Methods of formation of working capital. Formation of working capital. The order and methods of normalization

Introduction

1. Working capital. Composition and structure working capital

2. Sources of formation of working capital

3. Determining the needs of the enterprise in working capital. Rationing of working capital

4. Circulation of working capital, turnover indicators

Bibliography

Introduction

One of the conditions for the implementation of the enterprise economic activity is the availability of working capital. Working capital (working capital) is necessary to ensure the reproduction process, which includes both the production process and the circulation process.

Circulating assets are the assets of the enterprise, which, as a result of its economic activity, completely transfer their value to the finished product, taking a one-time participation in the production process, changing and losing their natural-material form.

The functional role of working capital is to ensure the continuity of the production process.

An enterprise operating on the principles of self-sufficiency is obliged to effectively manage its own working capital to ensure rational use enterprise resources in the main production activities, to quickly determine the liquidity of the enterprise and timely repayment of debts.

The effectiveness of the use of working capital depends on many factors. Among them, we can single out external factors that influence regardless of the interests and activities of the enterprise, and internal factors that the enterprise can and should actively influence. To external factors include: general economic situation, features of tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs financed from the budget. Given these and other factors, the company can use internal reserves to rationalize the movement of working capital.

Increasing the efficiency of the use of working capital is ensured by the acceleration of their turnover at all stages of the circulation.

Significant reserves for increasing the efficiency of the use of working capital are laid down directly in the enterprise itself. In the field of production, this applies primarily to inventories. stocks play important role in ensuring the continuity of the production process, but at the same time they represent that part of the means of production that is temporarily not involved in the production process. Effective organization inventories is an important condition for improving the efficiency of working capital. The main ways to reduce inventories are reduced to their rational use; elimination of excess stocks of materials; improvement of regulation; improving the organization of supply, including by establishing clear contractual terms of supply and ensuring their implementation, optimal selection of suppliers, and streamlined transport. An important role belongs to improving the organization of warehouse management.

Accelerating the turnover of working capital allows you to release significant amounts and thus increase the volume of production without additional financial resources, and use the released funds in accordance with the needs of the enterprise.

1. Working capital. Composition and structure of working capital

Working capital is divided into two components: working capital production assets and circulation funds. Revolving production assets serve the sphere of production. They constitute the material basis of production and are necessary to ensure the production process, the formation of value. The second part of working capital includes circulation funds, consisting of finished products and cash assets of the enterprise. Circulation funds do not participate in the formation of value, but are carriers of already created value. Their main purpose is to ensure the rhythm of the circulation process with money. Consolidation of working capital and circulation funds in single system circulating assets follows from the continuity of the advanced value in the three stages of their circulation.

Circulating production assets are divided into the following elements: inventories, work in progress, deferred expenses.

Production stocks are stocks of raw materials and materials, semi-finished products and components, fuel, containers, household inventory, repair parts, tools. Raw materials and basic materials are the objects of labor that make up the material (material) basis of the manufactured product. Raw materials are agricultural products (grain, wool, cotton, fruits, vegetables) and mining industry (oil, ore, gas, etc.). The main materials are considered products of the manufacturing industry (flour, sugar, fabric, metal, leather, etc.). Semi-finished products are objects of labor, the manufacture of which is completely completed in one workshop, but which are subject to further processing in other workshops of the same enterprise or can be sold.

Auxiliary materials, unlike raw materials and purchased semi-finished products, do not form the main content of the manufactured product, but only contribute to the implementation technological process and product formation.

Work in progress (WIP) are objects of labor that have entered the production process, but have not passed all the processing operations provided for by the technological process.

The only intangible element of circulating production assets are deferred expenses, including the costs of preparing and mastering new types of products, new technologies, produced in a given period, but payable in the future.

The circulation funds are divided into the following elements: finished products in warehouses, products shipped (goods on the way), receivables (funds in settlements with consumers of products), cash.

The finished product is a complete finished goods or semi-finished products received at the warehouse of the enterprise.

Accounts receivable - money that is physical or legal entities owed for the supply of goods, services or raw materials.

Cash means cash held in the company's cash desk, in bank settlement accounts and in settlements.

2. Sources of formation of working capital

Among the sources used for the formation of working capital, there are own, borrowed and borrowed funds.

The total amount of own working capital is established by the enterprise independently. Usually this amount is determined by the minimum need for funds to form the necessary stocks of inventory items, to ensure the planned volumes of production and sales of products, as well as to make payments on time.

In the process financial planning the enterprise takes into account the growth and reduction of the norms of own working capital, defined as the difference between the norms at the end and the beginning of the planning period. The increase in the standard of own working capital is financed primarily at the expense of own resources.

Along with profit, the so-called stable liabilities are used to replenish own working capital, which are equated to own funds. Sustainable are liabilities that are constantly used by the enterprise in circulation, although they do not belong to it (for example, a reserve of future payments of the minimum debt to workers and employees for wages, on contributions to social insurance etc.)

Additional need for working capital, due to temporary needs, is provided by short-term bank loans.

In addition to own and borrowed funds, borrowed funds are in the turnover of the enterprise. These are accounts payable of all types, as well as funds for targeted financing before they are used for their intended purpose.

3. Determining the needs of the enterprise in working capital. Rationing of working capital

Determining the needs of the enterprise in its own working capital is carried out in the process of rationing, i.e. determination of the standard of working capital. The purpose of regulation is to determine the rational size of working capital.

The effective use of working capital largely depends on the correct determination of the need for working capital. Understating the value of working capital entails the instability of the financial situation, interruptions in the production process and a decrease in production and profits. Overstating the amount of working capital reduces the ability of the enterprise to produce capital expenditures to expand production.

The need for working capital depends on many factors: production and sales volumes; the nature of the enterprise; the duration of the production cycle; types and structure of consumed raw materials; production growth rates, etc.

