1.2 Fixed capital (fixed assets)

Fixed capital in physical form is represented by buildings, machines, structures, i.e. all those durable capital goods that lose their value as they wear out over several production cycles.

Fixed capital is characterized by depreciation - depreciation as a result of wear and tear. To compensate for the fixed capital worn out over the entire service life, a depreciation fund is created, where funds (depreciation deductions) are received after the sale of finished products. Depreciation deductions are intended to restore working capacity or completely replace the means of labor with other means of labor and are equal to the value of the transferred value of the means of labor within one year.

The means of labor participate in each production process completely, but transfer their value to the products produced in parts. Therefore, we can say that the fixed capital is that part of the value of the advanced capital, which is spent on the acquisition of means of labor and is reimbursed in installments.

The amount of annual depreciation deductions depends on the depreciation rate for a particular type of equipment, established by law. The importance of the size of depreciation deductions for an entrepreneur lies in the fact that these deductions are not included in the taxable base.

The ratio of the amount of depreciation to the cost of fixed capital, expressed as a percentage, is the depreciation rate. The depreciation rate is calculated by the formula

A \u003d A / K main * 100%;

where A is the depreciation rate, expressed as a percentage;

A - the amount of depreciation for one year;

To main - the initial cost of fixed capital.

There are various depreciation schemes:

the straight-line depreciation method, where the depreciation expense is the same amount over the life of the capital good;

accelerated depreciation method (the depreciation rate is set by the state at a high level and allows you to form a depreciation fund 3-4 times faster);

declining balance method, when depreciation charges are calculated as the ratio of the same depreciation rate (for example, 10%), but not to the initial cost of the machine, but to its residual value for each year. For example, in Year 1, 10% of $1000 will be deducted. In Year 2, 10% of the reduced cost of the machine (i.e., from $900) will be deducted, etc.

Fixed assets are production assets used repeatedly or permanently over a long period, but not less than one year, for the production of goods, the provision of market and non-market services. Fixed assets consist of tangible and intangible fixed assets.

Tangible fixed assets (fixed assets) include:

buildings,

Cars and equipment,

Measuring and regulating instruments and devices,

Computing and office equipment,

vehicles,

Tool,

Production and household equipment,

Working, productive and breeding cattle,

Perennial plantings and other types of material fixed assets.

Intangible fixed assets (intangible assets) include:

computer software,

Database,

Original works of entertainment, literature or art,

High-tech industrial technologies,

Other intangible fixed assets that are objects of intellectual property, the use of which is limited by the rights of ownership established on them.

In accordance with the requirements of accounting and reporting in the Russian Federation, fixed assets do not include:

a) items that last less than one year, regardless of their value

b) items with a value below the limit established by the Ministry of Finance of Russia, regardless of their service life, with the exception of agricultural machinery and implements, construction mechanized tools, weapons, as well as working and productive livestock, which are classified as fixed assets, regardless of their value;

c) fishing gear (trawls, nets, nets, nets and other fishing gear) regardless of their cost and service life;

d) gasoline-powered saws, loppers, rafting rope, seasonal roads, mustaches and temporary branches of logging roads, temporary buildings in the forest with a service life of up to two years (mobile heating houses, boiler stations, pilot workshops, gas stations, etc.);

e) special tools and special fixtures (tools and fixtures intended for the serial and mass production of certain products or for the manufacture of an individual order), regardless of their value; interchangeable equipment, fixtures to fixed assets reusable in production and other devices caused by specific manufacturing conditions - molds and accessories to them, rolling rolls, air tuyeres, shuttles, catalysts and sorbents of a solid state of aggregation, etc., regardless of their cost;

f) special clothing, special footwear, as well as bedding, regardless of their cost and service life;

g) uniforms intended for issuance to employees of the enterprise, clothing and footwear in health care, education, social security institutions and other institutions that are on the budget, regardless of cost and service life;

h) temporary structures, fixtures and devices, the construction costs of which are included in the cost of construction and installation works as part of overhead costs;

i) containers for the storage of inventory items in warehouses or for the implementation of technological processes, costing within the limit established by the Ministry of Finance of Russia;

j) items intended for rental, regardless of their value;

k) young and fattening animals, poultry, rabbits, fur-bearing animals, families of bees, as well as sled and guard dogs, experimental animals;

l) perennial plantations grown in nurseries as planting material.

Fixed assets also do not include machinery and equipment listed as finished products in the warehouses of manufacturers, supply and marketing organizations, handed over for installation or to be installed, in transit, listed on the capital construction balance sheet.

The object of classification of material fixed assets is an object with all fixtures and fittings or a separate structurally separate item designed to perform certain independent functions, or a separate complex of structurally articulated items that are a single whole and designed to perform a specific job. A complex of structurally articulated items is one or more items of the same or different purposes, having common devices and accessories, common control, mounted on the same foundation, as a result of which each item included in the complex can perform its functions only as part of the complex, and not independently .

Groupings of objects in the OKOF are formed mainly according to the indications of purpose associated with the types of activities carried out using these objects, and the products and services produced as a result of this activity.

Improving the use of fixed production assets largely depends on the availability of a reasonable system of indicators that characterize the level of efficiency in the use of funds. To assess the effectiveness of the use of fixed assets, a system of indicators is used, including general (cost) and private (natural) indicators.

