The theory of enterprise equity management. Own capital management. Profit distribution policy of AvtoAlliance LLC

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FEDERAL AGENCY FOR EDUCATION

Rubtsovsk Industrial Institute (branch)

GOU VPO "Altai State Technical

university. I.I. Polzunov"

Faculty of Correspondence Education

Department of Economics and Management

COURSE WORK

In the discipline "FINANCIAL MANAGEMENT"

Topic "Management of the enterprise's own capital

on the example of PILOT LLC

Option - 10

Done: student

E&U groups - 72

Ternovaya A.N.

Checked:

Lecturer at the Department of E&M

Khorunzhin M.G.

Rubtsovsk 2010

ATconducting

1. Theoretical basis research financial resources enterprises

1.1 Concept and structure equity a

1.2 Formation and use of equity capital

1.3 Equity management

2. Analysis and evaluation of the effectiveness of the use of financial resources on materialsPILOT LLC

2.1 Organizational and economic characteristics of the enterprise

2.2 Analysis of the equity of the enterprise

Conclusion

List of usedoh literature

Applications

Introduction

The need to study the nature, content, conditions and principles of the formation of financial resources directly follows from the ongoing, for several years, the reform of enterprises in Russia. The concept of reforming enterprises and other commercial organizations provides for the development of an enterprise development strategy, which cannot be done without the formation of financial resources.

Formation mechanisms, methods of using equity capital and the results of the financial strategy of economic entities should be considered as one of the most actual problems financial relations during the development of market structures.

Fundamentally important in modern conditions are the analysis and planning of cash flows at enterprises, the search for effective sources of financing, as well as profitable investment decisions, competent monitoring of receivables and payables, the development of rational accounting, tax, and other policies related to various areas of activity of companies.

One of the main problems of modern Russian enterprises- this is an effective management of the state of equity capital. Experience shows that due to the lack of accurate and systematic knowledge of their finances Russian companies lose up to a fifth of their income. For effective management it is necessary to accurately represent how financial resources are formed, as well as what factors affect the components of financial resources. The head of the enterprise must accurately represent what the organization's resources are made up of and where they are spent. At the same time, it is important not only to know the directions of use, but the specific amount of funds allocated. The pace of economic development, recovery budget system and finance of enterprises largely depend on rational use sources of formation of financial resources both at the level of enterprises and at the state level, which is one of the main tasks in the field proper organization financial management.

The decisions made by the head of the enterprise on the use of resources in order to extract benefits cover three areas of the enterprise:

investment of resources

implementation economic activity by using these resources

Providing various sources of financing for the needs of the enterprise.

All of the above is due to the relevance of the work.

The purpose of the work is to study the problem of equity capital management in the enterprise.

Work tasks:

Consider the concept and structure of equity

Investigate the formation and use of equity capital

Investigate the process of managing your own capital

Analyze the organizational and economic characteristics of the enterprise

Conduct an analysis of the equity of the enterprise

Develop measures to improve equity management

The object of the study is the equity capital of PILOT LLC.

The subject of the study is the search for measures to improve the management of equity capital of PILOT LLC.

1. Theoretical foundations of the study of the financial resources of the enterprise

1.1 The concept and structure of equity

In the structure of the financial interrelations of the national economy, the finances of enterprises (organizations, institutions) occupy the initial, determining position, as they serve the main link in social production, where material and intangible benefits are created and the predominant mass of the country's financial resources is formed.

Enterprise finance is not only an integral, but also a specific part of finance. They are characterized, on the one hand, by features that characterize the economic nature of finance in general, and on the other hand, features due to the functioning of finance in different areas social production.

An enterprise is an independent economic entity created to conduct economic activities that are carried out in order to make a profit and meet social needs.

In the conditions of formation and development market relations enterprises can and should independently form their financial resources, the main sources of which are profits, funds received from the sale of securities, shares and other contributions of shareholders, legal and individuals, as well as loans and other receipts that do not contradict the law.

Own capital is its own source of formation of financial resources.

The starting source of financial resources at the time of the establishment of the enterprise is the authorized (share) capital - property created from the contributions of the founders (or proceeds from the sale of shares).

The authorized capital is the main initial source of the company's own funds. It is a source of formation of fixed and working capital, which in turn are directed to the acquisition of fixed production assets, intangible assets, working capital. Equity capital is the difference between total assets enterprise and its obligations, i.e. debts. Own capital, in turn, is divided into a constant part - the authorized capital and a variable, the value of which depends on the financial results of the enterprise.

Variable capital includes: additional capital, reserve capital, retained earnings and special funds.

1.2 Formation and use of equity capital

The choice of sources of formation of financial resources is influenced by three factors: organizational and legal form of management, sectoral technical and economic features and the scope of the enterprise.

1) The organizational and legal form of management is determined by the Civil Code of the Russian Federation, in accordance with which legal entity recognized as an organization that owns, manages or operational management separate property and is liable for its obligations with this property. It has the right on its own behalf to acquire and exercise property and personal non-property rights, bear obligations, be a plaintiff and defendant in court. A legal entity must have an independent balance sheet or estimate. Organizations may be legal entities: 1) pursuing profit as the main goal of their activities -- commercial organizations, 2) not having profit-making as such a goal and not distributing profits among the participants - non-profit organizations.

2) Branch technical and economic features. Industry specifics affect the composition and structure of production assets, the duration production cycle, features of the circulation of funds, sources of financing of simple and expanded reproduction, the composition and structure of financial resources, the formation of financial reserves and other similar funds.

3) Field of activity. All social production depending on the nature of the labor expended in it, it is divided into 2 large areas: material production and non-material production. The peculiarity of the first sphere is that goods are produced here, the basis organizational structure are enterprises and firms. The specificity of the second sphere is the provision of various kinds of services. In the non-productive sphere, institutions, organizations and other structures operate.

The formation of financial resources comes from:

authorized capital,

reserve fund,

depreciation charges,

Arrived.

The authorized (share) capital is a set of contributions (shares, shares at par value) of the founders (participants) of the organization registered in the constituent documents. The procedure for the formation of the authorized (share) capital is determined by the norms of the Civil Code of the Russian Federation in relation to each type of organization. For example, the authorized capital of a company must be at least half paid by its participants at the time of registration. The remaining unpaid part of the authorized capital is subject to payment by its participants during the first year of the company's operation. In case of violation of this obligation, the company must either declare a decrease in its authorized capital and register its decrease in the prescribed manner, or terminate its activities through liquidation. The rules for the formation of the authorized capital are detailed by the norms of special legislation.

The authorized (share) capital is subdivided into shares corresponding to the contributions of the participants. Shares are taken into account when calculating the income of each participant.

So, for example, open and closed joint-stock companies form the authorized (share) capital based on the par value of the company's shares. The minimum amount of the authorized capital of an open joint-stock company, in accordance with the current legislation, is set at 1,000 minimum salaries on the day of registration of the company. The authorized capital is formed by placing ordinary and preferred shares. The share of preferred shares in the total authorized capital should not exceed 25%. An open subscription for shares of an open joint stock company is not allowed until the authorized capital is paid in full. This restriction is directed against the creation of fictitious joint-stock companies. When establishing a joint-stock company, all its shares must be distributed among the founders. At the end of the second and each subsequent fiscal year in case the cost net assets turns out to be less than the authorized capital, then the joint-stock company is obliged to declare and register in the prescribed manner the reduction of its authorized capital. If the value of the specified assets of the company becomes less than the minimum authorized capital determined by law, the company is subject to liquidation (Article 99 of the Civil Code of the Russian Federation). An open joint stock company has the right to conduct an open subscription to the shares they issue and to carry out their free sale on the stock market. Shares of a closed joint stock company are distributed only among its founders. The authorized capital of a closed joint stock company cannot be less than 100 minimum salaries established at the time of its registration.

Separately, it is necessary to say about the formation of the authorized capital of a company with limited liability.

An LLC, like any other legal entity, must have an authorized capital, which determines the minimum amount of the company's property that guarantees the interests of its creditors. Therefore, in the constituent documents of an LLC, in particular, conditions must be prescribed on the size of the authorized capital of the company, the shares of each of the participants, on the composition, timing and procedure for making their contributions. Constituent documents must also contain provisions on the liability of participants for violation of obligations to make contributions.

The authorized capital of an LLC is made up of the value of the contributions of its participants (clause 1, article 90 of the Civil Code of the Russian Federation). At the same time, citizens and legal entities can be participants in an LLC, but total number participants should not be more than fifty.

