Property complex management system. Forms of management of property complexes of municipal enterprises
Information system " Management and disposal of the property complex» (hereinafter referred to as the System) is intended for use in public authorities Russian Federation, carrying out accounting and disposal of property located in various legal forms. The system has the following functionality:
Cadastral registration of land plots, real estate and movable property in the context of legal, economic and technical characteristics;
Maintaining a register of counterparties - legal, individuals, individual entrepreneurs, as well as enterprises and institutions in the context of contracts (and other transactions) with property objects;
Implementation of all types of transactions with property objects, preparation of draft contracts, orders, resolutions, acts and other documents;
Calculation of fees for the use of property, accrual of penalties, fines in the personal accounts of payers;
Analysis of receipts from the Federal Treasury Department on personal accounts of payers, the possibility of using billing technology (payment terminals), interaction with banks, as well as interaction with the GIS GMP;
Monitoring and analysis of the state of the property complex;
An Internet portal for counterparties to access information on personal accounts, prepare receipts for payment, and more.
Implementation of the System will allow to carry out:
Full inventory of real estate, movable property and land, control over the integrity and completeness of data;
Reduce labor costs, the burden on employees and the risk of the "human factor" when calculating fees for the use of property, preparing and printing financial, accounting documents, parsing receipts by automating the maintenance of personal accounts and parsing payments;
Setting up the System in accordance with changes in legislation (regulatory and reference information, methods and calculation parameters);
Increasing income from the use of property due to the prompt identification of arrears and automation of the process of conducting claims and lawsuits;
Reflection of property potential, its dynamics and structure;
Monitoring and analysis of property and land resources, ensuring control over the use of property;
Enforcement of legislation on open data, etc.
DESCRIPTION OF FUNCTIONALITY
Subsystem "Maintaining a unified register of property objects"
The subsystem serves to implement and display the processes of formation of property objects (land plots, real estate, movable property) of their state accounting with the possibility of dividing by municipalities, the emergence and state registration ownership rights to them. It has the functionality to enter / upload data on legal, economic, technical and other characteristics, reflect the registration of property rights, take into account technical and title documentation, maintain a history of changes in objects.
The subsystem ensures the optimal management decisions on the disposal of property when it is leased, alienated, assigned to economic management and operational management, transferred for use or trust management, contributed as a share when creating business companies, used as collateral for securing credit obligations.
Subsystem "Maintaining the Register of Counterparties"
Maintaining a register of counterparties (legal entities, individuals and individual entrepreneurs) involves storing information on persons who enter into legal relations with the Administration. Information is displayed on all types of legal relations with the counterparty in the field of property relations (rent, acquisition (alienation) of property, etc.), the history of activity is kept.
The register also includes enterprises and institutions. Data is collected on the property transferred and acquired by them, an analysis of financial and economic activities is carried out.
Control is carried out at each stage of the liquidation procedure, bankruptcy of counterparties in order to timely withdraw property and collect debts.
Subsystem "Management and disposal of property objects"
This subsystem is used to implement and display the processes of disposing of objects (transactions): transfer of property for rent, registration of property, gratuitous use, management and operational management, permanent (perpetual) and gratuitous fixed-term use, trust management, storage, acquisition of property, purchase / sale apartments and rooms in communal apartments.
The subsystem provides for the preparation of draft documents (orders, resolutions, lease agreements, etc.), and the calculation of the purchase price of objects.
The integrity and completeness of documents are monitored, the timing of the execution of documents, the timing of the use of property, compliance with the regulations for the implementation of transactions is carried out.
A system of reminders to users on the main events in the System (the need to execute a document, prepare a document, etc.) is provided.
Subsystem "Management of personal accounts and administration of income from the use of property"
The subsystem serves to maintain personal accounts, calculate and accrue amounts of fees for the use of property, carry out preliminary calculations (for lease agreements), control over payment, analyze arrears and implement measures to reduce arrears (claim work), prepare financial and accounting reports.
The subsystem carries out mass and individual preparation of settlement forms and forms of payment (PD-4) for sending to payers.
The subsystem provides the ability to collect, store and process information from municipalities, constituent entities of the Russian Federation.
Enforcement of the Federal Law of the Russian Federation dated July 27, 2010 No. 210-FZ "On the organization of the provision of state and municipal services", interaction with the GIS GMP.
Subsystem "Analysis of receipts (payments) on personal accounts of payers"
The subsystem is used to interact with the Federal Treasury, download and process information on payments, as well as interact with banking structures to download payment orders. A billing technology is used to collect payments through payment terminals.
Subsystem "Conducting claims and lawsuits with debtors under lease agreements"
The subsystem combines the work of specialists in the implementation of the calculation of payment for the use of property and legal service. The subsystem identifies non-payers, prepares prescriptions, claims for payment of debts, and statements of claim.
The subsystem controls the deadlines for the execution of documents using a system of reminders and user notifications.
Litigation is ongoing until the entry into force of court decisions. The activities of the bailiff service are monitored.
Subsystem "Monitoring of the state of the property complex" and subsystem "Analysis of the effectiveness of property management"
Subsystems provide instrumental support for the formation of analytical materials on the state of property use at the current time and for the selected reporting period, containing both textual and graphical forms of information presentation. The formation of analytical materials is organized in an automated mode in accordance with the parameters specified by the user.
Within the framework of these subsystems, information and technological support mechanisms have been created management activities and making managerial decisions.
Subsystem "Internet portal"
The subsystem includes the creation of an electronic portal (contractor of the Office), which allows the user to receive the following information:
print payment order to pay the principal debt, penalty interest, debt for actual use without manually entering any additional data;
Possibility to leave a request for certificates, reconciliation acts, extracts from personal accounts and other documents;
Leave a preliminary request for the extension of contracts, assignment of the right to lease, or termination of the lease;
Theme 4
Management of property complexes of organizations and enterprises
I. Characteristics of real estate
II. Depreciation of fixed assets of the enterprise. Their score
Linear way. The annual amount of depreciation deductions is determined based on the original cost or current (replacement) value (in case of revaluation) of the object and the depreciation rate calculated on the basis of the useful life of this object.
Decreasing balance method. The annual amount of depreciation is determined based on the residual value of the object at the beginning of the year and the depreciation rate calculated on the basis of the useful life of this object and the acceleration factor established in accordance with the legislation of the Russian Federation.
The acceleration coefficient is applied according to the list of high-tech industries and efficient types of machinery and equipment established by the federal executive authorities.
The method of writing off the cost by the sum of the numbers of years of the useful life. The annual amount of depreciation is determined based on the original cost or current (replacement) value (in the event of a revaluation) of the object and the ratio, in the numerator of which is the number of years remaining until the end of the useful life of this object, in the denominator - the sum of the numbers of years of the useful life of the object .
The method of writing off the cost in proportion to the volume of products (works). Depreciation is calculated based on the natural indicator of the volume of production (work) in the reporting period and the ratio of the initial cost of the object and the estimated volume of production (work) for the entire useful life of the object.
Linear method means uniform depreciation. Methods of diminishing balance and write-off of value by the sum of numbers of years of useful life mean accelerated depreciation of fixed assets.
Methods and procedure for calculating depreciation for taxation of profits are defined in Art. 256-259 of the Tax Code of the Russian Federation.
Depreciable property is recognized as property, results of intellectual activity and other objects of intellectual property that are owned by the taxpayer and are used by him to generate income and the cost of which is repaid by accruing depreciation.
Depreciable property does not include land, other objects of natural resources (water, subsoil and other natural resources), as well as inventories, goods, securities, financial instruments of forward transactions (including forward, futures contracts, options).
The depreciable property also does not include:
· property budget organizations;
Ø the price of the transaction is a reasonable remuneration for the object of evaluation and there was no coercion to complete the transaction in relation to the parties to the transaction from either side;
Ø payment for objects is expressed in cash.
Insurance price is determined by agreement between the insured and the insurer based on the market value of this element of fixed assets. Insured replacement cost is the full value of fixed asset elements reflected in the insurance policy. The insurable value including depreciation (residual insurable value) is the replacement insured value minus accrued depreciation.
Security deposit used as collateral for loans and credits. It consists of the following parts:
¨ the amount of the loan;
¨ compensation for losses or penalties (fines, penalties) due to delay in the fulfillment of the main obligation;
¨ interest on a loan;
¨ reimbursement of court and other expenses caused by foreclosure on the subject of pledge;
Depreciation policy- a set of principles, plans, actions of the government, carried out in terms of the formation, distribution and use of depreciation. The depreciation policy includes centralized regulation of standard service life (depreciation rates); permission (prohibition) of the application of accelerated depreciation of equipment and determination of the boundaries (limits) of the application of accelerated depreciation; establishing rules for the use of depreciation allowances; stimulation of targeted use of depreciation and sanctions for misuse of accelerated depreciation.
III. The content of intangible assets of the enterprise. Amortization of intangible assets
The composition of intangible assets (IA) of enterprises is determined by two regulations: the Accounting Regulation “Accounting for Intangible Assets” (PBU 14/2000) and Chapter 25 of the Tax Code.
