The structure of financial resources includes. Financial resources of the enterprise. Analysis of state financial resources of the Russian Federation
Financial resources act as material carriers of financial relations, which are always associated with the formation of cash income and savings, taking the form of financial resources. This feature is common to the finances of organizations of any social formation.
FINANCIAL RESOURCES - cash, at the disposal of the state, its enterprises, institutions, organizations and the population, used for the purpose of expanded reproduction. Social needs. Material incentives, satisfaction of other social needs.
FINANCIAL RESOURCES - funds of funds at the disposal of the state and the population, formed in the process of distribution and redistribution of part of the value of GDP, mainly net income in cash, and intended to ensure expanded reproduction and national needs.
Financial resources are defined as targeted funds of funds. There are significant differences between finance and financial resources:
1) Finance – monetary relations, which are an abstract category; they cannot be physically felt
2) Financial resources – cash. Which can be physically felt, can be transported to another place, to any distance
3) Cash can be stored or hidden in various places.
Fin. Resources are divided into centralized (budget, budgetary and extra-budgetary funds) and decentralized (financial resources of enterprises). The source of formation is national income, which is distributed and redistributed. Based on this, appropriate sources of financial resources are formed.
GDP = C (costs) + V (salary) + m (surplus product)
C - sources: depreciation deductions, other deductions (emergency tax, land tax, tax deductions for the use of natural resources)
V – sources: taxes, contributions to the Social Security Fund
m – sources: profit, net income. Income from foreign trade activities.
In addition to the mentioned financial sources. resources are generated from proceeds from the sale of property and the growth of sources of liabilities.
Characteristics of sources:
1. Profit – systematically growing. The indicator of profit is the income tax that goes to the budget. Last years source of about 15-20% of budget revenues.
2. VAT and excise taxes, customs duties. Their share is about 30-50% of budget income
3. Depreciation charges (increase in the value of fixed assets, revaluation of fixed assets). The share is about 18% in the total amount of finance. resources.
4. Bank loans (difficult to measure, since they do not go to the budget). About 35% of budget revenues.
5. Cash savings of the population stored in banking institutions
6. Non-tax revenues (receipts from sanctions, profit of the NBRB). State charges apply. organizations.
All sources of financial formation. resources can be divided:
1) At the micro level (enterprises): own and equivalent funds (profit from core activities, profit from other types of activities, profit from financial organizations, proceeds from the sale of retired property, depreciation, mobilization of internal sources); mobilization in the financial market (sale of own shares, bonds, etc., Central Bank); receipts by way of redistribution (insurance compensation for risks incurred, budget subsidies, finances from higher organizations, dividends and interest on the Central Bank).
2) At the macro level: tax payments of legal entities, individuals, non-tax payments (Profit of banks, profit from the sale of securities, internal and external loans).
Fin. Resources created in any country are distributed among the government and economic entities. This distribution is carried out based on the specific conditions of the development of the country and society.
During the years of the existence of the USSR, when the administrative-command system of people's management was in operation. household, a very rigid system functioned. Finnish distribution res-in the rez-th decisive part of the fin. res-in concentrated in the budget and higher organizations. Share of fin. res-in, left in the household. enterprises was insignificant. part (30-35%). The following were confiscated from the enterprise:
So I'm part of the profit
Excessive depreciation deductions
Part of excess working capital.
All these resources were directed to low-profit enterprises, unprofitable enterprises.
Under the conditions of the republic, the essence is as a self. state there has been a certain tendency to increase the share of fin. res-in, left. at the pr. This was facilitated by:
1) Program for the Republic of Belarus to overcome the crisis (1994). She planned: to reduce the centralization of finance. res-in from 30% to 22% in the first half of 1995. However, this task was not fully accomplished.
2) Social-ec program. development of the Republic of Belarus for 1996-2000. A reduction in the tax burden was planned. It was also not fulfilled.
