, healthcare, etc.). The production process consists of a large number of different stages and requires certain efforts, therefore the classification of fixed assets industrial purposes is built taking into account their functions in production. Currently, the Central Statistical Office classifies industrial fixed assets into the following main groups.

1.Buildings. This group includes buildings of main, auxiliary and service workshops, as well as administrative buildings of enterprises.

2. Facilities. This includes underground and open-pit mine workings, oil and gas wells, hydraulic engineering and other structures.

3.Transmission devices. These are devices with the help of which, for example, electrical or other energy is transferred to places of its consumption.

4.Machines and equipment. This group includes all types of process equipment, as well as primary and secondary engines. This group has subgroups:

a) power machines and equipment (steam and hydraulic turbines, transformers, wind engines, electric motors, internal combustion engines and others, primary and secondary engines);

b) working machines and equipment (machines, presses, hammers, chemical equipment, blast furnaces and open-hearth furnaces, rolling mills and other machines and equipment);

c) measuring and regulating items;

d) computer technology;

d) others.

5.Vehicles. They include all types of vehicles, including: intra-shop, inter-shop and inter-factory transport, river and sea fleet of the fishing industry, mainline pipeline transport, etc.

6.Tool. This includes cutting, pressing, percussion and other tools.

7. Industrial and household equipment and supplies. Equipment for industrial and household purposes that facilitates the facilitation and creation of normal working conditions (office equipment, workbenches, containers, inventory containers, fire-fighting items, etc.).

For ease of accounting, fixed assets included in groups 6 and 7 include only tools, production and household equipment with a service life of more than one year and a cost of more than 15 tax-free minimums per unit. The rest of the tools, inventory, as well as other accessories (despite the fact that theoretically, according to all economic criteria, they should be classified as fixed assets) in economic practice are usually considered working capital.

8. Perennial plantings.

9. Working reproductive livestock.

10. Capital costs for land improvement and other fixed assets.

Not all elements of fixed assets play the same role in the production process. Working machines and equipment, tools, measuring and control instruments and devices, technical structures (mining workings of mines and open-pit mines, oil and gas wells) are directly involved in the production process, contribute to an increase in production output and therefore belong to the active part of fixed assets. Other elements of fixed assets (industrial buildings, inventory) have only an indirect impact on production and therefore are called the passive part of fixed assets.

2. Sources of financing for the reproduction of fixed assets

Sources of financing for the reproduction of fixed assets are divided into own and borrowed.

Reproduction has two forms:

simple reproduction, when the cost of compensating for the depreciation of fixed assets corresponds to the amount of accrued depreciation;

expanded reproduction, when the cost of compensating for the depreciation of fixed assets exceeds the amount of accrued depreciation.

Capital expenditures for the reproduction of fixed assets are long-term in nature and are carried out in the form of long-term investments in new construction, in the expansion and reconstruction of production, in technical re-equipment and in supporting the capacities of existing enterprises.

Sources of firms' own funds to finance the reproduction of fixed assets include:

Depreciation;

Depreciation of intangible assets;

Profit remaining at the disposal of the company.

The sufficiency of sources of funds for the reproduction of fixed capital is crucial for the financial condition of the company.

Borrowed sources include:

Bank loans;

Borrowed funds from other companies;

Equity participation in construction;

Funding from the budget;

Financing from extra-budgetary funds.

The issue of choosing sources of financing for capital investments must be decided taking into account many factors: the cost of attracted capital; efficiency of return from it; ratio of equity and borrowed capital; economic interests of investors and lenders.

2.1 Depreciation as a category for accounting for depreciation of fixed assets

The circulation of fixed assets includes 3 phases: depreciation, amortization and compensation. Depreciation and amortization occur during the production use of fixed assets, and compensation occurs as a result of their creation and restoration. As they are used, the elements of the means of labor physically wear out and their technical properties deteriorate. So-called mechanical wear occurs, as a result of which the means of labor lose their ability to participate in the manufacture of products. In other words, their use value decreases. Fixed assets are subject to physical wear and tear not only due to their productive use, but also under the influence of natural forces. Both during operation and during inaction under the influence of atmospheric conditions, the gradual, destructive actions of natural metabolism, metal corrosion and wood rot occur, i.e., individual parts of fixed assets are deformed and destroyed. Work equipment can also fail as a result of emergencies such as fires, floods, earthquakes and other natural disasters.