General indicators characterize the level of use of the entire set of fixed production assets as a whole, and private indicators characterize individual elements of fixed assets (a fleet of construction machines, vehicles, etc.). The most widely used of the general indicators is the capital productivity indicator, which reflects the efficiency of the use of labor embodied in the main production assets and characterizes the amount of production per 1 ruble. value of fixed assets. The rate of return on assets (Fotd) is determined by the formula:

It should be noted that the rate of return on assets does not allow to fully assess the extent to which the organization uses the fixed assets at its disposal. The value of the return on assets index is directly dependent on the level of labor productivity and inversely on the level of its capital-labor ratio. Therefore, such a development of the construction industry should be considered effective, in which the growth of labor productivity outstrips the level of equipment of workers in construction organizations with fixed assets. In other words, there should be a decrease in the cost of human labor per unit of finished product with an increase in the level of equipment of construction organizations with fixed assets. The value of the return on assets index is also significantly influenced by a number of factors that are little dependent on the work of construction organizations in the field of increasing the efficiency of using fixed production assets. These factors include the composition and structural shifts in the program of work performed, changes in the level of prices for resources, and a number of other factors.

The return on assets index can also be calculated using the formula:

The capital productivity index calculated in this way characterizes the profitability (profitability) of the use of produced funds and enables the construction organization to evaluate the qualitative side of their use. However, this approach to determining the return on assets in construction has a limited scope, since most grass-roots construction organizations use an attracted fleet of construction machines and vehicles.

The indicator, the return on capital productivity, is capital intensity, showing what part of the cost of fixed production assets falls on 1 ruble. completed scope of work.

The decrease in the rate of return on assets in recent years and the increase in the rate of capital intensity can be explained by the growth of fixed assets, an increase in the level of saturation of the construction industry with them, as well as their significant appreciation in connection with the transition of the country's national economy to market relations.

The level of equipment of construction organizations with basic production assets is characterized by a number of indicators, including the indicator of mechanical labor intensity. The mechanization of labor is determined by the formula:

Private indicators characterizing the efficiency of the use of fixed assets include indicators of the use of machines and mechanisms in terms of time and productivity. All private indicators can be divided into two categories: indicators characterizing the extensiveness of the use of machinery and equipment, and indicators characterizing the intensity of their use.

One of the indicators characterizing the extensiveness of the use of the active part of fixed assets is the coefficient of use of machines by time:

However, machine utilization over time does not provide insight into machine load and capacity utilization.

Among the indicators reflecting the intensity of the use of the machine park, one should first of all include the indicator of the fulfillment of the norms for the production of machines for a certain period (Kn in), determined by the formula:

A generalizing partial indicator can be considered the coefficient of integral loading of machines and equipment (Kint), which characterizes the ratio of actually performed and planned volumes of work for a particular machine or equipment for a certain period of time and is determined by the formula

Data on the work of construction organizations show that the reserves for improving the use of fixed assets in the construction industry are extremely large. Their implementation should go in two main directions:

1) increase in the time of using fixed assets (extensive way);

2) increase in output per unit time of use of fixed assets (intensive path).

Among the factors influencing the improvement of the use of fixed production assets over time, it is possible to include an increase in the shift work of fixed assets, a decrease in intra-shift downtime in construction organizations, and ensuring better use of the calendar time of work of construction equipment. An increase in the number of hours of operation of fixed assets can also be achieved by reducing the time spent by machines in repair and maintenance, reducing the time spent on relocation, etc.

The intensity of the use of fixed production assets (their active part), in turn, can be ensured as a result of the following activities:

Implementation of advanced methods of organization and technology of construction and installation works;

Increasing the degree of prefabrication of buildings and structures erected by construction organizations, which will entail an improvement in the use of erection cranes in terms of lifting capacity and power;

Implementation of the system of scientific organization of labor;

Mechanization and automation of machine control processes;

Raising the qualifications of workers servicing construction equipment, etc.

Strengthening the efficiency of the use of fixed assets of construction organizations can be achieved by improving the organization of repair of construction equipment on the basis of interdepartmental cooperation, the introduction of aggregate-nodal methods of repair, and the creation of a network of specialized repair enterprises. The organizational prerequisites for increasing the intensity of the work of construction machines are an improved supply of tools and fixtures, an established system for supplying spare parts, materials and structures of appropriate quality.

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Study of the activities of Sirius LLC and its business environment

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524.0 100.0 672.1 100.0 including by sources of financing: own funds 270.4 51.6 312.3 46.5 of which: profit remaining at the disposal of organizations 113.2 21.6 117.5 17.5 depreciation 129.1 24.6 168.2 25.0 borrowed funds 253...

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Economic calculations at the enterprise

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It is known that fixed assets wear out during operation. To compensate for the cost of fixed capital, a depreciation fund is used, which is formed from depreciation deductions received on the settlement account of an industrial enterprise after the sale of products.
This course work reveals the essence and features of fixed assets, talks about how to evaluate them. Also, a large role is assigned to depreciation of fixed assets and various methods of its calculation in a market economy.