3) Social-ec program. development of the Republic of Belarus for 2001-2005. It was envisaged to reduce the level of centralization of the res from 47.8% to 45%. (also not done).
It is necessary to distinguish, for example, the use of Finnish. res-in:
MICRO LEVEL:
Making payments to the budget
Payment of insurance. contributions fear. organizations
Making payments to the Social Security Fund
Repayment of debts to banks for previously taken out short-term loans. and long-term loans and interest on them
Cap. investments, i.e. on the formation of the basis. production funds, including: reconstruction, modernization, expansion of production.
Construction of non-manufactured objects (construction of housing, pioneer camps, sanatoriums, baths...)
Carrying out environmental protection measures
Investing financial res in securities purchased on the securities market (shares, bonds, etc.)
Formation of funds eq. stimulating
Sponsorship goals
Carrying out interstate events. character (international exhibitions, etc.)
MACRO LEVEL:
Development of people households and departments its industries
Development of external connections
Development of science and technology
Environmental events
Weds of target budget funds, for example. for those purposes, cat. provided for by the relevant provisions. (for example: FSZN funds - for the payment of pensions, benefits)
Feature in e.g. using fin. res-in at the macro-level: it means. part of these resources (>10% of budgets) for example, to eliminate the consequences of the Chernobyl nuclear power plant.
Finance is part of economic relations in society, but in practice we are not dealing with abstract relationships, but with real money. The distribution and redistribution of value with the help of finance is accompanied by the movement of funds in the form of income, receipts and savings, which together constitute financial resources, that are material carriers of financial relations.
While the term “financial resources” is widely used, its interpretation varies. In Russia, it was first used in the preparation of the country's first five-year plan, which included a balance of financial resources.
In a more general sense, “resource” in dictionaries is considered as a reserve that serves as a source of satisfying needs and forming funds. Since finance is an economic relationship mediated by money, it is obvious that financial resources mean only those resources that have a monetary form, as opposed to material, labor, natural and other resources. Thus, we can draw the first conclusion that financial resources exist only in in cash.
However, financial resources are not the entire amount of money used by public authorities and bodies local government, as well as business entities. In addition to financial resources, credit resources, personal income of the population, etc. also function in monetary form. Therefore, it is important to identify such characteristics of financial resources that will allow them to be isolated from the total amount of funds.
In any society, financial resources do not exist on their own; they always have an owner or a person to whom the owner has delegated the rights to dispose of them. Financial resources cannot be outside of property relations. And only that part of the funds that is owned or disposed of by business entities or state authorities and local governments and serves the process of social reproduction, refers to financial resources.
Their affiliation with a specific business entity or state and local government bodies makes it possible to separate them from the part of the population’s monetary income and savings that is not involved in the process of social reproduction.
However, not all funds of business entities can be classified as financial resources, but only those that mediate the processes of production of goods, provision of various types of services, or are used to finance the functions of state authorities and local self-government.
This leads to the following sign of financial resources - they are always used for the purposes of expanded reproduction, social needs, material incentives for workers, and satisfaction of other social needs.
Thus, under financial resources means monetary income, savings and receipts owned or disposed of by business entities or state and local government bodies and used by them for the purposes of expanded reproduction, social needs, material incentives for workers, and satisfaction of other social needs 1 .
The sources of financial resources formation are usually considered to be the value of the gross domestic product, part of the national wealth and receipts from foreign economic activity.
Part of the national wealth is involved in economic turnover in the form of carryover balances of budget funds; funds from the sale of part of the country's gold reserves; proceeds from the sale of excess, confiscated and ownerless property, income from privatization, etc. From foreign economic activity financial resources are received in the form of income from foreign trade operations, external government borrowings, foreign investment and so on.
Types of financial resources- these are those specific forms of income, receipts and savings that are formed by business entities and government entities as a result of financial distribution. They are: depreciation deductions, organizational profit, tax revenues, insurance payments, etc..