The authorized capital of an LLC cannot be less than 100 minimum dimensions wages (based on the minimum wage established on the date of submission of documents for registration of an LLC).

The main requirement imposed by the Civil Code of the Russian Federation (clause 3, article 90) on the authorized capital of an LLC at the time of registration is that it must be paid by its participants by at least half. The unpaid part of the company's charter capital must be repaid by the participants during the first year of the company's activity. In case of violation of this obligation, the company must either declare a decrease in its authorized capital, registering this decrease in the prescribed manner, or terminate its activities through liquidation.

It is impossible to release an LLC participant from the obligation to make a contribution to the authorized capital of the company, including by offsetting claims against the company, except for cases statutory(Clause 2, Article 90 of the Civil Code of the Russian Federation and Article 16 of Law No. 14-FZ).

Reserve capital (fund) is created in without fail in accordance with the legislation of the Russian Federation or in voluntary- by decision of the organization itself, in accordance with its founding documents and accounting policies. For example, the obligation to create a reserve fund is provided for joint-stock companies. In accordance with Art. 35 federal law"About joint-stock companies"A reserve fund is created in the company in the amount provided for by the charter of the company, but not less than 15 percent of its authorized capital. The reserve fund of the company is formed by mandatory annual deductions until it reaches the amount established by the charter of the company. The amount of annual deductions is also provided for by the charter of the company, but not may be less than 5 percent of net profit until the amount established by the charter of the company is reached.If the reserve capital is created on a voluntary basis, then the decision on its formation is an element of the accounting policy of the organization.

The current legislation gives organizations the right to create reserves for doubtful debts. Doubtful debt is the accounts receivable of the organization, which is not repaid within the period established by the contracts, and is not secured by appropriate guarantees. The source of formation of this reserve are financial results activities of the organization, that is, profit calculated before tax. The reserve for doubtful debts is created based on the results of an inventory of receivables carried out at the end of the reporting year. The amount of the reserve is determined separately for each doubtful debt, depending on the financial condition (solvency) of the debtor and the assessment of the probability of repaying the debt in full or in part. Article 266 of the Tax Code of the Russian Federation regulates the procedure for calculating the amount of the formed reserve. It cannot exceed 10 percent of the revenue of the reporting period. The reserve can only be used to cover losses from bad debts. Uncollectible are those debts for which the established limitation period has expired, as well as those for which, in accordance with civil law, the obligation has been terminated due to the impossibility of its execution, on the basis of an act government agency or liquidation of the organization.

The amount of the allowance for doubtful debts not fully used in reporting period, may be transferred to the next period in the manner set forth in the above article of the Tax Code.

The reserve for warranty repair and warranty service may be created in respect of those goods (works) for which, in accordance with the terms of the concluded contracts, service and repair are provided during the warranty period. The maximum amount of the reserve cannot exceed the amount determined as the share of expenses actually incurred by the entity for warranty repair and maintenance in the amount of proceeds from the sale of these goods for the previous three years. At the end of the tax period, the amount of the reserve is adjusted based on the actual expenses incurred. For items that have expired warranty service and repairs, unspent amounts of the reserve for their intended purpose are included in non-operating income of the corresponding reporting period.

Directions for the use of reserve capital are set in a strict framework both by legislation and constituent documents. In any case, as a source of own funds at an arbitrary point in time, reserve capital can be considered only if the event under which it was created has occurred. At enterprises where its creation takes place on a voluntary basis, it is basically not created.

1.3 Equity management

Enterprise equity management is a set of purposeful methods, operations, levers, methods of influencing various types of finance to achieve a certain result.

Successful activity of the enterprise is not possible without reasonable management of own capital. It is not difficult to formulate goals, the achievement of which requires rational management of financial resources: the survival of the company in a competitive environment; avoiding bankruptcy and major financial failures; leadership in the fight against competitors; maximizing the market value of the firm; acceptable growth rates of the economic potential of the company; growth in production and sales volumes; profit maximization; cost minimization; ensuring cost-effective activities, etc.

The process of managing equity capital should be considered from the point of view of financial analysis, planning, control.

Financial analysis includes five main stages.

1. System selection financial ratios. To assess the financial condition of the enterprise, its sustainability, a whole system of indicators is used. The number of financial ratios is very large, so it is advisable to choose only the main, most informative and significant ratios that reflect the following main aspects of the financial condition: property status; financial stability; solvency; business activity; profitability.

The recommended number of financial ratios is no more than three to seven for each aspect of the financial condition. The specific set of indicators may vary depending on the specifics of the industry, business objectives and other factors.

For analytical work, the following financial indicators:

Solvency ratios reflect the ability of the enterprise to repay short-term debt at the expense of certain elements of working capital.

Coefficient absolute liquidity Kla shows what part of short-term debt can be covered by the most liquid current assets- cash and short-term financial investments:

Cla=DS/KO, (1)

where DS - cash and short-term financial investments;

The quick liquidity ratio shows what part of the short-term debt the company can repay at the expense of cash, short-term financial investments and receivables:

Klp=LA / KO, (2)

where LA - liquid assets;

TO - short-term liabilities.

The normal level of the intermediate coverage ratio should not be lower than 1.

The current liquidity ratio Klo shows whether the company has enough funds that can be used by it to pay off its short-term obligations over the coming year:

Clo=TA / KO, (3)

where TA - current assets;

TO - short-term liabilities.

The higher the total coverage ratio, the more confidence the company has with creditors.

If this coefficient is less than 1, then such an enterprise is insolvent.

If the enterprise does not have cash and funds in settlements, it can repay part of its short-term obligations by selling inventory items.

The creditworthiness of an enterprise is the ability it has to repay loans on time.

It should be noted that creditworthiness is not only the ability of an enterprise to repay a loan, but also to pay interest on it.

Various methods are used to assess the creditworthiness of an enterprise.

The main indicators for assessing the creditworthiness of an enterprise are:

Ratio of sales volume to net current assets:

K1=Nr / Acht, (5)

Аcht - net current assets, thousand rubles.

Net current assets are current assets minus short-term debts of the enterprise.

The coefficient K1 shows the efficiency of the use of current assets. The high level of this indicator favorably characterizes the creditworthiness of the enterprise.

However, in the case when it is very high or increases very quickly, it can be assumed that the activity is carried out in volumes that do not correspond to the value of current assets.

This situation increases the likelihood of a slowdown in debt turnover or may cause a drop in sales and, as a result, difficulties in the company's settlements with its creditors.

The slowdown in the turnover of receivables may be caused by the unwillingness of debtors to pay for the increasing volumes of deliveries; there may also be overdue accounts receivable.

The decline in sales is the result of insufficient tangible current assets to continue uninterrupted operations on the same scale.

The ratio of sales volume to equity capital:

K2=Np / SK, (6)

where Nr - sales volume, thousand rubles;

This indicator characterizes the turnover of own sources of funds.

However, it is necessary to realistically assess the amount of equity capital. In the asset balance sheet, in particular, intangible assets and stocks correspond to their own source of coverage.

When assessing the value of equity capital, it is recommended to reduce it by the amount of intangible assets that would cost practically nothing, for example, in the event of a forced liquidation or reorganization of an enterprise.

In addition, inventories must be reduced in accordance with the difference in prices at which they are listed on the balance sheet and at which they could be sold or written off.

Equity capital, adjusted taking into account the real state of the named elements of non-current and current assets, reflects more accurately the value of the enterprise's property in the part provided by its own sources of coverage.

Sales proceeds, related to this value, shows the turnover of own sources more accurately, since neither tangible assets nor the excess of the book value of inventories over their real value are factors contributing to an increase in sales.

The ratio of short-term debt to equity:

K3=Dk / SK, (7)

where Dk - short-term debt, thousand rubles;

SC - equity, thousand rubles.

This ratio shows the share of short-term debt in the company's equity capital. If short-term debt is several times less than equity, then you can pay off all creditors in full.

In practice, there are priority creditors whose debts must be paid before other creditors make claims. Therefore, it is practically more correct to compare priority short-term debt with the amount of capital and reserves.

The ratio of receivables to sales revenue:

K4=DZ / Np, (8)

where DZ - accounts receivable, thousand rubles;

Nr - sales volume, thousand rubles;

This indicator gives an idea of the size of the average period of time spent on receiving money due from buyers.

For example, a ratio of 1:4 means a three-month receivables maturity. Whether this is a lot or a little depends on the field of activity, the state of settlements with creditors, the duration of the production cycle, etc.

