2 the formation of the use of financial resources. Formation and use of financial resources in the enterprise
1. FORMATION AND USE OF FINANCIAL RESOURCES OF THE ORGANIZATION
1.1 The essence and functions of the financial resources of the organization
One of the most important financial categories are financial resources. Financial resources are formed from business entities in order to implement production activities.
The rationality of their formation and use largely determines the stabilization not only at the level of enterprises (micro level), but also at the state level (macro level), because effective work commodity producers is the key to the financial power and independence of any state.
The financial resources of enterprises are incomes, savings, receipts generated at the enterprise and intended for the purposes of simple and expanded reproduction. Any enterprise in a market economy inevitably faces the problem of rational formation and use of financial resources. Under the formation of financial resources, we understand the process of formation and mobilization of financial resources in the enterprise. The use of financial resources is primarily the use of financial resources for the purpose of carrying out the production activities of the enterprise.
The degree of independence of the enterprise in this area depends primarily on the degree of centralization, authoritarianism of the economy and the mission of this organization in the external environment. Of course, the list of factors influencing the activities of the enterprise in the formation and use of financial resources is not limited to these determinants. There are also obligations to partners, consumers, other subjects of market relations, the chosen strategy of the company, the internal environment of the organization leaves its mark. Thus, the process of formation and use of financial resources in an economic entity is influenced by many known and taken into account factors of external and internal environment, as well as uncertainty (risk) factors. It should be noted that in a planned economy the process of formation and use of financial resources is of a different nature, and can only be considered in the context and within the framework of strict planning and determination. In a market economy this concept acquires the full depth of meaning, which allows the most complete disclosure of the essence of financial resources.
In fact, the formation and use of financial resources are two interrelated processes that characterize and reveal the essence of the mechanism for the movement of financial resources in an enterprise.
Formation is the initial phase in the movement of financial resources, it is here that the sources of funds, the forms of receipt and the proportions of their combination are determined. As a rule, at this stage, financial resources are in the form of value, which is favorable for their control and planning.
Formation determines and predetermines the further movement of financial resources in the form of their use. At this stage of the circuit, it becomes possible to start the production process directly at the enterprise. Here, the financial resources of an economic entity materialize into fixed and working capital.
In production funds, financial resources are in a hidden form, since their valuation is no longer of a decisive nature, but indicators of the enterprise's production activities acquire unconditional importance. In such a material form, financial resources are until the sale of manufactured products on the market, when it becomes possible to express their value and determine the effectiveness of their use.
Thus, the process of using financial resources is associated with the implementation of the planned plans and characterizes a progressive movement to a different qualitative level. Of course, there is a considerable amount of conventionality in the division into formation and use, since these two processes mutually determine and complement each other, and each of them already has a determinism in itself regarding the future situation, whether it be the formation or use of financial resources.
In addition, the formation can be conditionally called a process with a plus sign, because. it involves the consolidation of financial resources.
Use is a "minus" because, as expected, the expense, waste, temporary "decentralization" of the generated resources, the point of "contact", a conditional equal sign (more precisely, the sign "more" or "less"). It is possible to characterize the stage of evaluating the effectiveness of the use of financial resources (for production activities), because here two differently directed processes can be compared with each other.
At the enterprise, there is a continuous process of formation and use of financial resources, their circulation, the purpose of which is to service the production economic activity enterprises.
1.2 Sources of formation of financial resources
For the implementation of production and economic activities, enterprises use a variety of sources of financial resources. The structure of sources involved largely determines financial stability enterprises and the profitability of its production and economic activities. The issues of formation of financial resources at the enterprise are solved within the framework of financial management, which is one of the most important subsystems of the overall management system modern enterprise. It is the function financial services enterprises and in particular the financial manager is the definition
sources of financial resources and providing them to the enterprise.
Various block diagrams classification of sources of financial resources of enterprises. The most common is the division into own and borrowed financial resources. The fundamental difference between these types of resources is that when an enterprise is liquidated, its owners have the right to part of the property left after settlements with third parties. In addition to the division into own and borrowed funds, the classification of sources according to their urgency is also known:
1) sources of short-term financing;
2) sources of long-term financing.
The structure of the funds used, as a rule, depends on the goals pursued by the enterprise. Most often, the own funds of an economic entity are used to finance long-term plan decisions, and borrowed capital is used in the form of short-term sources. Own capital (internal source) in domestic practice is of priority, which has a positive effect on the financial stability and reputation of the enterprise.
Own funds are the main sources of financing the activities of the enterprise. working in market conditions enterprises must have a certain property and operational independence. The sufficiency of own funds is the main condition for providing the enterprise with borrowed funds. The outpacing growth rate of own capital in comparison with borrowed capital is an indicator of the rational ratio of these types of financial resources.
If the resources of an internal source are not enough to finance decisions of a financial nature, borrowed capital (an external source) is used. It should be noted that in a market economy, borrowed resources are provided on a paid basis, in connection with which the increase and use of one's own financial resources is of particular relevance. With the effective organization of production activities and expanded production, the need for borrowed funds is reduced, which leads to the independence of the economic entity and is a favorable condition for the further reproduction of its own resources.
Thus, any stage of the movement of funds should be considered from the position of increment of their value. There is some conventionality in the division into own and borrowed financial resources, because with the variety of modern financial relations it is rather difficult to classify the most diverse sources of financing. The most appropriate in market conditions is the classification on the basis of payment, i.e. paid or free financial resources.
The financial resources of an enterprise formed at the expense of its own and equivalent funds include, first of all, various incomes and receipts.
The income of an economic entity is formed from the following sources: profit from the main activity, profit from completed research work, profit from financial transactions, profit from construction and installation work performed in an economic way, etc.
The revenues that form the financial resources of enterprises include:
Depreciation deductions,
sustainable liabilities,
Proceeds from the sale of retired property,
Target receipts (for the maintenance of children in preschool institutions, etc.),
Funds received from the mobilization of internal resources in construction, contributions from members of the labor collective, insurance compensation for risks that have occurred, resources from concerns, associations, industry structures, funds from budgets and extra-budgetary funds.
The most significant financial resources can be obtained in the form of profit from the production and economic activities of the enterprise. Being an economic category, profit characterizes the financial result of the enterprise. Profit reflects the net income received in the field material production. The profit indicator is the indicator that most fully reflects the efficiency of the production and economic activities of the enterprise. Receiving revenue by an economic entity does not mean making a profit.
To identify the result of activity, it is necessary to compare revenue with the costs of production and sale of products. The result, showing the excess of revenue over the total cost, indicates the cost-effective operation of the enterprise for the production of products, i.e. in this case we can talk about profit.
The main factors influencing the growth of profits are: an increase in revenue from the sale of products (services) and a decrease in the cost of products.
The total amount of profit received by the enterprise from all types of activities is called gross profit. This indicator is a summary, because includes the following components:
Profit from the sale of commercial products,
Profit from other sales,
Income from non-sales operations (net of expenses on these operations).
Profit from the sale of marketable products is the main and most significant part of the entire profit of the enterprise. Profit from the sale of products (works, services) is the result obtained from the main activity of the enterprise. It is calculated as the difference between the proceeds from the sale of products (works, services) and value added tax, excises, production and sales costs. The composition of costs that forms the cost of production includes: material costs, labor costs, social contributions, depreciation, etc.
The second component of gross profit is profit from other sales. The share of this profit is very insignificant in the total volume of profit. Profit from other sales implies: profit from the sale of fixed assets and other property of the enterprise (raw materials, materials, fuel, spare parts, waste, intangible assets). Profit from other sales is defined as the difference between the proceeds from the sale and the cost of this sale. For example, when selling fixed assets, the result is the difference between the proceeds from the sale of this property (net of VAT) and the residual value of the funds (adjusted for the inflation rate), taking into account the costs incurred for the sale.
The next structural component of gross profit is profit from non-operating operations. This article is formed by transactions of a different nature that are not related to the main activity of an economic entity and are not related to the sale of products, property of the enterprise. Profits from non-sales operations include: profit from long-term and short-term financial investments, profit from renting out property.
Financial investments mean the placement of own funds of enterprises in order to generate income.
Long-term financial investment means contributions to the authorized capital of other enterprises (partnerships, joint-stock companies, joint ventures and subsidiaries), the acquisition of shares and other securities, the provision of loans, i.e. all kinds of financial investments lasting more than a year.
Forms of short-term investments are: short-term treasury bills, bonds and other securities, loans. Non-operating income also includes different kinds fines, penalties, forfeits received by this economic entity, as well as the profit of previous years, revealed in the reporting period, profit from the revaluation of inventories and finished products, from foreign currency transactions, receipts of debts previously written off as uncollectible, funds received free of charge from other enterprises when the absence of joint activities (except for funds received in the form of founder's contributions to the statutory fund).
Undoubtedly, with the development of market relations, the role of profits received from financial transactions will increase (interest received on securities of other issuers, income from operations in financial markets).
But it should be remembered that with the exception of profit received from the main activity, all other types of income are additional. They can be used to improve the financial condition of an economic entity, and are rather temporary, non-permanent.
If, as a result of production and economic activities, the enterprise also has losses, then this is also reflected in the balance sheet profit indicator (the final financial result of the enterprise, reflected in the balance sheet). The procedure for distributing balance sheet profit depends on the organizational and legal form of the enterprise.
After deducting taxes and fees, the net profit of the enterprise is formed (from which payments and deductions are also possible), which is subject to distribution. Directions for the distribution of profits remaining at the disposal of the enterprise are within the competence of the enterprise and are fixed in its charter and developed provisions. The profit remaining at the disposal of an economic entity can be used to reconstruct existing production, modernize equipment, replenish its own working capital, finance R&D, improve technology and organization of production, meet consumer and social needs, etc.
The listed activities are financed from the funds formed at the enterprise, the number and name of which is determined by the economic entity independently, but, as a rule, the following funds can be allocated:
consumption,
savings,
Spare,
Social sphere and etc.
Depreciation deductions are the second largest source of financial resources of an enterprise after profit. Depreciation deductions are an expression in monetary terms of the amount of depreciation corresponding to the degree of depreciation of fixed assets and intangible assets.
These deductions are included in the cost of production. The main purpose of depreciation is to ensure the reproduction of fixed production assets and intangible assets of the enterprise.
Significant financial resources, especially in newly created and reconstructed enterprises, can be mobilized in the financial market. Specific forms of their mobilization can be: the sale of shares, bonds and other types of securities issued by a separate enterprise, as well as credit investments.
Funds received in the order of redistribution include insurance compensation for occurred risks, financial resources received from concerns, associations, parent companies or other industry structures, resources received on an equity basis, dividends and interest on securities of other issuers, budget subsidies and other types of resources.
Also, the financial resources of the current commercial enterprise according to the main sources of their formation can be structured as follows
Financial resources generated from the proceeds from the sale of products (profit, depreciation fund, fund wages, compensation fund material costs);
Financial resources received from other sales (property, services not related to the main activity, etc.);
Financial resources formed in the financial market (credits and loans, sale of own shares and other types of securities, dividends and interest on securities of other issuers, insurance compensation, etc.);
Financial resources generated from accounts payable (to suppliers and contractors, for wages, for social insurance before the budget, etc.);
Financial resources generated from contributions and earmarked income (from other organizations and individuals, government subsidies, etc.)
So, the financial resources of the organization are divided into own and borrowed.
Own financial resources and equivalent funds include:
Profit,
Depreciation,
sustainable liabilities,
Equity,
Target income,
Share and other contributions of members of the labor collective and others.
Loans include:
Attracted additional share capital,
Bank loans and credits,
Free assistance provided.
2. ANALYSIS AND USE OF FINANCIAL RESOURCES AT THE ENTERPRISE
2.1 Characteristics of the organization's activities
Organizational structure Sberbank is represented as follows:
Savings Bank of the Russian Federation (as head office);
Territorial banks;
Branches;
Branches.
The Savings Bank of the Russian Federation as the head office organizes the work of the lower divisions of the bank. At the same time, research and analysis of the activities of the bank's institutions, development of proposals for determining priority areas for development, current and long-term planning are carried out; studying the economy and financial market of the country; providing the system of the Sberbank of the Russian Federation with information about the activities of its institutions, managing credit resources and analyzing the effectiveness of their use, as well as the services provided by the bank's institutions.
In addition, Sberbank of the Russian Federation, together with other services, develops proposals for the introduction of new financial products in order to attract customers, and sets commission rates for services. Carries out an economic analysis of attracting funds from the population and legal entities in deposits, deposits and securities, analyzes the practice of applying the current banking legislation, ensures the collection, verification and generalization of all statistical reports on the main activities of bank institutions.
Territorial banks conduct an analysis of the activities of their institutions based on their subordination and the economy of individual regions in order to determine the most profitable sector of the economy for lending and assess the competitive environment.
At present, due to the exacerbation competition a systematic analysis of the situation in the region in the financial and credit markets is carried out.
At the same time, the number of financial institutions is determined, the work of commercial banks, the structure of their liabilities and assets are studied; the main types of banking services and the quality of customer service, the interest rate policy of banks (rates on deposits, deposits and loans), the securities market, potential clients.