The composition of the sources of financial resources of business entities will be influenced by the sphere of activity (material production or non-production sphere), the method of farming, i.e. whether the organization pursues making a profit as the main goal of its activities (commercial organizations) or does not have such a goal and does not distribute the profit received among participants (non-profit organizations), organizational and legal form, industry characteristics, etc.
Financial resources of a commercial organization- these are monetary incomes, savings and receipts owned or disposed of by an organization and intended to fulfill financial obligations, ensure reproduction costs, social needs and material incentives for workers.
TO the main sources of formation of financial resources of a commercial organization relate:
revenue from sales of products, works and services;
revenue from other sales (for example, disposed of fixed assets, inventories and so on.);
non-operating income (fines received, dividends and interest on securities, etc.);
budget resources;
funds received through the redistribution of financial resources within vertically integrated structures and industries.
Types of financial resources of a commercial organization there will be profits from the sale of goods (works or services), from the sale of property, the balance of income and expenses from non-sales activities, depreciation charges, reserve and similar funds formed from the profits of previous years.
Directions for using financial resources of a commercial organization are: payments to budgets of various levels and extra-budgetary funds, payment of interest for using a loan, repayment of loans, insurance payments, financing of capital investments, increase working capital, financing research and development work, fulfilling obligations to the owners of a commercial organization (for example, paying dividends), material incentives for employees of the enterprise, financing their social needs, charitable purposes, sponsorship, etc.
Financial resources non-profit organization - these are cash incomes, receipts and savings used to carry out and expand the authorized activities of the organization. The organizational and legal form and type of activity of a non-profit organization will influence the composition of sources of financial resources, as well as the mechanism of their formation and use.
TO main sources of financial resources for non-profit organizations relate:
founders' and membership fees;
income from business and other income-generating activities;
budget resources;
free transfers of individuals and legal entities;
other sources.
Types of financial resources of non-profit organizations are budget funds, gratuitous transfers of legal and individuals, including grants, profits, depreciation charges (except budgetary institutions), reserve and similar funds (except for budgetary institutions), etc.
Since 2007 in Russian Federation part of the funds that non-profit organizations receive in the form of gratuitous transfers from individuals and legal entities (donations) takes the form of endowment capital 2 .
The financial resources of a non-profit organization are used to realize the main purpose of its creation. These may be expenses related to the remuneration of employees, the operation of premises, the purchase of equipment, payments to budgets and state extra-budgetary funds, capital investments, major repairs of buildings and structures, etc.
In addition to business entities operating as a legal entity, entrepreneurial activities can also be carried out by individual entrepreneurs, who also generate financial resources.
Sources of financial resources for individual entrepreneurs are personal savings and income received as a result of implementing economic activity. In addition, entrepreneurs can attract borrowed funds to carry out their activities.
Financial resources individual entrepreneurs are used for business expansion, payments to the budget and state extra-budgetary funds, labor costs employees, charitable contributions and donations, etc.
If entrepreneurial activity terminates, all income received is directed to the personal consumption of the entrepreneur.
Sources of financial resources at the disposal of state authorities and local governments, act as gross domestic product, part of the value of national wealth and receipts from foreign economic activity.
Gross domestic product is the main source of formation of state and municipal financial resources. But sometimes, for example, during periods of economic crisis or the onset of emergency circumstances (revolutions, wars, major natural disasters, etc.), previously accumulated national wealth can act as a source of state and municipal financial resources.
The financial resources of state authorities and local self-government are:
tax revenues (corporate income tax, personal income tax, unified social tax, etc.);
non-tax income (dividends on shares owned by state and municipal property, income from the delivery of state and municipal property for rent, interest received from the provision of budget loans
(budget loans), etc.);
gratuitous transfers (from budgets of other levels, state extra-budgetary funds, etc.);
other income.