The acceleration of the turnover of receivables, that is, the decrease in the K4 indicator, can be considered as a sign of an increase in the creditworthiness of the enterprise, since the debts of buyers turn into money faster.

The ratio of liquid assets to short-term debt of the enterprise:

K5=Al / Dk, (9)

where Al - liquid assets, thousand rubles;

Dk - short-term debt, thousand rubles.

Ideally in the best possible way increase in creditworthiness would be an increase in the volume of sales while reducing net current assets, equity and receivables.

Financial stability is understood as such a state (economic and financial) of an enterprise in which the solvency is constant over time, and the ratio of equity and debt capital ensures this solvency.

In practice, an increase in the volume of sales causes an increase in current assets both in terms of stocks and in terms of receivables; the debts of the enterprise also increase, especially in the form of accounts payable, if the composition of creditors and the contractual terms of settlements with them do not change.

This means that a real increase in creditworthiness in the three named indicators will be achieved if the volume of sales increases to a greater extent than inventories and receivables, and accounts payable grows faster than receivables.

One of the most important characteristics of the financial condition is the stability of activity.

It is connected with the structure of the balance sheet of the enterprise, the degree of its dependence on creditors and investors, with the conditions under which external sources funds.

The concept of the financial stability of the organization includes an assessment of various aspects of the enterprise.

It is characterized by the ratio of own and borrowed funds.

For rate financial stability the system of coefficients is applied.

Equity concentration ratio (autonomy, independence):

Kks \u003d SK / Brace, (10)

where SC - equity, thousand rubles;

SCob. - the total amount of capital thousand rubles.

This indicator characterizes the share of the owners of the enterprise in the total amount of funds advanced in its activities.

It is believed that the higher the value of this coefficient, the more stable, stable and independent of external creditors the enterprise.

The addition to this indicator is the ratio of borrowed and own funds:

Kkp \u003d ZK / SK, (11)

where ZK - borrowed capital, thousand rubles;

This ratio shows the amount of borrowed funds attributable to each ruble of own funds invested in the assets of the enterprise.

Own funds maneuverability ratio:

Km = SOS / SK, (13)

where SOS - own working capital, thousand roubles.;

SK - equity, thousand rubles.

This ratio shows what part of equity is used to finance current activities, that is, invested in working capital, and what part is capitalized.

The value of this indicator can vary significantly depending on the type of activity of the enterprise and the structure of assets, including current assets.

Long-term investment structure coefficient Ksv:

Ksv \u003d DP / VA, (15)

where DP - long-term liabilities, thousand rubles;

VA - non-current assets, thousand rubles.

The ratio shows what part of fixed assets and other non-current assets is financed from long-term borrowed sources.

Sustainable Funding Ratio:

Kuf = (SK + DP) / (VA + TA), (16)

where (SC + DP) - permanent capital, thousand rubles;

(VA + TA) - the amount of non-current and current assets, thousand rubles.

This ratio of the total value of own and long-term borrowed sources of funds to the total value of non-current and current assets shows what part of the assets is financed from sustainable sources.

In addition, Kuf reflects the degree of independence (or dependence) of the enterprise on short-term borrowed sources of coverage.

This is followed by the preparation of a base for assessing the performance of the enterprise. Along with the norms recognized in world and domestic practice, the average industry values of the coefficients for the region where the enterprise is located can be used as a base. It is desirable that the base values be determined on the same date as the estimated values of the coefficients.

2. Express - analysis. The purpose of express analysis is a clear and simple assessment financial well-being and dynamics of development of an economic entity. In the process of analysis, it is possible to propose the calculation of various indicators and supplement it with methods based on the experience and qualifications of a specialist.

Express analysis should be performed in three stages: preparatory stage, preview financial statements, economic reading and reporting analysis.

3. Detailed analysis of the financial condition. Its purpose is a more detailed description of the property and financial position of an economic entity, the results of its activities in the past reporting period, as well as the possibilities for the development of the entity in the future. It concretizes, supplements and expands individual express analysis procedures. In this case, the degree of detail depends on the desire of the analyst.

4. Definition of the diagnosis. The results of the analysis allow you to accurately assess the current financial position and activities of the enterprise for previous years, identify vulnerabilities that require special attention, correctly diagnose in order to further improve the activities of the enterprise (if necessary).

5. Project development management decisions. Depending on the integrated assessments the financial condition and trends of its change on the basis of the financial diagnostics, it is necessary not only to draw conclusions about the current situation, but also to develop projects of management decisions in order to further develop the enterprise. Such work in enterprises is carried out using various methods. financial planning.

The next step in managing your own capital is financial planning.

Financial planning is the process of creating plans for raising and using funds, including capital, as a long-term financial source.

The goals of financial planning are:

fixing the source of receipt of funds;

assessment of fees for this source;

ensuring the use of funds, taking into account the possibility of payments for use. Financial planning contributes to the achievement of the main goal of the owners of the company's capital - to maximize profits and wealth.

The financial planning process includes the following five main stages:

Long term goal setting. Taking into account the specific stage of development of an economic entity and the degree of development economic system(transitional systems leave an imprint on goal-setting) the main goal - maximizing the wealth of capital owners - is achieved through a wide range of long-term and short-term targets: formation of the structure of capital owners (possible redistribution of property); formation of the target capital structure; ensuring the liquidity of the company's securities; optimizing the amount of capital; choice between external (mergers and acquisitions) and internal capital growth.

Compilation of long-term financial plans. Long-term plans describe not only the goals of the company, but also the methods for achieving them. A financial forecast (usually for a period of 2 to 10 years) at this stage is a necessary element of the financial plan. The main focus of long-term financial plans is to justify the choice investment projects, planning investment costs by years, choosing sources for attracting additional external capital and programs to provide this source.

Drawing up short-term financial plans includes the formation of short-term financing programs (for 1-2 years), making decisions on working capital and planning the volume of current assets. The basis of short-term financial planning is the forecast of cash flows.

Justification of individual items of expenditure (or the so-called process of individual budgeting). Any action plan (any decision) must be accompanied by a cost estimate (budgeting). The budget defines the need for resources to achieve a specific result and serves as a benchmark for comparing and evaluating real costs.

Planning of financial indicators is carried out by means of certain methods. Planning methods are specific methods and techniques for calculating indicators.

Table 1.1 presents.

Table 1.1

Financial planning methods

	Financial planning methods
	economic analysis	It consists in planning financial indicators on the basis of establishing their dynamics for a number of past years.
	normative	on the basis of pre-established norms and technical and economic standards, the need of an economic entity for financial resources and their sources is calculated. Such standards are the rates of taxes and fees, depreciation rates and others.
	balance calculations	the use of the method to determine the future need for funds is based on the forecast of receipts and expenses for the main items of the balance sheet at a certain date in the future.
	cash flows	is universal in the preparation of financial plans and serves as a tool for predicting the size and timing of the receipt of the necessary financial resources.
	multivariance method	consists in developing alternative options for planned calculations in order to choose the optimal one from them, while the selection criteria can be set different
	economic and mathematical modeling	allows you to quantify the closeness of the relationship between financial indicators and the main factors that determine them

The final step in the financial management process is managerial function control. Control is the process of establishing deviations from the envisaged values and actions of people in economic activity. Through control, the organization has the ability to eliminate obstacles to the implementation of planned assignments Therefore, control can be defined as the process by which an organization achieves its objectives.

Through the control function, problems are identified, which allows you to adjust the activities of the enterprise to prevent a crisis situation. Control allows you to fix errors, conscious and unconscious violations and correct them before they occur on the way to achieving goals. At the same time, control makes it possible to determine which activities on the way to achieving the goal were most effective.

Control is a fundamental element of the management process. Neither planning, nor organization, nor motivation can be considered completely apart from control. Indeed, in fact, all of them are integral parts of the overall control system at the enterprise.

The control function at enterprises is often performed by the director, which is an integral part of his job responsibilities.

The following types of control are applied at the enterprise: preliminary, current, final.

Preliminary control is carried out before the actual start of work. Preliminary financial control carried out by collecting and processing data accounting for internal management finance and to provide data to external users, cost estimates, balance sheet, income statement, cash flow statement, assessment of financial condition, assessment of the client's solvency at the stage of entering his order into the order accounting system, etc.

Current control is carried out directly in the course of work. It is based on measuring the actual results obtained after the work has been done.

The final control is carried out after the work is completed, it allows the management of the enterprise to obtain the information necessary for planning if similar work is expected to be carried out in the future.