Rationing of working capital is the basis for the rational use of business assets of the enterprise. It consists in the development of reasonable norms and standards for their consumption, necessary to create a constant minimum stock for the smooth operation of the enterprise.

According to the degree of manageability, working capital is divided into standardized and non-standardized. Standardized working capital is planned by the enterprise, while non-standardized working capital is not an object of planning.

The normalized ones include those working capital that ensure the continuity of production and contribute to the efficient use of resources. These are inventories, deferred expenses, work in progress, finished goods in stock. Non-standardized working capital includes cash, shipped products, accounts receivable.

There are three main methods of normalization of working capital: analytical, coefficient and direct account method.

The analytical method uses actual data on the amount of working capital for a certain period. At the same time, surplus and unnecessary stocks are specified, amendments are made for changes in the conditions of production and supply. The specified result of these calculations is considered the standard of working capital for the planned period. This method is used in cases where it is not expected significant changes in the conditions of the enterprise and the funds invested in material assets and stocks, have a large proportion.

The coefficient method consists in the fact that the standards for the planning period are calculated by amending (using coefficients) the standards of the previous period. The coefficients take into account changes in production volumes, turnover of working capital, assortment shifts and other factors.

The direct account method consists in the fact that the amounts of working capital are calculated for each specific type of inventory, then they are added up, and as a result, the standard is determined for each element of normalized working capital. The general standard is the sum of the standards for all elements. This method is the most accurate, justified, but at the same time quite laborious.

When normalizing working capital, it is necessary to establish stock standards for certain types of normalized materials, determine the standards for each element of working capital and calculate the total standard for normalized working capital.

The norms of working capital characterize the minimum stocks of inventory items, calculated in days of stock or as a percentage of a certain base ( marketable products, volume of fixed assets). They are usually installed on certain period time (quarter, year), but may also be valid for a longer period.

The general standards of own working capital are determined in the amount of their minimum requirement for the formation of stocks of raw materials, materials, fuel, work in progress, deferred expenses, finished products.

The general standard of working capital consists of the sum of private standards:

Refinery - the standard of production reserves;

Nnp - the standard of work in progress;

Ngp - the standard of finished products;

Nbr - standard for future periods.

The standard of production stocks depends on the average daily consumption of raw materials, fuel materials and the stock rate in days:

Рс - average daily consumption of a given type of raw material or materials (in rubles);

Tdn is the stock rate in days.

The average reserve rate in days is calculated as a whole as a weighted average of the norms of the stock of working capital for certain types.

Stock rate in days to separate species, consists of the following components:

Тtr - transport stock;

Ttec - current warehouse stock;

Tstr - insurance (warranty stock);

Tseason - seasonal supply.

The transport stock is set according to the duration of the cargo run from the supplier to the consumer, taking into account the time of the document flow.

If there are several suppliers, then the transport stock is determined as a weighted average, taking into account the duration of the run and the size of the supply.

The current stock of material assets is a stock that meets the needs of production for the period between two next receipts of their suppliers:

The composition of working capital includes the average current stock, taken in the amount of 50% of the duration of the interval between two adjacent deliveries:

And - the duration in days of the interval between deliveries.

The average interval between deliveries can be calculated using the formula:

P - the number of deliveries for the period.

A guarantee (insurance) stock of material assets is a stock intended to meet the needs of production in case of a delay in the receipt of material assets.

The value of the safety stock is usually set within 50% of the value of the current stock. This limit is increased if the enterprise is located far from suppliers, the materials consumed are unique, the manufactured products require many components or components from different suppliers.

Seasonal stock is calculated at enterprises with a seasonal supply of raw materials.

The amount of working capital for work in progress is determined taking into account the duration of the production cycle and the value of the cost escalation factor:

B - the volume of the average daily output of products at the production cost;

Tts - the duration of the production cycle;

Knz - the coefficient of increase in costs in work in progress.

The production cycle is a series production processes performed during the manufacture of products.

The duration of the production cycle is the sum of the time spent directly on the processing of raw materials, materials, blanks, and the time required for breaks between operations from the beginning of the first operation to the delivery of finished products to the warehouse.

The cost escalation factor characterizes the degree of product readiness and is determined by the ratio of the cost of work in progress to the cost of finished products.

The increase in costs can be uniform and uneven (slow and accelerated).

With a uniform increase in costs, the cost increase coefficient is found by the formula:

Cn - the cost of raw materials and materials entering the production process;

Sk is the cost of the finished product.

With an uneven increase in costs, the coefficients of increase in costs are first determined at several points in the production process:

Ki – coefficient of increase in costs at the i-th point;

Сi is the cost of work in progress at the i-th point;

Sk - the cost of the finished product.

The overall cost escalation factor for the process is calculated as an average value:

Knz - the overall cost increase factor for the process;

i is the number of points for calculating partial coefficients.

The amount of working capital invested in stocks of finished products in the warehouse depends on the average daily output of products and the duration of storage of products in the warehouse:

B - average daily output at production cost;

Тхр - the average duration of storage of finished products in the warehouse.

The duration of storage of products in a warehouse, in turn, is calculated as the sum of the time for the formation of a batch of products for shipment and execution of documents for this batch:

Tfp - the time required to form a batch for the shipment of finished products to the consumer in days .;

Tod - the time required to complete the documents for sending the goods to the consumer in days.

Calculated in one way or another, the amount of working capital necessary for normal operation increases the efficiency of using this resource.

4. Circulation of working capital, turnover indicators

Working capital is in constant motion. In each circuit, working capital goes through three stages: cash, production and commodity. At the first stage, the company's funds are used to purchase materials, raw materials, fuel, containers, semi-finished products, components necessary for the implementation of production activities. In the second stage, inventories become work in progress and finished goods. The third stage is the process of selling products. After the sale of the produced product, the working capital from the commodity form again passes into monetary form. The size of the initial amount of money and proceeds from the sale of products (works, services) do not match in size. The resulting financial result of the business (profit or loss) explains the reasons for the discrepancy.