The most massive divisions of Sberbank are its branches and branches . The process of consolidation and strengthening of the banking network was manifested in the fact that the rights of branches to independently choose the direction of investment were limited. A soft control was introduced over the issuance of interbank and commercial loans by branches and branches - it was necessary to notify the head bank about the issuance of loans. The tightening of the lending regime was manifested in the fact that formally the provision of loans became possible only with the permission of the Savings Bank of the Russian Federation.
In addition, a database of unscrupulous borrowers was created. The restriction of the right to independently issue loans was accompanied by the introduction of uniform rules for selecting borrowers, which partly guaranteed their reliability. For example, on the interbank market, it was proposed to work only with structures included in the top hundred Russian banks in terms of equity capital. Small banks with a balance sheet of less than 500 billion non-denominated rubles could not expect to receive resources.
The lowest level in the structure of Sberbank are branches . They are created at large enterprises or organizations, or in remote parts of the country where there are sparsely populated areas, and perform a narrow range of operations, for example, pay salaries, receive utility bills, etc. Their independence as a whole is extremely limited.
Thus, carried out in last years centralization of management of Sberbank institutions ensured the strengthening of control and coordination of its work structural divisions.
In order to create an optimal structure of the network of bank institutions and improve its financial condition, an analysis of the existing network is carried out, including the profitability of each institution. When analyzing the existing network, the correctness of its construction and territorial location are determined; the level of service for the population and legal entities by a branch office (agency), i.e. how many residents of the district use the services of bank institutions, and how many - commercial banks; optimal mode of operation; economic indicators are studied (income and expenditure of the population, the situation in the financial market, etc.); changes in the activities of the department (branch) for the analyzed period, which are compared with the results of similar institutions. When analyzing the network, the possibility of creating specialized branches for servicing legal entities, working with securities, currency, and others, as well as the possibility of creating branches in regions with a small number of them, is especially carefully studied. Sberbank has developed the so-called branch economic passport, which will allow to identify the most difficult issues in the organization of banking services in a given territory.
Primorsky branch of Sberbank Russian Federation(hereinafter Primorskoye OSB No. 8635/00172), is a branch of Sberbank of Russia. It has own seal, stamps, forms using the name of the bank, acts on the basis of the provisions developed in accordance with the Charter of the Joint Stock Commercial Savings Bank of the Russian Federation, an open joint stock company, registration number 1841, General license issued by the Central Bank of the Russian Federation for banking operations No. 1481 dated October 3, 2002.
Primorskoye OSB No. 8635/00172 is included in the unified system of the Bank, directly supervises the work of the divisions of the Bank's system located in the territory it serves.
The branch has a separate balance sheet, which is included in the balance sheet of the Bank.
Primorskoye OSB No. 8635/00172 carries out the following banking operations and transactions on behalf of Sberbank of Russia:
attraction of funds of individuals and legal entities in deposits;
placement of borrowed funds;
opening and maintenance of bank accounts of individuals and legal entities;
· implementation of settlements on behalf of individuals and legal entities, including correspondent banks, on their bank accounts;
collection of cash, bills of exchange, payment and settlement documents and cash service individuals and legal entities;
· purchase and sale of foreign currency in cash and non-cash forms;
· trust management in cash and other property under an agreement with individuals and legal entities;
provision of consulting and information services;
purchase, sale, accounting, storage and other operations with securities.
RF. Interest rates on loans, deposits and fees for services rendered to branch clients are determined by the Bank or in the manner prescribed by it, in compliance with the requirements of the current legislation.
The management of the current activities of the department is carried out by the Council and the manager of the department.
The branch manager manages the activities of the branch in accordance with the powers determined by the Regulations on the structural unit and the General Power of Attorney issued to him by the Bank:
concludes contracts for the implementation of banking operations and transactions by the branch;
has the right of first signature under financial documents;
manages the property of the department for the implementation of its current activities within its competence;
concludes employment contracts with employees of the enterprise, applies incentives to these employees and imposes penalties on them;
issues orders and gives instructions that are binding on all employees of the department;
organizes accounting;
· heads the Branch Council and is personally responsible for organizing its work and making decisions that comply with the Bank's regulatory and administrative documents.
At the meetings of the Council, issues are considered that determine the main directions for improving the activities of the department. Measures are being developed to comprehensively meet the needs of customers in banking services and to obtain maximum profit on this basis. The work plans of the branch are approved, decisions are made to change the organizational structure of the branch, reports of their heads are heard, audit materials are considered, decisions are made to write off bad debts for collection in the manner and on the conditions established by the Bank, and other production and social problems aimed at fulfillment by the branch of the decisions of the Management Board of the Bank, requirements and instructions of the Bank .
2.2 Dynamics and structure of financial resources of the organization
Let us consider the structure of the equity capital of Primorsky OSB No. 8635/00172, which is a set of fully paid-up elements of various purposes that ensure economic independence, stability and stable operation of the bank.
A prerequisite for the inclusion in equity of certain funds to cover unforeseen losses arising in the course of the bank's activities, thereby allowing the bank to continue current operations if they occur. However, not all elements of equity have the same protective properties. This circumstance necessitated the allocation of two levels in the structure of the bank's own capital: fixed capital and additional capital.
In accordance with the regulation of the Bank of Russia dated November 26, 2001 No. 159-P "On the methodology for calculating equity (capital) credit institutions» the sources included in the capital stock are funds of the most permanent nature, which the bank can, under any circumstances, use to cover unforeseen losses. These elements are reflected in the reports published by banks and form the basis on which many assessments of the quality of a bank's work are based.
Additional capital, subject to certain restrictions, includes funds that are less permanent and can only under certain circumstances be used to cover losses. The value of these funds changes over time.
In the composition of the sources of fixed capital of the Primorsky OSB No. 8635/00172
stand out:
Authorized capital in terms of ordinary shares, as well as shares that are not cumulative;
The reserve fund of the bank, formed from the profits of previous years and
current year;
Retained earnings of previous years and the current year;;
Provision for depreciation of investments in securities and shares.
Sources of equity capital formation are:
Increase in the value of property due to revaluation;
Part of the reserve for possible losses on vessels;
Funds formed in the current year;
Profit of the current year.
The structure and composition of the equity capital of Primorsky OSB No. 8635/00172 is presented in (table 1). The analysis was carried out on the basis of information about the main economic indicators Primorsky OSB No. 8635/00172.
Table 1. Sources of equity capital of Primorsky OSB No. 8635/00172.
| Indicators | ||||||
| 1.1. Authorized capital | | |
||||
| 1.2. reserve fund % to authorized capital | ||||||
| 1.3. Undestributed profits | ||||||
| 2. Sources of additional capital: | ||||||
| 2.2. Increase in the value of property due to revaluation |
The authorized capital of Primorsky OSB No. 8635/00172 is the main element of equity. It is he who determines the minimum amount of property that guarantees the interests of depositors and bank loans, and serves as security for its obligations. As can be seen from Table 1, the size of the authorized capital during the study period did not change and amounted to 39485 thousand rubles.
Primorsky OSB No. 8635/00172 in the course of its activities, as profits accumulated, created funds: a reserve fund and a reserve for the depreciation of investments in securities. The mandatory reserve fund is designed to cover losses and compensate for losses incurred as a result of current activities, and thus serves to ensure the stable operation of the bank.
The bank's reserve fund was 17.4% in 2004, 17.8% in 2005, and 18.3% in 2006, which indicates that the Bank of Russia's requirement for its size was met (the size of the reserve fund should not exceed less than 15% of the authorized capital).
The purpose of the reserve for the depreciation of investments in securities is to eliminate the negative consequences associated with the depreciation of securities purchased by the bank. The provision for depreciation of investments in securities is a small percentage of the share in the structure of fixed capital.
Additional capital OSB No. 8635/00172 is represented by a provision for possible losses on loans, which is used to cover outstanding loans to customers on the principal debt. It constitutes the largest specific gravity in the structure of additional capital. During the entire analyzed period, the amount of second-tier capital also increased due to the increase in the value of property during revaluation due to inflation.
Let's carry out in table 2 a study of the dynamics of the bank's fixed capital
OSB No. 8635/00172 for three years. According to Figure 1, it can be seen that over the analyzed period, the bank's fixed capital increased by an average of 4.5%. The increase was mainly due to the growth of retained earnings in 2005 by 17.3%, in 2006 by 18.6%.
Table 2. Dynamics of fixed capital Primorskoye OSB No. 8635/00172
| Indicators | Deviations | Deviations |
|||||
| Growth rate, % | Growth rate, % |
||||||
| 1. Sources of fixed capital: | |||||||
| 1.1. Authorized capital | |||||||
| 1.2. reserve fund % to authorized capital | |||||||
| 1.3 Retained earnings | |||||||
| 1.4. Allowance for depreciation of investments in securities | |||||||
| 2. Sources of additional capital: | |||||||
| 2.1. Provision for possible losses on loans. | |||||||
| 2.2. Increase in the value of property due to revaluation |
Let us visualize the dynamics of the main elements of the fixed and additional capital of the Primorsky OSB No. 8635/00172 for the three analyzed years (Figure 1).
Figure 1. Dynamics of the main elements of fixed and additional capital Primorskoye OSB No. 8635/00172, thousand rubles
Due to the growth of the bank's profit, deductions to the reserve fund increased, which increased in 2005 by 21%, and in 2006 by 3.1%.
Thus, most of own funds of capital (more than 50% of all own sources of formation of resources) was formed at the expense of the most stable and stable funds, and, above all, the authorized capital, funds of the bank.
Consequently, Primorsky RSD No. 8635/00172 has sufficient own funds to ensure that they continue their operations in the event of unforeseen losses.
In addition, the excess of the actual value of the reserve fund over the minimum allowable allows the bank to increase the size of its authorized capital at the expense of this part through capitalization and thereby increase the guarantee of protecting the interests of depositors and creditors. And the availability of various funds in the bank is an important indicator of the real possibility of the bank for organizational growth.
2.3 Analysis of the formation and use of financial resources of the organization
Let's consider the main economic indicators of the activities of the Primorsky OSB No. 8635/00172.
Analysis of the economic performance of the Primorsky OSB No. 8635/00172 was carried out for the period from 01/01/2009 to 01/01/2010 based on internal sources of information, i.e. current accounting data, consolidated annual accounting reports.
The level of development of passive operations determines the size of banking resources and, consequently, the scale of the bank's activities. The main place in the resources of the Primorsky branch is occupied by deposits and deposits of individuals and legal entities, balances on settlement (current) and budgetary accounts of legal entities and other liabilities. main goal the analysis of liabilities is to find out the reasons of economic and organizational nature that hinder their active involvement and movement, the development and implementation of measures to increase the resource base.
As of January 1, 2010, attracted resources in the structure of liabilities amounted to 75,136 thousand rubles, they increased by 36.3% or 27,251 thousand rubles. (compared to 01/01/2009), the share of attracted funds in the total liabilities structure as of 01/01/2010 amounted to 98.7%.
Taking into account the traditional focus of Sberbank, private depositors form the basis of the client base; As of 01.01.2010, the largest share in the structure of attracted resources is made up of funds from individuals - 91.7% of their volume (as of 01.01.2009 - 74.3%).
As of January 1, 2010, cash balances in private individuals' deposits increased by almost 1.3 times (a growth rate of 127.8%), or by 10,707 thousand rubles, compared with January 1, 2009, which was the result, firstly , increasing the number of bank customers. From (table 1) it can be seen how the number of depositors changed: 1 sq. 2009 - 31,357 people, Q2 2009 - 32,641 people, Q3 2009 - 33,252 people. The increase in the number of depositors, to a certain extent, is due to the fact that:
Sberbank of the Russian Federation has established itself as a reliable financial institution, for many years engaged in operations to raise funds in deposits of individuals, guaranteed and fully responsible for its obligations.
Primorsky OSB No. 8635/00172 accepts deposits from the population: on demand, salary, universal, fixed-term pension, pension plus, pension deposit, deposit, compensation, youth, savings, replenished deposit, special, savings.
Even the names of the deposits themselves indicate that Sberbank deposits are available to almost all segments of society - from young people to pensioners.
In the course of the analysis, it can be concluded that the number of accounts of depositors of the Primorsky OSB No. 8635/00172 in 2009 increased by 4057 units and amounted to 87991 accounts. The overall increase was only 4.83%, this is due to the fact that there was an increase in the number of accounts on such deposits as: salary, universal, youth, pension plus, replenished deposit, term pension, SBRF deposit, respectively, by 136.14%; 177.14%; 12.5%; 16.14%; 75.0%; 7.3%; 31.0%, at the same time, for deposits: on demand, savings, compensation, pension deposits, accumulative, a decrease in the number of accounts by 3% was noted; 5%; 22.5%; 7.86%; 98% respectively.
The volume of funds entrusted by individuals of the Primorsky OSB No. 8635/00172 is steadily increasing. Moreover, the largest increase was observed on Savings deposits by 1,576,872 rubles, the growth rate was 196.3% and on Pension plus deposits by 5,562,666 rubles, the growth rate was 144.0%. A noticeable increase was noted in Term pension deposits of 689,823 rubles, the growth rate was 120.9%. During the year, there was also an ebb in some types of deposits: for the compensatory deposit, the balance decreased by 15,798 rubles, for the youth deposit - 2,414 rubles. The largest ebb is observed for demand deposits, it amounted to 977,293 rubles. This is due to the termination of opening accounts on demand deposits and their re-registration for salary and universal.