The amount of physical deterioration of fixed assets depends on the quality of their manufacture, technical parameters incorporated in the creation process and predetermining durability. In addition, the level of physical wear and tear of fixed assets depends on the degree of their loading in the process of productive use. The greater the shift of equipment and the more intensive its workload in time and power, the higher the level of wear. Along with this, wear depends on the level of qualification of workers, compliance with appropriate operating conditions, and protection from adverse conditions. environment, quality of care and timeliness of repairs.

Along with physical wear and tear, labor tools are subject to obsolescence, in which machines and equipment that are still quite suitable in terms of their material condition become unprofitable to operate in comparison with new, more efficient models of equipment. There are two forms of obsolescence. The first is when, as a result of scientific and technological progress, which determines the growth of labor productivity in industries producing means of production, such machines are produced at lower costs. When the production of new, cheaper machines becomes widespread, the cost of similar ones technical specifications existing means of labor are reduced. Indeed, at any given moment, the value of goods is determined not by individual costs, but by the amount of socially necessary labor time for its production. New machines of a similar design are produced more cheaply and therefore transfer a smaller share of the cost to the finished product, which makes them more efficient to operate and encourages early replacement of older equipment.

The second form of obsolescence is a decrease in the cost of functioning means of labor as a result of the introduction of new, more progressive and economical equipment into production. New machines can be more productive, i.e., in a unit of time they can produce large quantity products. Changes in the quality characteristics and consumer properties of manufactured products are possible. One of the advantages of new equipment may be the possibility of introducing more advanced technology that leads to savings material resources, improving working conditions. An increase in the efficiency of new types of equipment can also be the result of saving production space, better reliability and efficiency in operation, greater maintainability, etc. As a result, the operation of old machines becomes unprofitable, which necessitates their early replacement.

The use of obsolete, although not yet physically worn out, equipment leads to a relative increase in production costs and hinders the improvement of technological processes. A problem arises: to incur losses from the early replacement of obsolete means of labor and gain savings from the introduction of more advanced technology, or to operate obsolete equipment until its cost is completely written off, but at the same time lose the opportunity to increase production efficiency in the future. As a rule, comparisons indicate in favor of early replacement of machines for the purpose of technical improvement of production, the effect of which far exceeds losses before early write-off.

If the basis of physical wear and tear is the influence of material factors external environment and internal metabolic physical and chemical processes that destroy the materials from which the means of labor are created, then the basis of both forms of obsolescence is scientific and technological progress. It predetermines both the reduction in cost of means of labor and the emergence of new types of equipment and products. In accordance with the nature of the reasons, the loss of use value and the value of means of labor as a result of physical and moral wear and tear occurs differently. If physical wear and tear occurs, as a rule, evenly with the use of fixed assets or the gradual influence of natural forces, then obsolescence due to the unevenness of scientific and technological progress individual species means of labor are exposed unevenly. Thus, it has the greatest impact on the active part of fixed assets, since changes in the designs of machinery and equipment are more dynamic compared to the improvement of the designs of buildings and structures. The impact of obsolescence is uneven in different sectors of the national economy. It is especially noticeable in industries that determine scientific and technological progress. The second form of obsolescence has the most significant impact in the first period of introduction of new technology; as innovations become widespread, its impact gradually decreases.

Wear and tear is not the same as wearing out. All created fixed assets, both active and inactive, are subject to wear and tear, regardless of their participation in the production process (production and non-production). Wear is an objectively existing phenomenon. Wear is an economic process, a reflection of wear and tear in economic reality. Wear-out, or economic wear and tear, is the process of loss of value by means of labor. The cause of wear can be both physical and moral wear and tear.

Wear is the basis of depreciation. Compensation for wear does not occur during the formation of the depreciation fund, but during its subsequent use to replace outdated equipment and during major repairs and modernization.