Introduction 3
Chapter 1. The concept and essence of fixed assets of the enterprise 4
§ 1. The economic essence of OPF 4
§ 2. Composition and classification of OPF 5
§ 3. Methods for estimating and accounting for BPF. eight
Chapter 2. Depreciation and amortization of fixed assets. 12
§ 1. Types of depreciation of fixed assets. 12
Chapter 3. 21
§ 1. The state of the fixed capital of Russia. 21
§ 2. Modernization of fixed assets of enterprises of the Russian Federation. 25
Conclusion 31
List of used literature. 32

The work contains 1 file

WORK PLAN

Introduction 3

Chapter 1. The concept and essence of fixed assets of the enterprise 4

§ 1. The economic essence of OPF 4

§ 2. Composition and classification of OPF 5

§ 3. Methods for estimating and accounting for BPF. eight

Chapter 2. Depreciation and amortization of fixed assets. 12

§ 1. Types of depreciation of fixed assets. 12

Chapter 3. 21

§ 1. The state of the fixed capital of Russia. 21

§ 2. Modernization of fixed assets of enterprises of the Russian Federation. 25

Conclusion 31

List of used literature. 32

Introduction

At present, in a market economy, when economic instability is characteristic, when development is replaced by a period of crises, enterprises are required to increase the economic efficiency of production. The problem of increasing the efficiency of the use of fixed assets and production capacities of enterprises occupies a central place in the period of Russia's transition to market relations. The place of the enterprise in industrial production, its financial condition, and competitiveness in the market depend on the solution of this problem. For the implementation of economic activity and normal functioning, any modern enterprise must have the necessary resources, that is, have certain means and sources with which it is possible to produce and sell material goods, works and services. Such sources, first of all, are the fixed assets of the enterprise.

Fixed assets are the most important and predominant part of all funds in industry. They determine the production capacity of enterprises, characterize their technical equipment, are directly related to labor productivity, mechanization, automation of production, production costs, profit and profitability.

It is known that fixed assets wear out during operation. To compensate for the cost of fixed capital, a depreciation fund is used, which is formed from depreciation deductions received on the settlement account of an industrial enterprise after the sale of products.

This course work reveals the essence and features of fixed assets, talks about how to evaluate them. Also, a large role is assigned to depreciation of fixed assets and various methods of its calculation in a market economy.

Chapter 1. The concept and essence of fixed assets of the enterprise

§ 1. The economic essence of the OPF

For the potential implementation of the production process, it is necessary to interact resources in the form of means of production (means and objects of labor) and labor. The means of production expressed in money form are production assets. The production assets of an enterprise are divided into "fixed" (fixed capital) and "working" (working capital). The division is based on differences in participation in the production process, the nature of reproduction, and the ways in which value is transferred to the finished product.

The main production assets of an enterprise are the value expression of the means of labor. The main defining feature of fixed assets is the method of transferring value to the product - gradually: over a number of production cycles; parts: as wear. Depreciation of fixed assets is accounted for in accordance with established depreciation rates, the amount of which is included in the cost of production. After the sale of products, the accrued depreciation is accumulated in a special depreciation fund, which is intended for new capital investments. Thus, the lump-sum value advanced into the fixed capital (fund) in the part of the fixed capital makes a constant circuit, passing from the monetary form into the natural, into the commodity and again into the monetary.

The economic essence of the main production assets lies in the fact that they repeatedly participate in the production process, transfer their value to the cost of the manufactured (produced) products and do not lose their natural-material form in the production process (they retain their consumer value and natural form). When accounting for funds, there is a limitation: fixed assets include funds with a service life of more than one year and a value of more than 100 times the minimum monthly wage.

The law of reproduction of fixed capital is that, under normal economic conditions, its value, introduced into production, is completely restored, providing the opportunity for constant technical renewal of the means of labor. With simple reproduction, at the expense of the depreciation fund, enterprises form a new system of labor tools, equal in value to worn ones. To expand production, new investments are required, attracted additionally from profits, contributions from founders, securities issues, loans, etc. With a large scale of fixed capital used, large and largest enterprises have the opportunity to finance not only simple, but also to a large extent as the expanded production of means of labor.

§ 2. Composition and classification of OPF

The main production assets of an industrial enterprise are means of labor that repeatedly participate in the production process, performing qualitatively different functions. In terms of their economic content, the main industrial funds are homogeneous. At the same time, they differ in terms of production and technical purpose, role in production and terms of reproduction.

Therefore, for planning capital construction, calculating the amount of depreciation and depreciation rates, a classification of fixed assets is necessary.

For the accounting and planning of fixed assets, the state develops a single classification for the entire national economy. Means of labor are combined by their types, groups, subgroups, as well as by sectors of the national economy and areas of activity, which allows them to be typed, coded, and form uniform forms of accounting and reporting. Under the influence of scientific and technological progress, the directions of the economic and depreciation policy of the state, the classification of fixed assets in the former USSR and the Russian Federation was revised in 1923, 1930, 1972 and 1996.

According to the principle of natural-material composition, the current classification combines fixed assets into certain groups. Each group consists of many different means of labor.

1. Buildings - buildings and structures in which the processes of the main, auxiliary and ancillary industries take place; administrative buildings; economic buildings. The cost of these buildings, in addition to the construction part, also includes the cost of the heating system, plumbing, electrical fittings, ventilation devices, etc.
2. Structures. The group of structures includes engineering and construction facilities that are necessary for the implementation of the production process: roads, flyovers, tunnels, bridges, etc.
3. Transmission devices - water supply and electrical network; heating network, gas networks, steam pipelines, i.e., objects that transfer various types of energy from engine machines to working machines (oil pipelines, gas pipelines, etc.).
4. Cars and equipment. This group has a particularly large and diverse composition. This includes power machines and equipment, including all types of power units and engines;

• working machines and equipment that directly affect the object of labor or its movement in the process of creating products;

• measuring or control instruments and devices and laboratory equipment intended for measurements, regulation of production processes, testing and research;
• Since 1972, computer technology has been singled out as a separate subgroup: electronic computers, analog control machines, as well as machines and devices used to control production and technological processes;
• other machines and equipment that are not included in the listed subgroups.