If you look at the whole, the number of depositors is 67.7% of the total population in the whole region. The remaining 32.3% are our promising potential clients.
The replenishment of deposits at the expense of non-cash receipts of funds is growing. This is mainly due to the transfer of wages and pensions to the accounts of individuals (Table 2).
In 2009, a total of 99,027 thousand rubles were received on deposit accounts. The growth rate of non-cash receipts in the second quarter, compared to the first, amounted to 138.4%, the rate of decline in the third quarter compared to the second was 80.3%, the growth rate compared to the first quarter - 111.2%; and the fourth quarter saw growth rates compared to the third and first quarters of 106.7% and 118.6%, respectively.
In order to more rational use funds attracted to deposits, and to assess deposits as short-term lending, the average shelf life of the deposit ruble and the level of settling of funds received on deposits are calculated according to the following formula:
Sd \u003d Avg. / V * D
where Cd is the average shelf life of a deposit ruble (in days);
Osr. – average balance of deposits, rub.;
B - turnover on issuance of deposits, rub.;
D - the number of days in the reporting period.
SD = 31 383 / 109 405 * 366 days
SD = 105 days.
Table 1. Analysis of the deposits of individuals of the Primorsky OSB No. 8635/00172
| Type of deposit | Number of accounts (unit) as of | Deviation (+/-) since the beginning of the year | Balance of deposits (rubles) as of | Growth of deposits | Growth rate, % |
|||
| Poste restante | ||||||||
| Deposit of the Security Council of the Russian Federation | ||||||||
| Term pension | ||||||||
| savings | ||||||||
| Refillable deposit | ||||||||
| | ||||||||
| Compensatory | ||||||||
| Youth | ||||||||
| Pension deposit of the Security Council of the Russian Federation | ||||||||
| Universal | ||||||||
| pension plus | ||||||||
| Cumulative | ||||||||
| Salary | ||||||||
Table 2. Non-cash receipts in deposits of individuals for 2009
| Non-cash receipts | 1st quarter, thousand rubles | 2nd quarter, thousand rubles | 3rd quarter, thousand rubles | Rate of growth (decrease) in comparison with the 2nd quarter, % | Growth (decrease) rate in comparison with the 1st quarter, % | 4th quarter, thousand rubles | Rate of growth (decrease) in comparison with the 3rd quarter, % | Growth (decrease) rate in comparison with the 1st quarter, % |
|
| Wage | |||||||||
| Other amounts | |||||||||
The average shelf life of a deposit ruble reflects the stability of deposits in dynamics. This is especially important for evaluating deposits as short-term lending resources. In our case, the average period of deposit ruble storage as of 01.01.2010 is 127 days (as of 01.01.2009 - 105 days).
Uo \u003d Pv / Po * 100,
where V0 is the level of deposits settling.
Pv - increase in deposits.
By - turnover on the receipt of deposits.
Uo \u003d 12,262,254 / 99,027,000 * 100 \u003d 12.4%
The level of settlement of deposits as of 01.01.2010 is 12.4%, which is 8.4% less than on 01.01. 2009 (20.8%)
In addition to working with clients - individuals, Primorskoe OSB No. 8635/00172 is systematically developing a system for servicing legal entities.
The second most important source of attracting resources for the Primorsky OSB No. 8635/00172 is the funds on the accounts of enterprises and organizations.
Primorskoye OSB No. 8635/00172 provides legal entities with a range of banking services, and also provides them with a unique opportunity to make payments quickly and efficiently through the settlement system of Sberbank, which operates throughout Russia.
The number of accounts of legal entities opened in Primorsky OSB No. 8635/00172 in 2009 increased by 1.3 times (compared to 01/01/2009 - 297 open accounts) and amounted to 01/01/2010 394 units with the amount of funds on them 3339 thousand rubles.
Compared to 01/01/2009, the balances on current accounts increased by 12,515 thousand rubles (their share in the total structure of liabilities is 6.8%). The proportion of legal entities using the services of the bank is 77% of the total number of legal entities.
At the same time, there is a sharp influx of funds into settlement accounts budget organizations. So, if on 01/01/2009 the share of this item in the context of attracted resources was 2%, then over the year it increased by 2% (1,137,197 rubles) and as of 01/01/2010, it is 4% of the total volume of attraction .
The bank's relations with clients are built on the principles of responsible partnership, participation in solving specific problems of the client and taking into account the real needs of his business.
Funds attracted by the bank as deposits for up to 1 year can be used not only for issuing short-term loans, but also for providing them for longer periods. In order to establish a limit to which it is possible to direct short-term resources to medium- and long term investment, the bank needs to calculate the coefficient of transformation of short-term resources into long-term ones.
Kt \u003d (1 - Before / Ko) * 100
where Kt is the transformation ratio.
Ko - credit turnover on receipt of funds to deposit accounts (for a period of up to 1 year, including demand accounts) in the branch.
Before - debit turnover for issuing short-term loans and other short-term investments up to 1 year.
Kt \u003d (1 - 12 357 747 / 81 218 472) * 100 \u003d 0.85 or 85%
Those. the bank is able to channel 85% of short-term resources into medium- and long-term investments.
Thus, the total amount of funds that the bank is able to allocate for long-term investments can be determined by the formula:
M \u003d (Zn + Ko - Zk) * Kt + Znd + Code - Znd
where M is the total amount of resources for long-term investments.
Зн, Зк - funds on demand deposit accounts for up to 1 year, respectively, at the beginning and end of the year.
Ko - credit turnover on receipt of funds to deposit accounts on demand for a period of up to 1 year.
Kt is the coefficient of transformation of short-term resources into long-term ones.
Znd, Zkd - funds on accounts intended for financing and lending of capital expenditures and deposits for a period of more than 1 year, respectively, at the beginning and end of the year.
Code - credit turnover on receipt of funds to the account for financing and lending of capital expenditures and term deposits.
M \u003d (8,585,284 + 81,218,472 - 6,911,650) * 0.85 + 5,287,424 + 110,628 - 5,287,424 \u003d 68,018,918 rubles.
The total amount that the bank can allocate for long-term investments is 68,018,918 rubles.
Liquidity is one of the generalized quality characteristics activities of the bank, which determines its reliability.
The Bank's liquidity presupposes the timely fulfillment of all its obligations, including those that may arise in the future. At the same time, the sources of funds for fulfilling obligations are cash bank, expressed in cash balances on hand and on correspondent accounts; assets that can be quickly turned into cash; interbank loans, which, if necessary, can be obtained from the interbank market or from the Central Bank.
The liquidity of the bank is an indicator of the stability of the bank, it is estimated by the liquidity of the balance sheet, when the funds on the asset, due to their rapid transformation into cash or means of payment, can pay off term obligations on the liability. In other words, the bank's liquidity is its ability to fulfill its obligations to depositors and creditors in a timely manner and without loss.
In Primorsky OSB No. 8635/00172, the following liquidity ratios are calculated.
Economic norms of bank liquidity:
1. Instant liquidity (H2) - the ratio of the amount of highly liquid assets of the bank to the amount of liabilities on demand accounts.
H2 \u003d Lam / Ovm * 100%
where Lam are highly liquid assets.
OVM - demand liabilities.
Criteria level this indicator- below 20%.
In terms of economic content, this standard means the bank's ability to fulfill its obligations to depositors at the current moment (table 3).
Measures to ensure instant liquidity:
attraction of short-term loans;
purchase and sale of foreign currency, securities and metals;
· development of proposals for the sale of investment assets;
· development of proposals for cashing out the balance of funds in the cash register.
Table 3. Instant liquidity ratio - H2 (norm - min 20)
| Meaning | Relative to |
||
| | |
||
Based on the results of the analysis, it can be said that the standard was not met as of 01/01/2009, 09/30/2009 and 01/01/2010. In the fourth quarter, there was an increase in the indicator compared to the beginning of the year. At the same time, it should be noted that in the I and II quarters there was a sharp drop in the indicator due to a sharp decrease in the amount of demand liabilities and an even greater drop in the amount of highly liquid assets. As of 01/01/2009, 09/30/2009 and 01/01/2010 the size and standard of highly liquid assets have increased significantly.
As of January 1, 2010, the standard is met and exceeds the minimum value by 13.5% (Table 4).
2. Current liquidity ratio (N3) - the ratio of the amount of liquid assets to the amount of the bank's liabilities on demand accounts and for up to 30 days. Calculated according to the formula:
H3 = Lat / Ovt * 100%
where LAt - liquid assets of the bank, loans issued by the bank in rubles and in foreign currency, with a maturity within 30 days;
OVt - bank liabilities on demand for a period of up to 30 days.
The minimum allowable value is 50%.
In terms of economic content, the current liquidity ratio (N3) means the extent to which the liquid part of all balance sheet assets can simultaneously repay demand obligations, since the depositor can ask for a refund at any time.
Table 4. Current liquidity ratio - H3 (norm - min 50)
| Meaning | Relative to previous date | Relative to |
|
| | |
||
The current liquidity ratio did not meet the set criteria in the 1st and 2nd quarters due to a sharp decline in the level of liquid assets in relation to liabilities. In the 3rd and 4th quarters, the volume of liquid assets increased, and the standard began to grow. As of January 1, 2010, the standard exceeds the minimum allowable value by 16.8%.
3. The general liquidity ratio (N5), which reflects the percentage ratio of liquid assets and the total amount of assets, is calculated by the formula:
H5 \u003d Lat / A - Ro * 100%
where LAt - current liquid assets;
A is the adjusted sum of all assets on the balance sheet;
Ro - required reserves of a credit institution.
The minimum allowable value of the standard is set at 20% (Table 5).
Table 5. Total liquidity ratio - N5 (norm - min 20)
| Meaning | Relative to previous date | Relative to |
|
| | |
||
For most of the year, the general liquidity ratio was not met and decreased in relation to the beginning of 2009.
At the beginning of 2010, the standard exceeds the minimum value by 9.9%.
The general development of active operations, their structure in the analyzed period is presented in (Table 6).
Table 6. Placement of ruble and foreign resources in 2009
| Indicators | Fact as of 01.01. 2009, thousand rubles | Fact as of 01.01.2010, thousand rubles | 01.01.2010 in % to 01.01. 2009 |
||
| Total ruble resources, thousand rubles | |||||
| Remaining loan debt of individuals | |||||
| Balance of loan debt of legal entities | |||||
| Remaining allocated free resources | |||||
| Total foreign resources, thousand USD | |||||
| Balance of foreign currency deposits | |||||
| Remaining investments in securities |
After analyzing the structure of allocated resources, it can be seen that on 01.01.2009. the main share is occupied by the loan portfolio, in particular, the balance of loan debt of individuals - 31,215 thousand rubles (49.2% of the total share of allocated resources), as well as the balance of loan debt of legal entities - 18,221 thousand rubles (28.7% in total share of allocated ruble resources). The balance of placed free resources in the Territorial Bank is 22.1% of the total share (14,000 rubles).
Having carried out a further analysis of the placed ruble resources, we see that the main and priority direction of placement of ruble resources in 2009 is the increase in the loan portfolio in the total share of allocated resources. So on 01/01/2010. the balance of loan debt of individuals increased by 59%, the share in the total share amounted to 53.2% (49,620 thousand rubles). The balance of loan debt of legal entities increased by 50.2%, the share in the total share is 29.4% (27370 thousand rubles).
The share of allocated free resources decreased by 8.6%. The share as of 01.01.2009 was 22.1% and as of 01.01.2010 - 13.7%. This abbreviation is a positive point, as it is a low-income operation. Another positive aspect is that the balance of investments in securities (OFZ) has increased. Their share as of 01.01.2010 was 3.7% (3,448 thousand rubles).
The balance of placed resources in foreign currency increased from $48,000 to $53,000, or by 10.4%.
The main place in the overall structure of the assets of the Primorsky OSB No. 8635/00172 is occupied by loans to legal entities, individuals - entrepreneurs and individuals.
But the main direction, however, was to increase the loan portfolio of individuals. The general structure of the loan portfolio of individuals for the analyzed period is presented in (Table 7).
The table shows that the main part in the total share of the loan portfolio of individuals is a loan for urgent needs of the population. Its share is as of 01.01.2009. 85.4%. The balance of this type of loan increased over the analyzed period by 10,769 thousand rubles (by 40.4%). Meanwhile, the share of loans for urgent needs in the total share of loans decreased by 10%. This happened as a result of the increased demand for other types of lending: housing loans amounted to 14.4% in the total share of the loan portfolio (as of 01.01.2009 - 10%), the balance increased by 127.8%; There was a demand for such types of loans as a corporate loan (the share as of 01.01.2010 was 4.7%) and a trust loan (the share as of 01.01.2010 was 1.5%). The share of related lending slightly decreased (as of 01.01.2010 it amounted to 3.6% in the total share of the loan portfolio), although the balance of this type of loan increased by 48.3%.
Table 7. General structure of the loan portfolio of individuals for the analyzed period
| Loan type | Fact as of 01.01.2009 thousand rubles | Fact as of 01.01.2010 thousand rubles | 01.01.2010 in % to 01.01.2009 |
||
| For urgent needs | |||||
| Related lending | |||||
| Educational loan | |||||
| Corporate loan | |||||
| Loan secured c. papers | |||||
| Loan secured by measured bars | |||||
| trust loan | |||||
Educational loans are in the least demand: as of January 1, 2010, their share is 0.4% in the total share of the loan portfolio of individuals. The balance decreased by 9.9% compared to 01/01/2009.