Depreciation is the portion of the cost that is transferred to the product. Its movement is included in both the production process and the circulation process. Cash sinking fund is financial results accumulation of sequential depreciation charges. It is formed only after the sale of finished products.

Depreciation can be defined as the process of gradually transferring the cost of labor to the cost of finished products. Depreciation charges are that part of the cost of the means of labor that, in each new circulation of enterprise funds, as they wear out, is separated and continues to move as part of the new value, first in the form of work in progress, then as part of the cost of finished products, and after its sale is accumulated in the reserve fund funds intended to reimburse advance costs for fixed assets. Thus, the difference between depreciation and depreciation of fixed assets is clearly outlined. If wear and tear is the loss of use value, and therefore the cost of means of labor, then depreciation means the process of transferring value to the finished product. Both processes, despite their differences, are inseparable as two sides of the same phenomenon. Therefore, depreciation charges, reflecting the amount of transferred value, simultaneously show the degree of depreciation of fixed assets.

The depreciation movement covers the stages of production and circulation of products manufactured at this equipment for the entire period of its operation. This process does not coincide with the replacement of fixed assets, which is wider in scale than depreciation by the amount of the period of creation of new capacities to replace retired ones. The period of converting the depreciation fund into new tools, in our opinion, cannot be included in the depreciation process; this is a new, independent stage circulation of funds. The purpose of depreciation is to reimburse costs incurred in fixed assets, accumulate and return invested funds, and not ensure the reproduction of production potential.

The amount of depreciation must correspond to the actual participation of the used fixed assets in the formation of new value. If this is not achieved when constructing depreciation rates, and less or more funds are written off for depreciation than is objectively necessary, funds are transferred from the compensation fund to the accumulation fund or vice versa. At the same time, the reliability of accounting for financial sources of reproduction is violated, and, consequently, the ability to manage their rational spending is complicated. Such deviations must be neutralized by timely adjustment of depreciation rates. More depreciation cannot be written off on products and no less should be written off than is due to the actual costs of fixed assets for production. Depreciation rates must be structured in such a way as to ensure full reimbursement of advanced investments in fixed assets, regardless of future renovation needs. If, after the period of turnover of fixed assets, the price of a unit of production capacity increases, then additional resources to create new funds to replace retired ones must be found from the national income accumulation fund. Depreciation should not predetermine the possibilities for future development of production.

To adequately reflect by depreciation the process of transferring the cost of equipment to the manufactured product, two problems need to be solved: to give a reliable estimate of this cost and to correctly organize the procedure for writing it off to cost using depreciation rates. What should be transferred to the manufactured product is not that part of the cost of the machines at which they were purchased several decades ago, but that which they possess at any given moment in time. Depreciation should be calculated not from the original cost, but from the replacement cost of the means of labor. Moreover, for the reliability of depreciation calculation, it is important to revaluate fixed assets as often as possible.

The calculation of depreciation in our country over a long period of time was divided into complete restoration and major repairs. At the same time, the preliminary standardization of costs for major repairs as part of depreciation contradicts its essence. Depreciation is the gradual repayment of investments made in fixed assets at the expense of the cost of production, and the use of funds for major repairs in relation to the time of depreciation is, as a rule, an element of the costs of the future period. In other words, the costs of purchasing new equipment and repairing them are fundamentally different.

Hence the difference in the methods of financing the costs of complete restoration and major repairs. If reimbursement of funds advanced to fixed assets involves the regular inclusion in the price of manufactured products of the corresponding share of wear and tear on fixed assets, then to finance repairs, as well as other elements of current production costs, preliminary rationing as part of depreciation rates is not required. These costs should be directly included in the cost of production as repairs are required.

If the costs of major repairs are necessarily included in the cost of production through depreciation rates, then there is no incentive to reduce them. If these costs are included in the cost of production as needed, without prior standardization, then if there is economic feasibility There is an interest in replacing outdated equipment with new ones without carrying out ineffective repairs.