Thus, one of the main problems of modern Russian enterprises is the effective management of the state and equity capital. Experience shows that due to the lack of accurate and systematic knowledge of their finances, Russian companies lose up to a fifth of their income. For effective management, it is necessary to accurately understand how financial resources and equity are formed, as well as what factors affect the components of financial resources.

2. Analysis and evaluation of the effectiveness of the use of financial resources on the materials of PILOT LLC

2.1 Organizational and economic characteristics of the enterprise

We will analyze financial resources using the example of PILOT LLC. Let's give the organizational and economic characteristics of the enterprise.

PILOT Limited Liability Company is a legal entity established in accordance with the Civil Code Russian Federation and the Federal Law of the Russian Federation "On Limited Liability Companies".

The Company was established to carry out trade, manufacturing, construction, commercial and procurement activities, as well as other types of activities in accordance with the current legislation of the Russian Federation in order to meet the needs of legal entities and individuals in goods and services, as well as to obtain profit and its most efficient use for economic and social development society.

PILOT LLC is engaged in the production and sale of jewelry, including:

retail jewelry, including commission (under contracts with legal entities and individuals);

wholesale trade in the regions;

buying activity (carried out in stores);

pawnshop activities (carried out in stores);

providing services to the public, including cleaning and examination of jewelry.

PILOT LLC is located at Gornyak, st. Factory 11-1.

The authorized capital of the company is 24,268 thousand rubles.

LLC "PILOT" is an independent economic entity in the market, having the right to conduct its commercial activity from my own face.

The organizational structure of PILOT LLC is a linear functional structure.

Organizational structure is one of the main elements of organization management. It is characterized by the distribution of goals and objectives of management between departments and employees of the organization.

In the structure of PILOT LLC, the company is headed by a director. And the functional links are accounting, laboratory, sales department, jeweler-designer, shops.

The organizational structure of PILOT LLC is linear-functional. Its essence lies in the fact that the line manager ( CEO) directly manages the main activities and makes decisions, and the functional units subordinate to the line manager are engaged in consulting, preparing decisions, programs and plans within their functional areas. Functional managers exercise influence on the lower main divisions formally. They do not have the right to give them orders on their own, and they bring their decisions to life within their powers through their line manager.

In table 2.1, we present the main indicators of the production and financial activities of PILOT LLC.

Table 2.1

The main indicators of the production and financial activities of PILOT LLC for 2006-2008.

Indicators	Absolute deviation	Growth rate, %


Sales proceeds, thousand rubles
The actual cost of goods, thousand rubles.
Cost level per 1 rub. products, cop.
Gross profit, thousand rubles
Profit from sales, thousand rubles
Net profit (loss), thousand rubles

During the entire analyzed period - 2006-2008 - PILOT LLC has seen an increase in sales proceeds, which is a favorable factor, as it indicates the expansion of the company's activities, an increase in production volumes.

For the entire analyzed period, the amount of proceeds from sales increased by 174,497 thousand rubles. from 302086 thousand rubles. in 2006 to 476,583 thousand rubles. in 2008, the growth rate is 58%.

The growth of prime cost can be regarded as a negative moment in the activity of the enterprise. However, in absolute terms, the increase in cost does not yet indicate a decrease in efficiency in ordinary activities.

In 2006, for 1 rub. sales revenue accounts for 89 kopecks. costs, i.e. from 1 ruble of revenue, the company receives 11 kopecks. revenue from sales. In 2008, for 1 rub. revenue accounts for 86 kopecks. costs, and 14 kopecks of profit.

An increase in the level of costs is undesirable, since the higher the level of costs, the more in the revenue structure the cost and the less profit. In PILOT LLC, during the entire analyzed period, there is a decrease in the level of costs in the structure of goods sold, which indicates an increase in the efficiency of the main activity of the enterprise.

Throughout the period, there is an increase in gross profit from 33461 thousand rubles. up to 67294 thousand rubles. in 2008. The increase is 101%, this is due to an increase in the number of buyers, as a result effective work marketing department.

Also, in general, for the period there is an increase in profit from sales in 2008 by 35,493 thousand rubles. compared to 2006, the increase is 227%.

In 2006, a loss was received in the amount of 367 thousand rubles, but during 2007-2008. - there is an increase in net profit from 6735 thousand rubles. in 2007 to 28500 thousand rubles. in 2008. Thus, the amount of net profit increased by more than 4 times.

Thus, in general, we can conclude that the company is operating efficiently, since its activities during 2007-2008 brought profit, losses were only in 2006.

2.2 Analysis of the equity of the enterprise

Analysis of the formation of financial resources of the enterprise will begin with the analysis of liabilities (table 2.2).

Table 2.2

Dynamics of the composition and structure of the liability of the balance sheet of PILOT LLC

	Change 2007 to 2006	Change 2008 to 2007
Section 3. Capital and reserves
The same, % of the total
Section 4. Long-term liabilities
The same, % of the total
Section 5 Current Liabilities
The same, % of the total
Balance currency

The sources of property formation also increased significantly, including: at the expense of own capital - by 34,055 thousand rubles, and at the expense of long-term borrowed capital - by 7,371 thousand rubles. or by 2.1 points, at the expense of short-term borrowed capital - by 22,645 thousand rubles.

However, it should be noted that by the end of the year, the share of equity capital in the total volume of sources of coverage was 41%, and borrowed capital (short-term) - 54.5%.

This to a greater extent testifies to the strengthening of the financial position of the organization. The main question here is for what purposes the equity capital will be used.

Thus, in replenishing its assets, the company manages mainly with its own funds.

Table 2.3

Analysis of capital and reserves of PILOT LLC

Thus, the analysis of capital and reserves showed that for three years the changes did not affect the authorized capital and additional capital.

The reserve capital of the enterprise appeared in 2007 in the amount of 10 thousand rubles.

Retained earnings of PILOT LLC tend to increase. In 2007 it increased by 6001 thousand rubles, in 2008 - by 19190 thousand rubles.

For more full assessment the use of the company's own capital, it is necessary to consider profitability indicators.

Profitability is an important economic category that characterizes the efficiency of an enterprise, which determines the high importance of the analysis of profitability indicators. To this end, it is advisable to consider the main indicators of profitability and determine the degree of influence of the factors on which they depend.

Let's calculate the main profitability indicators of the enterprise, analyze their dynamics for 2006-2008. and the results will be entered in table 2.4.

Table 2.4

Dynamics of the main indicators of profitability of PILOT LLC for 2007-2008.

Index			Absolute deviation
1. Profitability of products,%
2. Profitability of production,%
3. Profitability of property,%
4. Profitability of non-current assets,%
5. Return on current assets,%
6. Return on net working capital, %
7. Return on equity, %
8. Profitability of sales

In 2006, the company made a loss, in 2006, therefore, profitability is not considered. In 2008, with the increase in profits, the profitability ratios also increased compared to 2007, which confirms the high efficiency of the company.

The profitability of net working capital increased especially significantly, which increased by 38% in 2008, the profitability of non-current assets by 37%, the profitability of production by 17.3%, and the profitability of sales by 5.8%. The increase in profitability indicators in 2008 is assessed positively.

In conclusion of the analysis, we will evaluate the main financial indicators, because the efficiency of the use of equity capital affects the financial stability of the enterprise, its liquidity, and solvency.

The ability of a company to pay its obligations is called liquidity. Balance sheet data is used to calculate liquidity.

An enterprise can be liquid to a greater or lesser extent, since current assets include easy-to-sell and hard-to-sell assets. The results of calculations of liquidity ratios are presented in table 2.5.

Table 2.5

Analysis of liquidity ratios of PILOT LLC for 2006-2008.

Name coefficients		Values	Deviation +,-

1.Current liquidity ratio	Kt.l = (A1+A2+A3) / P1+P2
2.Ratio of quick liquidity	X.c.l. \u003d (A1 + A2) / P1 + P2
3. Absolute liquidity ratio	C.l. = A1 / P1 + P2

A1 - fast-moving assets (line 250 + line 260 of the balance sheet)

A2 - easily marketable assets (line 240 of the balance sheet)

A3 - slow-moving assets (line 210 + line 220 + line 230 + line 270)

P1 - accounts payable (line 620 of the balance sheet)

P2 - short-term loans (line 610+line 660)

The current liquidity ratio shows what part of current liabilities on loans and settlements can be repaid by mobilizing all working capital. This ratio is most interesting for buyers and shareholders of the enterprise. The most liquid current assets in 2006 can cover 1.03, in 2007 1.14, in 2008 1.35 short-term debt with a minimum standard of 2.