There is no demand for such types of loans as a loan secured by securities, a loan secured by bullion.
The Bank provides a full range of credit services and offers a wide range of lending modes: a credit line, "People's Telephone" - a loan to individuals to pay for services for installing a telephone and connecting to a subscriber network, investment loans (for the purchase of fixed assets, for technical re-equipment, reconstruction, expansion of the enterprise), lending for personal consumption, construction and acquisition of real estate, overdraft lending.
Let's analyze the loan portfolio of the branch, which includes the issuance of a loan, repayment of a loan, loans and overdue debts (table 8).
In 2009, the Primorsky branch issued loans totaling 91,963,500 rubles, which is 48,265,000 rubles more than in 2006.
In the 2nd quarter of 2009, loans were issued in the amount of 24,338,500 rubles, which is 4,717,600 rubles more than in the 1st quarter of 2009 (19,620,900 rubles); the growth rate was 124.0%. In the 3rd quarter of 2009, loans were issued for a total amount of 20,184,100 rubles, which is less by 4,154,400 rubles than in the 2nd quarter of 2009 (24,338,500 rubles) and more by 563,200 rubles than in the 1st quarter of 2009 year (19,620,900 rubles). The growth rate compared to the 2nd quarter of 2009 decreased by 17%. In the 4th quarter of 2009, loans were issued for 27,820,000 rubles, which is more than in the 3rd quarter by 7,636,000 rubles, more than in the 2nd quarter by 3,481,500 rubles and more than in the 1st quarter of 2009 by 8,199,100 rubles. The growth rate compared to the 3rd quarter of 2009 amounted to 137.8%.
Loans issued to individuals in the 2nd quarter of 2009 amounted to 14,038,500 rubles, which is 2,717,600 rubles more than in the 1st quarter of 2009 (11,320,900 rubles). The growth rate was 124.0%. In the 3rd quarter of 2009, loans to individuals amounted to 14,058,600 rubles, which is 20,100 rubles more than in the 2nd quarter of 2009 and 2,737,700 rubles more than in the 1st quarter of 2009. The growth rate was as compared to with the 2nd quarter of 2009 - 100.1%. In the 4th quarter of 2009 loans to individuals amounted to 14,120,000 rubles, which is 61,400 rubles more than in the 3rd quarter, 81,500 rubles more than in the 2nd quarter, and 2,799,100 rubles more than in the 1st quarter of 2009 The growth rate was 100.4% compared to the 3rd quarter of 2009.
Loans issued to legal entities, incl. entrepreneurs, in the 2nd quarter of 2009 10,300,000 rubles, which is more by 2,000 thousand rubles than in the 1st quarter of 2009. (8,300 thousand rubles). The growth rate was 124.1%. In the 3rd quarter of 2009 Issued to legal entities, incl. entrepreneurs 6,125,500 rubles, which is less by 4,174,500 rubles than in the 2nd quarter of 2009 and less by 2,174,500 rubles than in the 1st quarter of 2009. The growth rate compared to the 2nd quarter of 2009 was 30.3%.
In the 4th quarter of 2009, 13,700 thousand rubles were issued, which is more than in the 3rd quarter by 7,574,500 rubles than in the 3rd quarter of 2009, more by 3,400 thousand rubles than in the 2nd quarter of 2009 and more by 5,400 thousand rubles than in the 1st quarter of 2009. The growth rate compared to the 3rd quarter of 2009 was 223.7%.
Loans repaid in total for 2009 amounted to 44,424,376 rubles, including 12,842,736 rubles by individuals, 31,581,640 rubles by legal entities, including entrepreneurs.
The branch's loan portfolio as of January 1, 2010 consists of loans granted to legal entities in the amount of 27,368,500 rubles and to individuals in the amount of 49,620,300 rubles. The greatest demand among the population is for loans for urgent needs, which account for 75.4%.
Table 8. Loan terms
Speaking about the issuance of loans, it is impossible not to analyze the interest rates. Throughout the analyzed period, interest rates had a steady downward trend from 22% to 19%. This was due to a decrease in the refinancing rate of the Central Bank of the Russian Federation.
Purposeful work to increase the loan portfolio allowed to increase the balance of loan debt. Let's analyze the percentage of the plan's implementation for the balance of loan debt (table 9).
For the 1st quarter of 2009, the total balance of loan debt amounted to 55,000 thousand rubles, with a plan of 55,050 thousand rubles, i.е. the plan was underfulfilled by 0.1 and amounted to 99.9%. Including the balance of loan debt of legal entities amounted to 21,200 thousand rubles against the plan of 20,050 thousand rubles, the percentage of the plan was 105.7% (the plan was overfulfilled by 5.7%). The balance of loan debt of individuals amounted to 33,800 thousand rubles. with a plan of 35,000 thousand rubles, i.e. the plan was underfulfilled by 3.4% (96.6%).
For the 2nd quarter of 2009, the total balance of loan debt amounted to 62,420 thousand rubles. with a plan of 63,100 thousand rubles, the plan was underfulfilled by 1.1%, i.e. amounted to 98.9%. For individuals, the balance of loan debt is 37,620 thousand rubles, with a plan of 39,000 thousand rubles, the percentage of the plan is 96.5% (the plan is underfulfilled by 3.5%). The balance of loan debt for legal entities was 24,800 thousand rubles, while the plan was 24,100 thousand rubles, the plan was overfulfilled by 2.9%. For the 3rd quarter of 2009, the total balance of loan debt amounted to 70,250 thousand rubles (with a plan of 65,200 thousand rubles),
The percentage of implementation of the plan was 107.8%, incl. the balance of loan debt for legal entities is 26,520 thousand rubles, with a plan of 25,200 thousand rubles. (the plan was overfulfilled by 5.2%), the balance of loan debt for individuals is 43,730 thousand rubles, with a plan of 40,000 thousand rubles. The plan was exceeded by 9.3% and is 109.3%. For the 4th quarter of 2009 the balance of the loan debt amounted to 76,990 thousand rubles (with a plan of 75,000 rubles). The percentage of implementation of the plan was 102.7%, incl. the balance of loan debt for individuals amounted to 49,610 thousand rubles, with a plan of 48,000 rubles (the plan was overfulfilled by 3.4%), the balance of debt for legal entities amounted to 27,370 thousand rubles, with a plan of 27,000 rubles (the plan was overfulfilled by 1.4%).
Table 9 thousand roubles.
Let us analyze, for example, the change in the total balance of loan debt during 2009.
As of 01.01.2010, overdue debt, by department, amounted to 42,603 rubles, which is 258,600 rubles. less than on September 1, 2009 (301,203 rubles), by 362,999 rubles. less than on April 1, 2009 (406,602 rubles) and 1,025 rubles less than in the 1st quarter of 2009 (43,528 rubles). The share of overdue debt in the branch's loan portfolio as of 01.01.2010 was 0.1%.
A negative impact on the financial result is exerted by the diversion of funds into assets that do not generate income (non-performing assets). A comparative analysis of non-performing assets is presented in (Table 11).
Table 10. Comparative analysis of non-performing assets, thousand rubles
| Deviation |
|||
| Overdue loans | |||
| Cash on hand and correspondent account | |||
| Receivables | |||
| Capital expenditures | |||
| Future spending | |||
| Total non-performing assets | |||
| Branch assets | |||
| Share of non-performing assets in total branch assets | |
The decrease in the share of non-performing assets in the total amount of assets from 7.9% (as of 01.01.2009) to 5.6 (as of 01.01.2010) occurred solely as a result of capital expenditures, which were not made during these periods.
Table 10 shows that the largest part of non-performing assets are funds in cash and on the correspondent account 66.34% as of 01.01.2009. and 62.51% as of 01.01.2010. In second place are deferred expenses, which amount to 28.72% as of 01.01.2009. and 27.81% as of 01.01.2010 in the total volume of non-performing assets. Overdue loans - 3.49% and 9.22%, respectively. An insignificant share in the total volume of non-performing assets is accounts receivable - 1.4% as of 01.01.2009 and 0.4% as of 01.01.2010.
Profit is an indicator of the performance of the bank. Bank profit is important for all participants in the economic process. Shareholders are interested in profit, because it represents the return on investment capital. Profit benefits depositors, for by increasing the bank's reserves and improving the quality of services, a stronger, more reliable and efficient banking system is being built.
AT general view the amount of profit depends on 3 global components: income, expenses, taxes and other obligatory bank payments. In accordance with this, the model of formation and, to a certain extent, the use (expenditure) of profit can be schematically represented as follows (Figure 1).
Figure 1. General scheme of bank profit formation
| INCOME FROM PASSIVE OPERATIONS |
| INCOME FROM ASSET OPERATIONS (operating income (interest + non-interest) + other income) |
| OPERATING EXPENSES (interest + non-interest) |
| OTHER EXPENSES |
| PROFIT (NET INCOME) |
Making a profit is one of the main goals of the functioning of commercial banks, since the solution of most of the most important tasks facing them, such as increasing the amount of equity capital, replenishing reserve funds, and financing capital investments.
For the most part, the bank's profit is formed from the difference in interest charged to customers and paid to them on banking operations, as well as through commission fees for services rendered.
Profit analysis in commercial banks is carried out in the following areas:
· assessment of the level of profit achieved by the bank for the reporting period;
· dynamic profit analysis;
analysis of balance sheet profit;
analysis of net profit;
Profitability of the main directions banking and types
operations performed by the bank;
· profit analysis in the context of the bank's structural divisions;
analysis of financial losses;
analysis of lost profits;
analysis of the use of profits.
In 2009, the Primorsky branch received a profit in the amount of 6,281 thousand rubles. This happened as a result of an increase in the share of the loan portfolio in the total share of the income structure (56.3%), as well as an increase in the share of commission income (32.1% in the total income structure).
Central to analysis financial results commercial banks belongs to the study of the volume and quality of their income, since they, in turn, are the main factor in the formation of profits of credit institutions.
Decrease in incomes, as a rule, represents the objective indicator of imminent financial difficulties of the bank. It is these circumstances that determine the importance of the analysis of total income in the study of the financial results of the bank.
When analyzing the structure of income, it is customary to divide them into interest and non-interest income.
Interest income is interest accrued and received on loans in rubles and foreign currencies.
Interest income includes:
income from issuing loans to legal entities;
income from issuing loans to the population;
income from issuing loans in foreign currency;
Non-interest income:
Commission received for services rendered by the bank to legal entities;
Commission received for services rendered by the bank to the population;
income from foreign exchange transactions;
Income from sales and purchases precious metals, valuable papers;
income from non-banking activities (fines, penalties, forfeits received).
In 2009, the department earned income in the amount of 10,959.0 thousand rubles, which is 6,560 thousand rubles more than in 2008. Of these, 6,789 thousand rubles are interest-bearing, and 4,399 thousand rubles are non-interest bearing.
Below, in (table 11) is a comparative analysis of the structure of income.
As can be seen from Table 11, as a result of the structure of assets that developed in the reporting period, income from loans to individuals and legal entities is the main source of formation of the income base of the branch. As of 01.01.2010, 6,169 thousand rubles were received from lending, which is almost 2.6 times higher than the level of the previous year (as of 01.01.2009 - 2,393 thousand rubles), including 3,594 thousand rubles from lending to individuals. rubles and from lending to legal entities 2575 thousand rubles. The share as of 01.01.2010 is 56.3% against 54.3% as of 01.01.2009.
Table 11. Analysis of the structure of income, thousand rubles
| | Fact as of 01.01. | % completion | Fact as of 01.01. | Growth rate, % |
||
| From trading in securities | ||||||
| From lending to legal entities | ||||||
| From lending to individuals | ||||||
| From the redistribution of credit resources | ||||||
| Realized exchange rate difference | ||||||
| Exchange difference from revaluation of balance sheet accounts | ||||||
| Commission income | ||||||
| Other income | ||||||
In second place are the income received from the collection of commissions. If on 01.01.2009 the income received from the collection of the commission was received in the amount of 1,222 thousand rubles, then already on 01.01.2010 the branch received income in the amount of 3538 thousand rubles. The growth rate was 258.5%.
Income from transactions with securities in the overall structure of income increased by 361 thousand rubles (01.01.2009 - 256 thousand rubles) and amounted to 620 thousand rubles as of 01.01.2010. The growth rate was 242.2%.
There was also an increase in income from the realized exchange rate difference by 130 thousand rubles, from the revaluation of balance sheet accounts by 20 thousand rubles. Other income increased by 65 thousand rubles.
At the same time, there is a decrease in income from the redistribution of credit resources by 111 thousand rubles (as of January 1, 2009, income was 317 thousand rubles, as of January 1, 2010, income amounted to 206 thousand rubles, a decrease occurred by 35%).
When analyzing the total costs, as well as the bank's income, it is necessary to proceed from their division into interest and non-interest.