The efficiency of the use of working capital is characterized by a system economic indicators, primarily the turnover of working capital. Under the turnover of working capital is understood the duration of the full circulation of funds from the moment of acquisition of working capital (purchase of raw materials, materials, etc.) to the release and sale of finished products.

The turnover of working capital is not the same at different enterprises, which depends on their industry affiliation, and within the same industry - on the organization of production and marketing of products, the placement of working capital and other factors.

The turnover ratio is the number of turnovers that current assets make in a certain period. It is calculated by the formula:

where P is the volume of products sold for the period under review;

ObS - the average amount of working capital for the same period.

The time (duration) of the turnover is usually called the turnover in days. This indicator is determined by the formula:

where D is the number of days in a given period (360, 90, 30);

Cob - turnover ratio.

After substituting the corresponding values into the formula, you can get an expanded expression for the turnover indicator:

At each stage of the circulation of working capital, you can determine the private turnover of each element of working capital:

Partial turnover rates can be calculated from a specific turnover. Special turnover for inventories is their expenditure on production, for work in progress - the receipt of goods at the warehouse, for finished products - shipment, for shipped products - its sale.

The average amounts of working capital for the period used in the calculation of turnover indicators are determined using the average chronological formula.

The average annual amount (average annual balances of working capital) is found as the arithmetic mean of four quarterly amounts:

The quarterly average is calculated as the average of three monthly averages:

The expression by which the average monthly amount is calculated is:

The amount of working capital at the disposal of the enterprise must be large enough so that the process of circulation is not interrupted. At the same time, the presence of excess working capital negatively affects the results of its activities.

Indicators of turnover of working capital can be calculated for all working capital involved in the turnover, and for individual elements.

The change in the turnover of funds is revealed by comparing the actual indicators with the planned or indicators of the previous period. As a result of comparing the turnover of working capital, its acceleration or deceleration is revealed.

With the acceleration of the turnover of working capital, material resources and sources of their formation are released from circulation, with a slowdown, additional funds are involved in the turnover.

The release of working capital due to the acceleration of their turnover can be absolute and relative. Absolute release takes place if the actual balances of working capital are less than the standard or the balances of the previous period while maintaining or exceeding the volume of sales for the period under review. Relative release working capital takes place in those cases when the acceleration of their turnover occurs simultaneously with the growth in output, and the growth rate of production outpaces the growth rate of working capital balances.

conclusions

1. Current assets of the enterprise - a set of working capital assets and circulation funds. Circulating production assets include: raw materials, basic and auxiliary materials, unfinished products, fuel and other objects of labor that are entirely consumed in each production cycle and the value of which is transferred to the manufactured product immediately in full.

The circulation funds include: finished products in stock, shipped products, cash in settlements.

2. According to the sources of formation, working capital is divided into own (funds permanently at the disposal of the enterprise and formed at the expense of its own resources) and borrowed funds (bank loans, accounts payable and other liabilities).

3. In terms of the scope of rationing, working capital is divided into normalized (according to which stock standards are established: working capital and finished products in stock) and non-standardized. Working capital rationing is the process of developing economically justified values of working capital necessary for organizing the normal operation of the enterprise. It is necessary precondition efficient use of working capital. Typically, the enterprise determines the norms of working capital for materials, stocks in the process of production, and stocks of finished products.

4. Increasing the efficiency of the use of working capital is achieved by accelerating their turnover.

Bibliography

1. Economist's Handbook, No. 3, 2005

2. Radionov R.A. New approaches to the regulation of working capital at the enterprise//Financial management.2005.

3. Buryakovsky V.V. Enterprise finance - textbook.,

4. Economics and statistics of firms - textbook / Adamov V.E., Ilyenkova S.D., Sirotina T.P. and etc.; ed. Ilyenkova S.D. - 2nd ed.-M: Finance and statistics, 2000.

Contents Introduction 1. Working capital. The composition and structure of working capital 2. Sources of formation of working capital 3. Determination of the needs of the enterprise in working capital. Rationing of working capital 4. Krugoobo

One of important principles organization of the circulation of working capital is their division by sources of formation. All sources of formation of working capital are divided into own, borrowed, attracted and other sources.

Working capital generated from own sources in most industries is directly the basis of the companies. Own funds play an important role in the process of circulation of funds, since organizations that operate on the basis of commercial calculation need to have some degree of operational and property independence in order to successfully conduct business and carry full responsibility for the decisions they make.

Own funds are a set of cash and material assets, financial investments and costs for the acquisition of rights and privileges that are necessary for the activities of the company.

Own funds of the company as a legal entity in the general view determined by the value of property owned by the company. They are also called net assets companies and are calculated as the difference between the price of property (the so-called "active capital" of the company) and borrowed funds. It should be noted that the company's own funds form the so-called equity capital, which has a complex structure and directly depends on the legal form of the operating organization.

The financial basis of the organization is formed by its own funds, which are represented by the following main forms: authorized capital; Reserve capital; special trust funds; financial funds; retained earnings; other forms.

Let's consider them in more detail.

1) Authorized fund. It directly characterizes the initial amount of the organization's own funds that were invested in the formation of assets at the beginning of the activity. Its size is determined directly by the charter of the company. For organizations of certain organizational and legal forms and areas of activity (companies with limited liability, joint-stock company) the size of the authorized capital is regulated by law.

Minimum amount of authorized capital open society must be at least a thousand times the minimum wage ( minimum size wages), which is established by federal law at the time of registration of the company, and closed society- not less than one hundred times the minimum wage, which is established by federal law at the time state registration firms.

2) Reserve capital (reserve fund). It is a reserved part equity company, which is intended for internal insurance of its activities. The size of such a spare part is determined founding documents. The formation of reserve capital is carried out directly at the expense of the company's profits. The minimum amount of deductions to the profit reserve fund is regulated by the Law "On Joint Stock Companies" N 208_FZ of December 26, 1995, according to which it cannot be less than 5% of net profit until the amount determined by the company's charter is reached, in turn, the size of the fund is set by the company in the constituent documents, but cannot be less than 15% of the authorized capital of the company.