2.2 Purpose of depreciation in simple and expanded reproduction of fixed assets

According to its economic purpose, the depreciation fund must accumulate financial resources for the simple reproduction of fixed assets, i.e., ensure the replacement of retiring means of labor. Statistics show that the annual amounts of depreciation charges significantly exceed the size of the corresponding disposal of fixed assets. The excess of accrued depreciation on the annual disposal of fixed assets has a steady upward trend. In this regard, in economic theory and business practice, an opinion has developed about the natural nature of excess depreciation in comparison with the need for funds to restore worn-out funds and the possibility of its withdrawal for accumulation.

The question of the possibility of using depreciation charges for expanded reproduction is one of the most complex and controversial. It has been discussed in the economic literature for many years, but has not been finally resolved. An opinion is expressed that the depreciation fund cannot serve as a source of accumulation of fixed assets. At the same time, most economists argue that modern conditions depreciation charges are naturally a source of expanded reproduction of fixed assets, a source of their accumulation. Many researchers, while recognizing the direct economic purpose of the depreciation fund as a source of simple reproduction, do not exclude the possibility of using it for expanded reproduction.

In connection with the growth of production potential, the need to intensify its use is put forward special requirements to the policy of reimbursement of means of labor, the shortcomings of which are currently manifested in a slowdown in the rate of replacement of worn-out assets, the accumulation in some sectors of the national economy of a significant amount of outdated equipment with all the ensuing negative consequences. Therefore, rational use of the depreciation fund is a significant reserve for increasing production efficiency. The apparent excess of the accrued amounts of depreciation of the needs for compensation of retired means of labor, the natural formation in the depreciation fund of a constant surplus of funds, which supposedly can be used for accumulation, is explained, as a rule, by the action of two factors - scientific and technological progress and the peculiarities of the circulation of fixed assets. In connection with scientific and technological progress, labor productivity is increasing, so the cost of reproduction of fixed assets should decrease. As a result, to compensate for their use value, less funds are required than accumulated in the depreciation fund. In other words, in order to restore the total functionality of retired tools, it is necessary to spend less money than provided for by depreciation standards. Restoring the used means of production to their previous sizes leads to an increase in their power and efficiency. In this case, the amount of accumulated depreciation makes it possible to meet the needs of not only simple, but also expanded reproduction.

However, the effect of scientific and technological progress is not the result of the turnover of the compensation fund. It is formed as a result of additional investments from the accumulation fund in the development of science and technology and is the result of the use of a pure product.

If, as a result of scientific and technological progress, the cost of reproduction of a unit of production capacity decreases, then the depreciation fund should be reduced by the corresponding amount. Otherwise, the mechanism for calculating depreciation will not be linked to the real process of transferring value. If more funds are allocated from the volume of the produced product to the compensation fund than is due to the actual costs of production, then as a result the value of national income is underestimated. In this case, the depreciation fund accumulates, along with the funds necessary to compensate for the means of labor, part of the accumulation fund. And, conversely, with an increase in the cost of reproduction of a unit of production capacity, a corresponding increase in the depreciation fund is necessary. Otherwise, it cannot fully cover the needs for reimbursement of labor.

If the initial cost of the means of labor, on the basis of which “the amount of depreciation is calculated, coincides with the replacement cost, and depreciation rates correctly reflect the possible service life of fixed assets, and these terms are met, then the depreciation fund can only meet the needs of simple reproduction. If these conditions are not met , then the size of the depreciation fund deviates from the needs of normal compensation and must be adjusted. If the depreciation fund has accumulated part of the funds that, with the correct calculation of depreciation, should have entered the accumulation fund, then their excess can be withdrawn to expand production. Insufficient accrual of funds to the fund compensation must be replenished from the accumulation fund.Thus, the surplus in the depreciation fund is not the result of scientific and technological progress, but is formed due to shortcomings in the depreciation system.

In conditions of a decrease in the rate of accumulation of fixed assets, the depreciation fund, with its partial withdrawal, still meets the needs for compensation. The withdrawal of excess depreciation amounts really does not infringe on simple reproduction. However, when making additional investments from the accumulation fund, one should focus not on simple, but on expanded reproduction. Therefore, before removing the visible excess depreciation, it is necessary to determine how this will affect the rate of expansion of production provided for by additional investments.