Interest expenses usually make up the majority of expenses. They include in their composition:
interest on deposits and deposits of the population;
interest on accounts of organizations and deposits of legal entities;
· interest on certificates and certificates of deposit;
Non-interest (operating) expenses include:
· labor costs;
commission expenses;
operating costs;
Bank operating expenses are easier to control and analyze, since most of them (labor costs, operating costs) are relatively constant and quite predictable. The department's expenses as of January 1, 2010 (RUB 4,678 thousand) compared to January 1, 2009 (RUB 2,935 thousand) increased by RUB 1,743 thousand.
Table 12 below provides a comparative analysis of the cost structure.
Table 12. Analysis of the structure of expenses, thousand rubles
| | Fact as of 01.01. | % completion | Fact as of 01.01. | Growth rate, % |
||
| On deposits of legal entities | ||||||
| On deposits of individuals | ||||||
| Deductions to the RVPS | ||||||
| Labor costs | ||||||
| Commissions paid | ||||||
| other expenses | ||||||
As can be seen from the table, the largest part in the total cost structure is occupied by labor costs. As of 01.01.2009 the share in the total structure of expenses amounted to 31.4% (921 thousand rubles), as of 01.01.2010, labor costs increased by 695 thousand rubles, the share was 34.5%, the growth rate was 175.5%. As of 01.01.2009, expenses on deposits of individuals amounted to 636 thousand rubles or 21.7% of the total structure of expenses. As of 01/01/2010 -864 thousand rubles, the growth rate was 135.9%.
The smallest share in the total amount of expenses is deductions to the reserve for possible losses on loans (as of 01.01.2009 - 0.6%, as of 01.01.2010 - 1.3%), as well as commission expenses (as of 01.01.2009 - 0% , as of 01.01.2010 - 0.1%). Other expenses increased by 49% (as of 01.01.2009 - 870 thousand rubles, as of 01.01.2010 - 1296 thousand rubles). Administrative and household expenses increased by 24.6% (as of 01.01.2009 - 411 thousand rubles, as of 01.01.2010 - 512 thousand rubles). Tax expenses increased by 245 thousand rubles. The growth rate was 406.3%.
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Consider the formation of financial resources in the economic entities of the state.
Financial resources are the totality of all funds and receipts at the disposal of an economic entity.
At the enterprise level, financial resources are used to form special-purpose funds (wage fund, production development fund, material incentive fund, etc.), fulfill obligations to the state budget, banks, suppliers, insurance authorities and other enterprises. Financial resources are also used to finance the costs of purchasing raw materials, materials, wages, etc.
Financial resources of enterprises are formed at the expense of own funds of enterprises and borrowed funds. The main source of formation of financial resources in the enterprise is profit.
Profit is the monetary expression of savings created by enterprises of any form of ownership. How eco- 64
Profit has two functions:
- the main source of financial resources for expanded reproduction;
- source of state budget revenues.
Concentrated in profit economic interests state, business entities and each employee. Profit characterizes all aspects of the financial and economic activities of enterprises, therefore, the growth in profits of business entities indicates an increase in financial reserves and strengthening financial system states.
The end result of the production and financial and economic activities of economic organizations is the receipt of balance sheet profit, which includes profit from the production and sale of the main products (works, services), from the sale of other products, as well as the balance of profits and losses from non-operating operations (fines, penalties, penalties and etc.).
Along with profit, enterprises have other sources of financial resources formation.
The structure and sources of financial resources of the enterprise are shown in fig. 3.1.
As the economy transitions to market relations, the point of view on the formation of financial relations is gradually changing. However, the principles of organizing the finances of enterprises have a certain stability.
The general principles for organizing financial resources are as follows:
Principle 1. Financial resources at enterprises are formed from their own and borrowed funds.
The initial creation of own financial resources occurs at the time of the establishment of an enterprise (organization), when an authorized fund (authorized capital) is formed.
The sources of formation of the statutory fund, depending on the organizational and legal forms of enterprises, can be:
Rice. 3.1.
- share capital (in joint-stock companies);
- share contributions of members (in consumer societies, production cooperatives);
- sectoral financial resources (in enterprises and unions);
- long-term credit (in organizations of any form of ownership);
- budget funds (at state and municipal enterprises).
The main sources of financial resources at operating enterprises are the proceeds from products sold(works, services), which generates gross income and profit, as well as depreciation. Partially they are formed at the expense of receipts in the order of redistribution of funds (insurance compensation, dividends, budgetary funds).
principle 2. The financial activities of enterprises are planned for the coming financial year, taking into account the indicators and results of activities for the past period and forecasts for the coming period. Some economists believe that compiling financial plans not necessary in market conditions. However, it can be argued that in modern conditions transition to market economy financial plans are needed primarily for the enterprises themselves.
The purpose of drawing up financial plans is to determine possible financial resources, capital and reserves based on forecasting the volume of economic activity, income and expenses. The plans include the creation of financial reserves and deductions to centralized funds. The plans reflect the direction of financial resources to finance working capital in the core business and to finance investment activities (formation of a capital investment fund).
Principle 3. Ensuring the safety of own working capital. It is assumed that working capital should be kept in full. If the amount of working capital decreases, the company may lose financial stability and eventually become bankrupt.
INTRODUCTION……………………………………………………………… 3
1.1. The essence of the finances of organizations……………………………... 6
1.2.Functions of finance organizations……………………………… 11
CHAPTER 2. FORMATION OF FINANCIAL RESOURCES
ORGANIZATIONS
2.1.Principles of organizing the finances of organizations………………. fifteen
2.2.Sources of formation of financial resources…………….. 20
2.3.Problems of formation of financial resources……………... 25
CHAPTER 3. FINANCIAL RESOURCES OF ORGANIZATIONS AND THEM
USE……………………………………………… 31
CONCLUSION………………………………………………………….. 36
LIST OF USED LITERATURE………………….. 40
INTRODUCTION
Finance, being an integral element of the economic mechanism for managing organizations, serves as the basis for the formation of various funds necessary for normal economic activity: authorized capital and reserve fund, accumulation and consumption funds, wage fund, depreciation and repair funds, commercial risk fund, etc.
Financial resources are the economic basis for organizing trading activities on the principles of self-financing. The scale and pace of development of trade turnover and all economic activity depend primarily on the availability of financial resources. On the other hand, the growth of trade turnover and the successful implementation of business plans provide an increase in financial resources, and the strengthening of the financial position of trade organizations due to the growth of profits from economic activities.
In the context of the development of market relations and the functioning of the financial market, a qualitatively new approach to the management of financial resources is required. The procedure for the formation and use of financial resources, as well as the relationship of organizations with the financial and credit systems, are changing.
The financial resources of an organization are a set of its own cash income and receipts from outside, intended to fulfill the organization's financial obligations, finance current costs and costs associated with the development of production.
The financial resources of the organization are used for the formation of special-purpose funds (wage fund, production development fund, material incentive fund, etc.), fulfillment of obligations to the state budget, banks, suppliers, insurance authorities and other organizations. Financial resources are also used to finance the cost of purchasing raw materials, materials, wages. Capital - part of the organization's finances invested in production and generating income upon completion of the turnover. In other words, capital acts as a converted form of financial resources.
The finances of organizations have a single holistic orientation, but in each case they reflect industry-specific features, expressed in the specifics of capital turnover, maintenance of reproduction processes, emission and investment activities.
The presence of sufficient financial resources, their effective use, predetermine the good financial position of the organization, solvency, financial stability, liquidity. In this regard, the most important task of organizations is to find reserves for increasing their own financial resources and their most efficient use in order to improve the efficiency of the organization as a whole.
The role of finance organizations in ensuring the normal state of the economy and social life of the country is also important, since, due to their specific features, they carry out the process of distribution and redistribution of national income and national wealth at three main levels: at the national level; at the level of organizations; at the production team level.
The effective formation and use of financial resources ensures the financial stability of organizations and prevents their bankruptcy. In market conditions, the state of the finances of organizations is of interest to direct participants in the economic process.
aim term paper is to study the sources and principles of formation of the financial resources of the organization, as well as identifying the problems of their formation and use.
To achieve this goal, it is necessary to solve the following tasks:
Consider the essence of the organization's finances;
Determine the functions of the organization's finances;
Consider the principles of organizing the organization's finances;
To reveal sources of formation of financial resources;
Determine the problems of formation of financial resources of the organization;
Consider the financial resources of organizations and their use.
To solve the tasks, the materials of the following authors were taken: when considering the essence of the organization's finances, the materials of the works of Buryakovsky V.V. "Finance of enterprises", Kovaleva A.M. news.ru; when considering the principles - the works of Buryakovsky V.V. "Finance of enterprises" and Kovalev V.V. . « Finances of organizations (enterprises)”; when identifying the sources of formation of financial resources, the materials of the Internet magazine for economists, brokers, financiers - Soldi-news.ru, Yarkina T.V., "Fundamentals of the economics of the organization", Polyak G.B., "Financial management" were used; when determining the problem of formation of financial resources of organizations, an article from the magazine "Consultant" No. 19 was considered; also used materials Pavlova L. N. "Finance of organizations", Kolchina N. V. "Finance of organizations", Kovaleva, A.M. "Finance of the Firm", Kremenukova S.V. "Financial resources of the organization", Vakhrina P. I. "Finance".
Thus, the work contains three chapters, which discuss the general concepts of the finance of organizations, their formation and use.
CHAPTER 1. GENERAL CONCEPTS OF FINANCE OF ORGANIZATIONS
1.1. The essence of the finances of organizations
The finances of organizations are economic, monetary relations that arise as a result of the movement of money and the cash flows generated on this basis, associated with the functioning of the monetary funds created by organizations.
The finances of organizations are the basis of the financial system of the state, since organizations are the main link in the national economic complex. The state of the organization's finances has an impact on the provision of national and regional funds with financial resources. The dependence here is direct: the stronger and more stable the financial position of organizations, the more secure national and regional monetary funds, the more fully social, cultural needs, etc.
The finances of organizations are the most important component unified system state finances. This is predetermined, first of all, by the fact that they serve the sphere of material production, in which the gross domestic product, national income and national wealth are created. In essence, the finances of organizations are a specific part of the financial system. Their difference from public finance due to the functioning in various spheres of social production.
The presence of finance organizations due to the existence of commodity-money relations and the laws of value and supply and demand. The sale of products and services is carried out by buying and selling for money at prices that reflect the value of the goods. But money itself is not finance. This is a special commodity by means of which the value of all other commodities is determined and expressed and their circulation takes place. Finance is an economic relationship carried out through the circulation of money, that is, monetary relations.
One of the most successful definitions of financial resources is the following: the financial resources of an organization are cash income and receipts at the disposal of a business entity and intended to fulfill financial obligations, implement costs for expanded reproduction and economic incentives for employees.
The finances of organizations are characterized by the same features as, in general, the category of finance. At the same time, they have features that are due to their functioning in the sphere of material production, where all spheres of the reproductive process are organically connected: production, distribution, exchange and consumption.
Since the finances of organizations are directly related to production and reflect the patterns of economic development, they are a category that is part of the economic basis.
To ensure the reproduction process with the help of finance, organizations in all sectors of the national economy form special-purpose funds used for production needs and to meet the social and personal needs of workers.
Thus, the finances of organizations are a set of economic, monetary relations that arise in the process of production, distribution and use of the total social product, national income, national wealth and are associated with the formation, distribution and use of gross income, cash savings and financial resources of organizations. These relations, which determine the essence of this category, are mediated in monetary form.
It is customary to refer to financial relations that determine the content of this category monetary relations that arise in the process of expanded reproduction (Fig. 1.), Namely:
Between organizations and other business entities;
Between organizations and the budget system;
Between organizations and the financial and credit system;
Within various associations of organizations;
|
Finance of organizations (economic, monetary relations) |
||||
|
between organizations and other business entities |
between organizations and the budget system |
between organizations and the financial and credit system |
within various associations of organizations |
within the organization |
|
with suppliers; with buyers; With construction, transport and other organizations; With foreign organizations and firms. |
With budgets of different levels; With state centralized funds; With extrabudgetary funds. |
with banks; with insurance companies; With the stock market; with investment funds. |
With a higher organization; Within the association; Within financial and industrial groups. |
With employees of the organization; Between branches, workshops, departments; |
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MINISTRY OF EDUCATION AND SCIENCE OF RUSSIA
FEDERAL STATE AUTONOMOUS
EDUCATIONAL INSTITUTION
HIGHER PROFESSIONAL EDUCATION
"BELGOROD STATE NATIONAL
RESEARCH UNIVERSITY (NRU BelSU)
Department of Finance and Credit
GRADUATE WORK
"FORMATION AND USE OF FINANCIAL RESOURCES OF THE ENTERPRISE"
female students of ____ course _______ groups
specialty "Finance and credit"
Supervisor:
Reviewer:
Belgorod 2011
INTRODUCTION
1. CONCEPT, ESSENCE AND FUNCTIONS OF FINANCIAL RESOURCES
1.1 The economic essence of the financial resources of the enterprise
1.2 Functions of financial resources in the enterprise
1.3 Sources of formation of financial resources in the enterprise
2. FORMATION AND USE OF FINANCIAL RESOURCES OF KMARUDA COMBINE JSC
2.1 Organizational and economic characteristics of the enterprise
2.2 Analysis of the sources of formation of the financial resources of the enterprise
2.3 Analysis of the distribution of net profit
2.4 Analysis of the adequacy of financial resources for solvency and financial stability
3.1 Determining the amount of current funding needs
current assets
3.2 Short-term financial planning as a tool for managing the financial resources of an enterprise
CONCLUSION
REFERENCES
APPS
INTRODUCTION
Relevance of the topic diploma research. The economic success of an economic entity in market conditions depends on both the external and internal environment. The latter includes the quality of financial management. One of the most important tasks solved by a financial manager is the search for additional sources of financial resources on favorable terms for an economic entity.