For any other organizations, the formation of reserves is voluntary. Reserves are quite often created in order to cover possible losses and losses that arise as a result of extraordinary circumstances, less often - in order to redistribute profits to increase consumption or develop investment policy.

The firm's reserve fund is intended directly to cover its losses or for some other special situations, such as redeeming the firm's bonds and buying back its shares in the absence of other funds. The reserve fund cannot be used for other purposes.

3) Target (special) financial funds. These include purposefully formed funds of their own financial resources, created for subsequent spending in accordance with the defined goals of the organization. Such financial funds include, for example, an amortization fund, a fund for special programs, funds for labor protection, production development, and others. The procedure for the formation and spending of such funds is regulated by the charter and other internal and constituent documents of the organization.

4) Retained earnings. It characterizes the share of the organization's profit that was received in the previous period and was not used for consumption by shareholders (owners, shareholders) and personnel. This share of profit is intended for capitalization, i.e. for further reinvestment to stimulate production. In economic terms, it is directly a form of a reserve of the company's own resources, which ensures its production development in the future period.

5) Other forms. Such forms include payments for property (for example, when renting it out), settlements with the founders for the payment of income to them in the form of dividends or interest, and others, which are reflected in the first section of the company's balance sheet liability.

Own funds are directly characterized by the following main positive features:

Ease of involvement - all decisions that are associated with its increase (especially with the help of internal sources of education) are made by managers and owners of the company without the need for the consent of other business entities;

High ability to generate profit in any field of activity, due to the fact that its use does not require the payment of loan interest in any of its forms;

Ensuring the financial stability of the company, its solvency in long term as a result, a decrease in the probability of bankruptcy.

However, they also have certain disadvantages:

The limited amount of attraction, and, as a result, the possibilities for a significant expansion of investment and operating activities companies;

Greater cost compared to alternative borrowed sources of capital formation;

An unused opportunity to increase the return on equity by attracting borrowed financial resources, since without this attraction it is impossible to increase the financial profitability ratio of the company's work on the economic one.

Consequently, an organization that uses only its own funds, first of all, has a high level of financial stability (the autonomy coefficient of such an organization is equal to one), but does this at the cost of significantly limiting the pace of the company's strategic development. It becomes unable to generate the necessary additional inflow of assets during periods of favorable market conditions and does not use financial opportunities to increase return on investment.

In addition, other funds, the so-called stable liabilities, are constantly in circulation of organizations. These are funds that do not actually belong to the organization, but are constantly present in its circulation. These funds serve as a source of financing for working capital in the amount of their minimum balance.

Although such funds do not belong to the enterprise, they are equated to their own sources, since their availability is sustainable. These include: arrears of wages to employees of the organization; reserves for future expenses; carryover debt to off-budget funds and the budget; debt on certain types of taxes; creditors' funds received as prepayment; funds of buyers on pledges for returnable packaging; carry-over balances of the consumption fund, etc.

The formation of working capital occurs at the time of the formation of the company and the creation of its authorized capital at the expense of investors and founders. Further, the company's minimum need for working capital is covered with the help of its own sources: authorized capital, profit, accumulation fund, reserve capital, and targeted financing. However, sometimes (in conditions of inflation, growth in production volumes, delays in paying customer bills), the company has a temporary additional need for working capital, which cannot be covered directly from its own sources.

In such cases, borrowed sources are involved for financial support of economic activity: bank and commercial loans, loans, investment tax credit, investment deposits of employees of the organization, bonded loans, as well as attracted funds.

Borrowed funds are part of the funds that are used by the enterprise and do not belong to it, but are attracted on the basis of a commercial, bank loan or equity loan on the basis of repayment, urgency and payment. The need to attract borrowed funds should be justified by a preliminary calculation of the need for working capital. Borrowed resources include a financial loan received from banking and other financial and credit institutions, accounts payable of an organization, a commercial loan from suppliers, debt on the issue of debt securities, etc. On the one hand, the attraction of borrowed resources is a factor in the successful operation of the company, which contributes to a fairly rapid overcoming of the shortage of financial resources, indicates the trust of its creditors in the enterprise and ensures the growth of return on equity. On the other hand, the firm burdens itself with financial obligations. One of the important evaluation characteristics of the effectiveness of the management decisions- the value and efficiency of the use of borrowed resources.

Borrowed funds can be used both to create long-term financial resources in the form of fixed capital (funds), and to create current (short-term) financial resources for a specific production cycle.

Since it is impossible to build capital without finance, companies are often faced with the need to borrow additional cash. When using borrowed resources to create profit, the action of the borrowing mechanism itself is manifested. The loan in this case is used as a "lever": it increases the potential of the borrower in the production of profit. When own funds are combined with borrowed resources, the amount of capital that can be invested in a business increases significantly.

Borrowing is also complicated by the fact that there are many sources, and each has its own advantages and disadvantages, benefits and costs. The main task is to determine such a combination of funding sources that could have the lowest cost. This process is constantly dynamic, since changing economic conditions directly affect the cost of credit.

Forms and sources of attraction of extra resources by firm are rather various. So, V.V. Kovalev describes the following classification of borrowed resources attracted by the organization, which is one of the most complete (Figure 1):

Figure 1 - Classification of borrowed funds

Taking into account this classification, they organize the management of attracting borrowed resources, which directly represents the purposeful process of their formation from different sources and in various forms, according to the needs of the company in borrowed funds at different stages of its functioning.

The variety of tasks that are solved in the process of such management determines the need to create a special financial strategy and tactics in the described area in companies that use a large amount of debt financing.

Thus, an organization in which its own financial resources prevail has a higher financial stability, but limited development rates, and, in turn, an organization that uses a large share of borrowed funds has a much higher growth potential, the possibility of increasing the return on equity, however loses financial stability.