1. Vehicles (owned by enterprises rolling stock of railways, water and road transport, as well as intra-factory vehicles: autocars, trolleys, carts, etc.)

1. Tools and fixtures. Fixed assets include instruments of all types with a service life of more than 1 year. Tools and inventory that have been used for less than 1 year are classified as working capital.
2. Production and household equipment and accessories intended for storing materials, tools and facilitating the performance of production operations - workbenches, racks, tables, containers, office and household items (furniture, fireproof cabinets, duplicators, fire-fighting items, etc.).
3. Working and productive livestock. Working cattle (horses, bulls, oxen, camels, etc.) have been separated into a separate group since 1996. The fixed assets also include productive livestock - adult animals that produce products and offspring (cows, ewes, sows, etc.). The cost of young animals, livestock and fattening animals is included in the working capital of agricultural enterprises.
4. Perennial plantations. The main funds include perennial plantations: fruit-bearing orchards, berry fields, windbreaks.
5. Internal roads.
6. Land plots owned by the enterprise.
7. Other fixed assets.

According to the Federal State Statistics Service, at the beginning of 2011. buildings accounted for 15.0% of the availability of fixed assets; structures - 50.7%; machinery and equipment - 26.9%; vehicles - 6.7%. In the structure of fixed assets of non-profit organizations, buildings (45.1%) and structures (34.9%) account for the largest share, while the share of machinery and equipment, vehicles and other types of fixed assets is respectively small: 13.5% and 3.4%. %.

The significance of each of the listed groups of fixed assets in production and in increasing its efficiency is not the same. Active fixed assets that directly affect the level of technical equipment of labor at an industrial enterprise are working machines, equipment, vehicles and tools, that is, tools of production. The volume of production and its efficiency depend on their qualities, degree of use.

Other elements of production fixed assets take an indirect part in the production process (transmission devices) or create the necessary conditions for the use of machinery and equipment with which the production process is carried out (buildings, structures). Therefore, the level of the material and technical base of the enterprise is determined primarily by the specific weight and quality of the active part of the production fixed assets. The higher the share of the active part of the funds, the more opportunities the company has to increase output. The division of fixed assets into active and passive is largely conditional. Often the improvement of production consists in increasing the cost of facilities or transmission devices, which leads to progressive changes in the technological process. In many industries (oil production, gas production, etc.), facilities and transmission devices are the most active part of the funds.

By functional purpose, fixed assets are divided into basic production and fixed non-production assets. The main production assets include assets (about 80%) that are directly involved in the technological process (machines, equipment, machine tools, etc.), or create conditions for the production process (industrial buildings, structures, pipelines, etc.). Fixed non-production assets (more than 20%) are household and cultural facilities, medical institutions, residential buildings, children's and sports facilities, etc., which are on the balance sheet of the enterprise, but unlike production assets, they do not participate in the production process and do not transfer their value to the product. Their value disappears in consumption. The compensation fund is not created. They are reproduced at the expense of the national income.

By ownership, fixed assets are divided into own and leased.

Depending on the sectors of the national economy, fixed assets are divided into fixed production assets of industry, agriculture, construction, transport, trade, etc. The classification of fixed assets by sectors and sectors of the national economy allows you to monitor and adjust the direction of economic development: more effectively use incentive levers for the development of progressive and priority industries.

§ 3. Methods for estimating and accounting for BPF.

Accounting for fixed assets is determined not only by the need to know what fixed assets and to what extent the enterprise has, but also by the requirements of the economics of production. This is due to the fact that the share of fixed assets in the total amount of funds at the disposal of the enterprise reaches 70% or more. Consequently, the development (state) of the economy of the enterprise depends on how they are used.

Fixed assets are accounted for in kind and in cash. Accounting for in-kind funds is necessary to determine the technical composition of fixed assets, the production capacity of the enterprise, the degree of use of equipment and other purposes. For each unit of fixed assets, a passport is drawn up, reflecting the time of construction, technical characteristics, repairs made, the degree of wear and use.

To check the technical condition of fixed assets at the end of the year, an inventory commission is specially created. Therefore, the accounting and evaluation of fixed assets in kind gives an idea of ​​their technical condition.

A monetary or cost estimate of fixed assets is necessary to determine their total volume, dynamics, structure, value transferred to the cost of commercial products, as well as to calculate the economic efficiency of investments.

The structure of the fixed capital of Russia and its regions, which has developed by the beginning of the 21st century, reflects two aspects:

• 1. The trend in the distribution of production forces, which are determined by historical heritage and economic and geographical factors.
• 2. The changes that took place in the 90s due to the market transformation.

During the market transformation, all regions of Russia have undergone significant changes in the structure and volume of fixed capital. At that time, the decline in production potential reached very critical levels, and losses and damage became irreparable.

However, there are also positive changes that have taken place in the process of formation and use of fixed capital during the period of market transformations, predetermined by transformational changes.

In the context of the diversity of ownership (an increase in the share of private ownership in the investment complex in 2007 to 30–49%, while the state was reduced from 27 to 10%), commercial and industrial restructuring of production took place and, accordingly, the reorientation of fixed capital to the production of competitive goods, the technical modernization of enterprises in those industries whose products are in demand in the market; the rate of development of the basic engineering infrastructure has increased; in the regions there is a process of smoothing structural and technological disproportions. These trends confirm the stimulating effect of the market on the process of formation and use of fixed capital.