The quick liquidity ratio shows what part of the debts the company can cover not only at the expense of cash, but also at the expense of receivables. This coefficient in the study period is very low, but there is a tendency to increase from 0.36 to 0.66 with a minimum standard of 1.0.

The absolute liquidity ratio shows what part of short-term liabilities can be repaid immediately at the expense of funds in various accounts, in short-term securities, as well as receipts on settlements. At the enterprise, this coefficient is at a low level (below the optimal value of 0.2-0.7) and amounted to 0.01 in 2006, 0.08 in 2007, and 0.024 in 2008.

The absolute liquidity ratio is the ratio of the funds that the company has in bank accounts and on hand to short-term liabilities. This is the most stringent solvency criterion, showing what part of short-term liabilities can be repaid immediately.

This ratio is most important for suppliers of inventory. The absolute liquidity ratio of our company is very low during 2006-2007. This suggests that the company is not. can repay short-term debt in the near future at the expense of cash. But there is a tendency to increase the absolute liquidity ratio in 2008 to 0.24.

LLC "PILOT" is in an unstable financial condition, in which the enterprise is on the verge of bankruptcy, since in this situation, cash, receivables do not even cover its accounts payable.

Let us determine the financial stability of the enterprise using the coefficients ( relative indicators) in Table 2.6.

Designations in table 2.6 and the corresponding lines in the form No. 1 "Balance sheet":

TA - current assets (p. 290),

B - balance (p. 300 or 700),

SK - equity (lines 490+640+650),

SOS - own working capital (str.490-str.190)

PC - attracted capital (TO + TO),

TO - current liabilities (pp. 690-640-650),

DO - long-term liabilities (p. 590),

Table 2.6

Analysis of the financial stability of PILOT LLC for 2006-2008.

Index	Calculation formula	Normal value	Change 2008 to 2006 (+;-)
1. Ratio of equity capital (IC) and attracted capital (PC), %
2. Coefficient of financial dependence
3. Equity flexibility ratio
4. Equity ratio	(SK-VA)/TA
5. Autonomy coefficient

The coefficient of financial dependence in PILOT LLC has a value of more than 1, which means that obligations can be met at the expense of own funds. The increase in the coefficient in 2008 compared to 2006 by 0.39 indicates an increase in financial independence.

Equity ratio in 2006 and 2007 below the standard<0,1., но в 2008 году значение показателя превышают норматив и составляют 0,14.

25. Equity management

Funds belonging to an economic entity, advanced by it in the creation of net assets of the enterprise, constitute equity capital. The amount of equity capital is also one of the main indicators of the efficiency and economic potential of the enterprise. Own funds are distributed between own non-current and own current assets. Usually the total amount of own funds exceeds the value of non-current assets. Equity capital includes share capital, investment and retained earnings. Equity capital is calculated as the sum of authorized, additional, reserve capital and monetary funds belonging to the company. The formation of equity capital begins at the time of the establishment of the enterprise. In the future, the increase in equity capital is carried out at the expense of internal and external, own and borrowed, sources of funds. The main source is the profit of the enterprise, and in its composition - the accumulation fund of the enterprise. In addition to profit, the source of replenishment of own funds is the issue of shares, the increase in the stability of liabilities, borrowed funds, accounts payable, etc. Own capital management should be preceded by a study of the effectiveness of its management in the previous period. The analysis is necessary to determine the reserves for the formation of own funds. Own capital management involves managing the process of its formation, maintenance and effective use, i.e. management of already formed assets. This involves both the management of equity in general and the management of its structural elements.

Own capital management is connected not only with ensuring the effective use of its already accumulated part, but also with the formation of its own financial resources that ensure the future development of the enterprise. In the process of managing the formation of their own financial resources, they are classified according to the sources of this formation. The composition of the main sources of formation of the enterprise's own financial resources is shown in Figure 1.3.

Rice. 1.3. - The composition of the main sources of formation of the enterprise's own financial resources

As part of the internal sources of the formation of its own financial resources, the main place belongs to the profit remaining at the disposal of the enterprise, it forms the predominant part of its own financial resources, provides an increase in own capital, and, accordingly, an increase in the market value of the enterprise. Depreciation charges also play a certain role in the composition of internal sources, especially at enterprises with a high cost of their own fixed assets and intangible assets; however, they do not increase the amount of the company's own capital, but are only a means of reinvesting it. Other internal sources do not play a significant role in the formation of the enterprise's own financial resources.

As part of the external sources of the formation of its own financial resources, the main place belongs to the attraction by the enterprise of additional share (through additional contributions to the authorized fund) or equity (through additional emission and sale of shares) capital. For individual enterprises, one of the external sources of generating their own financial resources may be the gratuitous financial assistance provided to them (as a rule, such assistance is provided only to individual state enterprises of various levels). Other external sources include tangible and intangible assets transferred to the enterprise free of charge and included in its balance sheet.

The basis of the management of the enterprise's own capital is the management of the formation of its own financial resources. In order to ensure effective management of this process, the enterprise usually develops a special financial policy aimed at attracting its own financial resources from various sources in accordance with the needs of its development in the coming period.

The main objectives of equity capital management are:

Determining the appropriate amount of equity capital;

An increase, if required, in the amount of equity capital from retained earnings or an additional issue of shares;

Determining the rational structure of newly issued shares;

Definition and implementation of the dividend policy.

The development of a policy for the formation of the enterprise's own financial resources is carried out according to the following main stages.

1. Analysis of the formation of the company's own financial resources in the previous period. The purpose of this analysis is to identify the potential for the formation of its own financial resources and its compliance with the pace of development of the enterprise.

At the first stage of analysis the total volume of the formation of own financial resources, the correspondence of the growth rate of own capital to the growth rate of assets and the volume of sales of the enterprise, the dynamics of the share of own resources in the total volume of formation of financial resources in the preplanning period are studied.

At the second stage of the analysis sources of formation of own financial resources are considered. First of all, the ratio of external and internal sources of formation of own financial resources, as well as the cost of attracting own capital from various sources, is studied.

At the third stage of the analysis the sufficiency of own financial resources formed at the enterprise in the preplanning period is assessed.

Organization's equity management

Before proceeding to the consideration of issues of capital management (own, borrowed, cost of capital, etc.), let us consider how the content of the category “capital” is revealed in economic theory through the variety of forms of its manifestation.

Traditionally, according to the subjects of ownership, there are:

Own capital - the total value of the organization's funds owned by it and used to form a certain part of the assets.

Borrowed capital - characterizes funds and other property values attracted for financing organizations on a repayable basis.

By investment object:

Fixed capital - capital invested in all types of non-current assets of the organization.

Working capital - capital invested in the organization's current assets.

Let us especially emphasize the purpose and objectives of capital management.

The purpose of capital management is to ensure the sustainable and efficient development of the organization's business.

Money management tasks:

Determining the total need for capital to finance the activities of the organization and ensure the necessary pace of its economic development.

Determination of the most effective sources of capital attraction.

Optimization of the organization's capital structure is adequate to the goals and objectives of its development.

The ranking of the tasks of capital management is carried out taking into account the specific conditions for the development of the organization and the realization of the interests of its owners.

Capital management is based on the following principles:

Ensuring the conditions for the development of the organization - the formation of the optimal structure and the required amount of capital for each stage of the development of the organization.

Ensuring that the volume of attracted capital corresponds to the volume of assets being formed - the excess of capital attracted by the organization in relation to the assets formed by it entails a decrease in the profitability of capital use. Assets formed from borrowed capital generate a lower rate of return due to the increase in costs due to the inclusion of the cost of loan interest in all its forms in expenses.

Ensuring the optimal capital structure is the formation of the most profitable, from the point of view of implementing the goals and objectives of the organization, the ratio of own and borrowed funds, fixed and working capital, its income and expenses.

The capital management system includes the following elements: objects and subjects of management, principles, functions and management tools.

Objects of capital management:

equity;

borrowed capital;

capital structure;

cost of capital;

risks associated with the formation of capital.

1.Management of own capital:

determination of the initial capital requirement in the process of creating an organization;

formation of the authorized capital in the required volumes and forms;

formation of an adequate amount of equity from various sources in order to implement the organization's development strategy.

2. Management of borrowed capital (long-term and short-term liabilities):

development of a policy for attracting borrowed capital;

attraction of borrowed capital in the required volumes and forms;

optimization of sources of borrowed capital and determination of the consequences of their changes for the financial stability of the organization;

ensuring the return of borrowed capital.