In addition to own and borrowed funds, the company's turnover includes borrowed funds - all types of accounts payable, as well as funds for targeted financing before they are used for their intended purpose.

So, the working capital of enterprises is designed to ensure their continuous movement at all stages of the circulation in order to satisfy the needs of production in cash and material resources to ensure the timeliness and completeness of calculations. Since working capital includes both material and monetary resources, not only the process depends on their organization and efficiency of use. material production, but also financial stability enterprises, and a rational ratio between borrowed, own, and attracted sources of financing of working capital creates favorable conditions to improve the financial position of the company.

Sources of formation of working capital and their size have a significant impact on the level of efficiency in the use of working capital of the enterprise. An excess of working capital means that part of the company's capital is idle and does not generate income. The lack of working capital slows down the course of the production process, slowing down the speed of the economic turnover of the enterprise's funds.

Sources of formation of working capital can be:

Own funds;

Funds equivalent to own;

Borrowed funds;

Involved funds.

Consider the content and characteristics of each of these sources (see table 4).

Table 4

Characteristics of funding sources

Types of financing	Criteria for evaluation
Types of financing	Availability	Capacity	Efficiency	Level of risk
Authorized capital	Maximum		low	Minimum
	Low (complexity of concluding a contract)		Essential
Self-financed (internal growth)	Satisfactory		low	Minimum
Bond issue	High (if applicable)	Essential	High (high attractiveness at a high discount)
Development funds	Maximum	Insignificant (proportions of profit distribution for consumption and accumulation)		Minimum
Issue of shares	Satisfactory (for profitable enterprises)	Material (attractiveness of shares)	Material (dividends on shares)	Satisfactory (structure share capital)
Consolidated Funds	Satisfactory (enterprise integration capability)	Satisfactory (condition of contracts of consolidating structures)	Satisfactory	Satisfactory
Credits and loans	Low (for highly profitable and reliable enterprises)	Maximum	Low (level of lending rate)
Government loans	Minimum (enterprise priority)	Maximum	Maximum (cheap resource)	Minimum
Public investment	Minimum (special status of the enterprise)	Maximum	Maximum (free resource)	Minimum
Foreign investment	Minimal (difficult to access in some industries)		Maximum (attractive resource)	Low (terms of the loan agreement)

At the expense of own sources, as a rule, the minimum stable part of working capital is formed. The presence of own working capital allows the organization to freely maneuver, increase the effectiveness and sustainability of its activities.

The authorized capital is a set of contributions (calculated in monetary terms) of shareholders to the property when creating an enterprise to ensure its activities in the amounts determined by the constituent documents.

Reserve capital is the funds that go to cover the total balance sheet losses in the absence of other possibilities for their compensation. The amount of reserve capital, the amount of mandatory contributions to it from net profit are determined by the current legislation and the company's charter.

The formation of other funds at the enterprise may be provided for in the charter and / or in the accounting policy of the enterprise.

Additional capital shows the increase in the value of property as a result of revaluation of fixed assets and construction in progress of the organization, carried out by decision of the government: received cash and property in the amount of excess of their value over the value of the shares transferred for them. The additional capital can be used to increase the authorized capital, pay off the balance sheet loss for the reporting year, and also distributed among the founders of the enterprise, etc. In this case, the procedure for using the additional capital is determined by the owners, as a rule, in accordance with the constituent documents when considering the results of the reporting year.

Retained earnings are net profit (or part of it) not distributed in the form of dividends between shareholders (founders) and not used for other purposes. Typically, these funds are used to accumulate the property of an economic entity or replenish its working capital in the form of free cash, i.e. ready for a new turn at any moment.

There are different points of view on the procedure for calculating own working capital.

N.P. Lyubushin, V.B. Leshcheva, V.G. Dyakova indicate that own working capital "is formed at the expense of the company's own capital." I.A. Blank notes that in practice financial management distinguish between the concepts of "own working capital" and "net working capital". The first characterize that part of them, which is formed at the expense of the company's own capital. The calculation is made according to the formula: current assets minus long-term borrowed capital, aimed at the formation current assets, minus the company's short-term liabilities. The concept of net working capital refers to that part of them, which is formed at the expense of own and long-term borrowed capital. The calculation is made as the difference between the amounts of current assets and short-term current liabilities. At the same time, if the company does not use long-term borrowed capital to finance working capital, the amounts of net and own current assets are the same.

Some resources, although they do not permanently belong to the enterprise, are in its circulation due to the conditions of settlements and are stable liabilities. Such funds serve as a source of formation of working capital in the amount of their minimum balance. These include, in particular:

Wage arrears to employees of the organization;

Debt on deductions for social needs;

Debts on taxes and fees;

The balance of the reserve for future expenses;

Indebtedness on advances to buyers.

Borrowings are primarily bank loans and borrowings to meet temporary additional working capital needs. Bank loans are provided in the form of investment (long-term) or short-term loans. The purpose of bank loans is to finance expenses associated with the acquisition of fixed and current assets, as well as financing the seasonal needs of the organization, temporary replenishment of the lack of working capital, settlements and tax payments.

Along with bank loans, sources of financing of working capital are also commercial loans of other organizations, issued in the form of loans, bills of exchange, commodity credit and advance payment.

An investment tax credit is granted to an organization by government authorities and represents a temporary deferment of the organization's tax payments.

Deferred tax liability is that part of deferred income tax that should lead to an increase in income tax payable to the budget in the next reporting period or in subsequent reporting periods.

The investment contribution (contribution) of employees is a monetary contribution of an employee to the development of an economic entity at a certain percentage.

The funds raised in the form of accounts payable are provided to the enterprise for temporary use by suppliers and contractors.

When analyzing the sources of working capital formation, it is necessary to consider ways of financing current assets, the main of which are: self-financing, financing through capital market mechanisms, bank lending, budget lending and mutual financing of business entities.