When accepting assets for accounting as intangible, the following conditions must be met at a time:
a) the absence of a material (physical) structure;
b) the possibility of identification (allocation, separation) by the organization of property;
c) use in the production of products, in the performance of work or the provision of services, or for the management needs of the organization;
d) use for a long time, i.e. useful life, lasting more than 12 months. or the normal operating cycle, if it exceeds 12 months;
e) the organization does not intend the subsequent resale of this property;
f) the ability to bring economic benefits (income) to the organization in the future;
g) the availability of properly executed documents confirming the existence of the asset itself and the organization's exclusive right to the results of intellectual activity (patents, certificates, other titles of protection, an agreement on the assignment (acquisition) of a patent, trademark, etc.).
In accordance with these conditions, intangible assets include the exclusive right:
When acquiring intangible assets, additional costs may arise to bring them into a condition in which they are suitable for use for the intended purposes. These may be the amounts of wages of employed workers, the corresponding deduction for social insurance and provision, material and other expenses. Additional expenses increase the initial cost of intangible assets.
The initial cost of intangible assets created by the organization itself is determined as the sum of the actual costs of creating and manufacturing (expended material resources, wages, services of third-party organizations under counterparty (co-executive) agreements, patent fees associated with obtaining patents, certificates, etc.) , with the exception of value added tax and other refundable taxes (except as provided by the legislation of the Russian Federation).
Intangible assets considered created if:
1) the exclusive right to the results of intellectual activity obtained in the course of performance official duties or on specific assignments of the employer, belongs to the employing organization;
2) the exclusive right to the results of intellectual activity obtained by the author (authors) under an agreement with a customer who is not an employer belongs to the customer organization;
3) a certificate for a trademark or for the right to use the appellation of origin of goods is issued in the name of the organization.
General business and other similar expenses are not included in the actual expenses for the acquisition, creation of intangible assets, except when they are directly related to the acquisition of assets.
In accordance with the Tax Code, intangible assets are recognized as the results of intellectual activity acquired and (or) created by the taxpayer and other objects of intellectual property (exclusive rights to them) used in the production of products (performance of work, provision of services) or for the management needs of the organization for a long time ( over 12 months).
To recognize an intangible asset, it is necessary to bring economic benefits (income) to the taxpayer, as well as the availability of properly executed documents confirming the existence of the asset itself and (or) the exclusive right of the taxpayer to the results of intellectual activity (patents, certificates, other titles of protection, assignment (acquisition) agreement) patent, trademark).
Intangible assets, in particular, include the exclusive right:
the patent holder for an invention, industrial design, utility model;
· on the trademark and service mark, appellation of origin of goods and trade name;
· a patent holder for selection achievements;
· the possession of know-how, a secret formula or process, information in relation to industrial, commercial or scientific experience.
The initial cost of depreciable intangible assets is determined as the amount of expenses for their acquisition, creation and bringing them to a state in which they are suitable for use, with the exception of taxes that are included in expenses in accordance with the Tax Code.
Cost of intangible assets, created by the organization itself, is defined as the sum of the actual costs of their creation, manufacture (including material costs, labor costs, services of third parties, patent fees associated with obtaining patents, certificates), except for the amounts of taxes taken into account in composition of expenses in accordance with the Tax Code.
Intangible assets do not include:
à research, development and technological work;
à intellectual and business qualities of the personnel of the organization, their qualifications and ability to work.
A comparison of the composition of intangible assets given by PBU 14/2000 and in the Tax Code shows that basically the same types are classified as intangible assets, but there are also differences.
In PBU 14/2000, intangible assets include business reputation organizations and organizational expenses (expenses associated with the formation of a legal entity, recognized in accordance with the constituent documents as part of the contribution of participants (founders) to the authorized (share) capital of the organization). These types of intangible assets are not included in the composition of intangible assets, given in Art. 257 of the Tax Code of the Russian Federation.
At the same time, in the Tax Code, intangible assets include the exclusive right to a company name, as well as the possession of know-how, a secret formula or process, information regarding industrial, commercial or scientific experience. These types of intangible assets are not included in the composition of intangible assets given in RAS.
It is advisable to establish a single composition of intangible assets.
In industry, at the end of 2000, intangible assets on the book value amounted to 23.6 billion rubles. or 1.2% to the residual value of fixed assets.
In the total amount of intangible assets in industry, arising from copyright and other contracts for works of science, for computer programs, etc., amounted to 33%; rights arising from patents for inventions, industrial designs, certificates for utility models, trademarks, etc. - 28.8%.
As for fixed assets, there are differences in the definition of depreciation on intangible assets for the purposes of accounting and for the purposes of taxation of corporate profits.
For accounting purposes, depreciation of intangible assets is carried out using one of the following methods of depreciation:
Linear;
diminishing balance;
Cost write-offs in proportion to the volume of products (works).
The application of one of the methods for a group of homogeneous intangible assets is carried out during their entire useful life.
During the useful life of intangible assets, the accrual of depreciation deductions is not suspended, except for the conservation of the organization.
The annual amount of depreciation charges is determined when:
ü linear way- based on the initial cost of intangible assets and the depreciation rate calculated on the basis of the useful life of this object;
ü reducing balance method- from the residual value of intangible assets at the beginning of the reporting year and the depreciation rate calculated based on the useful life of this object.
During the reporting year, depreciation deductions for intangible assets are accrued monthly, regardless of the accrual method used, in the amount of 1/12 of the annual amount.
In seasonal production, the annual amount of depreciation for intangible assets is accrued evenly over the period of the organization's operation in the reporting year.
ü write-off method in proportion to the volume of products (works)- accrual is made based on the natural indicator of the volume of production (work) in the reporting period and the ratio of the initial cost of intangible assets and the estimated volume of production (work) for the entire useful life of the intangible asset.
The useful life of intangible assets is determined by the organization when accepting an object for accounting.
Definition useful life NMA is made on the basis of:
à the validity period of a patent, certificate and other restrictions on the terms of use of intellectual property objects in accordance with the legislation of the Russian Federation;
à the expected period of use of the facility, during which the entity can obtain economic benefits.
For certain groups of intangible assets, the useful life is determined based on the quantity of products or other natural indicator of the amount of work expected to be received as a result of the use of this object.
For intangible assets for which it is impossible to determine the useful life, depreciation rates are set for 20 years (but not more than the life of the organization).
Depreciation deductions for intangible assets begin on the first day of the month following the month of acceptance of this object for accounting, and are accrued until the cost is fully paid off or this object is retired from accounting in connection with the assignment (loss) by the organization of exclusive rights to the results of intellectual activity.
Depreciation deductions for intangible assets are terminated from the first day of the month following the month of the full repayment of the cost of this object or the write-off of this object from accounting.
Depreciation deductions for intangible assets are reflected in the accounting records of the reporting period to which they relate, and are charged regardless of the performance results in the reporting period.
Depreciation deductions for intangible assets are reflected in accounting in one of the ways: by accumulating the corresponding amounts in a separate account or by reducing the initial cost of the object.
Depreciation deductions for organizational expenses of the organization are reflected in accounting by a uniform decrease in the initial cost for 20 years (but not more than the life of the organization).
The use of one of the methods of accounting for depreciation for a group of homogeneous intangible assets is carried out during the entire period of their useful life.
The methods and procedure for calculating depreciation on intangible assets for accounting purposes are basically the same as those used when depreciating fixed assets for accounting purposes.
Some differences are as follows:
× among the methods (methods) for calculating depreciation on intangible assets, there is no way to write off the sum of the numbers of years of the useful life;
× for intangible assets for which it is impossible to determine the useful life, depreciation rates are set for 20 years;
× depreciation deductions for intangible assets can be reflected in accounting not only by accumulating the corresponding amounts, but also by reducing the initial cost of the object.
Depreciation deductions for intangible assets for profit tax purposes are calculated in the same way as for fixed assets - the useful life of intangible assets is determined.
The useful life of an intangible asset is determined based on the validity of a patent, certificate and other restrictions on the useful life of an intellectual property object in accordance with the legislation of the Russian Federation or the applicable legislation of a foreign state, as well as on the basis of the useful life of intangible assets stipulated by the relevant agreements. For intangible assets for which it is impossible to determine the useful life, depreciation rates are set for 10 years (but not more than the period of the taxpayer's activity).
Recall that when calculating depreciation for accounting purposes for intangible assets for which it is impossible to determine the useful life, depreciation rates are set for 20 years.
Depreciation is charged for each intangible asset using one of the following methods:
Linear;
non-linear.
IV. Forms of granting state and municipal property into possession and use by other organizations
State and municipal property can be transferred into possession and use by other organizations on the basis of lease, trust management, operational management, economic management, gratuitous use.
From a legal point of view, economic management and operational management are special real rights to real estate, rent and trust management are restrictions (encumbrances) of property rights.
The choice of one or another form of real estate use is determined by a number of factors, of which the main one is the achievement of management goals. Transfer to economic management, operational management, gratuitous use allows you to realize the goals associated with the integrated development of the territory of the municipality through the creation of municipal unitary enterprises and institutions.