3. Capital structure management:

substantiation of the capital structure in accordance with the goals and objectives of the organization;

optimization of the capital structure (ratio of shares of own and borrowed capital, invested and accumulated own capital).

4. Cost of Capital Management:

assessment of the cost of individual elements of the formed capital;

reduction in the cost of individual elements of capital;

minimization of the weighted average cost of capital due to the optimal selection of sources of its formation.

5. Management of risks associated with the formation of capital (risks of the operating environment, functional and financial risks):

identification and assessment of the level of risks;

reduction (minimization) and elimination of risks.

Subjects of capital management - structural and functional divisions of the organization, whose activities are related to the processes of formation of own and borrowed capital, capital management and risk management.

Financing the activities of the organization at the expense of equity

Own capital is the basis for financing the organization's activities.

Equity refers to the total amount of funds owned by the organization and used to form assets.

Own capital management is connected not only with ensuring the effective use of its already accumulated part, but also with the formation of its own financial resources that ensure the future development of the organization. In the process of managing the formation of their own financial resources, they are classified according to the sources of this formation. The composition of the main sources of formation of the organization's own financial resources can be represented as follows.

As part of the internal sources of the formation of its own financial resources, the main place belongs to the profit remaining at the disposal of the organization - it forms the bulk of its own financial resources, providing an increase in own capital, and, accordingly, an increase in the market value of the organization. Depreciation charges also play a certain role in the composition of internal sources, especially for organizations with a high cost of their own fixed assets and intangible assets; however, they do not increase the amount of the organization's own capital, but are only a means of reinvesting it. Other internal sources do not play a significant role in the formation of the organization's own financial resources.

As part of the external sources of the formation of its own financial resources, the main place belongs to the attraction of additional capital by the organization through additional emission and sale of shares or through additional contributions to the authorized fund. For individual organizations, one of the external sources of formation of their own financial resources may be the gratuitous financial assistance provided to them. Other external sources include tangible and intangible assets transferred to the organization free of charge and included in its balance sheet.

The composition of the equity capital of the organization

The composition of equity capital is presented in the balance sheet (Form No. 1) and the statement of changes in equity (Form No. 3).

The total amount of the organization's own capital is reflected in the result of the first section "Liability" of the balance sheet. The structure of the articles in this section makes it possible to clearly identify the initially invested part of it, i.e. the amount of funds invested by the owners of the organization in the process of its creation and the accumulated part of it in the process of effective economic activity.

The basis of the first part of the organization's own capital is its authorized capital - the total value of assets recorded in the constituent documents that are the contribution of owners (members) to the capital of the organization (organizations for which a fixed amount of authorized capital is not provided reflect for this position the amount of the actual contribution of owners to its statutory fund).

The second part of equity is represented by additionally invested capital, reserve capital, retained earnings and some other types of it.

Authorized capital - a part of equity formed at the expense of the organization's owners (shareholders, participants, etc.) to ensure its statutory activities.

Additional capital - includes share premium, increase in the value of property as a result of revaluation, the value of property received by the organization free of charge. 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 organization and for other purposes. At the same time, the procedure for using additional capital is determined by the owners, as a rule, in accordance with the constituent documents when considering the results of the reporting year.

Reserve capital - is created without fail at the expense of net profit and acts as an insurance fund to compensate for losses. Its value is used to judge the margin of financial strength of the organization. The absence or insufficient amount of reserve capital is considered as an element of additional risk when investing capital in an organization. The main task of the reserve capital is to cover possible losses and reduce the risk of creditors in the event of a deterioration in the economic situation. It acts as an insurance fund created to compensate for losses and protect the interests of third parties in case of insufficient profit from the organization before the authorized capital is reduced. The minimum amount of reserve capital should not be less than 5% of the authorized capital. Unlike the reserve capital formed in accordance with the requirements of the law, the reserve funds created voluntarily are formed exclusively in the manner established by the constituent documents or the accounting policy of the organization, regardless of the organizational and legal form of its ownership.

Retained earnings - part of the profit received in the previous period and unpaid in the form of dividends, and intended for reinvestment in the development of production. Typically, these funds are used to accumulate the property of an economic entity or replenish its working capital in the form of free cash, that is, at any time ready for a new turnover. Retained earnings may increase from year to year, representing growth in equity based on domestic accumulation. In growing, developing joint-stock companies, retained earnings over the years take a leading place among the components of equity capital. Its amount often exceeds the size of the authorized capital by several times.

The amount of equity is the basis of the financial stability of the organization.

Equity management

The organization's equity management process includes:

1. Analysis of the formation of equity capital in the previous period. The purpose of this analysis is to identify the potential for the formation of its own financial resources and its compliance with the pace of development of the organization.

At the first stage of the analysis, the total volume of the formation of own financial resources, the correspondence of the growth rate of own capital to the growth rate of assets and the volume of sales of the organization, the dynamics of the share of own resources in the total volume of formation of financial resources are studied.

At the second stage of the analysis, the sources of the formation of own financial resources are considered. First of all, the ratio of external and internal sources of formation of own financial resources, as well as the cost of attracting own capital from various sources, is studied.

At the third stage of the analysis, the sufficiency of own financial resources formed in the preplanning period is assessed. The criterion for such an assessment is the indicator "self-financing ratio of the organization's development". Its dynamics reflects the trend of providing the development of the organization with its own financial resources.

The determination of the future need for equity capital is carried out as follows:

Where Psfr - the total need for the organization's own financial resources in the planning period;

PC - the total need for capital at the end of the planning period;

Usk - the planned share of equity capital in its total amount;

SKn - the amount of equity at the beginning of the planning period;

Pr - the amount of profit allocated for consumption in the planning period.

The calculated total need covers the required amount of own financial resources, generated both from internal and external sources.

The assessment of the cost of raising equity capital from various sources is carried out in the context of the main elements of equity capital formed from internal and external sources. The results of such an assessment serve as the basis for the development of management decisions regarding the choice of alternative sources for the formation of own financial resources that ensure the growth of the organization's own capital.

Formation of own capital at the expense of internal sources. Before turning to external sources for the formation of one's own financial resources, all the possibilities of their rationing from internal sources must be realized. Since the main planned internal sources of formation of the organization's own financial resources are the sum of net profit and depreciation charges, it is first of all necessary to provide for the possibility of their growth due to various reserves in the process of planning these indicators.

The method of accelerated depreciation of the active part of fixed assets increases the possibility of forming one's own financial resources from this source. However, it should be borne in mind that an increase in the amount of depreciation charges in the process of accelerated depreciation of certain types of fixed assets leads to a corresponding decrease in the amount of net profit. Therefore, when looking for reserves for the growth of one's own financial resources from internal sources, one should proceed from the need to maximize their total amount, i.e. from the following criteria:

Where PE - the planned amount of net profit;

JSC - the planned amount of depreciation;

SFRmax - the maximum amount of own financial resources generated from internal sources.

Formation of own capital at the expense of external sources. The volume of attracting own financial resources from external sources is designed to provide that part of them that could not be formed from internal sources of financing. If the amount of own financial resources attracted from internal sources fully meets the total need for them in the planning period, then there is no need to attract these resources from external sources.

The need to attract own financial resources from external sources is calculated using the following formula:

Where SFRvnesh - the need to attract their own financial resources from external sources;

Psfr - the total need for own financial resources in the planning period;

SFRint - the amount of own financial resources planned to be attracted from internal sources.

Ensuring the satisfaction of the need for own financial resources from external sources is planned by attracting additional share capital (owners or other investors), additional issue of shares or other sources.

Optimization of the equity structure

The optimization process is based on the following criteria:

ensuring the minimum total cost of attracting own financial resources. If the cost of attracting own financial resources from external sources exceeds the planned cost of attracting borrowed funds, then such formation of own resources should be abandoned;

Ensuring that the management of the organization is retained by the original founders. The growth of additional equity or share capital at the expense of third-party investors can lead to a loss of such control.

The effectiveness of the developed policy for the formation of one's own financial resources (this will be discussed later) is assessed using the self-financing coefficient for the development of the organization in the coming period. Its level should correspond to the goal.

The organization's development self-financing ratio is calculated using the following formula:

Where Ksf is the coefficient of self-financing of the future development of the organization;

SFR - the planned volume of formation of own financial resources;

A - the planned increase in the assets of the organization.