When making additional capital investments in any economic link, it does not make sense to partially withdraw it - a means of depreciation for accumulating the potential of other production links. By investing capital funds, we assume a certain rate of expansion, and by withdrawing depreciation, we reduce the planned rate. This means that if a certain economic link has reached a state in which it fully satisfies social needs, and it becomes possible to reduce the rate of expanded reproduction in this link, then this should be done not by withdrawing the depreciation fund, but by reducing funding from the accumulation fund.

Thus, depreciation in itself cannot be a source of accumulation of fixed assets, either during simple or expanded reproduction. The constant excess of the accrued depreciation of the annual disposal of fixed assets during expanded reproduction is natural. It is due to additional attraction of funds and represents the accumulated depreciation of newly introduced fixed assets. The removal of visible excess depreciation is unacceptable, as this complicates the reproduction process. If the process of calculating depreciation corresponds to the real process of transferring value, the depreciation fund should be used only for its intended purpose. The accrued depreciation should remain entirely at the disposal of enterprises and be used by them to finance the simple reproduction of fixed assets.

2.3 The role of depreciation in the accumulation of fixed assets.

The processes of accumulation and replacement of fixed assets are closely interrelated. Distinguishing them is very problematic, which gives rise to a lot of contradictory conclusions when analyzing the same economic phenomena. Thus, the study of statistical indicators of the reproduction of fixed assets by some researchers led to the conclusion that there is a process of overaccumulation and the created production capacities are excessive compared to the real capabilities of society. Other economists argued that accumulation processes were undergoing a crisis, that the country was lagging behind the industrialized powers in actual per capita accumulation. Therefore, increasing the rate of accumulation is an urgent vital necessity.

Reimbursement and accumulation of fixed assets can be analyzed by studying the structure of sources of financing capital investments, as well as by studying the balance sheet indicators of fixed assets, reflecting trends in their input, retirement and depreciation. Let us consider both directions in order to identify the existing relationships between compensation and accumulation and their influence on each other.

The sources of financing capital investments are part of the national income replacement fund, which includes depreciation for renovation, and part of the accumulation fund, used to create fixed assets. Thus, gross capital investment consists of costs financed by depreciation and so-called net capital investment, the source of which is national income. The resources of the depreciation fund should reflect the costs of compensating for the wear and tear of labor instruments, and net capital investments should reflect the accumulation process.

In the structure of sources of financing capital investments, the share of depreciation naturally increased. This is an objective trend caused by the growth of production potential. After all, the larger the volume of basic funds, the more funds are needed to reimburse them annually.

The use of depreciation resources for accumulation is unlawful. In its essence, depreciation is only a source of simple reproduction. If the process of calculating depreciation corresponds to the process of transferring value, the depreciation fund can serve as a source only of compensation for the means of labor. The diversion of its resources for accumulation leads to significant losses of living and materialized labor. The long-term withdrawal of renovation resources in favor of accumulating means of labor has led to the accumulation of an excess need for compensation, which can now only be realized if the resources of the accumulation fund are temporarily used.

Thus, an analysis of the sources of financing capital investments indicates a discrepancy between the actual processes of accumulation and compensation and the financial resources intended for them. The amount of accumulation exceeds the national income resources intended for these purposes, which occurs to the detriment of normative compensation.

Let's analyze the same processes in a different way. Let's consider the ratio of accumulation and compensation of means of labor based on the indicators of the balance of fixed assets. Let's compare the annual commissioning of fixed assets with accrued depreciation.

Comparison of input and depreciation of fixed assets at the global level is illegal; in reality, as a rule, their object correspondence is not observed. The commissioning of new capacities is not always carried out precisely in those parts of the national economy where, judging by the accumulated wear and tear, it is primarily necessary. In other words, the processes of capital investment and depreciation do not directly overlap.

So, determining the scale of accumulation of fixed assets by comparing the commissioning of new facilities and depreciation in old production is incorrect. An increase in the share of wear and tear compared to the scale of commissioning of fixed assets cannot indicate an increase in investment costs for replacement, but only reflects an increasing trend in the aging of labor instruments. Accrued depreciation is only a potential financial resource compensation, although it is not always spent for its intended purpose.