Self-financing is the financing of activities at the expense of own funds available to the organization. However, financing activities from own sources is not always possible and appropriate. Therefore, in order to develop business and allocate funds for the formation and efficient use of working capital, it is necessary to attract additional sources of financing. This source is the capital market. In this case, the options for mobilizing resources are:

Equity financing (the organization carries out an additional sale of shares and thereby increases the number of owners or existing owners make additional contributions);

Debt financing (the organization sells term securities(bonds) that entitle their holders to long-term current income and return of the provided capital in accordance with the terms of this bonded loan).

With budget financing, an organization can receive funds from budgets of various levels. Budget financing refers to funds received by an organization for specific purposes. Funds of budget financing can be directed to the implementation of current activities and investment projects.

In the process of functioning, organizations have numerous economic ties, they supply each other with raw materials, materials, products on terms of payment with a deferred payment, thereby, as it were, financing each other. Mutual financing allows for short-term financing of current activities.

working capital

Introduction

1. Working capital. Composition and structure of working capital

2. Sources of formation of working capital

3. Determining the needs of the enterprise in working capital. Rationing of working capital

4. Circulation of working capital, turnover indicators

Bibliography

Introduction

One of the conditions for the implementation of economic activity by the enterprise is the availability of working capital. Working capital (working capital) is necessary to ensure the reproduction process, which includes both the production process and the circulation process.

The functional role of working capital is to ensure the continuity of the production process.

An enterprise operating on the principles of self-sufficiency is obliged to effectively manage its own working capital to ensure the rational use of the enterprise's resources in its core production activities, to quickly determine the liquidity of the enterprise and timely repayment of debts.

The effectiveness of the use of working capital depends on many factors. Among them, we can single out external factors that influence regardless of the interests and activities of the enterprise, and internal factors that the enterprise can and should actively influence. External factors include: the general economic situation, peculiarities of tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs financed from the budget. Given these and other factors, the company can use internal reserves to rationalize the movement of working capital.

Increasing the efficiency of the use of working capital is ensured by the acceleration of their turnover at all stages of the circulation.

Significant reserves for increasing the efficiency of the use of working capital are laid down directly in the enterprise itself. In the field of production, this applies primarily to inventories. Stocks play an important role in ensuring the continuity of the production process, but at the same time they represent that part of the means of production that is temporarily not involved in the production process. Efficient organization of inventories is an important condition for improving the efficiency of the use of working capital. The main ways to reduce inventories are reduced to their rational use; elimination of excess stocks of materials; improvement of regulation; improving the organization of supply, including by establishing clear contractual terms of supply and ensuring their implementation, optimal selection of suppliers, and streamlined transport. An important role belongs to improving the organization of warehouse management.

1. Working capital.Sostac and structure of working capital

Working capital is divided into two components: working capital and circulation funds. Revolving production assets serve the sphere of production. They constitute the material basis of production and are necessary to ensure the production process, the formation of value. The second part of working capital includes circulation funds, consisting of finished products and cash assets of the enterprise. Circulation funds do not participate in the formation of value, but are carriers of already created value. Their main purpose is to ensure the rhythm of the circulation process with money. The unification of circulating funds and circulation funds into a single system of circulating assets follows from the continuity of the advanced value in the three named stages of their circulation.

Revolving production assets are divided into the following elements: productive reserves, work in progress, deferred expenses.

Production stocks are stocks of raw materials and materials, semi-finished products and components, fuel, containers, household equipment, spare parts for repairs, tools. Raw materials and basic materials are the objects of labor that make up the material (material) basis of the manufactured product. Raw materials are agricultural products (grain, wool, cotton, fruits, vegetables) and mining industry (oil, ore, gas, etc.). The main materials are considered products of the manufacturing industry (flour, sugar, fabric, metal, leather, etc.). Semi-finished products are objects of labor, the manufacture of which is completely completed in one workshop, but which are subject to further processing in other workshops of the same enterprise or can be sold.

Work in progress (WIP) are objects of labor that have entered the production process, but have not passed all the processing operations provided for by the technological process.

The only intangible element of circulating production assets are deferred expenses, including the costs of preparing and developing new types of products, new technology produced in the current period, but payable in the future.

Finished products are fully finished finished products or semi-finished products received at the warehouse of the enterprise.

Accounts receivable - money that individuals or legal entities owe for the supply of goods, services or raw materials.

Cash is cash held in the cash desk of the enterprise, in bank accounts and in settlements.

2. Sourcesformation of working capital

Among the sources used for the formation of working capital, there are own, borrowed and borrowed funds.

In the process of financial planning, the enterprise takes into account the growth and reduction of the norms of own working capital, defined as the difference between the norms at the end and the beginning of the planning period. The increase in the standard of own working capital is financed primarily at the expense of own resources.

Along with profit, the so-called stable liabilities are used to replenish own working capital, which are equated to own funds. Sustainable are liabilities that are constantly used by the enterprise in circulation, although they do not belong to it (for example, a reserve for future payments of the minimum debt to workers and employees for wages, social insurance contributions, etc.)

Additional need for working capital, due to temporary needs, is provided by short-term bank loans.

3. Determining the needs of the enterprise in working capital.Rationing of working capital

The effective use of working capital largely depends on the correct determination of the need for working capital. Understating the value of working capital entails the instability of the financial situation, interruptions in the production process and a decrease in production and profits. Overstating the size of working capital reduces the ability of the enterprise to make capital expenditures to expand production.

There are three main methods of normalization of working capital: analytical, coefficient and direct account method.

The analytical method uses actual data on the amount of working capital for a certain period. At the same time, surplus and unnecessary stocks are specified, amendments are made for changes in the conditions of production and supply. The specified result of these calculations is considered the standard of working capital for the planned period. This method is used in cases where significant changes in the conditions of the enterprise are not expected and the funds invested in material assets and stocks have a large proportion.

The norms of working capital characterize the minimum stocks of inventory items, calculated in days of stock or as a percentage of a certain base (commodity products, the volume of fixed assets). As a rule, they are established for a certain period of time (quarter, year), but they can also be valid for a longer period.