Lease relations in Russia, the formation of which began with the adoption of the Fundamentals of the legislation of the USSR and the Union republics on rent, received intensive development with the beginning of market transformations in the Russian economy, which significantly changed the position of state-owned enterprises and opened up for citizens the possibility of transition to economic independence in entrepreneurial activity.
In accordance with Union legislation on rent, which has not been repealed to this day, and subsequent legislative and regulations lease is a fixed-term possession and use of land, other natural resources, enterprises and other property complexes based on an agreement, as well as property necessary for the tenant to independently carry out economic or other activities.
In world and domestic practice, leasing is allowed when carrying out any entrepreneurial activity that is not prohibited by law, and can be applied to property of all forms and types of ownership, i.e. as objects of lease can be taken, including from the state:
a) land plots and other isolated natural objects;
The owner of a land plot may transfer it to other persons for rent or free fixed-term use. The law may establish the specifics of leasing land plots and other isolated natural objects.
b) enterprises and other property complexes;
c) individual buildings, structures, equipment, vehicles, inventory, tool;
d) other types of property, raw materials, products, other things that do not lose their natural properties in the process of their use (non-consumable things);
e) rights of claim, debts, as well as rights to designations that individualize the enterprise, its products, works and services (company name, trademarks, service marks), and other exclusive rights.
The law may establish restrictions or specific objects, the rental of which is not allowed or limited.
The right to lease belongs to the owner of the leased object or to a person authorized by law or the owner to conclude a lease agreement.
At the initial stage of the formation of lease relations in Russia, when the owner was mainly the state, state-owned enterprises and organizations were given the right to lease property complexes, individual buildings, structures, equipment and other material assets that were under their full economic control or operational management . This made it possible to carry out a serious restructuring of state enterprises that leased everything that was subject to lease to legal entities and citizens, joint ventures, international associations and organizations, and thereby receive significant funds for their core activities.
At the same time, it is the Russian Federation that establishes restrictions on the rights land tenants. Besides, land tenants are required to carry out conservation measures.
Under a financial lease agreement (leasing agreement), the lessor may acquire ownership of specified by the tenant property from a seller determined by him and provide the tenant with this property for a fee for temporary possession and use for business purposes. In this case, the lessor is not responsible for the choice of the leased item and the seller. The subject of a financial lease agreement may be any non-consumable items used for business activities, except for land plots and other natural objects.
The executive authorities of the subjects of the federation should and can provide the necessary support for the development of leasing activities aimed at technical re-equipment and modernization of production, including through participation in the financing of relevant projects from their budgets.
It is planned to bring the volume of leasing in Russia to the level of developed Western countries: 25-30%.
In essence, the issue of renting state property mainly arises at the initial stage of entrepreneurial activity and fades into the background at the stage of its formation, since in this case economic relations arise, including lease ones, associated with other circumstances: innovative activities, intellectual property, know-how, leasing, etc., but these are not issues of rent as a form of contractual relations, but of personnel and scientific and technical policy, including the state one.
In the management system of municipal real estate, rent and sublease occupy a special place. The general basis for the transfer of real estate for rent is the excess of the rent (without depreciation and property tax) of the profit on capital when the object is used directly by the owner.
The expediency of transferring real estate for rent is determined by the following factors:
¨ the property is not used by the owner in the current economic activity, i.e. does not generate income;
¨ real estate is used by the owner, but causes losses due to structural and technological reasons;
¨ real estate cannot be involved in economic turnover for economic reasons (for example, there are not enough working capital to organize production).
The advantages of leasing as a form of management are, firstly, in the stability of obtaining additional income, and secondly, in the ability to use real estate in the future to develop their own business activities, when external conditions. At the same time, cash receipts from the use of facilities are distributed in the long run.
Municipal property transferred to trust management shall be separated from other real estate of the founder of management, as well as from the real estate of the trustee. This property is reflected in the trustee on a separate balance sheet, it is kept separate records. For settlements on activities related to trust management, a separate bank account is opened. The trustee acts on his own behalf, but indicates that he is a trustee (otherwise, liability for obligations will be directed to his property).
v. System of indicators characterizing the activities of economic entities
Analysis of economic activity consists of two closely related sections: 1) Financial analysis; 2) Management analysis.
Solvency of production resources Rating score
Analysis of the volume of production of enterprises-issuers
Relationship analysis
cost, volume
products and profits
The division of analysis into financial and managerial is due to the division of the enterprise-wide accounting system into financial accounting and management accounting that has developed in practice. Financial analysis based on data only from public accounting takes on the character external analysis, i.e., analysis carried out outside the enterprise by interested counterparties, owners or government agencies. When analyzing only public reporting data, a very limited part of the information about the activities of the enterprise is used, which does not allow revealing all aspects of the company's activities.
Features of the external financial analysis are:
° plurality of subjects of analysis, users of information about the activities of the enterprise;
° variety of goals and interests of the subjects of analysis;
° availability of standard methods, accounting and reporting standards;
° orientation of the analysis only to the public, external reporting of the enterprise;
° limitation of analysis tasks as a consequence of the previous factor;
° maximum transparency of the results of the analysis for users of information about the activities of the enterprise.
° analysis of absolute profit indicators;
° economic diagnostics of the financial condition of the enterprise and rating assessment of issuers.
When conducting on-farm financial analysis, they are used as a source of information, except for financial reporting, as well as other system accounting data, data on the technical preparation of production, regulatory and planning information.
Features management analysis are:
° orientation of the results of the analysis to the goals and interests of the management of the enterprise;
° use of all sources of information for analysis;
° lack of regulation of analysis by state bodies;
° comprehensive analysis, study of all aspects of the enterprise;
° integration of accounting, analysis, planning and decision-making;
° maximum secrecy of the results of the analysis in order to preserve commercial secrets.
The key issue for understanding the essence and effectiveness of financial analysis is the concept of economic activity (business) as a stream of decisions on the use of resources (capital) in order to make a profit. Making a profit is the ultimate goal of the economic activity of the enterprise, because it is necessary condition to maintain the economic viability of the enterprise, preserve the possibility of further capital investment and development.
VI. Assessment of equipment, vehicles
Appraisal of the cost of machinery and equipment - determination of the value of one of the types of movable property. An important role in the assessment is played by such indicators of their consumer properties as: functionally justified indicators; indicators of productivity, reliability; the level of automation, accuracy and stability of functioning, etc. The main objectives of the assessment include: revaluation of assets of enterprises for the purposes of accounting and taxation; determination of the total value of the property complex when creating joint-stock companies; secondary offering of shares; calculation of the market value of machinery and equipment when buying and selling; their collateral value, insurance value, etc.
The valuation methodology has much in common with the methods of valuation of real estate, intangible assets, and business. The features of the assessment include: the specifics of the object of assessment, the complexity of the problem of identifying the object, the high relevance of determining physical, moral and external depreciation, etc.
The assessment is made on the basis of three classical approaches (cost, comparative and profitable).
The specific types of costs, the determination of which in some cases becomes necessary during the assessment, include: the cost of residual replacement, disposal cost, the cost of scrap (scrap).
PRIORITIES FOR RUSSIA
UDC: 338.121:656.2
PROVISION OF STATE INTERESTS WHEN FORMING A MECHANISM FOR MANAGING PROPERTY COMPLEXES OF LARGE CORPORATIONS*
V. O. FEDOROVICH, Doctor of Economics, Director of the Institute of Magistracy E-mail: [email protected] Novosibirsk State University of Economics and Management
Formation of a rational organizational and economic mechanism for managing the property complex (property), ensuring a balance state interests and other participants in corporate relations, is a task of paramount importance, far beyond just economic interests main groups of shareholders (owners). Underestimation of the importance of corporate governance in industrial corporations with state participation undermines the investment process, reduces the efficiency of capital use, hinders economic growth, hinders the mobilization of savings, makes it impossible to objectively analyze the profitability of various types of assets (property complex) of corporations and their capitalization. And, on the contrary, a correctly chosen corporate governance system guarantees the protection of the economic interests of the state,
* The article was prepared based on the materials of the journal National Interests: Priorities and Security. 2013. No. 26 (215).
financial transparency of the corporation's business activities and its accountability to owners and creditors.
Modern fast-growing corporate formations differ significantly from traditional joint-stock companies, primarily in terms of the composition and structure of assets. The entire property complex of modern corporate entities largely depends on the volume and quality of intangible assets focused on the human factor. These are commercial brands own developments(know-how), strategic agreements, patents. With employees and business partners, such corporations have very flexible mutually beneficial contracts with a significant degree of economic freedom.
Highly integrated industrial corporations are attractive to a wide range of investors if they are dynamic, innovative and pay high dividends. Integration of various lines of business with the creation of an adequate mechanism for
Good governance improves the competitive position of any modern corporation. Ways to improve legislative framework in the field of corporate governance are determined by the economic interests of the business community. These interests lie in the area of establishing reliable partnerships between the main resource providers and are shared by participants (owners) and creditors. The main problems of interested participants in corporate relations are resolved during negotiations.