A comparison of depreciation with the introduction of fixed assets rather characterizes the existing contradiction between their accumulation and reimbursement. This comparison only confirms that in some levels of production extremely worn-out assets, supported by repairs, were accumulated, the further operation of which threatened with disaster, while in others additional capacities were introduced. Thus, there was a polarization of the processes of accumulation and aging of the created production potential.

The simple reproduction of fixed assets should be given priority in investment policy, and the possibilities of production accumulation should be determined on a residual basis, strictly in accordance with that part of the national income resources that society is able to use to expand the created potential. Direction of net capital investment, i.e. expenses from the accumulation fund must be regulated economic methods in a centralized manner. This is necessary because enterprises are not able to sufficiently fully take into account all future changes in social needs. Depending on the dynamics and structure of the population, prospects for scientific and technological progress, expected restrictions on raw materials and fuel and energy resources, opportunities for cooperation with other regions and other factors, priorities in the distribution of accumulation resources should be determined. With the help of tax and credit policies, these priorities should be implemented .

Thus, a contradictory situation has developed in the national economy with the reproduction of daily funds. Due to the extensive focus of the investment policy, most of the resources were used for many years to accumulate fixed assets. A stable priority was established for new construction, and the reconstruction of existing production was carried out insufficiently. Numerous government regulations have failed to change this trend. The needs of simple reproduction were determined by the residual method, which led to the withdrawal of depreciation funds from enterprises and their use for accumulation. As a result, the production and technical potential has grown to incredible proportions, but it is extremely worn out and ineffective. Old enterprises require high costs to maintain outdated facilities. New industries, created to a large extent at the cost of infringing on the needs of reproduction at old enterprises, cannot develop effectively due to a lack of material and labor resources.

Excessive accumulation, which does not correspond to real possibilities and objective conditions for the functioning of the economy, does not give the expected effect, but causes an increase in losses. There was neither normal use of the created potential nor effective accumulation in the country. Both processes mutually infringed on each other. It is necessary to normalize the process of compensation for labor instruments and completely transfer it to market basis, which will allow timely improvement of the created production potential, taking into account the dynamic structure of current demand. This order, along with approaching the structure of needs, should also ensure a significant increase in the efficiency of existing capacities.

The process of production accumulation in the current crisis situation must be strictly controlled by society. To expand production, it is unacceptable to attract either the resources of the consumption fund or the means of compensation. Conditioned by the investment capabilities of society, limited accumulation resources must be centrally regulated and controlled, taking into account future needs.

Conclusion

Summing up the results of the work done, we can draw the following conclusions:

Fixed assets of an enterprise represent part of the property used as means of labor in the production of products, performance of work or provision of services, or for the management of the organization for a long time.

According to their purpose, the fixed assets of an enterprise are divided into production fixed assets and non-productive assets.

Taking into account the duration of use of fixed assets in the activities of the enterprise and their repeated use in the production process, the cost of fixed assets is transferred to the manufactured product in parts, i.e. is gradually repaid during their useful life through monthly depreciation charges, which are included in production or distribution costs for the corresponding reporting period.

The condition and use of fixed assets is one of the most important aspects analytical work, since they are the material embodiment of scientific and technological progress - the main factor in increasing the efficiency of any production. The main direction of increasing the efficiency of equipment use is improving its structure and increasing the efficiency of its use. It is important to eliminate the relative excess of equipment, which affects the economic performance of the enterprise. The need to evaluate fixed assets is determined not only by the need to assess the efficiency of use of fixed assets, but also by a system for determining their qualitative condition: the degree of wear.

The main production assets of enterprises undergo an economic cycle consisting of the following stages: wear and tear, depreciation, accumulation of funds for the complete restoration of fixed assets, their replacement through capital investments.

All fixed assets (FPE) objects are subject to physical and moral wear and tear, i.e. under the influence of various factors they lose their properties, become unusable and can no longer perform their functions. Physical wear and tear can be partially offset through repairs, renovations and upgrades. Obsolescence is manifested in the fact that fixed assets are inferior in all their characteristics the latest designs. Therefore, from time to time there is a need to replace fixed assets, especially their active part. At the same time, in modern economy the main factor determining the need for replacement is obsolescence.

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