Successful implementation of the developed policy for the formation of own financial resources is associated with the solution of the following main tasks:

conducting an objective assessment of the value of individual elements of equity capital;

ensuring the maximization of the organization's profit formation, taking into account the acceptable level of financial risk;

formation of an effective profit distribution policy (dividend policy) of the organization;

formation and effective implementation of the policy of additional issue of shares (issuance policy) or attraction of additional share capital.

Equity Capital Policy

The basis of the organization's own capital management is the management of the formation of its own financial resources. In order to ensure the effectiveness of managing this process, a special financial policy is usually developed, aimed at attracting own financial resources from various sources in accordance with the needs of the organization's development in the coming period.

The policy of formation of own financial resources is a part of the overall financial strategy of the organization, which consists in ensuring the necessary level of self-financing of its production development.

When developing an equity capital formation policy, the following should be taken into account.

Equity capital is characterized by the following main positive features:

Ease of involvement, since management decisions related to increasing equity capital (especially through internal sources of its formation) are made by the owners and managers of the organization without the need to obtain the consent of other business entities.

Higher ability to generate profits in all areas of activity, tk. when using it, the payment of loan interest in all its forms is not required.

Ensuring the financial sustainability of the organization's development, its solvency in the long term, and, accordingly, reducing the risk of bankruptcy.

However, it has the following disadvantages:

The limited volume of attraction, and hence the possibility of a significant expansion of the operating and investment activities of the organization during periods of favorable market conditions at certain stages of its life cycle.

High cost compared to alternative borrowed sources of capital formation.

An unused opportunity to increase the return on equity ratio by attracting borrowed financial resources, since without such attraction it is impossible to ensure that the financial profitability ratio of the organization's activities exceeds the economic one.

Thus, an organization that uses only its own capital has the highest financial stability (its autonomy coefficient is equal to one), but limits the pace of its development (because it cannot ensure the formation of the necessary additional volume of assets during periods of favorable market conditions) and does not use financial opportunities for increasing returns on invested capital.

Dividend Policy

Dividend policy is an integral part of the general policy of managing equity capital and profits of the organization.

The purpose of the dividend policy is to develop the optimal proportion between the consumption of profit by the owners and its reinvestment in the assets of the organization according to the criterion of maximizing the market value of the organization.

The reinvested part of the profits is an internal source of financing for the growth of the organization, often cheaper compared to the cost of attracting external sources of financing.

Dividends - the cash income of shareholders received in accordance with the share of its contribution to the total amount of the organization's equity capital.

The dividend policy is designed to create a balance between a favorable investment image and coverage of the current investment needs of the organization. In the theory and practice of financial management, the following principles for the implementation of the dividend policy have been developed: the priority of taking into account the interests and mentality of the owners of the organization, the stability of the profit distribution policy and its predictability.

The mentality of the owners of the organization can be aimed at obtaining a high current income or at ensuring a high rate of growth of investment capital. If the owners (shareholders) need a constant inflow of current income or do not accept the risks associated with a long wait for these incomes in the future, they will insist on ensuring a high share of consumed profit in the process of its distribution. At the same time, if the owners do not need high current incomes and prefer an even higher level of these incomes in the coming period due to capital reinvestment, the share of the capitalized part of the profit will increase. This proportion may change over time due to changes in the external and internal conditions of the organization.

The principles of stability and predictability of the profit distribution policy boil down to the fact that the process of its distribution should be long-term, and when the proportions of profit distribution change (due to adjustments in the company's development strategy or for other reasons), all investors (primarily shareholders) must be in advance notified about it. Compliance with these principles is especially important in conditions of “dispersion of ownership” (for example, in large joint-stock companies with a large number of shareholders).

The implementation of the dividend policy provides for the following steps:

Analysis of the factors that determine the prerequisites for the formation of dividend policy. These include factors that characterize the investment opportunities of the organization, the reality of attracting financial resources from alternative sources, the objective limitations of the dividend policy.

Choice of the type of dividend policy in accordance with the financial strategy of the joint-stock company.

Development of a profit distribution mechanism in accordance with the chosen type of dividend policy.

Determination of the level and forms of payment of dividends. The main factors are: cash payment, shares, reinvestment in additional shares.

The initial stage in the formation of a dividend policy is the study and evaluation of the factors that determine this policy. In the practice of financial management, these factors are usually divided into four groups:

Factors characterizing the investment opportunities of the organization:

stage of the organization's life cycle (in the early stages of the life cycle, a joint-stock company is forced to invest more in its development, limiting the payment of dividends);

the need for a joint-stock company to expand its investment programs (during periods of increased investment activity aimed at expanding the reproduction of fixed assets and intangible assets, the need for profit capitalization increases);

the degree of readiness of individual investment projects with a high level of efficiency (individual prepared projects require accelerated implementation in order to ensure their efficient operation under favorable market conditions, which necessitates the concentration of own financial resources during these periods).

2. Factors characterizing the possibility of generating financial resources from alternative sources:

sufficiency of equity reserves formed in the previous period;

the cost of raising additional equity capital;

the cost of attracting additional borrowed capital;

availability of loans in the financial market;

the level of creditworthiness of the joint-stock company, determined by its current financial condition.

3. Factors related to objective limitations:

the level of taxation of dividends;

the level of taxation of the property of the organization;

the achieved effect of financial leverage, due to the prevailing ratio of used own and borrowed capital;

the actual amount of profit received and the return on equity.

4. Other factors:

opportunistic cycle of the commodity market (during the period of rising market conditions, the efficiency of capitalization of profits increases significantly);

the level of dividend payments by competing companies;

urgency of payments on previously received loans (maintenance of solvency is a higher priority in comparison with the growth of dividend payments);

the possibility of losing control over the management of the organization (a low level of dividend payments can lead to a decrease in the market value of the company's shares and their mass “dumping” by shareholders, which increases the risk of financial capture of the joint-stock company by competitors).

An assessment of these factors makes it possible to determine the choice of one or another type of dividend policy for the nearest prospective period.

The next step is to choose the type of dividend policy. The practical application of the previously discussed theories made it possible to form three approaches to choosing the type of dividend policy of an organization.

Table Main types of dividend policy

Defining approach to the formation of dividend policy Variants of the types of dividend policy usedConservative approach Residual policy of dividend payments. Stable dividend policy. Moderate (compromise) approach. Minimum stable dividend policy with a premium in certain periods (“extra-dividends” policy). Aggressive approach. Stable dividend policy. The policy of constant increase in the size of the dividend.

Residual dividend policy. The optimal dividend share is a function of four factors:

investors' preference for dividends over capital gains;

investment opportunities of the organization;

target capital structure of the organization;

availability and price of external capital.

The last three factors are combined into a residual payment model. This theory assumes that the dividend payout fund is formed after the need for the formation of its own financial resources is satisfied at the expense of profit, ensuring the full realization of the investment opportunities of the organization. If for existing investment projects the level of internal rate of return exceeds the weighted average cost of capital, then the bulk of the profit should be directed to the implementation of such projects, as it will ensure a high growth rate of capital (deferred income) of the owners.

Since both the pattern of investment opportunities and the level of returns vary from year to year, strict adherence to the leftover principle of paying dividends leads to their volatility - in one year a company could declare that there will be no dividends due to good investment opportunities, and pay a large dividend the next year, so as investment opportunities are small. Variable dividends are less desirable than fixed dividends, and changing dividend payments can send false signals and undermine investor confidence.

Policy of stable dividends. There is an opinion that the dividend policy serves the purpose of informing investors. Many money managers seek to maintain a stable or moderate increase in dividends to avoid large fluctuations or volatility in shareholder payout policies. The leaders of an organization do not like to increase dividends if they feel that there may be a reduction in earnings in the future.

For an organization that maintains a stable dividend practice, an unexpected reduction or increase in dividends is usually reflected in stock prices. An increase in dividends can lead to an increase in quotes, because investors will perceive it as a promise of great prospects. Dividend cuts, accordingly, can act in the opposite direction. If managers are trying to maintain dividend stability, then such changes in payout levels may reflect valuable information that investors will perceive unambiguously.

The policy of a stable amount of dividend payments involves the payment of a constant amount over a long period (at high inflation rates, the amount of dividend payments is adjusted for the inflation index). The advantage of this policy is its reliability, which creates a sense of confidence among shareholders in the invariability of the amount of current income, regardless of various circumstances, determines the stability of the share price on the stock market. The disadvantage is a weak connection with the financial results of the organization, and therefore, during periods of low profit, investment activity can be reduced to zero. In order to avoid these negative consequences, the stable amount of dividend payments is set at a relatively low level, which classifies this type of dividend policy as a conservative one, minimizing the risk of a decrease in the financial stability of the organization due to insufficient equity growth rates.