The general standard of working capital consists of the sum of private standards:

Npz - the standard of industrial stocks;

Nnp - the standard of work in progress;

Ngp - the standard of finished products;

Nbr - standard for future periods.

The standard of production stocks depends on the average daily consumption of raw materials, fuel materials and the stock rate in days:

Рс - average daily consumption of a given type of raw material or materials (in rubles);

Tdn - stock rate in days.

The average reserve rate in days is calculated as a whole as a weighted average of the norms of the stock of working capital for certain types.

The stock rate in days for a particular type, consists of the following components:

Тtr - transport stock;

Ttec - current warehouse stock;

Tstr - insurance (warranty stock);

Tseason - seasonal supply.

The transport stock is set according to the duration of the cargo run from the supplier to the consumer, taking into account the time of the document flow.

If there are several suppliers, then the transport stock is determined as a weighted average, taking into account the duration of the run and the size of the supply.

The current stock of material assets is a stock that meets the needs of production for the period between two next receipts of their suppliers:

The composition of working capital includes the average current stock, taken in the amount of 50% of the duration of the interval between two adjacent deliveries:

And - the duration in days of the interval between deliveries.

The average interval between deliveries can be calculated using the formula:

P - the number of deliveries for the period.

A guarantee (insurance) stock of material assets is a stock intended to meet the needs of production in case of a delay in the receipt of material assets.

Seasonal stock is calculated at enterprises with a seasonal supply of raw materials.

The amount of working capital for work in progress is determined taking into account the duration of the production cycle and the value of the cost escalation factor:

B - the volume of the average daily output of products at the production cost;

TC - the duration of the production cycle;

Knz - the coefficient of increase in costs in work in progress.

The production cycle is a series of production processes performed in the manufacture of products.

The cost escalation factor characterizes the degree of product readiness and is determined by the ratio of the cost of work in progress to the cost of finished products.

The increase in costs can be uniform and uneven (slow and accelerated).

With a uniform increase in costs, the cost increase coefficient is found by the formula:

Cn - the cost of raw materials and materials entering the production process;

Sk - the cost of finished products.

With an uneven increase in costs, the coefficients of increase in costs are first determined at several points in the production process:

Ki - coefficient of increase in costs at the i-th point;

Сi - cost of work in progress at the i-th point;

Sk - the cost of the finished product.

The overall cost escalation factor for the process is calculated as an average value:

Knz - the overall cost increase factor for the process;

i - number of points for calculating partial coefficients.

The amount of working capital invested in stocks of finished products in the warehouse depends on the average daily output of products and the duration of storage of products in the warehouse:

B - average daily output at production cost;

Тхр - the average duration of storage of finished products in the warehouse.

The duration of storage of products in a warehouse, in turn, is calculated as the sum of the time for the formation of a batch of products for shipment and execution of documents for this batch:

Tfp - the time required to form a batch for the shipment of finished products to the consumer in days .;

Tod - the time required to complete the documents for sending the goods to the consumer in days.

Calculated in one way or another, the amount of working capital necessary for normal operation increases the efficiency of using this resource.

4. Circulation of circulating mediastv, turnover indicators

Working capital is in constant motion. In each circuit, working capital goes through three stages: cash, production and commodity. At the first stage, the company's funds are used to purchase materials, raw materials, fuel, containers, semi-finished products, components necessary for the implementation of production activities. In the second stage, inventories become work in progress and finished goods. The third stage is the process of selling products. After the sale of the produced product, the working capital from the commodity form again passes into the monetary form. The size of the initial amount of money and proceeds from the sale of products (works, services) do not match in size. The resulting financial result of the business (profit or loss) explains the reasons for the discrepancy.

The efficiency of the use of working capital is characterized by a system of economic indicators, primarily the turnover of working capital. Under the turnover of working capital is understood the duration of the full circulation of funds from the moment of acquisition of working capital (purchase of raw materials, materials, etc.) to the release and sale of finished products.

The turnover ratio is the number of turnovers that current assets make in a certain period. It is calculated by the formula:

where P is the volume of products sold for the period under review;

ObS - the average amount of working capital for the same period.

The time (duration) of the turnover is usually called the turnover in days. This indicator is determined by the formula:

where D is the number of days in a given period (360, 90, 30);

Cob - turnover ratio.

After substituting the corresponding values into the formula, you can get an expanded expression for the turnover indicator:

At each stage of the circulation of working capital, you can determine the private turnover of each element of working capital:

Partial turnover rates can be calculated from a specific turnover. A special turnover for inventories is their consumption for production, for work in progress - the receipt of goods at the warehouse, for finished products - shipment, for shipped products - its sale.

The average amounts of working capital for the period used in the calculation of turnover indicators are determined using the average chronological formula.

The average annual amount (average annual balances of working capital) is found as the arithmetic mean of four quarterly amounts:

The quarterly average is calculated as the average of three monthly averages:

The expression by which the average monthly amount is calculated is:

Indicators of turnover of working capital can be calculated for all working capital involved in the turnover, and for individual elements.

The release of working capital due to the acceleration of their turnover can be absolute and relative. Absolute release takes place if the actual balances of working capital are less than the standard or the balances of the previous period while maintaining or exceeding the volume of sales for the period under review. The relative release of working capital takes place in those cases when the acceleration of their turnover occurs simultaneously with the growth in output, and the growth rate of production outpaces the growth rate of working capital balances.

conclusions

1. Working capital of an enterprise - a set of working capital assets and circulation funds. Circulating production assets include: raw materials, basic and auxiliary materials, unfinished products, fuel and other items of labor that are entirely consumed in each production cycle and the cost of which is transferred to the manufactured product immediately in full.

The circulation funds include: finished products in stock, shipped products, cash in settlements.