At the moment, it is necessary to strengthen the fixed capital of Russia, which requires solving many problems, namely:

• · technical and technological reconstruction and modernization of industries that are a priority for the regions of the country;
• · implementation of infrastructure projects;
• attracting investments that form capital;
• Significant reduction in depreciation of fixed capital.

The decrease in the depreciation of fixed capital is directly related to the resource and technological constraints that are imposed on production due to outdated machinery, equipment and technologies; the costs of creating more efficient technological chains; reorientation of a number of industries due to the need to ensure import substitution, and stopping the degradation of manufacturing enterprises.

According to statistical agencies, the level of depreciation of fixed capital at the beginning of the year in the Russian Federation ranged from 39.2% in construction to 50.7% in transport. The strongest depreciation of fixed capital in industry was noted in the Far Eastern and Siberian federal districts (44.1 and 47.4%, respectively), in transport - in the Urals, Far East and Siberian districts (46.4, 48.4 and 50.2% ). Data on the level of depreciation in terms of the main industries in the context of all federal districts are presented in Table 1. The indicators indicate how high the level of depreciation of fixed capital in all districts in transport, industry and agriculture, construction and communications is not much less. However, as the authors of “The Path to the 21st Century: Strategic Problems and Prospects of the Russian Economy” suggested, “there is reason to believe that the amount of depreciation of fixed capital in Russia, determined by official statistics, is significantly underestimated, primarily due to neglect or incomplete accounting of obsolescence factors” .

Significant depreciation of the production potential is confirmed by data on the share of completely depreciated fixed capital. According to them, in the Russian industry such capital is 19.2%, and in the Volga Federal District the percentage is even higher - 25.6%. The proportion of depreciated capital is also high in agriculture (in the Southern Federal District - 14.9%, in the Siberian - 12.4%), in construction (in the Southern Federal District - 16.0%).

Experts estimate the real level of depreciation of fixed capital in Russia at the level with foreign indicators - not at 45-47%, but at 60%. These indicators sharply pose the problem of technical renewal of fixed capital in all markets and require a transition to new technological developments. Due to the delay in the modernization process, Russia may lose the status of an economically and technically strong state. Modernization should primarily be subject to machinery and equipment.

According to the calculations of the Russian Academy of Sciences, the Chamber of Commerce and Industry of the Russian Federation and the Russian Association of Industrial and Construction Banks, the Russian economy needs $350 billion to replace obsolete production facilities, excluding obsolescence. If obsolescence is taken into account, it is necessary to add about another 185 billion dollars. From this it follows that the so-called "accumulated need" for the renewal of fixed capital is about 535 billion dollars. In addition, for the annual current compensation of the depreciation fund, another 14 to 20 billion dollars are needed.

However, data from the McKinsey Institute says that Russia needs only 15-20 billion dollars for modernization within five years.

The sphere of investments is the most important sphere in the economy of the state. It is especially important for Russia because of the disruption in the 1990s of reproduction processes, during which the volume of investments in fixed capital was reduced and fixed assets were put into operation.

After the crisis in 1998 economic growth led to an improvement in investment, but this was not enough for the country. In 1999 the volume of investments was increased by 5.3% in comparison with 1998, and in 2005. - by 17.4% compared to 1999. In fact, the picture is depressing, despite the relatively high investment growth rates. Growth of investments in 2005 generally incomparable with the scale of losses suffered by fixed assets over the decade.

Analysis of investment activity points to industry differentiation. In the period 1970-2004. industry had the largest share in the field of investment in fixed capital - in 2010. 34.8%. At the same time, there has been a decrease in investments in recent years - the share in 2007 was 38.7%. The distribution of investments by industry shows a general unsatisfactory structure of economic reproduction: an excess of capital in the export-oriented sector and a lack of capital in the sector that is oriented to domestic demand. In recent years, the largest investments have been in transport and the fuel industry.

For the period 2006-2010. a large amount of investment was made in manufacturing - 16.3-17.4% and in mining - 16.8-19.7%. And the share of investments in fixed capital:

chemical production - 1.4-1.5%;

metallurgical production - 3.1-4.3%;

production of equipment and machinery - 0.6%;

electrical equipment - 0.5-0.6%;

production of vehicles - 1.4-1.5%.

During the following years, there were no significant changes in the structure of investments in fixed assets by type of economic activity.

Introduction

1. Essence and reproduction process of fixed capital

1.1 The concept of fixed capital

1.2 Reproduction of fixed capital

2. The problem of renewal of fixed capital in modern Russia

2.1 Utilization of fixed capital in Russia

2.2 Capital renewal: analysis and assessment of opportunities

Conclusion

List of used literature

Renovation of production assets is one of the most urgent problems of establishing market relations and maintaining the achieved rates of economic growth.

The “quality” of growth remains extremely unsatisfactory, especially if we talk about the real sector of the economy: the structure of production is not modernized and its efficiency practically does not increase, innovation activity is extremely weak, and the level of manufacturability of production is not growing. Without the stable growth of this complex, the country may turn out to be a raw material appendage of the West. Of the three factors of production - land, labor and capital - the latter is becoming increasingly important if we consider it in the broadest sense of the word, that is, not only as a value expression of fixed assets, but also as implements of labor, technology, production buildings embodied in it. and structures.

The real sector of our economy requires an increase in investments to expand production, increase working capital and renew fixed capital. This is the relevance of the chosen topic.