The market provides an opportunity to choose between various sources and forms of mobilization of financial resources. In this connection operating enterprises it is necessary to have criteria for choosing one or another source of funding, as well as to know the total amount of attracted resources.
The works of a number of domestic and foreign authors are devoted to the study of the problems of the formation and use of financial resources, both at the macro and micro levels. However, many issues of theoretical interpretation of the essence of financial resources, the order of their formation and effective use, from my point of view, are not fully covered.
All of the above determined the relevance of the choice of the topic of this thesis research.
Issues related to the formation and use of financial resources of enterprises are presented in the works of Birman A.M., Kovalev V.V., Molyakov D.S., Rodionova V.M., Chorba P.M. and etc.
At the same time, in the specialized literature, all aspects of the formation and use of financial resources are not sufficiently covered.
Achieving this goal involves solving a set of the following tasks:
1) specify the economic content of financial resources;
2) explore the functions of financial resources;
3) to study the sources of formation of financial resources;
4) analyze the processes of formation and distribution of financial resources of the enterprise;
5) to analyze the adequacy of the financial resources of the enterprise to maintain solvency and financial stability;
The object of the study is the financial resources of JSC "Combine KMAruda".
The subject of the study is the system of economic and organizational relations that arise in the plant itself, as well as between the plant and the budget, its counterparties in the process of formation and use of financial resources.
The work was performed on the materials of JSC "Combine KMAruda".
The study covers a three-year period - from 2007 to 2009, during which an analysis was made of the formation and use of financial resources.
Theoretical basis for writing thesis served as federal legislation and regulatory legal acts of Russia, journal articles, monographs and study guides on the research topic.
As information base materials of JSC "Combine KMAruda", its reporting and internal documents were used.
During the writing of the thesis, such techniques and methods were used as index method, comparison method, structural method, horizontal and vertical analysis of indicators, etc.
The diploma work consists of an introduction, the main part, which includes three chapters, a conclusion and a bibliographic list containing 81 titles.
In the first chapter of the work, the subject of theoretical research is the economic essence, functions and sources of formation of the financial resources of the enterprise.
The second chapter is an analytical section of the thesis, which assesses the processes of formation and use of financial resources of JSC "Combine KMAruda".
The third chapter contains suggestions for improving the management of financial resources.
The work is presented on 79 pages of text. The calculations were made in the form of tables, the total number of which was 11; the work presents drawings and diagrams (3 pcs.); references were made to applications, the number of which was 24.
1. CONCEPT, ESSENCEAndFUNCTIONSFINANCIAL RESOURCES
1.1 Economicessencefinancial resourcesenterprises
Being a material carrier of financial relations, financial resources affect all stages of the reproduction process, thereby adapting the proportions of production to social needs. Their predominant part is created by enterprises of the national economy, and then redistributed to its other links.
In this regard, the interest of the state is obvious, which in modern economic conditions should provide conditions for the most efficient use of the resources at its disposal in order to stimulate economic growth, which is necessary condition the existence of an economically wealthy and independent modern society.
On the issue of the nature of financial resources among economists there is no consensus.
According to many economists, financial resources are a set of funds for a strictly designated purpose, that is, intended to fulfill financial obligations and incur costs to expand production.
However, some economists reduce financial resources only to the enterprise's own funds; the other proceeds from an extended interpretation, and therefore refers to financial resources not only own, but also borrowed, as well as borrowed funds.
The concept of financial resources is closely related to such economic categories as "capital", "cash" and "cash funds", which allow a reasonable interpretation of the financial resources themselves.
Capital is not only financial, but also material resources, which are reflected in both the asset and the liability of the balance sheet. The very understanding of capital, in turn, is based on an understanding of the essence of the factors of production.
Factors of production, or production resources, are the benefits of natural and artificial origin used to produce the final goods and services people need.
The factors of production are many and varied. In this regard, they had to be reduced to homogeneous groups.
At the end of the 18th - beginning of the 19th centuries. four groups of factors of production were formulated:
3) capital;
4) entrepreneurial spirit.
These groups (factors) corresponded Various types income received by their owners: rent, wages, interest and profit. This classification of income, called functional (or factorial), developed in England, where then there was a clear division of property (land belonged to landlords who rented it out, wage workers were carriers of labor, enterprises belonged to entrepreneurs, and financial resources belonged to capitalists). Hence, according to the classic of political economy D. Ricardo, there was an interest in the problems of the functional distribution of income.
AT modern world such a selection of factors has largely lost its economic meaning. The opposition of capital as a universal source of income, to income itself as a result of the productive use of capital, came to the fore. Now all sources of production factor services are represented as capital (personal or national). In this sense, capital includes production equipment, and the earth with its useful properties, and human abilities, qualifications and skills as sources of his ability to work.
It is this extended understanding of capital that is characteristic of A. Smith, who attributed the following varieties to fixed capital, generating income or profit, without entering circulation or without changing the owner:
Various useful machines and tools that facilitate or reduce labor;
All buildings that are a means of generating income not only for their owners, but also for those who rent them and pay rent for them;
All land improvements, that is, everything that is invested in clearing, draining (irrigating), fertilizing the land and bringing it into a condition suitable for cultivation and plowing;
All acquired useful abilities of the inhabitants of the country or members of the society.
In the XX century. this extended concept of capital was developed American economists I. Fisher, D. Dewey and others.
According to I. Fischer, the stock of wealth that exists at some point in time is called capital, and the flow of services generated by it over a certain period of time is called income.
With such a broad understanding of capital, the distinctions disappear not only between aggregate factors of production, but also between productive resources and consumer goods(even a ham sandwich is capital for a short period of existence). In this sense, "capital" is simply a synonym for "productive force." In this sense, capital includes everything useful for production - human skills, business acumen, land, raw materials, materials, roads, bridges, buildings, machines, and even the force of social order.
This broad understanding of capital as the source of any productive force does not exclude the distinction between its personal, personal elements (factors of production), such as labor or enterprise, not alienated from their owners (carriers) and non-personal, like land, equipment, buildings, structures.
Non-personal (alienable) factors or elements of capital can both be sold and leased, in connection with which a distinction is made between capital and rental (rental) prices, while the services of personal factors can only be presented for rent and actually have only rental (rental) prices. The fact that personal elements usually do not have a market capital price is the reason for their restriction from capital goods of a non-personal nature (i.e. from ordinary capital goods (land, buildings, machines, etc.).
It is necessary to distinguish between capital property, represented by a set of capital goods, and financial capital. If capital goods represent capital as a factor of production in the form of a stock or its (stock) value expression, then financial capital is capital in liquid form, in the form of shares, liabilities, or simply money.
The term "capital" as the source of all productive power also has two different meanings: real capital and capital-value.
Real capital is the sources of income themselves, or capital goods (buildings, structures, land, etc.). Capital-value is the market value of capital goods.
These two definitions of "capital" correspond to two meanings of the term "income". For example, the crop of a particular piece of land is the real income of its owner, while the market price of that crop is the value of that income.
For productive resources circulating on the market, there is a ratio determined by market conditions between the annual value of their services, or the income they bring, and the market price of the resource itself, i.e. income value and capital-value. This ratio, or "yield" proportion, corresponds to the income of the owner of the resource, represented as a proportionate share of the capital value of the resource or factor of production. Based on this, one can more clearly understand the relationship between the interest on capital (in the broadest sense) and the traditional components of the functional distribution of income - land rent and wages.
Thus, in a market economy, capital for a financier-practitioner is a real object on which he can really influence in order to obtain new income for an enterprise (firm). In this capacity, capital for the financier is an objective factor of production. It follows that capital is a part of the financial resources involved in the turnover of the company and generating income from this turnover. In this sense, capital acts as a transformed form of financial resources. financial resources formation planning
In this interpretation, the fundamental difference between the financial resources and the capital of the enterprise is that at any time the financial resources are greater than or equal to the capital of the enterprise. At the same time, equality means that the enterprise has no financial obligations and all available financial resources are put into circulation. However, this does not mean at all that the closer the value of the enterprise's capital to the volume of its financial resources, the more efficiently it works. Moreover, in real life there is no equality of financial resources and capital of a functioning enterprise, since financial statements all over the world is built in such a way that it is impossible to detect the difference between financial resources and capital. The fact is that standard reporting does not present financial resources as such, but their converted forms - liabilities and capital.
Cash -- the totality of the company's funds, expressed in cash (cash or non-cash) turnover. Cash turnover can be represented by the company's cash desk, and non-cash form - by bank accounts, payment orders, letters of credit, etc. Money is essentially a form of value measurement, in financial relations it is a distributed value.
Funds of funds (cash funds) -- a separate part of the enterprise's funds, which has a narrow purpose (depreciation and repair funds, consumption fund, etc.). The stock form of formation and use of funds, as a rule, is regulated by the enterprise, relatively stable (in terms of maintaining its existence), and controllable. Non-fund form of funds - funds in the calculations, payments to the budgetary and credit system.
Financial resources - a set of funds for a strictly designated purpose, that is, intended for the fulfillment of financial obligations and the implementation of costs for the expansion of production.
Financial resources are also considered as funds at the disposal of the state, enterprises, economic organizations and institutions used to cover costs and form various funds and reserves.
The Economic Encyclopedia gives the following definition of financial resources: it is an integral part of economic resources, which is a means of monetary and budget system, which are used to ensure the smooth functioning and development of the national economy, are spent on socio-cultural activities, management and defense needs. According to the same methodology, the planned balance of financial resources of the entire state of the USSR was compiled, in which the following sources were reflected:
Monetary savings of the national economy;
Depreciation;
Funds of enterprises going to cover their own costs in financial terms;
Budget revenues from collective farms, consumer cooperatives and public organizations;
State taxes from the population;
Income from foreign trade;
Receipts from state internal loans to money and clothing lotteries;
Receipts of amounts in repayment of loans foreign countries, including interest on them;
Loans received from foreign countries.
With such an interpretation of financial resources, the distinction between money and finance disappears altogether, which contradicts the very essence of these categories.
In monographs and educational literature, there is a slightly different approach to interpreting the essence of financial resources. So, in "Essays on the theory of Soviet finance" prof. A.M. Birman defines financial resources as a monetary part of the national income that can be used by the state (directly or through enterprises) for the purposes of expanded reproduction and national needs. Further, the author notes that under emergency circumstances, working capital as part of the created in the past can act as financial resources. national treasure. As you can see, Prof. A.M. Birman does not include depreciation in the composition of financial resources, and, at the same time, considers it possible to attribute working capital to them.
In textbooks on the general theory of finance, the definition of financial resources is given at the micro level, i.e. at the enterprise level. At the same time, financial resources are understood as cash income and receipts at the disposal of a business entity and intended for the fulfillment of financial obligations, the implementation of expenses for expanded reproduction and economic stimulation. The sources of formation of financial resources, according to some economists, are:
Own and equivalent funds;
Mobilization of resources in the financial market;
Receipts of funds from the financial and credit system in the order of redistribution.
According to prof. D.S. Molyakova (textbook "Finance of enterprises and sectors of the national economy"), the inclusion of gross profit (rather than gross income) in own sources significantly reduces the amount of financial resources of the enterprise intended to fulfill the financial obligations of the enterprise, consisting of payments to the budget (VAT, excises, income tax, water fees, property tax, etc.) and contributions to off-budget funds (state Pension Fund, the employment fund, road funds, etc.), since a significant part of them is attributed to the cost of production.
The difference between cash and financial resources is clearly seen in the example of the company's revenue from the sale of products. The total amount of revenue is the amount of money received on the account of the enterprise in the bank. Of this amount of funds, most of it is directed to pay for raw materials, materials, fuel, electricity, and only the remainder, representing net proceeds in the form of gross income, is the source of the enterprise's financial resources.
Thus, summing up the above, it can be argued that financial resources are the monetary expression of the newly created value.
It should also be noted that a more complete understanding of the essence of the financial resources of enterprises and organizations requires consideration of the functions they perform.
1.2 Functions of financial resources onenterprise
At the enterprise level, financial resources are formed and used both in fund form and in non-stock form. Part of the financial resources of the enterprise is used to form special-purpose funds: wage fund, production development fund, material incentive fund, etc. The use of financial resources to fulfill payment obligations to the budget and banks is carried out in a non-fund form.
Financial resources act as a material carrier of financial relations. In modern conditions, the gross national product (GNP), as a value to be distributed, is formed by enterprises of both production and non-production (contributing to the reproduction of the human factor, whose labor is paid, is taken into account as costs, including enterprises of material production) spheres. Thus, the source of the formation of financial resources are enterprises, the cost result of whose activities is the basis of subsequent distribution relations.
At the stage of production, financial relations are formed only potentially, since their important feature is missing here - the movement of funds. Potentially, this means that in this case, with the help of a skillful combination of factors of production, surplus value is created, which subsequently acquires the form of gross income.