3. In terms of the scope of rationing, working capital is divided into normalized (according to which stock standards are established: working capital and finished products in stock) and non-standardized. Working capital rationing is the process of developing economically justified values of working capital necessary for organizing the normal operation of the enterprise. It is a necessary prerequisite for the effective use of working capital. Typically, the enterprise determines the norms of working capital for materials, stocks in the process of production, and stocks of finished products.

4. Increasing the efficiency of the use of working capital is achieved by accelerating their turnover.

Bibliography

1. Economist's Handbook, No. 3, 2005

2. Radionov R.A. New approaches to the regulation of working capital at the enterprise//Financial management.2005.

3. Buryakovsky V.V. Enterprise finance - textbook.,

4. Economics and statistics of firms - textbook / Adamov V.E., Ilyenkova S.D., Sirotina T.P. and etc.; ed. Ilyenkova S.D. - 2nd ed.-M: Finance and statistics, 2000.

The working capital of enterprises is designed to ensure their continuous movement at all stages of the circulation in order to meet the needs of production in monetary and material resources, ensure the timeliness and completeness of settlements, and increase the efficiency of the use of working capital.

All sources of financing of working capital are divided into own, borrowed and involved.

Own funds play a major role in organizing the circulation of funds, since enterprises operating on the basis of commercial calculation must have a certain property and operational independence in order to conduct business profitably and be responsible for decisions made.

The formation of working capital occurs at the time of the organization of the enterprise, when its authorized capital is created. The source of formation in this case is the investment funds of the founders of the enterprise. In the course of work, the source of replenishment of working capital is the profit received, as well as funds equivalent to own. These are funds that do not belong to the enterprise, but are constantly in its circulation. Such funds serve as a source of formation of working capital in the amount of their minimum balance. These include: the minimum monthly wage arrears to employees of the enterprise, reserves to cover future expenses, the minimum carry-over debt to the budget and extra-budgetary funds, creditors' funds received as an advance payment for products (goods, services), buyers' funds for pledges for returnable packaging, carry-over balances of the consumption fund, etc.

Borrowed funds contribute to reducing the total need of the economy for working capital, as well as stimulating their effective use. Borrowed funds are mainly short-term bank loans, with the help of which temporary additional needs for working capital are satisfied.

Main the directions of attracting loans for the formation of working capital are:

lending to seasonal stocks of raw materials, materials and costs associated with the seasonal production process;
temporary replenishment of the lack of own working capital;
implementation of settlements and mediation of payment turnover.

Replenishment of working capital of enterprises and organizations is carried out at the expense of the targeted state loan. The source of this loan is the target off-budget fund, created in the financial authorities of the territories, regions, autonomous entities, cities of Moscow and St. Petersburg. In accordance with these regulations, a loan is allocated on the basis of an agreement between a financial authority and an enterprise or organization. This loan can be state enterprises and organizations joint-stock companies with a state share in the authorized capital of more than 50%, privatized enterprises and organizations, regardless of their organizational and legal forms.

This loan is provided through a credit line opened to the Ministry of Finance Russian Federation Bank of Russia at a floating interest rate.

The nature of the dynamics of credit is determined by objective economic processes. Decline in the share of credit since the late 1980s. can be explained by the reduction of centralized lending to enterprises in the still undeveloped system of commercial credit. Along with the formation of the system of commercial banks, the growth in the volume of commercial credit, the share of credit resources in the structure of sources of formation of working capital of enterprises also increased.

Thus, with the transition to a market system of economic management, the role of credit as a source of working capital at least has not decreased. Along with the usual need to cover the excess need for working capital of enterprises, new factors have appeared that increase the importance of bank credit. These factors are primarily related to the transitional stage of development experienced by the domestic economy. One of them is inflation. The impact of inflation on the working capital of an enterprise can be both direct and indirect. The direct impact is characterized by the depreciation of working capital during their turnover, i.e., after the completion of the turnover, the enterprise does not actually receive the advanced amount of working capital as part of the proceeds from product sales.

The indirect impact is expressed in the slowdown in the turnover of funds due to the crisis of non-payments, largely due to inflation. Other causes of non-payment crisis include:

decrease in labor productivity;
extreme inefficiency of production;
the inability of individual managers to adapt to new conditions (to look for new solutions, change the product range, reduce the materiality and energy intensity of production by selling redundant and unnecessary assets);
finally, the imperfection of the legislation, which allows not to pay debts with impunity.

To combat non-payments and provide financial support to replenish the working capital of enterprises, significant funds are allocated. However, the allocated funds are not always used for their intended purpose, which also has a strong inflationary effect.

These reasons determine the increased interest of enterprises in borrowed funds as a source of replenishment of working capital frozen in long-term receivables. In this situation, the question arises of the limits of the use of credit as a source of working capital. This issue is related to the dual effect that the use of credit has on the financial position of the enterprise in general and on the state of working capital in particular.

On the one hand, without attracting credit resources into circulation, in the face of a shortage of own funds, an enterprise needs to reduce or completely suspend production, which threatens with serious financial difficulties up to bankruptcy. On the other hand, the solution of the problems that have arisen only with the help of loans causes an increase in the dependence of the enterprise on credit resources due to an increase in loan debt. This leads to increased instability financial condition, own working capital is lost, passing into the ownership of the bank, since enterprises do not provide the rate of return on invested capital, given in the form of bank interest.

Accounts payable refers to unscheduled attracted sources of working capital formation. Its presence means the participation in the turnover of the enterprise of the funds of other enterprises and organizations. Part of the accounts payable is natural, as it follows from the current settlement procedure. Along with this, accounts payable may arise as a result of violation of payment discipline.

Enterprises may have accounts payable to suppliers for goods received, to contractors for work performed, tax office- on taxes and payments, on deductions to off-budget funds.

It should also highlight other sources of working capital formation, which include enterprise funds that are temporarily not used for their intended purpose (funds, reserves, etc.).

The correct ratio between own, borrowed and borrowed sources of working capital formation plays an important role in strengthening the financial condition of the enterprise.