The variety of interests of shareholders or their main groups in terms of incentives, attitudes towards risk, preference for investment strategies and sources of financing determines the variability of methods and ways of forming the management of the property complex of large corporate entities. Thus, the organizational and economic mechanism of management in high-risk corporations that use venture capital and rely on the human factor in their economic activity can be very different from those in corporations that have been on the market for a long time.
In addition to the specifics of the capital structure (property) of a corporation, the organizational and economic mechanism for managing the property complex is largely determined by legislation, the system of state regulation and established business practice. These conditions set the institutional boundaries of corporate management of property (capital) of large integrated industrial corporations.
The institutional base for property management is:
Rules and regulations for the formation of a status right (title of ownership) and its subsequent protection;
Voluntarily adopted standards, national codes governing the system of intra-corporate management of property complexes;
culture business relations developed on the basis social norms, religious beliefs and national specifics of specific states (territories).
In the process of formation of organizational, economic and financial mechanisms that ensure the effective management of the property complex, it is important to solve the problems of an institutional nature that arise in the process of separation at the legislative level of the right to own property.
responsibilities and corporate control rights. If the outsider model of corporate control is characterized by dispersion of the ownership structure, then the insider model implies concentration of ownership (and hence strategic management) from one or more owners. The state can be a participant in both systems of corporate control.
The balance of economic interests of the participants in the outsider model is achieved through the interaction of disparate participants (owner-shareholders) and chief managers of the corporation, who have real economic opportunities. The problems of the insider model lie in the imbalance of the economic interests of the controlling participant (or a group of them) and minority participants (owners).
Let us dwell on the main factors influencing the formation of basic models of the property management mechanism to balance the economic interests of the state and other participants in corporate relations. These are the level of ownership concentration, motivation, material and moral incentives for production management, institutional support for the process of mergers (acquisitions) and separation, models for the formation of equity (authorized) capital, cross-ownership of shares, etc. Ultimately, the influence of these factors also affects the efficiency business activities of the corporation, its innovative activity, interaction with medium and small businesses (entrepreneurship) and its economic growth.
The organizational and economic mechanism for managing the property complex is aimed at solving problems that arise between the participants (owners) and the state (and the state can also be one of the owners), as well as between the participants and production management. When separating the functions of ownership and control, competition is traditionally considered the main motivation for finding optimal management and control mechanisms that minimize transaction costs. But even market competition with dominance state form property does not solve the problem of the conflict of economic interests in the system "participants (owners) - production management", as well as in the system "state (owner) - state regulation of economic activity" (state - fiscal tax authority).
In the economic literature, the problems of corporate governance are considered from two positions. The first is the concept of shareholders (owners) and a narrow circle of participants. For shareholders, the most acceptable is the full accountability of production management (top managers) to the owners, i.e., the participants in the corporation. To do this, an organizational and economic mechanism is being formed that allows to maximize the rights of participants (owners) in managing the following tools:
Through compensation payments and options, the economic motivation of managers is linked to the economic motivation of owners;
To strengthen the institutional protection of owners and their rights, a ban (restriction) on insider transactions is introduced, and the market for mergers and divisions is regulated.
From the point of view of the shareholders, the decisive evaluation criterion is the maximum amount of income of the owners, determined by the maximum consolidated profit of the corporation. At the same time, the market price of the property complex of the corporation, calculated as the product of the price of shares (exchange quotation) and their number, is considered the simplest criterion. This indicator makes it possible to comprehensively assess the effectiveness of the management of the economic activities of the corporation as a whole.
Another concept takes into account the economic interests of a wider range of persons - participants (owners), top managers, creditors, personnel and state power(state institutions). It is no secret that the economic goals of these categories of persons (subjects) can differ markedly. Thus, the goals of owners and managers in separating the functions of control and ownership most often do not coincide. Unlike participants who want to increase the value (capital) of the corporation, for production management (middle and top management) the main thing is the current material remuneration, for personnel - the growth of wages, which is achieved by increasing sales volumes (capturing a larger market share), as well as by implementing risky investment projects.
The problem of balancing the interests of participants (owners) and production management can be considered on the basis of the concept of "imperfect contracts" (residual control rights), proving the impossibility of an ideal contract, where all conditions and circumstances are provided - after all, management
sometimes it is difficult to make managerial decisions in unforeseen circumstances and situations not stipulated in the contracts. In some cases, the participant reserves such “rights of residual control”, which sharply exacerbates the problem of information asymmetry. Thus, differences in the level of professional training and awareness of owners and managers often lead to serious losses.
The organizational and economic mechanism for managing the property complex in the framework of the first model also includes relationships with the institutional environment and provides opportunities to take into account the economic interests of creditors, personnel and government institutions (authorities). By integrating the economic interests of these groups, this model makes it possible to adequately evaluate the activities of the corporation's top managers and provides them with real targets. In this case, the value of economic value added (EVA) can serve as a complex integral indicator (Table 1).
The conceptual foundations of the formation of the organizational and economic mechanism for managing the property of large industrial corporations, proposed by various researchers, are based on the modern concept of managing the value of a corporation, which has as its main goal the growth of the market value of a corporation through an increase in the market value of shares. The system of indicators, which are used as estimates, is constantly being improved. Modern information Technology allow you to receive them in the mode of operational monitoring. Based on the generalization of the results of basic theoretical and applied developments of foreign and domestic authors, a phased scheme for the formation of an organizational and economic mechanism for managing the property of industrial and transport corporations is proposed, taking into account the structural relationship of its elements (Fig. 1).
When conducting a valuation of a corporation, the economic category of business value is used. In the very general view this is the book or nominal value, i.e. either the balance sheet total or the value of the organization's assets. However, the real value of the organization differs from the nominal value due, for example, to a certain discrepancy between the book value of non-current (including intangible) assets and their market value (for example, due to the significant time
Table 1
Corporate performance indicators for various stakeholder groups
Participants (owners) Lenders Production management (top managers)
Yield equity Absolute liquidity ratio Product profitability. Profitability of sales
Earnings per share Economic characteristic cash flows Marginal income
The ratio of the amount of dividends and the value of assets The liquidation value of the corporation Asset turnover indicators
The ratio of capitalization and book value of the corporation Power financial leverage(financial leverage) Level of operating leverage ( operating leverage)
Dynamics of the level of capitalization of the corporation Share (structure) of debt obligations relative to capitalization Structure of receivables and payables, their ratio
Return on assets and the total amount of consolidated profit Financial stability of the corporation Payroll and wage intensity of products, efficiency of personnel use
Tax burden on property Degree of coverage of interest payments Efficiency of investment projects (payback periods)
Equity capital growth rate Solvency Efficiency of production, economic and financial activities
beneficial use). Generally, when deriving the market value of corporations, two approaches are used.
The first approach assumes that the market value corresponds to the equilibrium price set by the interested parties in the course of a transaction related to the change of ownership of a corporation (purchase and sale of an organization).
The market value of a corporation is a relative value, influenced by many factors. Its property components should be assessed comprehensively as a self-developing mechanism, the actions of which are determined by the state of the assets and depend on the efficiency of the corporation's managers. Quite often it is used quantification economic value of the corporation - goodwill, determined by the difference between the real price and the book value of the corporation's assets.
The second approach is based on the main provisions described above, i.e., the market price of a corporation is adjusted for the amount of future growth in its assets due to an economic assessment of the probabilistic value of cash inflows. In practice, as a rule, this is the amount of discounted cash flows over the useful life of the active fixed assets of the corporation.
Economic value added (EVA) is the book value plus present value future EVAs. In other words, this is the value of the rate of return minus the weighted average
value of capital multiplied by the amount of invested capital.
As part of the management of the value of the property complex of corporations, the EVA indicator is used in the preparation of the capital budget, in assessing the effectiveness of economic activity as separate separate structural divisions, subsidiaries and affiliates (legal entities), and corporate entity (group) as a whole.
The main economic idea behind the use of EVA is that the share capital of any corporate entity should generate at least the same return as an investment with a similar level of risk in the government or corporate stock (bond) market.
To characterize public interests when forming tax and non-tax payments to the budgets of all levels, we will dwell in more detail on the scenario options for the economic behavior of large corporate entities with dominance or 100% participation in the structure of the share capital of the state form of ownership. The economic interests of the state are associated with the determination of the amounts and time periods for receiving income. We are talking about tax and non-tax revenues of the state budget, the payers of which (subjects of taxation) according to the current legislation are all legal entities registered in the Unified State Register of Enterprises and Organizations (EGRPO). The economic and legal aspect of this problem is somehow connected with
Ensuring balance
economic interests of subjects of corporate relations
Economic interests of subjects of corporate relations
Owners
Lenders
Managers
Economic Value Added (EVA) Equity Value Added (AMV)
Creation of a corporate governance model
Ownership structure as a quantitative assessment of economic opportunities (powers) of participants in property management (private, state, municipal)
State property 100%
Concentrated ownership structure with separation of the dominant owner (presence of a group of minority shareholders)
Distribution (dispersed) ownership structure with a significant number of "equal" small shareholders (one share - one vote)
insider model outsider model
corporate governance corporate governance
Shareholder concept Participant concept
Consolidated budget of the Russian Federation, consolidated budgets of constituent entities of the Russian Federation
Corporate Income Tax
tax revenue
Property tax of legal entities
Income from the use of state or municipal property, or from the activities of state and municipal organizations
Non-tax income
Rice. 1. Stages of formation of the organizational and economic mechanism of property management
large corporations with state participation
problems of corporate management of large business structures.