Use of financial resources at the disposal of state authorities and local governments, is directly related to the functions of the state: economic, social, managerial, strengthening defense capability; through financial resources, the important needs of society in the field of economic development, financing are met social sphere, implementation of state and municipal government, strengthening the country's defense capability, etc.
The formation and use of financial resources is carried out in stock or non-stock form. The stock form is predetermined by the needs of state authorities and local governments that need financial resources to ensure their functioning, and by some of the needs of business entities engaged in expanded reproduction. When forming and using their financial resources, many funds are used intended purpose, and narrowly targeted.
Financial funds have the following features:
it is a separate part, separated from total amount Money;
as a result of isolation, the monetary fund begins to function independently, and this independence is relative, there is a constant replenishment and use of funds;
is always created to finance some purpose, and the goals can be of different orders, broad and narrow;
has legal support that regulates the order of its formation and use.
The fund form of education and use of financial resources has advantages over the non-fund form.
The formation of separately functioning financial funds with clear regulation of the procedure for their formation and use ensures the concentration of financial resources to perform urgent tasks, allows them to be more effectively managed and facilitates control over their formation and use. However, if previously the stock form was the main one, then in market conditions the financial resources of state authorities and local self-government are mainly formed and used in the stock form. Such funds include budgets of relevant levels and extra-budgetary funds. The form of use of financial resources of business entities is currently less regulated by the state. Procedure for using financial resources commercial organizations determined by their constituent documents, and therefore a combination of stock and non-stock forms is possible here. Part of the resources of business entities can be directed to the formation of funds for special purposes (for example, economic incentives, reserve funds). The use of financial resources to fulfill financial obligations to budgets of various levels, state extra-budgetary funds, banks, insurance organizations, and the payment of penalties is carried out in non-fund form.
1 See: Finance / Ed. V.M. Rodionova. - P. 10, 35.
2 See article 2 Federal Law dated December 30, 2006 No. 275-FZ “On the procedure for the formation and use of endowment capital of non-profit organizations.”
(Materials are based on: A.G. Gryaznova. E.V. Markina Finance. Textbook. 2nd ed. - M.: Finance and Statistics, 2012)
Topic 1.3 Financial resources and funds of the enterprise. Methods of financing the organization's activities
Financial mechanism of the enterprise. Principles of organizing enterprise finances.
Financial mechanism enterprise is a set of forms of financial relations, financial methods and financial instruments that ensure the formation and use of the enterprise’s funds.
Financial methods– ways of carrying out activities by entities participating in financial relations. Financial methods include: financial planning, financial Accounting, the financial analysis, regulation, financial control.
Financial instruments- This established by law forms of interaction between subjects of relations, from which follow either financial obligations, or a financial asset, or the right to participate in capital, in the management of other enterprises. TO primary financial instruments include: financial contracts, securities, bank accounts, loan agreements. In addition, financial instruments include secondary tools, which represent formalized obligations regarding primary instruments (for example, derivative securities).
The basis for organizing the finances of an enterprise is principles. TO general principles Organizations of enterprise finance include:
1) Independence
2) Self-sufficiency
3) Self-financing.
4) Formation of financial reserves.
5) Separation of fixed and working capital
6) Ensuring the safety of own working capital.
Self-test questions:
1. How do the classification characteristics of an enterprise affect the organization of enterprise finance?
2. Explain the procedure for cash flow in the enterprise?
3. What are the financial relations of an enterprise? What factors influence them?
4. What is the subject of the financial relations of an enterprise with various economic entities?
5. What is the content of the financial relations of the enterprise with the state?
6. What is the content of the financial relations of the enterprise with the institutions of the financial market and the credit and banking system?
7. Reveal the content of financial relations within the enterprise itself?
8. What are the cash flows of the enterprise? How are they classified?
9. What elements form the financial mechanism of an enterprise?
10. What are the financial instruments of an enterprise?
A number of authors refer to the financial resources of an enterprise as the entire set of funds at the disposal of the enterprise, intended for expanded reproduction. However, despite the initially close connection between the concepts of “financial resources” and “cash,” their identification is not entirely correct.