The second stage of the reproductive process is distribution. It is she who is the sphere of functioning of financial relations, and hence the formation of financial resources. Here, the distribution and alienation of the value of the social product in monetary form takes place, as well as the formation of incomes of production entities in accordance with their contribution or the formation of targeted individual parts of the value from one owner. This stage is characterized by a separate (from the movement of goods), one-way movement of value.
At the stage of exchange, the movement of funds continues, although it acquires qualitatively different characteristics. Value is no longer alienated, but only changes its form from money to commodity - there are acts of buying and selling goods. The movement of the monetary form of value is accompanied by a counter (two-way) movement of value in the form of commodities. The absence of distributive relations at this stage does not allow us to consider it the sphere of functioning of financial relations. At the same time, it is during this period that financial resources can continue to move, but already as a commodity: for example, loans.
At the fourth stage of the reproduction process - the stage of consumption, as well as at the first, there is no cash flow, that is, there are no financial relations.
So, financial resources arise and function at the second stage of the reproduction process - the stage of distribution. At the same time, the initial sphere of their formation is the processes of primary distribution of the value of GNP, when the value breaks down into its constituent elements and, accordingly, arise various forms income - both for the enterprise itself and for other business entities and the state. We are talking about the fact that depreciation deductions, deductions for the wages of employees, enterprise profits, deductions for state social needs are formed on the sale of products and the formation of revenue, payments for insurance and the banking sector are made. All other relations are redistributive in nature, as they affect the distribution of the above-mentioned incomes. These are deductions from profits to the state, taxes on personal income, distribution of profits at an enterprise, etc. .
This is how the formation of financial resources occurs at the level of the primary link in the economy - the enterprise. The position of the system of financial resources of enterprises in the nationwide system of financial resources is due to their priority role in creating new value, which then "feeds" all other systems of financial resources, and therefore acts as the basis for subsequent distribution relations and even the existence of the state as an institution that organizes and streamlines them. Financial resources in the form of direct and reverse flows enter one or another system of financial resources of the enterprise. Here I would like to emphasize that it is necessary to distinguish between the concepts of “financial system” (assuming the allocation of areas for the functioning of financial relations, including the institutional aspect of consideration) and “system of financial resources” (composed of directly material carriers of these financial relations).
In view of the foregoing, we can say that since the provision (through the distribution mechanism operating in the field of enterprise finance) of all spheres (industrial and non-industrial) activities of an enterprise is determined by the value necessary for this (due to the characteristics of the reproduction process) of the cost, the main functions of financial resources are the following :
1) production - the main function that implements the appointment of financial resources in the enterprise. It lies in the fact that they act as a means of ensuring its production activities, a factor of production or a source of the reproduction process. This provision is based on the fact that the main goal of the enterprise is the production of material goods, services to satisfy social details. At the expense of financial resources, property is formed at the enterprise, fixed assets are updated, working capital is replenished. The priority of this function is due to the fact that the flow of its own financial resources, which are the basis of its activities, and hence the pace of economic development economic entity, and the social well-being of employees;
2) the non-production function is due to the fact that not all financial resources serve the production sphere of the enterprise, because since we are talking about the reproduction process (lasting in time), then the enterprise has certain obligations to the financial and credit system, employees. The resources of this sphere are reserve capital, accumulation fund, consumption fund, etc. The emergence of the function is due to the obligations of the enterprise, the need to expand its activities. Its role is no less important, since its production activities depend on how timely and in full the obligations of the enterprise will be fulfilled.
The development of market relations has led to the fact that any economic entity is interested in the profitable use of available resources, therefore, part of the financial resources serving the non-productive sphere of the enterprise is directed to expanded reproduction, that is, they perform an investment sub-function, which is realized through profitable short-term and long-term financial investments. The desire of business entities to implement it emphasizes the previously justified capitalist nature of financial resources.
This function is not necessarily associated with the creation (in the classical sense) of surplus value and may well be realized (including in financial markets) through speculative transactions.
To ensure liquidity, the company must keep the other part of the financial resources in cash or in funds and reserves that do not generate income. This part of the resources performs a consumer subfunction, which, unlike the investment one, does not increase the cost of available financial resources.
It is necessary to emphasize the importance of the optimal ratio of resources located in the production and non-production spheres, generating income or consumed, which will, on the one hand, ensure the continuity of the production process and implementation production program and, on the other hand, to fully fulfill external and internal obligations, not forgetting about liquidity and profitable use of available resources.
It should be noted that the more resources are involved in a profitable turnover, the more efficient the entire production and economic activity of the enterprise, and, consequently, the mechanism of reproduction of economic growth is implemented. In this case, the level of investment, along with the resources of the production sector, can be considered as a capital-forming factor.
In addition, if the enterprise has certain funds, the amount of funds accumulated in them allows us to draw a conclusion about the chosen development prospects, the accents of the reproduction process, because it is resource provision(in this case, through the use of a fund form) characterizes the fullness of the channel for the implementation of a certain function of financial resources.
In general, the ability of the resources of an enterprise to perform this or that work, to realize its functional purpose, can be identified with energy.
The degree to which financial resources perform their functions is closely related to the concept of their effective use.
The problem of the effective use of financial resources in modern conditions is very relevant, since the constant shortage of both centralized and decentralized financial resources leads to disruptions in the normal functioning of enterprises, organizations, industries and the entire national economy.
The concept of the effective use of financial resources, as well as any other types of resources (material, labor, natural) includes a comparison of the quantity and quality of the resources expended with the quantitative and qualitative expression of the results achieved (ie, the performance of a function).
At the same time, it should be noted that the efficiency of the use of financial resources is directly related to the efficient use of material, labor and other types of resources of economic entities. So, for example, a decrease in the material consumption of products, i.e. the release of more products without increasing the volume of raw materials and materials used for this leads to savings in financial resources. Reducing the cost of living labor per unit of output means an increase in the efficiency of using labor resources, which also leads to the saving of financial resources through the growth of cash savings and a decrease in the needs of the enterprise for additional cash.
At the same time, the concept of "efficient use of financial resources" has an independent meaning. This concept reflects not only the result of the use of material and raw materials, labor resources, but also reveals certain economic relations inherent in the category of finance. So, using the distributive function of finance, enterprises through the principles of distribution of financial resources achieve the optimal mode of functioning in a market economy.
The effectiveness of the use of financial resources can be assessed by comparing the achieved results of the enterprise (for example, profit) with the amount of financial resources that were at the disposal of the enterprise for the corresponding period.
At the same time, not in all cases the result of economic activity depends only on the effective use of financial resources. So, by optimally distributing and using financial resources, the enterprise may incur losses due to deterioration labor discipline, violations of technological processes of production, overspending of raw materials and materials, and other factors. Therefore, in order to consider in more detail the problem of the effective use of financial resources, it is necessary to evaluate the effectiveness of the use of all constituent parts, which form the overall financial resources of the enterprise.
1. 3 Sources of formation of financial resources forenterprise
Among the most basic sources of formation of financial resources of enterprises are:
Net income from sales of products, works and services;
Revenue from other sales (for example, retired fixed assets, inventories, etc.);
Non-operating income (fines received, dividends and interest on securities, etc.);
Budget resources;
Funds received as a result of the redistribution of financial resources within vertically integrated structures and industries.
Specifying the sources of formation of financial resources, and taking into account the approach proposed by prof. D.S. Molyakov, the main source of financial resources of enterprises is not gross profit, and gross income .
At the same time, the source of the formation of financial resources should be considered the proceeds from the sale of retired property, stable liabilities, insurance indemnities and other cash receipts in the order of secondary redistribution, especially since we are talking about the financial resources of business entities.
Therefore, when exploring the nature of financial resources and the sources of their formation, two levels should be taken into account: micro and macro levels. At the macro level, those sources of financial resources that are the result of secondary redistribution in order to avoid double counting, and, as a result, an overestimation of the real value of financial resources, should be excluded.
As for economic entities (micro level), here one should proceed from real sources of financial resources, which include proceeds from the sale of retired property, insurance compensation, and other cash receipts in the order of secondary redistribution.
The financial resources of enterprises are the funds at their disposal, which are directed to finance economic activities, material incentives, training of personnel, satisfaction of socio-cultural and other needs.
According to the economic purpose, the financial resources of enterprises and organizations can be divided into the following three groups:
Resources that provide the main economic activity. They include own funds and stable liabilities equivalent to them, borrowed funds (short-term loans) and attracted funds (accounts payable and temporarily free own funds for special purposes);
Resources that ensure the reproduction of fixed assets. These include own funds for financing capital investments (repair fund), borrowed funds (long-term loans) and borrowed funds (accounts payable);
Resources intended for the implementation of training and advanced training of personnel, material incentives for employees, financing of socio-cultural and other events. They consist of own funds in the form special funds and target income.
Own financial resources belong to the enterprise itself and their use does not entail the possibility of losing control over the activities of the enterprise. At the expense of their own funds and stable liabilities, enterprises and organizations mainly form fixed assets and non-current assets, fully cover the normalized cash and other assets, as well as a significant part of the normalized inventory items (stocks of goods, raw materials, materials, fuel, finished products and etc.).
Own funds of enterprises and organizations are formed from the following sources:
Contributions from owners;
Income from financial and economic activities-is profit, gross income, etc.;
Gratuitous receipts from other branches of the national economy, which is unlikely in market conditions, and income from the sale of fixed assets.
Depreciation is an important internal source of financial resources.
The term "depreciation" refers to the depreciation of fixed assets and intangible assets that is constantly accumulated in monetary terms for subsequent use for renovation, that is, for simple and extended reproduction of the value of the relevant assets.
The initial formation of fixed assets at newly created enterprises occurs at the expense of fixed assets that are part of the authorized capital.
Fixed assets-a cash advanced to the fixed assets of production and non-production purposes.
At the time of acquisition of fixed assets and their acceptance on the balance sheet of the enterprise, the value of fixed assets quantitatively coincides with the value of fixed assets. In the future, as fixed assets participate in the production process, their value bifurcates: one part of it, equal to depreciation, is transferred to finished products, the other expresses the residual value of existing fixed assets.
The depreciated part of the cost of fixed assets is transferred to finished products, as the latter is sold, it gradually accumulates in cash in a special depreciation fund. This fund is formed through annual depreciation charges and is used for simple and partially extended reproduction of fixed assets. The direction of depreciation for the expanded reproduction of fixed assets is due to the specifics of its accrual and expenditure: it is accrued over the entire standard life of fixed assets, and the need for its expenditure occurs only after its actual disposal. Therefore, until the replacement of decommissioned fixed assets, the accrued depreciation is temporarily free and can be used as an additional source of expanded reproduction.
Depreciation charges are made both for fixed assets and for intangible assets.
Borrowed resources are not the property of this enterprise and their use is fraught with loss of independence for it. Borrowed funds are provided on the terms of urgency, payment, repayment, which ultimately leads to their faster turnover compared to their own resources. Borrowed financial resources, as a rule, consist of a bank loan, the issue of debt obligations of the enterprise (bonds and bills) and loans from other legal entities.
The most commonly used type of borrowed resources is a bank loan. Depending on the term of loans, the latter are divided into on-call, short-term, medium-term, long-term.
An on-call loan is a short-term loan that is repaid on demand. It is issued, as a rule, secured by securities and goods. On-call credit is carried out as follows. The bank opens a special current account for the borrower secured by inventory items or securities. Within the limits of the secured loan, the bank pays all the bills of the business entity. The loan is repaid at the first request of the bank from the funds received on the borrower's account, or by selling the collateral. An on-call loan is usually repaid by the borrower with a 2-7 day notice.
The most popular are short-term loans up to a year to replenish working capital. Their repayment is usually made at a time in the amount of the entire amount.
Medium-term loans are issued for a period of one to 3-5 years.
The objects of long-term bank lending can be capital investments of enterprises in the construction, reconstruction and technical re-equipment of industrial and social facilities, the purchase of machinery, equipment and Vehicle, buildings and structures, as well as in the creation of scientific and technical products, intellectual property and other property. When providing a long-term loan, banks must evaluate economic efficiency investment projects, creditworthiness and financial position of the borrower. It is important to know that only those investment activities that best meet the needs of the enterprise and can bring a tangible effect in the foreseeable future are subject to lending. The maximum loan term in Russia in modern conditions is usually up to 8 years.
Attracted resources - funds that do not belong to the enterprise, but are temporarily in its circulation. These funds before the emergence of sanctions (fines or other obligations to the owners) can be used at the discretion of the business entity. These are, first of all, sustainable liabilities (debt on wages, to the budget and off-budget funds, creditors' funds received in the form of prepayments, etc.).
Comparing shareholders' investments and borrowed funds as sources of financial resources, a number of features of the former should be noted.
Firstly, it is relatively cheap: as a rule, investors who exchange their funds for corporate rights (shares, shares) rely on dividends, which are fixed in the constituent documents (or set at a meeting of participants) in the form of interest. At the same time, in the absence of profit at the enterprise, the capital invested in the business can be “free”.
Secondly, this is the opportunity for investors to influence the management processes in the created economic society(the right to vote at a meeting of shareholders or participants). Therefore, care should be taken to maintain a controlling stake. Otherwise, initially equity can be converted into capital loaned to a new investor. This leads to the conclusion that the amount of funds raised by corporate investors is clearly limited: in the general case, they should not exceed your initial investment, even if the shares (shares) are “dispersed” among several holders, there is still a risk (especially when it comes to a successful enterprise). ) concentration of corporate rights under a single control.