In this regard, the following questions need to be answered. How to determine the economic interests of the state with equal rights for all forms of ownership? How to influence the integration and disintegration processes in the national economy so that the economic benefit from the economic
tvenno activity of subjects and from the use of property was the maximum? What metrics should be used?
In accordance with the current legislation, budget revenues are considered to be funds received irrevocably and free of charge at the disposal of state authorities of the Russian Federation, a constituent entity of the Russian Federation and local authorities.
self-government. In general, budget revenues are formed from tax and non-tax payments and gratuitous transfers. The income of target budget funds is taken into account separately.
Tax revenues include federal, regional and local taxes and fees provided for by the tax legislation of the Russian Federation, as well as penalties and fines, non-tax revenues include income from the use of state or municipal property (after paying taxes and fees), from paid services provided by budgetary institutions under the jurisdiction of federal executive authorities, executive authorities of the constituent entities of the Russian Federation, local governments, etc., respectively.
According to Art. 42 of the Budget Code of the Russian Federation (BC RF), income from the use of state or municipal property includes:
Funds received in the form of rent for the temporary possession and use or temporary use of property in state or municipal ownership;
Funds received in the form of interest on balances of budgetary funds in accounts with credit institutions;
Funds received from the transfer of state or municipal property to trust management;
Funds from the repayment of state loans, budget loans and budget loans, including funds from the sale of property and other collateral transferred to recipients of budget loans, budget loans and state and municipal guarantees to the relevant executive authorities as security for obligations on budget loans, budget loans and state and municipal guarantees;
Payment for the use of budgetary funds provided to other budgets, foreign states or legal entities on a returnable and paid basis;
Income in the form of profit attributable to shares in the authorized (share) capital of economic companies and partnerships, or dividends on shares owned by the Russian Federation, constituent entities of the Russian Federation or municipalities;
Other income provided by the legislation of the Russian Federation from the use of property located
belonging to the state and municipal property.
Income budget institution, received from entrepreneurial and other income-generating activities, are fully taken into account in the estimate of income and expenses of a budgetary institution and are reflected in the income of the corresponding budget as income from the use of state or municipal property, or as income from the provision of paid services.
The economic interests of the state, interpreted as the volume and intensity (speed) of the flow of financial resources (cash) to the budgets of the corresponding levels, characterize the state as a regulator of corporate relations. In table. 1, groups of indicators were presented that characterize the state-owner as an equal participant in the formation of the authorized capital - the property complex of large corporate entities. To characterize the economic relations of the state as a regulator of corporate relations through the functioning of the system of taxation of economic (entrepreneurial) activities, let us consider the dynamics of a seven-year period of total income and tax revenues to the federal budget of the Russian Federation (Fig. 2) .
The purpose of the analysis of information arrays, graphically presented in fig. 2-5 is to identify trends and dependencies between tax and non-tax revenues to the budget. The indicated amounts of receipts make it possible to give a volumetric (quantitative) economic assessment of the actual use of the property complexes of large corporate entities in the relevant periods of time.
Operational economic evaluation characterizes the system of taxation of production, economic and financial activities of corporations through the collection of value added tax and income tax.
A strategic economic assessment can be obtained on the basis of an analysis of the property tax collection system, rent for the use of property (property complexes) in economic circulation and the amount of revenues (reporting and planned) from the sale of state and municipal property, restructuring and corporatization of property complexes of state and municipal organizations.
To achieve a balance of economic interests of participants in corporate entities, it is necessary to determine the ratio of the volumes of indicated
25 000 20 LLC
15 000 10 OOO
certain types of cash receipts. This value makes it possible to assess the effectiveness of the functioning of the property complexes of participating organizations and their structural divisions (Fig. 3).
From the analysis of Fig. Figure 3 shows that there is a clear large-scale sum discrepancy between tax and non-tax revenues of the federal budget of the Russian Federation, which indicates a small “economic weight” of state revenues from property (property complexes).
To assess the quality of the economic policy pursued by the Government of the Russian Federation in terms of the operational and strategic use of property complexes with a 100% or other, well-defined share of state or municipal property in the capital of large corporations, it is advisable to analyze the dynamics of non-tax revenues to the budget of the Russian Federation,
16 000 14 000 12 000
6 000 4 000 2 000 0
including sum receipts from the use in economic circulation of property complexes of organizations of state and municipal forms of ownership. Explicit changes in approaches have been noticeable since 2008 (Fig. 4), which is also confirmed by a certain correspondence between operational and strategic assessments of the use of property complexes of corporate entities in economic circulation (Fig. 5).
Economic justification the legitimacy of state regulation of privatization processes as a tool for managing structural changes and capitalization of corporate entities with equity or 100% state participation in ownership is proved by the same growth rates of the corresponding revenues (see Fig. 4 and 5). This plot is considered in more detail by the author in the articles.
A model for coordinating state economic interests and the interests of the indicated groups of participants in corporate relations with the formation of aggregated volumetric financial indicators shown in fig. 6.
Let us consider the formation of a mechanism for state regulation of the economic interests of subjects of corporate relations in Russia. At present, the choice of sources and forms of financing (investment) is of particular importance for corporations to ensure both strategic development and current production and economic activities. Let us dwell in more detail on the distribution of economic interests of participants-shareholders (holders of property titles), creditors and functioning groups of corporations (legal entities), i.e. subsidiaries, dependent and affiliated organizations, and the state as an equal subject of these relations, on the one hand, and their regulator on the other.
Rice. Fig. 2. Dynamics of the total amount of income and tax revenues of the consolidated federal budget of the Russian Federation in 2005-2011, billion rubles: I - income of the consolidated budget of the Russian Federation; II - tax revenues
Rice. 3. Dynamics of tax (I) and non-tax (II) receipts of the revenue part of the federal budget of the Russian Federation in 2005-2011, billion rubles
Practice shows that the economic interests of shareholders, integrated into the ownership structure of specific corporate entities, cause quite significant differences in the structure of sources of their long-term (strategic) and short-term (operational) financing not only of the groups themselves, but also of individual subsidiaries and affiliates within corporations.
State regulation economic interests of the subjects of corporate relations in the conditions of a certain economic growth is provided with the help of the organizational and economic mechanism of property management. By analogy with the division of management functions and economic activities at the level of the state apparatus, management at the corporation level is also divided into the functions of shareholders (holders of the title of ownership), the functions of public control (external audit services) and the functions of the current management of production, economic and financial activities(production management). As a rule, in practice, the interests of all these entities reveal significant differences, especially obvious between the participants (shareholders-investors) and managers of the corporation.
Representatives senior management corporations, acting in their own interests, try to get the highest possible wages and using their official powers, they can seize part of the assets through affiliated organizations for their own personal purposes. Managers can also, by means available to them, in accordance with applicable law, oppose themselves
owners (shareholders) in terms of the residual income received by the corporation (retained consolidated profit).
The institutional base of property relations arising from the reform of large industrial corporations, as well as modern corporate relations regulated by the state, are determined by three basic legislative acts. These are federal laws No. 39-F3 of April 25, 1996 “On the securities market”, No. 208-FZ of December 26, 1995 “On joint-stock companies”, No. 46-FZ of March 5, 1999 “On protection of rights and legal
Rice. 4. Dynamics of non-tax revenues (I) and income from the use of state and municipal property (II)
in 2005-2011, billion rubles
Rice. Fig. 5. Dynamics of income tax (I) and income from the use of state property (II) in 2005-2011, billion rubles.
Rice. 6. Balance of economic interests of the state and other key participants
corporate relations
interests of investors in the securities market”. The federal law on joint-stock companies made it possible to form in Russia a two-tier system for managing large corporate entities (JSC), generally consisting of a board of directors and a board of directors. This law creates a fairly solid legal basis for effective corporate management of the property of complex organizational structures.
Under this law, a minority minority on the board of directors can block transactions that are contrary to their economic interests. Thus, decisions on changes in the authorized capital, on the adoption of amendments to the charter, and on major transactions (that is, those exceeding half the book value of the corporation's property complex) require three-quarters of the votes of the general meeting of shareholders.
It also seems sufficient to protect the rights of shareholders from possible "dilution" of outstanding shares. A new (additional) issue of shares must be placed on the secondary market at market value. The adoption of the relevant decision on placement must be approved by two-thirds of the votes of the general meeting. The voting procedure itself is also strictly regulated, especially when the number of shareholders exceeds 1,000 people. By law, each shareholder has the right to vote, the "weight" of which corresponds to the number of shares multiplied by the number of board members to be elected. Sufficient attention is also paid to external control over
activities of production management is, first of all, a mandatory external audit, and for corporations with more than 500 employees. - an external independent registrar of securities (shares of a corporate entity).