Cash represent money accumulated in cash and non-cash forms in the bank accounts and cash desk of the enterprise, which are at the disposal of the enterprise. Financial resources enterprise - part of the funds remaining at the disposal of the enterprise as a result of the implementation of the distribution function of finance.
Accordingly, the source of funds is the enterprise’s revenue, the source of financial resources is the newly created value, or the gross income of the enterprise.
The traditional idea of finance as a monetary relationship is based on the correspondence between the value of the product created at the enterprise and the volume of funds representing this value. In a financial crisis, this correspondence is violated, and the formation and movement of the enterprise’s financial resources is carried out in a gap from the movement of funds necessary for servicing: demonetization of economic turnover occurs. Under these conditions, the financial resources of an enterprise are formed and used through a system of barter transactions and various mutual settlement schemes. In this case, finance is used as ideal money, or as a tool for valuing exchanged equivalents. In this case, the company may have significant financial resources, but no cash. In such conditions, the differences between the financial resources and cash assets of the enterprise significantly manifest themselves.
Currently, the sources of financial resources of the enterprise are classified as:
Own sources and equivalent means;
Sources of financial resources coming from the financial market;
Sources of financial resources coming to the enterprise in the order of redistribution.
In the structure of enterprise sources, special attention deserves equity, i.e. total score authorized capital, retained earnings, reserves, and additional capital. One of the main tasks of enterprise financial management is to determine the correct ratio between the volumes of equity and borrowed capital to ensure a sufficient level of financial stability of the enterprise.
General concept of financial resources
Cash income accumulated by their owners for subsequent spending, as well as funds raised as loans, constitute financial resources, which are divided into their own and borrowed (credit). For budgets of all levels, financial resources are mobilized income and attracted loans. For enterprises, this is equity capital, profit, loans received and securities placed on the market. For workers, the financial resource is income in the form of wages, as well as loans (for example, bank, consumer and pawnshop).
Own financial resources are at the complete disposal of their owner, while credit resources are attracted for a period of time and are subject to repayment along with interest payments for their use.
Sources of credit resources are temporarily free funds of enterprises, the population, and in some cases the state. The purchase and sale of these resources is concentrated in the financial market. It consists of two parts: the loan capital market and the securities market. Its main function is to provide business entities with additional funds at a certain percentage.
Principles of organizing enterprise finances. Cash flow in the enterprise
The predominant part of the financial resources of the general economic financial system is formed at enterprises. Since up to 80% of the budget revenue base is formed from taxes, and tax revenues are dominated by payments from enterprises, enterprise finances form the national financial system.
The organization of corporate finance is based on the following principles:
- independence in the field of financial and economic activities;
- self-financing;
- interest in work results;
- responsibility for these results;
- formation of financial reserves;
- division of funds into own and borrowed;
- priority fulfillment of obligations to the budget;
- financial control over the activities of enterprises.
The cash flow cycle of an enterprise can be represented as follows:
Figure 1. Enterprise cash flow cycle
Cash flow in an enterprise is a continuous process. For each direction of use of funds there must be a corresponding source. A business's assets are its net uses of cash, while its liabilities and equity are its net sources. For an operating enterprise there is no starting and ending point for the movement of funds. Cash levels fluctuate depending on production schedule, sales volume, accounts receivable collections, capital expenditures and financing.
In the overall cash flow of an enterprise, the following relationships can be distinguished:
- formation and use of target funds for intra-economic purposes (statutory fund, production development fund, incentive funds, etc.);
- arising from participation in other enterprises (making share contributions, participating in the distribution of profits from joint activities And so on);
- with employees of the enterprise;
- with product buyers;
- with insurance organizations;
- with the banking system;
- with the state;
- with higher management structures.