The problem of renewal of fixed capital in an economy that is mastering market forms of management with an outdated production base and solving major problems is very complex. As is known, economic growth in recent years has been supported mainly by the export of raw materials, and especially oil and gas. With the decline in oil prices, the inflow of foreign currency into the country through its own production will noticeably decrease, and the domestic market for the sale of domestic goods is still too narrow. In conditions of insufficient demand, processing industry enterprises do not have funds not only for expanded production, but also for replenishing working capital and replacing equipment.

The current situation in the economy convinces of the need to strengthen the investment activities of enterprises, corporations and associations. The state should create conditions for attracting investments in the real sector of the economy. When analyzing the reasons for low investment activity, many experts rightly point out the lack of the necessary legal and regulatory framework, i.e., neither the conditions for protecting the rights of investors nor the guarantee mechanism have been created. It is necessary to start developing more effective policies to attract investment, including foreign ones.

The purpose of the course work is to consider the problems of updating fixed capital in modern Russia.

Based on the goal, the tasks of the course work are formed:

1. determine the essence and reproduction process of fixed capital;

2. consider indicators of the use of fixed capital in Russia;

3. to analyze and evaluate the possibilities of renewal of fixed capital in Russia.

The methodological basis for writing the term paper was collections of scientific papers, monographs, periodicals, statistical collections.

Capital in the market of factors of production is understood as physical capital, or production assets. The latter can be called capital goods. Capital goods include, first, residential buildings; secondly, production facilities, machinery, equipment, infrastructure; third, inventories.

The concept of capital in economic theory has undergone a significant transformation since the time of A. Smith, and even earlier ideas of economists of the past. At present, it is customary to talk about capital in the broad sense of the word, and not just about those benefits that were listed above. This broad interpretation is connected, first of all, with the names of such American economists as I. Fisher and D. Dewey.

Capital can be broadly defined as a value that generates a stream of income. From this point of view, the production assets of an enterprise, and land, and securities, and a deposit in a commercial bank, and “human capital” (accumulated professional knowledge), etc., can be called capital. All of these benefits bring a stream of income in various forms : in the form of rent, interest payments on deposits, dividends on securities, land rent, etc.

In capital market research, it is important to distinguish between the categories of stock and flow. Capital as a stock is the accumulated benefits of production purposes at a certain point in time. Investments, on the other hand, represent a flow due to which the existing stock of capital goods (production equipment, machine tools, machines, etc.) is multiplied over a certain period of time. The investments that we will explore in the factor market are those that increase the stock of physical capital. Investments, in accordance with the most important varieties of physical capital, can be divided into investments a) in residential buildings; b) in machinery and equipment; c) inventory. In this sense, these investments should not be confused with investments as a category of the financial market, where such financial assets as stocks, bonds, etc. are bought and sold.

So, we recall that in the very definition of capital in a broad sense there is a mention of the flow of income. What kind of income - we have to find out by referring to the study of the structure of the capital market.

Just as in the study of the labor market, it is necessary to distinguish between capital and capital services. Again, we can apply the categories of stock and flow. Capital is presented as a stock, and its services as a flow.

In this regard, we should not confuse the price of capital goods (the price of machine tools, machines, buildings, etc.) and the price of capital services (monetary units for the number of machine hours), which is called rent, or rental valuation. Thus, we can talk about three segments of the capital market: first, the capital goods market, where production assets are bought and sold; second, the capital services market, where these funds can be rented out for a fee. For the purchase and sale of capital goods, entities require cash. Therefore, thirdly, one more segment of the capital market can be distinguished - the market for borrowed funds, or loan capital. The income generated by loan capital is called interest. We will find out its nature in the course of the analysis of all three interrelated segments of the capital market.

So, let us turn to the study of capital as a good for production purposes. In economics, as well as in accounting analysis, it is customary to distinguish between fixed and working capital. Fixed capital in physical form is represented by buildings, machines, structures, i.e., all those durable capital goods that lose their value as they wear out over several production cycles. Working capital loses its value during one production cycle and is represented by raw materials, materials, stocks of finished products, etc.

In connection with the concept of fixed capital, it is necessary to introduce another new economic category - depreciation. Depreciation is the depreciation of fixed capital as a result of its wear and tear. To compensate for the fixed capital worn out over the entire service life, a depreciation fund is created, where funds (depreciation deductions) are received after the sale of finished products. The depreciation rate is the ratio of the annual amount of depreciation deductions to the cost of a capital good, expressed as a percentage.

Physical capital is associated with the concept of roundabout, or indirect (roundabout) methods of production. These are production methods associated with time lag. In other words, it takes time to create a capital good.

The net productivity of capital is the percentage return on capital, or the rate of return on capital.

The policy in the field of reproduction of fixed assets should be carried out both at the macro and micro levels, since it determines the quantitative and qualitative state of fixed assets.

The reproduction of fixed assets is a continuous process of their renewal through the acquisition of new ones, reconstruction, technical re-equipment, modernization and overhaul, including the following interrelated stages (Fig. 1.):

Creation;

Consumption;

Depreciation;

Recovery and reimbursement.

In the diagram, the stages of reproduction of fixed assets are divided into two parts. One part is the creation of fixed assets, which most often takes place outside the enterprise. The creation of fixed assets in accordance with their structure occurs in two areas: in the construction industry and mechanical engineering, including instrument making. The second part is the stages that are carried out within the enterprise. The initial stage of the reproduction of fixed assets, which is carried out at the enterprise, is the stage of their acquisition and formation. For a new enterprise that is just being created, the formation process means the construction of buildings and structures, the acquisition of equipment that corresponds to the technological process, cost and product quality.