The federal law on the protection of investors' rights regulates the rules of conduct for securities registrars, custodial institutions and traders. This greatly facilitates the very procedure for the free sale (purchase and sale) of securities in the secondary market. In addition, the current legislation establishes rather strict standards regarding the amount of financial information to be published in the open press. These are annual financial statements (1st and 2nd forms), information on significant events for the corporation (changes in the authorized capital, composition of the board of directors, chief managers, share capital structure).
The main vectors of economic interests of the participants, regulated by the current legislation (legislative and regulatory acts of the Russian Federation), are shown in fig. 7.
Let us comment on the indicated in Fig. 7 directions and levels of interaction of economic interests of groups of subjects.
1-2 - the relationship between the participants and production management, due for the most part to the type of ownership (concentrated or dispersed), on the basis of which the authorized capital of a corporate entity is formed. There are potential opportunities here
Rice. 7. The main directions of interaction between the economic interests of the state and other subjects of corporate relations, regulated by the current legislation of the Russian Federation: 1 - participants (owners, i.e. shareholders);
2 - production management (secondary and higher
managers); 3- creditors; 4 - staff (employees); 5- state regulatory bodies
mergers or acquisitions of a legal entity and the associated risks of job loss.
2-3 - relations between production management and credit organizations, which often determine not only the relationship of the lender and the lender, regulated by the financial stability of the organization and the liquidity of the business. The relationship between top managers and the lending institution often develops into a relationship between participants (owners) and the lender as a possible potential institutional owner of the corporate entity (link 3-1 in Figure 7).
2-4 - relations between the top managers and the staff of the corporation, regulated by the system of contracts and the terms of the collective agreement concluded annually between the administration (top managers) and the hired staff of the corporation.
3-5 - relationship between government agencies(banking) and commercial banks or between the Central Bank of the Russian Federation and commercial organizations in the field of regulation of credit relations and taxation of credit institutions, including currency regulation.
4-5 - relations between employers and employees, regulated by the state through civil and labor legislation.
5-1 - relations between public institutions (authorities) and participants
(owners), regulated by the three legislative acts mentioned above.
5-3 - relations between state institutions (authorities) and production management, regulated by civil law and the Corporate Governance Code.
If we consider the directions of the impact of economic interests for each of the five subjects of corporate relations presented in Fig. 7, taking into account the incoming directions of influence with a minus sign, and the outgoing ones with a plus sign, it is possible to draw up a balance equation for the economic interests of the partners in corporate relations, which should be taken into account in management and adjusted using the organizational and economic mechanism of property management.
The contradictions between the economic interests of participants (owners) and production management (top managers) are considered in the conceptual theory of agents or the concept of delegation of authority - agency theory. At the same time, the economic interests of owners and managers are studied, and groups of their main contradictions are classified.
Slightly different conceptual approaches form the basis of the theory of interested parties (stake-holder theory), which offers ways to harmonize the economic interests of all entities directly or indirectly related to the functioning of the corporation. According to this concept, the goal of the economic activity of any corporation is not to maximize the value of the corporation (growth of capitalization), but to improve its image by improving the social and economic situation of the staff and reducing environmental risks. Managers, in the absence of information asymmetry, make managerial decisions, taking into account all interested parties (owners, creditors, personnel, etc.).
Let's try to realistically assess the possibilities of production management to balance the economic interests of the subjects of corporate relations. To do this, we classify into groups economic disagreements that are potentially possible in the process of exercising the rights and obligations of subjects, in accordance with the current legislation of the Russian Federation (Table 2).
Summarizing the data in Table. 2, we can distinguish the following main contradictions in the economic interests of the considered groups of subjects.
table 2
Economic interests of the main groups of subjects taken into account in the formation of the organizational and economic mechanism of property management
Subjects of corporate relations Characteristics of economic interests Degree of influence on the achievement of the goal Responsibility
Owners (participants): majority (board of directors), minority shareholders (board of directors) Strategic, long-term Tactical, operational, short-term High Low Limited participation Limited participation
Production management: executive director (chief manager), top managers (board, administration), personnel, employees (collective council, trade union) Tactical and short-term (amplitude), individual Operational, short-term, collective (group) Tactical group and operational individual High (partially limited) Medium (limited) Low, minimal High individual Medium individual Low
State - participant (shareholder) Strategic, socio-economic focus High, limited by ownership structure High, limited by participation
The state is a regulatory and fiscal authority Strategic, focused on macroeconomic benchmarks High High
Stakeholders (including affiliates) Tactical and medium-term Limited or low Low, depending on the conditions of control
1. Disagreements in economic interests between participants (owners) and production management (top managers) can be quite significant. Thus, owners are interested in maximum capitalization and dividend payments, and top managers are interested in high material remuneration (wages, bonuses, managerial status). Dominants depend on the degree of concentration of ownership.
2. The conflict of interests of the dominant groups of shareholders (majority shareholders) and other shareholders (minority shareholders) of the corporation, as a rule, manifests itself in connection with the dynamics of the market value of shares: the majority shareholders have long-term interests, the minority shareholders have short-term ones. As for investments, for some, strategic innovations are decisive, for others, operational ones. For example, according to the International Finance Corporation, the share of retained (net) profits allocated to national companies RF on dividend payments increased to 21%, while such payments were made in less than 30% of regional corporations with sales of less than $10 million and more than 50% of companies with sales over $10 million.
3. Disagreements between top managers and staff (employees), as well as between owners and employees are mainly resolved on a contract basis
when hiring (hiring) for work, in the future - with the help of trade unions, civil and labor legislation.
4. Differences in the interests of owners and other stakeholders (affiliates, government agencies).
Practice has shown that a rational organizational and economic mechanism for managing a property complex contributes to the streamlining of corporate relations at all levels of the hierarchy of management of entities, which ultimately streamlines business processes and contributes to the growth of investment in the national economy. At the same time, a quantitative economic assessment, which comprehensively and fairly objectively takes into account the economic interests of the state and other subjects of corporate relations and reflects the effectiveness of the mechanism for managing the property complex, is provided by two identical and widely used indicators - the value added of equity capital (market added value, MAV) and economic value added. (economic value added, EVA) .
The problem of resolving economic contradictions between the subjects of corporate relations is being actively studied in developed capitalist countries. Traditionally, there are Anglo-American and German-Japanese models of corporate governance. In the first, the emphasis is on state regulation of capital markets for legal
howling protection of owners (participants), as well as legal entities as equal participants in economic turnover. At the same time, the rights of minority groups of shareholders are equally protected (in the case of a dispersed ownership structure). There are also special schemes for participation in the board of directors of representatives employees(personnel of the corporation), through this mechanism, the economic interests of the personnel are taken into account.
In the German-Japanese model of corporate governance (Germany, Japan, Austria, Holland, Belgium, France, Italy, etc.) there are two-level management systems - the board and the supervisory board, which includes independent directors - representatives of all subjects of economic relations. The Russian, the youngest, model of corporate governance in practice consolidates quite significant rights expressing the interests of all subjects of corporate relations of executive directors (president of an OJSC, chairman of the board of directors, general (executive director). At present, it is necessary to pay special attention to the experience of Germany, where the degree participation of an employee in ownership, management and production processes determines his motivation, interest in the final results of the corporation's activities (which not only contributes to the balance of economic interests of these groups of entities, but also meets the principles of economic and social justice) .
Let us consider several situational models that are typical for the practice of modern corporate relations and allow us to talk about the possibility of integrating economic interests in the management of the property complex of large corporate entities.
The owners have at their disposal an effective toolkit with which it is possible to correct the managerial decisions of managers. These are mechanisms of internal and external control, the use of independent persons in the boards of directors, a change in the ownership structure - in case of mergers (acquisitions) or division of a corporation. In some cases, relative harmonization of the interests of owners and managers is possible through the mechanism of monetary compensation. Relativity is due to the measure of responsibility, measured by a specific amount of costs incurred by owners and managers as a result of their management decisions.
Complicating the situation under consideration, the appearance of a third subject - the spokesman is quite op-
divided economic interests - the creditor (in the case of long-term borrowings, the creditor is considered the investor) as the holder of the debt obligations of the corporation. In the event of a conflict situation (a discrepancy between the economic interests of owners and creditors), the threat of bankruptcy of the corporation becomes real. However, if there is little or no risk on a corporation's debt obligations, creditors have little interest in either the rate of return or the market value (capitalization) of the corporation itself. If such a risk is still present, then the owners always have certain advantages over creditors. Such advantages lie in the legal sphere, since claims on shares are, by their economic and legal nature, residual claims, and in the event of a decrease in the value of debt obligations, the value of obligations on shares remains unchanged for some time.