Financial resources of the enterprise and their structure
Definition 1
Financial resources of the enterprise is its fixed and working capital.
Formation and replenishment of financial resources(fixed and working capital) - important financial problem. The primary formation of these capitals occurs at the time of establishment of the enterprise, when the authorized capital is formed.
Definition 2
Authorized (share) capital- property of the enterprise created through the contributions of the founders.
Definition 3
Financial resources- these are the funds remaining at the disposal of the enterprise after the implementation of current costs to cover material costs and wages.
The main source of financial resources is profit.
Sources of formation of the enterprise's financial resources: profit; proceeds from the sale of disposed property; depreciation; increase in sustainable liabilities; loans; targeted revenues; share contributions. In addition, an enterprise can mobilize financial resources in various sectors of the financial market: sale of shares, bonds; dividends, interest; loans; income from other financial transactions; income from the payment of insurance premiums, etc. (Fig. 2).
Figure 2. Grouping of enterprise financial resources
Significant financial resources of an enterprise can be mobilized in the financial market.
Definition 4
The main direction of use of funds- investing in expanded reproduction.
The use of financial resources is carried out in the following areas:
- Investing in capital investments to expand production;
- Investing in securities;
- Payments to the budget, banking system, contributions to extra-budgetary funds;
- Formation of monetary funds and reserves.
Enterprise financial management
The formation and use of financial resources is impossible without a financial management system for enterprises.
Definition 5
Financial management ( financial management) - this is an activity aimed at achieving the strategic and tactical goals of the functioning of a given enterprise.
Enterprise financial management includes:
- organization and management of enterprise relations in financial sector with other enterprises, banks, insurance companies, budgets of all levels, as well as financial relations within the enterprise;
- formation of financial resources and their optimization;
- placement of capital and management of the process of its functioning;
- analysis and management of cash flows in the enterprise.
Main functions of a financial manager:
- financial planning, enterprise budgeting, formation pricing policy, sales forecasting;
- formation of the capital structure and calculation of its price;
- capital management (working with securities; control and regulation of monetary transactions; investment analysis; management of fixed and working capital);
- financial risk analysis;
- property protection;
- assessment and consultation.
Financial resources are formed in the process of production of material assets, i.e. when new value is created and GDP and national income arise. This process of formation of financial resources is characterized by the movement of goods and money. Financial resources are characterized by subjects and objects. The subjects are three subjects of financial relations (economic entities, households, and the state). The relationships between these entities in terms of the volume of financial resources are different and the size of the financial resources of each entity is determined by the development of market relations. The more independence legal entities have, the greater the volume of their financial resources. The objects of financial resources are financial relations. As a result of these financial relationships, monetary trust funds are created. These funds are concentrated in two blocks - decentralized financial resources and centralized financial resources. Decentralized financial resources are formed and function at the micro level, and centralized financial resources are created at the macro level and concentrated in budget funds and funds of state enterprises. Composition of financial resources: 1. Own funds. At the enterprise level, these are profits and wages, and at the state level, incomes from enterprises, from foreign economic activities and from privatization. 2. Funds mobilized on the market. At the enterprise level, this is the sale of shares, a bank loan. At the state level - issue of government securities, issue of money and government credit. 3. Funds that come to one or another block as a result of redistribution. At the enterprise level, these are interest and dividends on the enterprise's securities. At the state level these are taxes. Financial resources, although interconnected with financial relations, are not finance. There are qualitative differences between them. General: Both of them are closely related to the production process, regardless of the forms of formation. Both are based on commodity-money relations.
Both of them participate in the distribution and redistribution of the value of GDP and national income. Main difference: Financial resources do not determine the essence of finance, i.e. they do not reveal the internal contents of finances. Financial resources do not perform the functions inherent in financial relations. Financial resources can be quantified, but financial relationships cannot be calculated. Quantitative calculation is expressed in the consolidated financial balance of the national economy