A bank loan is usually one of the most expensive types of credit resources. Limiting factors: high interest, the need for reliable collateral, the "creation" of solid balance sheet figures. Despite the high cost and difficulty of attracting, the possibilities of a bank loan must be used by the company at 100%. If the project implemented by the company is really “designed” for a competitive level of profitability, then the profit received from the use of a financial loan will always exceed the required interest.
Although banks give preference to such a type of security for granted loans as collateral, they can be satisfied with a third party guarantee (if there are solvent founders or other interested parties). Balance sheet indicators also have some “flexibility”, both in the process of their formation and in the course of their perception by the host party. The presence of presentable reporting indicators, although it acts prerequisite for a bank employee, but may, to some extent, be ignored in view of the existence of real guarantees and the provision of a loan. One significant drawback of financial borrowings, especially in comparison with investment, is the presence of strictly certain deadlines their return.
The main positive distinguishing feature of such a type of obtaining borrowed funds as a commodity loan is the simplest (not formalized) method of attraction. A commodity loan, as a rule, does not require (unlike financial) collateral and is not associated with significant costs and duration of registration (unlike investments). In domestic conditions, a commodity loan between legal entities most often represents the supply of goods (works, services) under a sale and purchase agreement with a deferred payment.
At the same time, at first glance, it may seem that this “credit” is provided free of charge, since the contract does not provide for the need to accrue and pay interest (or any other) income in favor of the supplier. However, it should be noted that suppliers are well aware of the principles of changing the value of money over time, and are also able to fairly accurately assess the size of the "lost profit" from the deceleration of the turnover of assets frozen in the company's receivables. Therefore, compensation for such losses is included in the price of the goods, which may fluctuate depending on the timing of the delay granted.
2. FORMATIONEAndUSEEFINANCIAL RESOURCESOBUTO "KMARUDA COMBINE»
2.1 Organizational and economic characteristicsenterprises
Full corporate name of the enterprise: Open joint-stock company"Combine KMAruda". Abbreviated corporate name of the enterprise: JSC "Combine KMAruda".
Location of the Company: Russian Federation, Belgorod Region, Gubkin. Postal address of the company: Russia, 309182, Belgorod region, Gubkin, st. Artema, d. 2.
OJSC "Combine KMAruda" was created by transforming the state enterprise "Combine KMAruda" into a Joint Stock Company open type“Combine KMAruda”, in accordance with the Decree of the President of the Russian Federation of July 1, 1992 No. 721 “On organizational measures for the transformation of state enterprises, voluntary associations of state enterprises into joint-stock companies”, registered by the Decree of the Head of the Administration of Gubkin on May 5, 1993. , No. 605.
On June 28, 1996, the enterprise was re-registered as an open joint-stock company, the State Re-registration Certificate No. 61 was issued by the Gubkinskaya Territorial Administration.
The history of KMAruda Combine OJSC begins from the 6th-7th centuries. However, large-scale industrial development of iron ore deposits of the Kursk Magnetic Anomaly began in 1931 with the laying of the first exploration and production mine, which was later named after Academician I.M. Gubkin, who headed all the work on the study of the KMA basin.
In 1952, the Gubkin mine (with a capacity of 520 thousand tons per year) and concentrating and sintering plant No. 1 were put into operation.
On July 17, 1952, the first concentrate in domestic practice was obtained from ferruginous quartzites, and a month later, the first ton of fluxed sinter in the USSR was produced on its basis.
The official year of the establishment of the KMAruda plant, formed on the basis of KMAstroy, which, in turn, arose in 1935 on the basis of Shakhtostroy, is 1953.
In April 1959, the Yuzhno-Korobkovsky mine was put into operation along with the processing plant No. 2.
At present JSC "Combine KMAruda" works in optimal production and technical conditions, improving technological processes and updating equipment. The most modern domestic and foreign equipment is being introduced into production.
The plant includes:
1) mine them. THEM. Gubkin, where ferruginous quartzites are mined underground, is united by the former mine named after. THEM. Gubkin, put into operation in 1952 with a design capacity of 500 tons and Yuzhno-Korobkovsky - with a capacity of 2,200 tons, put into operation in 1959;
2) an ore processing shop, consisting of enrichment sections No. 1 and No. 2 (formerly factories No. 1 and No. 2);
3) a railway workshop that ships concentrate to metallurgical plants and delivers various cargoes;
4) stowing shop, commissioned in 2009, which performs work on thickening and supply of enrichment tailings to the worked-out space of the mine, return of clarified water to technological process enrichment;
5) energy service, repair and construction shop, motor transport and construction machinery shop, mechanical repair shop and a number of other services and divisions necessary to ensure the production activities of the plant.
The main purpose of the plant is to make a profit, in connection with which it carries out the following main activities:
Extraction and enrichment of iron ores;
Production mine surveying in the development of mineral deposits, in the construction and reconstruction of enterprises for the extraction of minerals;
Production of surveying works when monitoring the condition of interpanel, interchamber pillars and ceilings, as well as buildings, structures of natural objects to be protected from the harmful effects of underground mining;
Carrying out topographic and geodetic works to draw up plans for land management facilities on a scale of 1: 500, 1: 1,000, 1: 2,000, 1: 5,000, 1: 10,000;
Manufacture and repair of equipment and instruments used in blasting with explosive materials;
Installation, repair and adjustment of mining equipment and electrical equipment in a normal mine version;
Revision and adjustment of mine and ventilation installations in the volumes provided for by the manuals for the revision, adjustment and testing of mine lifting and ventilation installations, flaw detection of mine lifting and ventilation installations;
Development of design and technological documentation for existing mining operations and facilities related to sinking, fastening, mining, backfilling and ventilation of workings;
Performance of construction activities and construction and installation works for the repair and equipment of mine shafts;
Implementation of training, retraining and advanced training of personnel in the field of mining and processing.
The organizational structure of enterprise management is shown in fig. one.
The main technical and economic performance indicators of OJSC "Combine KMAruda" for the period of the study are given in the following table. 1 (calculated according to the financial and economic services and appendix 1-15).
Table 1
The main technical and economic performance indicators of JSC "Combine KMAruda" for 2007-2009.
|
Indicators |
Dynamics of indicators (+,-) |
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|
Absol. deviation |
growth rate, % |
Absol. deviation |
growth rate, % |
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|
1. Production of iron ore concentrate, thousand tons |
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|
2. Mining of quartzites, thousand tons |
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|
3. Proceeds from the sale of products, million rubles. |
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|
4. Costs of core activities, mln. rub. |
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|
5. Profit from the sale of products, million rubles. |
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|
6. Net profit, million rubles |
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|
7. Number of employees, pers. |
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|
8. Average annual cost of fixed assets, mln. rub. |
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|
9. Profitability of fixed assets, rub. |
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|
10. Profitability of production, cop. |
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|
11. Average annual labor productivity, thousand rubles / person. |
As the table above shows, there is a slight but steady increase in production volumes in in kind. Thus, if in 2007 2,057 thou. tons of concentrate and 4,355 thou. - respectively 2,195 thousand tons and 4,599 thousand tons. However, during the analyzed period, due to the global economic crisis, there was a significant decrease in wholesale prices for products; decreased by 9.5%, and in 2008-2009 by 26.3%. As a result, the costs of the main activity increased with the volume of production, and the profit from the sale of products constantly decreased: in 2007-2008. by 27.5%, in 2008-2009 - by 86.5%.
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Financial relationships with other organizations include relationships with suppliers, buyers, construction and installation and transport organizations, mail and telegraph, foreign trade and other organizations, customs, organizations and firms of foreign states.
The relations of organizations with the financial and credit system are, firstly, the financial relations of organizations with banks, which are built both in terms of organizing cashless payments and in relation to obtaining and repaying short-term and long-term loans and interest on them. The organization of cashless payments has a direct impact on the financial position of organizations. Credit is a source of working capital formation, expansion of production, its rhythm, improvement of product quality, helps to eliminate temporary financial difficulties of organizations.
The financial relations of organizations with higher organizations include relations regarding the formation and use of centralized monetary funds, which, in the conditions of market relations, are an objective necessity. This is especially true for financing investments, replenishment of working capital, financing of imports, operations, scientific research, including marketing. Intra-industry redistribution of funds, as a rule, on a return basis plays an important role and contributes to the optimization of organizations' funds.
Financial relations within the organization include relations between branches, shops, departments, teams, etc., relations with workers and employees, as well as with shareholders and investors of the organization. Relations between departments of the organization are associated with payment for work and services, distribution of profits, working capital, etc. Their role is to establish certain incentives and liability for quality performance commitments made. Relations with workers and employees are the payment of wages, bonuses, benefits, material assistance, as well as the collection of fines for damage caused, tax withholding. The relationship with shareholders and investors is the payment of interest and dividends on shares or investments in the organization.
Thus, the role of finance organizations is as follows:
1. By distributing and redistributing national income and national wealth at the national level, the finances of organizations ensure the formation of the country's financial resources used to form the budget and extrabudgetary public funds.
2. In the course of the distribution and redistribution of national income and national wealth at the level of organizations, they provide the sphere of material production with the necessary financial resources and funds for the continuous process of expanded reproduction.
3. At the level of production teams, with the help of finance, such monetary funds as wage and material incentive funds are formed, programs for the social development of teams of organizations are implemented.
4. An important role is played by the finances of organizations in ensuring a balance in the national economy between material and monetary funds intended for the purposes of consumption and accumulation. The stability of the national currency, monetary circulation, and the state of payment and settlement discipline in the national economy largely depend on the degree to which such a balance is ensured.
5. The direct connection between the finances of organizations and the finances of the sectors of the national economy with all phases of the reproduction process determines their high potential activity and the wide possibility of influencing all aspects of management. Therefore, the finances of organizations can serve as an important tool for economic stimulation, control over the country's economy and its management.
6. Organizational finances can be an important tool state regulation economy. With their help, the regulation of the reproduction of the produced product is carried out, the financing of the needs of expanded reproduction is ensured on the basis of the optimal ratio between the funds aimed at consumption and accumulation. The finances of organizations can be used to regulate sectoral proportions in a market economy, help accelerate the development of individual sectors of the economy, create new industries and modern technologies, acceleration scientific and technological progress.
1.2. Functions of finance organizations
The finances of organizations perform the same functions as public finances, distribution and control. However, the range of activity of finance organizations is much wider than the range of activities of public finance. Public finances perform functions mainly at the stage of secondary distribution of national income in the process of formation and execution of the state budget, local budgets, other centralized funds of the state, while the finances of organizations operate both at the stage of formation of national income and at the stage of primary and secondary distribution and redistribution of it. Therefore, that part of finance that functions in the sphere of material production, namely, the finance of organizations, and participates in the process of creating cash income and savings, performs not only distribution and control, but also the function of generating cash income.
In the process of formation and use of the depreciation fund, mobilization of internal resources in capital construction, with the help of the finances of organizations, the redistribution of national wealth is carried out.
Thus, under distribution function finance organizations should understand the implementation of their activities in the process of distribution of gross domestic product, national income and national wealth.
With the help of finance, the state distributes the gross product not only in natural-material form, but also in value. In this regard, it becomes possible and necessary to control the provision of cost and natural-material proportions in the process of expanded reproduction.
Under the control function of the finances of organizations, one should understand their inherent ability to objectively reflect and thereby control the state of the economy of an organization, industry, and the entire national economy and actively influence their activities. The finances of organizations through their financial categories (profit, profitability, etc.) implement their inherent control function. So, the amount of profit, the level of profitability of production determine the degree of effectiveness of the economic activity of this entity. The presence of non-realization losses and losses indicates mismanagement in the work of the organization. The control function contributes to the choice of the most rational mode of production and distribution of the gross product and national income in the organization and in the national economy.
The appointment of financial resources in the organization is a means of ensuring the production activities of the organization, factors of production or a source of the reproduction process. This provision is based on the fact that the main goal of the organization is the production of material goods to satisfy social details. Therefore, the main function of financial resources, realizing their assignment to organizations, is production. It is expedient to optimally provide financial resources for all stages of the reproduction process, and here we are talking about all kinds of financial resources. It is at the expense of financial resources that property is formed in the organization, fixed assets are updated, working capital is replenished. The priority of this function is due to the fact that the flow of its own financial resources, which are the basis of its activities, and, therefore, the pace of economic development of an economic entity and the social well-being of employees largely depend on the efficiency and continuity of the production activities of an organization.
Integral part production function the organization's financial resources is an operational function, which consists in the current provision of organizations with funds for normal functioning, for making payments and settlements, and fulfilling short-term obligations. The operational function does not have a significant impact on the long-term development strategy of the organization, so it is limited to financial support simple reproduction.
Not all financial resources serve the production sphere of the organization, since the organization has certain obligations to the financial and credit system, employees. Therefore, part of the resources is diverted to the non-productive sphere of the organization and performs a non-productive function: reserve capital, accumulation fund, consumption and other funds. The emergence of this function is due to the obligations of the organization, the need to expand its activities. The role of this function is important, since its production activities depend on how timely and in full the organization's obligations are fulfilled.