Rice. 1. Stages of reproduction of fixed assets

Consider the structure of investments in fixed capital by type of economic activity, the data are presented in Appendix D. From Appendix D it can be seen that for the period 2008-2012. certain shifts in the structure are observed. The share of investments in fixed assets by the type of activity "production and distribution of electricity, gas and water" is growing, over the period the share increased by 2.3 percentage points, and the indices of the physical volume of investments for each year in relation to the previous year are more than 100% , this indicates an annual increase in investment in this type of economic activity.

Also, throughout the period, the share of investments in financial activities is growing.

In general, over the period, the share of investments in agriculture, hunting and forestry decreased by 0.8 percentage points. Russia is a country with huge reserves of forest resources and agricultural land, but the condition of the land is assessed as unsatisfactory - the processes of land degradation are aggravated. The hydrological regime of catchment basins is deteriorating, due to the human factor, the ability of natural complexes to self-regulate is reduced.

For the study period 2008-2012. the share of investments in fixed capital in the sectors of education and health care and the provision of social services gradually decreased. Shares in the structure of investments in education by 2012 compared to 2008 decreased by 0.2 percentage points, in health care and the provision of social services by 0.4 percentage points. At the same time, the indices of the physical volume of investments in relation to previous years over the period for these types of activities amounted to more than 100%, with the exception of 2009. Creating favorable conditions for the development of human potential is one of the most important tasks of modern society, in particular Russia, therefore, a reduction in the structure of investments in the share of these types of activities is an extremely negative trend.

There is no clear dynamics in the values ​​of the index of the physical volume of investments by the type of activity “operations with real estate, rent and provision of services”, its share decreased by 3 percentage points over the period. At the same time, the share of investments in the “research and development” industry in the structure of investments in fixed assets increased by 0.2 percentage points from 0.5% at the beginning of the period to 0.7% by the end of the study period, the volume index for this period was kept above 100%. Such changes indicate an improvement in the structure of capital investments, since the development of this type of activity contributes to scientific and technological progress.

For 2008-2012 structural shifts did not affect the “fishing and fish farming” industry, they also did not concern the “hotels and restaurants” type of activity for four years, but in the last year of the period its share decreased by 0.1%, which is a significant shift, taking into account the fact that that in previous years, the share of this type of activity was only 0.5% in the structure of investments in fixed capital.

In the structure of investment in fixed assets by type of activity, the share of mining increased slightly by 0.9% over the period under review, the share of manufacturing decreased by 1.7% and the share of wholesale and retail trade; repair of motor vehicles, motorcycles, household and personal items by 0.3%. The share in the investment structure of the transport and communications industry changed annually, increasing by 4.5% by 2012 compared to 2008.

Now let's consider the structure of investments in fixed capital by types of ownership, the data are shown in Table 3.

Table 3 - Structure of investments in fixed capital by types of ownership in 2008-2012 (as a percentage of the total)

Name of indicator
Structure of investments in fixed capital by types of ownership
Total
including:
Russian	83,8	85,2	86,2	87,8	88,6
from her:
State	18,1	19,3	17,2	16,9	15,2
Municipal	4,3	3,6	3,2	3,1	2,8
Private	51,1	55,2		54,2	57,3
consumer cooperation	0,04	0,03	0,03	0,02	0,02
public and religious organizations (associations)	0,1	0,1	0,04	0,03	0,03
mixed Russian	10,1	7,0	7,5	11,9	11,5
property of public corporations			1,2	1,6	1,8
foreign	7,5	6,8	5,9	6,0	6,1
joint Russian and foreign	8,7	8,0	7,9	6,2	5,3

Source: Russia in numbers: R32 Stat. Sat. / Rosstat. - M., 2013. - P. 467.

Table 3 shows that the share of investments in the fixed capital of Russian property is increasing every year. The role of the property of municipalities and the state in investments is decreasing: thus, the share of capital investments of municipal property for the period under review 2008-2012. annually decreases by an average of 0.3% of the total volume of investments in the national economy, the share of investments in fixed assets of state property decreases annually by an average of 0.58%, the exception in dynamics is 2009, when there was an increase in the share of investments in state property by 1.2% compared to 2008. This is due to a drop in the overall level of investment activity in the country, if the growth rate of investment in fixed assets in the country as a whole in 2009 amounted to 90.83% of the level of 2008, then the growth rate of investment in state property in the same year amounted to 96.7 %. The trend towards a reduction in the share of state-owned capital investments is a natural process against the backdrop of privatization processes that have been taking place in the economy since the start of the transition to a market economy system and indicates an increase in investment attractiveness for private investors.

Significant for the purposes of the study is the analysis of the structure of investments in fixed capital by sources of financing. A similar structure is presented in table 4.

Table 4 - The structure of investments in fixed capital by sources of financing in the period 2008-2012 (as a percentage of the total)

Name of indicator
Investments in fixed assets – total
including sources of funding:
own funds	39,5	37,1	41,0	41,9	45,4
involved funds	60,5	62,9	59,0	58,1	54,6
of them:
bank loans	11,8	10,3	9,0	8,6	7,9
including loans from foreign banks	3,0	3,2	2,3	1,8	1,2
borrowed funds from other organizations	6,2	7,4	6,1	5,8	5,4
budget resources	20,9	21,9	19,5	19,2	17,9
including:
from the federal budget	8,0	11,5	10,0	10,1	9,6
from the budgets of the subjects of the Russian Federation	11,3	9,2	8,2	7,9	7,1
extrabudgetary funds	0,4	0,3	0,3	0,2	0,3
Other	21,2	23,0	24,1	24,3	23,1

Source: Russia in numbers: R32 Stat. Sat. / Rosstat. - M., 2013. - P.340.