It is also possible that the production management makes managerial decisions that allow (within the framework of the current legislation) to transfer the corporation's assets into the sphere of its own powers, strengthening its economic position. If managers act in the interests of the owners, then in the event of a default risk, they may be interested in transferring credit resources towards the owners of the corporation, for example, in the following ways:
Direct investment resources (loans) to the most risky high-yield assets. When making a profit, the owners remain the winners, otherwise the creditors assume the risk of loss;
Reducing the capitalization of costs financed by attracted financial resources (additional issue of shares). Typically, attraction is carried out until the profit received due to this (net present value) is equal to the amount of financial resources (investments) attracted for this. If at the same time loans are used as additional funds, then the growth in the market value of debt obligations becomes a kind of “capital” for this part of the investment. When paying off debt obligations, in this case, there is a reduction in investment;
Having carried out a fairly active credit policy for partial payment of funds borrowed by the owners of the corporation. This helps to reduce the market value of debt obligations and save
a decrease (although often a decrease) in the level of capitalization of a corporation. At the same time, the amount of dividends received by the owners largely compensates for the decrease in the value of their shares;
Hiding information from creditors regarding financial stability corporations. By dragging out the restructuring procedure or exploiting gaps in legislation, managers make the procedure of bankruptcy and reorganization of a corporation as difficult as possible. The economic gain (very relative) due to the conservation of the age structure of debt obligations and the increase in risk is received by owners to the detriment of creditors. Solving the problem of coordinating the interests of owners and managers requires a search for approaches and methods for quantitatively measuring the quality of managerial decisions. Owners are potentially ready and able to adequately pay for management decisions of managers if there are indicators that allow them to effectively, with a given degree of objectivity, measure and evaluate their management contribution. Such indicators can serve as the amount of profit per ordinary share, corporate capitalization, positive dynamics of profitability, level of economic value added or equity value added.
Correctly chosen criteria for operational strategic economic assessment will enhance the professional motivation of corporate management to generate financial flows that increase the capitalization of the corporation, rather than organizational pseudo-restructuring and risky investments with low returns. The Russian economy is currently characterized by the strengthening of the position of the state. This is manifested in terms of regulating economic and financial relations at the macro level in an increase in the share of state ownership in especially significant sectors of the economy. State regulation of financial markets, the processes of restructuring of large industrial and transport corporations affects the structure of the authorized capital, the balance of economic interests of participants and the sources of strategic and current financing of economic activities. In practice, this happens through the implementation of targeted government programs(lending to specific sectors of the economy), regulation of stock market prices, through state participation in large industrial corporations
active formations (holdings), through the policy of credit rates (participation of the state in credit institutions, adjustment of the refinancing rate of the Central Bank of the Russian Federation, etc.).
As mentioned above, the coordination of the economic interests of participants (owners) can also have a direct impact on the structure of sources of financing for large corporate entities. V. B. Kondratiev considers three basic approaches that explain the differences in the structure of financing. Within the framework of the first approach, the capital structure of the corporation seems to be moving towards a well-defined optimal model, which is possible under the current bankruptcy legislation and the level of taxation, which harmonize the composition and structure of assets, the level of investment risk and the amount of profitability.
The second approach characterizes the impact of the conflict of economic interests of insiders and outsiders on the optimality of the structure of corporate finance sources. In this case, it is believed that the agency costs associated with the exercise of managerial powers of the corporation's managers predominate.
Within the framework of the third approach, the emphasis is on the problems associated with the imperfection of the Russian financial market. A certain asymmetry of information and the presence of transaction costs limit the ability of production management to manage the investment process. The conflict of economic interests of owners, creditors and management can have a direct impact on the efficiency of the corporation and its development strategy, making it difficult to form a rational structure of funding sources. Thus, the analysis of debt financing, on the one hand, provides control over the actions of production management, but, on the other hand, leads to an increase in agency costs. This is explained by the fact that the growth of credit risks contributes to an increase in the share of remuneration of creditors and other holders of debt obligations, which they receive in the distribution of net consolidated profit from all profitable investments of the corporation. Such a prospect of redistribution of income in reality contributes to the refusal of owners from strategically beneficial capital investments.
As a first approximation financial structure large corporate formations, in the capital of which there is (or prevails) the state
gift property can be represented by the following basic indicators:
Indicators of financial stability (ratio of own and borrowed funds);
The share of debt obligations in the total amount of financing of capital investments;
The share of short-term liabilities in the total liabilities of the corporation;
The level of coverage of debt obligations in cash, i.e. the ratio of the current cash gross, before taxes and depreciation, to the average interest rates for the period on debt obligations (credits).
Achieving a balance of interests of all participants in large corporate entities (including the state) and an incentive to build a rational structure of the property complex, ensuring the mobilization and optimal flow of financial resources, should be:
Legalization of equality of all forms of ownership, development of methods for registering relevant rights and their subsequent protection;
Clear distribution of the rights and obligations of the parties, consistency of decisions and adopted provisions on the basis of legislative and regulatory acts;
Consistent reform of the corporate sector through the system federal laws, prescribing the procedure for the creation, accession (merger) and separation of large corporate entities, as well as laws on the functioning of the stock market (securities market), bankruptcy of organizations, etc.;
Transparency in the management of the property complex (accompanying the distribution of financial resources with reliable and transparent reporting on the production and economic activities of the corporation and its financial condition);
Regular control over the intra-corporate distribution of managerial powers, analysis of decision-making procedures, compliance with the rules of statistical and financial reporting.
Bibliography
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In the generally accepted sense, property is usually understood as fixed assets of enterprises. This approach arose from the definition given in the economic dictionary, which states that property is a material object of civil rights, primarily property rights. In addition, property is considered as a set of property rights (assets) or property rights and obligations (assets + liabilities) belonging to a certain person. Possession - the actual possession of a thing, one of the powers of the owner.
In the economic literature, many authors consider the property complex of an enterprise as a combination of immovable and movable property and investments, intangible assets (included and not included in the balance sheet), working capital, securities and other assets".
The management of the property complex is designed to solve the following tasks: to ensure simple and expanded reproduction of fixed production assets, the safety and necessary increase in own working capital, rational use land plots under the jurisdiction of enterprises, 1
1 Grigoriev V.V., Ostrovkin I.M. Evaluation of enterprises: Property approach: Educational and practical guide. M.: Delo, 2000.
development of production capacities and preservation of property in working condition 1 .
The issues of property management of organizations and enterprises are on the agenda in connection with the process of privatization and transfer to ownership joint-stock companies various types state property in the form of buildings, structures, equipment, machines, mechanisms and other elements of fixed assets.
Owners appeared, but the structure and composition of the property received in the process of transfer took shape until 1991 based not so much on production needs, but in the process of providing enterprises with fixed assets and allocating centralized capital investments. In other words, the property of many enterprises is a consequence of the planned system of managing the national economy, and its composition corresponded to this system, i.e. structure of production, nomenclature and volumes of products.
Further, in the process of developing market relations, new fixed assets were acquired, worn-out and obsolete ones were replaced. The fixed capital of an enterprise was formed as a valuation of fixed assets and other tangible and intangible assets that are credited to the balance sheet and used for a long period of time in many production cycles. In the process of operation, the main production assets gradually transfer their value to the cost of production in parts, gradually become unusable and need to be replaced. During operation, the enterprise should be able to accumulate a sufficient amount of funds to replace or upgrade equipment.
Therefore, the property complex is primarily a reproductive category. Each enterprise is obliged to ensure the reproduction of its resource potential. Inattention to this issue has led to a sharp aging of fixed assets, a high level of depreciation of more than 60%, an extremely slow introduction of new technologies, an inefficient attitude to land, a decrease in the level of qualification of workers, a reduction in the size of own working capital and other negative consequences. The result of these trends is obvious - many enterprises are on the verge of bankruptcy.
In a market economy, it is extremely important to create an effective mechanism for managing property at the enterprise level in order to obtain the maximum possible value of profit.
1 Kozlovsky A.V. Property complex of construction organizations: Textbook, manual. M.: GUU, 2001.
were. It is necessary to consider in a complex the problem of managing the property complex, taking into account all the relationships that arise in the process of production and sale of products, in order to optimize costs and expenses, the tax burden, ensure the economic and financial reliability of the enterprise, minimize the likelihood of bankruptcy, liquidation or sale of the business.
The property complex of the enterprise should provide optimal conditions and the basis for effective development, for this it is necessary:
- determine the efficiency of enterprises, based on the principles of an integrated systematic approach to assessing the impact of various groups of factors of external and internal environment, as well as depending on the presence and degree of influence of various risk factors and uncertainty in the process of functioning of enterprises in various economic situations;
- implement the resource policy of the enterprise, which ensures the rational use of resources at various phases of the construction cycle.
It is expedient to analyze the category "property complex" as an object and subject of civil law, as well as to consider the assessment of the value of real estate and land as investment resources 1 .
Construction enterprises are the most important structural link in the investment process. If the investment process as a whole is sufficiently effective, then its results have a significant positive impact on other industries: industry building materials, chemical and metallurgical industries, etc. In other words, there is economic effect from subcontractors in the form of an increase in production volumes and profits. Therefore, the investment process must have clearly defined prospects and a well-thought-out effective investment strategy. This strategy is determined by changes in the investment market, the role of the state, acting tax system, solvent demand of consumers of construction products and other factors. Therefore, any investment decision should be worked out in several ways, which significantly affects the structure of the enterprise's property complex.
The investment strategy and the possibility of its concretization require the accumulation of financial resources necessary for its implementation. Unfortunately, the low level of profitability is 1 Kulikov A.S. Assessment of the value of real estate as an investment resource: Abstract of the thesis. dis.... cand. economy Sciences. M., 2001.
Intensive production and the existing depreciation policy do not allow for the necessary level of savings to ensure a simple, not to mention extended, reproduction of the fixed assets of construction enterprises. And only a correctly assessed property complex, according to many scientists, in modern conditions can be a guarantee of attracting investments from outside and be considered in modern conditions as an investment resource.
AT last years many problem researchers Russian market securities put forward the thesis that Russian enterprises are largely undervalued by the market compared to enterprises in developed or even developing countries. Thus, according to analysts, Russian enterprises are undervalued compared to foreign counterparts.
Let us dwell on the features of the property complexes of construction enterprises. Construction enterprises, unlike industrial enterprises, do not occupy large land plots. The exception is enterprises that have their own production base, for example, house-building plants. Construction enterprises may have sand or gravel quarries, polygons for the installation of metal structures, territories occupied by production and technological equipment departments.
Considering movable property and investments, it can be noted that the main place in it is occupied by machines, mechanisms, vehicles, tools and inventory. This group accounts for more than 70% of the entire property complex of construction enterprises. This property structure is also related to the fact that construction machines and mechanisms are extremely expensive, have a long service life, but have a very low utilization rate over time. Therefore, the return on the active part of the property is 60-70%.
Evaluating the article "Stocks and costs", it can be noted that in modern conditions, construction companies do not need to create large volumes of stocks of building materials, since this market is quite saturated. Exceptions may be enterprises operating in regions where, due to natural and climatic conditions, it is necessary to ensure the seasonal delivery of materials, and therefore, to create a stock for several months. In addition, the problem of stocks has two sides - the diversion of funds from economic circulation for a long period of time and the slowdown in their turnover, as well as the availability of a sufficient amount of working capital to maintain these stocks.
In the article " Cash and other financial assets” we can note a high level of receivables due to violations of the terms and conditions of payment by customers for construction and installation works. Additional costs arise for construction companies also because there is a gap in time between the completion of work at the facility and its acceptance by the customer. During this period, the construction company is forced to bear the costs associated with the operation of the constructed facility. This primarily applies to residential buildings and social facilities.
In the process of deepening market relations and in connection with periodic revaluations of fixed assets, their structure began to change.
The revaluation of fixed assets, carried out on the basis of the coefficients for converting their book value into replacement value, developed by the State Statistics Committee of Russia, naturally led to significant discrepancies between the real and book value of fixed assets.
Obviously, with such a structure of fixed assets, the industry compares favorably with others, since the main object of capital investment is the active part.
In recent years, the relationship between the shares of buildings and structures and the active part of the funds have changed inversely. This is due both to market factors and to quantitative changes in the range of the main types of machines and mechanisms.
It should be noted that in the structure of property complexes of all the largest construction enterprises of the Republic of Tatarstan, due to poor accounting of intangible assets and intellectual property, their share in the balance of assets does not exceed 1%.
Thus, the analysis of statistical information indicates a significant specific gravity fixed assets in the structure of the property complex of construction enterprises.
Besides, qualitative analysis state of the property complex of enterprises showed that:
- fixed assets of enterprises are accounted for at a book value that does not correspond to their market value;
- the value of land plots is not taken into account in the property structure;
- business leaders do not pay enough attention to accounting
intangible assets.
During the revaluation of property (a group of homogeneous fixed assets) of an enterprise, as a rule, its initial
(book value. As a result, the amount of property tax due to be paid to the budget changes:
where b "No and AHf - the amount of property tax, respectively, before and after the revaluation of fixed assets;
DAN I - change (increase or decrease) in the amount of property tax as a result of revaluation of fixed assets.
A change in the value of the revalued property will lead to a proportional change in the amount of depreciation deductions, which in turn, due to the attribution to the cost of products (works, services), will affect the calculation of the amount of income tax:
where AHJJ and AH "- the amount of income tax, respectively, before and after the revaluation of fixed assets;
DAN P - change (increase or decrease) in the amount of income tax as a result of revaluation of fixed assets.
Thus, the revaluation of fixed production assets creates the possibility of managing taxable bases for property tax and income tax.
We will show the main points of finding reserves for the development of enterprises based on the management of fixed assets due to their revaluation.
The defining modern tasks of the revaluation of fixed assets include:
- elimination of mixed valuation of fixed assets at full historical cost in prices of different years;
- obtaining objective data reflecting the total volume, species and sectoral structure, territorial distribution and technical condition fixed assets;
- determination of actual physical wear and tear and its comparison with accumulated depreciation;
- obtaining a reasonable basis for calculating depreciation charges;
- coordination of the volume of funds with the dynamics of production;
- optimization of taxation due to the recalculation of property tax;
- minimization of pricing by balancing the share of depreciation in the cost of products (works, services);
- improving the controllability of fixed assets by determining the effectiveness of their use in manufacturing process;
- determination of the value of the sale of fixed assets;
- determination of volumes and structure of capital investments, production of fixed assets;
- enterprise property insurance;
- transfer of fixed assets to operational lease;
- organization of leasing;
- registration of fixed assets as a contribution to the authorized capital of another enterprise;
- development of a business plan for the implementation of an investment project.
Today, the revaluation of fixed assets is less and less considered by researchers and practitioners as an accounting and control procedure, and more and more often acts as a business planning mechanism. Reassessment allows managers to adequately assess the development potential of the enterprise and outline ways to implement it.
Another source of increasing the efficiency of managing fixed assets of enterprises is improving the quality of their accounting.
Qualitatively conducted revaluation on the basis of technical inventory data ensures a reduction in profit losses during the sale or write-off of machinery and equipment. Solving the current problems of enterprises by postponing indefinitely the replacement of obsolete fixed assets can lead to difficult-to-remove consequences for these enterprises, calling into question their very existence. The change in the residual value as a result of the joint process of technical inventory and revaluation makes it possible to replace obsolete equipment based on the write-off of the non-depreciated part with minimal loss in profit.
Thus, as the system of economic relations changes and market trends strengthen, the revaluation of fixed assets is increasingly turning from an instrument of control and accounting into a mechanism for identifying internal reserves and increasing production efficiency. The inclusion of the revaluation of fixed assets in the marketing technologies of enterprise management allows, through the use of integrated approach significantly increase its impact on the activities of the enterprise as a whole.
The assessment of the market value of property is determined using classical approaches to the assessment of value - costly, comparative and profitable.
When determining the market value of the valuation object, the most probable price is determined at which the valuation object can be alienated on the valuation date on the open market in a competitive environment, when the parties to the transaction act reasonably, having all necessary information, and the value of the transaction price does not reflect any extraordinary circumstances, i.e. when:
- one of the parties to the transaction is not obliged to alienate the object of assessment, and the other party is not obliged to accept the performance;
- the parties to the transaction are well aware of the subject of the transaction and act in their own interests;
- the valuation object is presented on the open market through a public offer typical for similar valuation objects;
- the price of the transaction is a reasonable remuneration for the object of assessment and there was no coercion to conclude a transaction in relation to the parties to the transaction from either side;
- payment for the object of assessment is expressed in monetary terms. The possibility of alienation on the open market means that the object
appraisal is presented on the open market through a public offer typical for similar objects, while the period of exposure of the object on the market must be sufficient to attract the attention of a sufficient number of potential buyers.
The reasonableness of the actions of the parties to the transaction means that the price of the transaction is the highest price achievable on reasonable grounds for the seller and the lowest price achievable on reasonable grounds for the buyer.
The completeness of the available information means that the parties to the transaction are sufficiently informed about the subject of the transaction, act in an effort to achieve the best terms of the transaction from the point of view of each party, in accordance with the full amount of information about the state of the market and the subject of the valuation, available at the valuation date.
The absence of extraordinary circumstances means that each party to the transaction has motives for the transaction, while there is no compulsion on the parties to complete the transaction.
Cost approach - a set of methods for estimating the value of the object of assessment, based on the determination of the costs that are necessary for the reproduction or replacement of the object of assessment, taking into account wear and tear and obsolescence. The costs of reproducing the appraisal object are the costs necessary to create an exact copy of the appraisal object using the materials and technologies used to create the appraisal object. The costs of replacing the object of assessment are the costs necessary to create a similar object using materials and technologies in use at the date of assessment.
Comparative approach - a set of methods for estimating the value of the object of assessment, based on a comparison of the object of assessment with objects - analogues of the object of assessment, in respect of which information on prices is available. An object that is an analogue of the object of assessment for the purposes of assessment is an object that is similar to the object of assessment in terms of the main economic, material, technical and other characteristics that determine its value.
Income approach - a set of methods for assessing the value of the object of assessment, based on the determination of expected income from the use of the object of assessment.
The land and property complex is an object of general interest, a factor in the reproduction process, a basic element of property relations and requires modern and effective management. One of the important tasks of management is the assessment of the value of the property of the enterprise.