As can be seen from Table 4, during this period a number of changes occurred in the structure of sources of financing investments in fixed assets. During the period under review, with the exception of 2010, the share of investments in fixed assets financed from own funds has been increasing, over the period it increased by 5.9%. On the one hand, this alignment can be considered a positive shift in the structure of investment financing sources from the point of view that own funds ultimately have a higher degree of profitability, on the other hand, it is a negative trend in terms of the development of the country's financial sector and the underutilization of additional opportunities. There is a reduction in the role of the banking sector. The sharp decline in the share of the domestic banking sector in 2009 may be due to the growth of interest rates on loans, this is indirectly confirmed by the fact that against the background of a general decline in the period in financing capital investments in the share of loans from foreign banks in 2009, this indicator grew by 0.2%, It was in this year that, as can be seen from Figure 7, there was a sharp jump in the refinancing rate of the Central Bank of the Russian Federation. However, in subsequent 2010-2012. despite a significant reduction in lending rates, there was no growth in the share of investments due to bank loans. In general, over the period, the role of the banking sector in financing capital investments decreased from 11.8% to 7.9%. Also, with the exception of 2009, there is a reduction in the share of budgetary funds in financing investments with a growing volume of investment.

The ratio of investment costs by types of investment objects shows the specific structure of investments in fixed capital . The specific structure of investments is presented in Table 5.

Table 5 - Specific structure of investments in fixed capital in the period 2008-2012 (as a percentage of the total)

Name of indicator
	8781,6	7976,0	9152,1	11035,7	12568,8
Dwellings	1193,3	1036,9	1111,7	1395,6	1917,7
	3742,2	3482,2	3962,8	4776,8	5352,4
	3311,9	2970,2	3472,7	4185,6	4556,3
others	533,7	486,7	604,9	677,7	742,4
Investments in fixed assets
including by types of fixed assets:
Dwellings	13,6	13,0	12,2	12,7	15,2
buildings (except residential) and structures	42,6	43,7	43,3	43,3	42,6
machines, equipment, vehicles	37,7	37,2	37,9	37,9	36,3
others	6,1	6,1	6,6	6,1	5,9

Source: Investments in Russia: P32 Stat. Sat. / Rosstat. - M., 2013. - P.15.; : Investments in Russia: R32 Stat. Sat. / Rosstat. - M., 2013. - P.14.

From table 5 we can conclude that the specific structure of investments in Russia as a whole in 2011 is characterized by the predominance of investments in industrial, commercial and other non-residential buildings and structures, the share of this type increased by 1.1% in 2009 over the period returned to the value of 2008 at 42.6%, the second position is occupied by investments in the active part of the funds - machinery, equipment and vehicles, by the end of the period, the share was 36.3%, which is 1.4% less than at the beginning of the period under review, in third place is housing - with an investment share of 15.2% in 2012, which is 1.6% more than in 2008 and, accordingly, the last position in the distribution of investments by types of fixed assets is occupied by investments in other fixed assets.

To determine the direction of investment in fixed assets, consider Table 6.

Table 6 - Directions of investments in fixed assets in the period 2008-2012 (as a percentage of the total)

Source: Investments in Russia: P32 Stat. Sat. / Rosstat. - M., 2013. - P.15.; : Investments in Russia: R32 Stat. Sat. / Rosstat. - M., 2011. - P.14.

From the table, there is no clear dynamics in the areas of investment in fixed capital in the period under review. In general, in 2012, compared to the base year 2008, the share of investments directed to the acquisition of new fixed assets increased by 1.4 percentage points and to construction by 0.2 percentage points. The most effective direction of investment is considered to be modernization and reconstruction, since, compared with other areas, it requires less money and time before putting fixed assets into operation. In this case, over the period, the share of capital investments allocated for modernization and reconstruction decreased by 1.6 percentage points.

The Russian Federation is a huge country with a rich natural resource potential, but the distribution of resources across the country is uneven, therefore, the structure of the economy and investment should be different. Therefore, it is important for the purposes of the study to analyze the territorial (regional) structure of investments in fixed assets. Let's consider the modern territorial (regional) structure of investments, the data are given in Appendix E. The lowest volumes of investments fall on the regions of the North Caucasus Federal District. Let's present the 10 regions with the highest volume and the North Caucasus Federal District in Table 7.

Table 7 - The share of investments in fixed capital by regions of Russia in the period 2008-2012 (as a percentage of the total)

Name of indicator
Total investment in Russia
including
Tyumen region together with the Khanty-Mansiysk and Yamalo-Nenets Autonomous Okrugs	11,7		11,5	11,8	11,5
Moscow		9,3		7,8
Moscow region	5,5	4,8	4,3	4,1	3,9
Krasnodar region	3,8	4,7	6,4	6,4	6,3
Saint Petersburg	4,2	4,2	4,4	3,3	2,8
Republic of Tatarstan	3,1	3,5	3,6	3,6	3,7
Leningrad region	1,9	2,4		2,8	2,6
Sverdlovsk region	2,8	2,5	2,9		2,7
Nizhny Novgorod Region	2,4	2,5	2,1		2,1
Republic of Bashkortostan	2,3	1,9	1,7	1,7	1,8
North Caucasian Federal District		3,3	3,4	3,1	3,2