The policy of "extra-dividends" (the policy of a stable dividend amount with a premium in a certain period). This policy is a development of the previous one and, according to a very common opinion, represents the most balanced type. The organization pays regular fixed dividends, however, from time to time (in case of successful activity), extra-dividends (additional dividends) are paid to shareholders, and payments in the present period do not mean their payments in the next. Moreover, here it is recommended to use the psychological impact of the premium - it should not be paid too often, because in this case it becomes expected, and the very method of paying extra dividends becomes meaningless. Such a dividend policy gives the greatest effect in organizations with an unstable size of profit formation in dynamics. The main drawback of this policy is that with the continued payment of the minimum amount of dividends, the investment attractiveness of the organization's shares decreases, and, accordingly, their market value falls.

The policy of a stable level of dividends provides for the establishment of a long-term normative ratio of dividend payments in relation to the amount of profit. The advantage is the simplicity of the formation of this policy and the close relationship with the size of the formed profit. The main drawback is the instability of the size of dividend payments per share, determined by the instability of the amount of generated profit. This instability causes sharp fluctuations in the market value of shares for certain periods, which prevents the maximization of the market value of the organization in the process of implementing such a policy (it “signals” a high level of risk in the economic activity of the organization). Only mature organizations with stable profits can afford to implement this type of dividend policy.

The policy of constant increase in the amount of dividends provides for a stable growth in the level of dividend payments per share. The increase in dividends in the implementation of such a policy occurs, as a rule, in a firmly established percentage of growth in relation to their size in the previous period. The advantage is the provision of a high market value of the company's shares and the formation of its positive image among potential investors with additional issues. The disadvantage is the lack of flexibility in its implementation and the constant increase in financial tension: if the growth rate of the dividend payout ratio increases (i.e. if the dividend payout fund grows faster than the amount of profit), then the investment activity of the organization is reduced, and the financial stability ratios are reduced (with other things being equal). Therefore, the implementation of such a dividend policy can only be afforded by really prosperous joint-stock organizations, but if this policy is not supported by a constant increase in the profits of the organization, then it is a sure way to its bankruptcy.

At the next stage of the dividend policy implementation, a profit distribution mechanism is developed in accordance with the chosen type of dividend policy, which provides for the following sequence of actions:

Mandatory deductions formed at its expense to the reserve and other obligatory special-purpose funds provided for by the charter of the company are deducted from the amount of net profit. The "cleaned" amount of net profit is the so-called "dividend corridor", within which the appropriate type of dividend policy is implemented.

The remaining part of the net profit is distributed to the capitalized and consumed parts. If a joint-stock company adheres to the residual type of dividend policy, then in the process of this stage of calculations, the priority task is the formation of a production development fund and vice versa.

The consumption fund formed at the expense of profit is distributed to the dividend payments fund and the consumption fund of the personnel of the joint-stock company (which provides for additional material incentives for employees and the satisfaction of their social needs). The basis of such distribution is the chosen type of dividend policy and the obligations of the joint-stock company under the collective agreement.

Determining the level of dividend payments per ordinary share is carried out according to the formula:

Where UDVpa - the level of dividend payments per share;

FDV - dividend payout fund, formed in accordance with the chosen type of dividend policy;

VP - dividend payment fund to owners of preferred shares (according to their envisaged level);

Kpa - the number of ordinary shares issued by the joint-stock company.

The final stage in the implementation of the dividend policy is the choice of forms of payment of dividends, the main of which are:

Payment of dividends in cash (checks). This is the simplest and most common form of dividend payments.

Payment of dividends by shares. This form provides for the provision of shareholders with newly issued shares in the amount of dividend payments. It is of interest to shareholders whose mentality is focused on capital growth in the coming period. Shareholders who prefer current income may sell additional shares in the market for this purpose.

Automatic reinvestment. This form of payment gives shareholders the right to an individual choice - to receive dividends in cash, or reinvest them in additional shares (in this case, the shareholder enters into an appropriate agreement with the company or the brokerage house servicing it).

Redemption of shares by an organization. It is considered as one of the forms of dividend reinvestment, according to which the company buys a part of freely traded shares on the stock market for the amount of the dividend fund. This allows you to automatically increase the amount of earnings per share remaining and increase the dividend payout ratio in the coming period. This form of use of dividends requires the consent of the shareholders.

To analyze the dividend policy of the organization, the following indicators are used.

Profitability (dividend yield) of a share:

Dividend payout rate (current yield, dividend yield):

Share earnings.

It is calculated taking into account the exchange rate difference that the owner of the share can receive when selling the share:

Where

D - the amount of dividend received during the period of holding the share;

Рpr - share sale price;

P is the purchase price of a share.

Dividend payout ratio.

Indicates what part of the net profit is spent on the payment of dividends, and is calculated both as a percentage and in relative terms:

If the dividend payout ratio exceeds one, this may indicate an irrational dividend policy of the company or signal its possible financial difficulties.

Share value:

The relationship of the main coefficients can be represented as follows:

Dividend Payout Rate = Share Value * Share Return

Despite the existence of developed theories, methods and uniform principles of profit distribution, it is impossible to formulate a single dividend policy. The specifics of the tasks facing each specific organization in the process of its development, the difference in external and internal conditions of economic activity do not allow us to develop a single model of profit distribution, which would be of a universal nature. Therefore, the basis of the profit distribution mechanism of a particular organization is the analysis and consideration of factors that affect the proportions and efficiency of profit distribution.

The most important factors include: the legislative system, the average market rate of return on invested capital, the availability of alternative sources for the formation of the financial structure of capital, the conjuncture of the commodity and financial markets, the "transparency" of the stock market, the inflation rate, the stage of the life cycle of the organization and the level of the current financial stability of the organization.

The main violations in the payment of dividends in Russian joint-stock companies are:

non-payment of declared dividends by issuers, violation of the procedure and terms of their payment;

non-payment or delay in payment of dividends by the issuer's paying agents;

incorrect calculation of the issuer's net profit and the amount of dividends.

One of the reasons for non-payment of dividends is the share capital structure. If an organization has one major owner shareholder, it is highly likely that he will prefer to reinvest profits in the development of the organization, rather than share it with minority shareholders.

Theoretically, the amount of dividends that a company pays to its shareholders should be one of the key factors in choosing the direction of investment for a potential investor. However, the Russian practice of paying dividends has its own significant features. They boil down to the fact that the amount of dividends on most shares is insignificant compared to their market value, and there are a number of reasons for this.

The first reason is that the majority of Russian organizations that attract investment resources from various segments of the financial market have a pronounced debt capital structure and do not use the issue of their shares for large-scale financing by public subscription. As a result, the organization's dividend policy does not have a decisive influence on attracting investments.

The second reason is that the current accounting standards in Russia do not yet provide the necessary degree of transparency. As the analysis of financial statements shows, the results under international standards are often completely different from the Russian assessment of the financial condition of the organization. In addition, few Russian organizations still report according to international standards, so a comparison of Russian joint-stock companies with foreign ones is possible only in terms of certain parameters (capitalization, dividends). Even those organizations that provide investors with the opportunity to familiarize themselves with reporting in accordance with international standards do so with caution and selectivity.

The third reason is that Russian joint-stock companies do not perceive their minority shareholders who bought shares on the secondary market as investors. However, from the point of view of the long-term formation of the financial structure of capital, they should be considered as potential buyers of new issues of shares or bonds.

The fourth reason is the absence of an effective owner in many joint-stock companies. This is especially true for organizations with state shareholders.

The dividend policy of Russian organizations has specific features. Many organizations do not pay dividends or pay them at a low level. Moreover, the size of dividends practically does not depend on the financial performance of the organization, and their payment is carried out with large delays (up to one and a half, or even two years). On the one hand, the state has a significant influence on the dividend policy (for joint-stock companies with state participation), and on the other hand, the owners of large blocks of shares in order to achieve their goals. Under these conditions, the attractiveness of the majority of Russian stocks lies only in the possibility of generating income due to exchange rate differences. This is of interest to investors who use their funds for short-term investments and receive speculative profits, or shareholders seeking to obtain a large block of shares in order to establish control over the organization. The result of this situation is cutting off a significant layer of investors from the process of financing the real sector of the economy, the inefficiency of the financial structure of the capital of Russian organizations. The situation can change only when, when purchasing shares, the investor will know what kind of dividend policy he can count on in the medium or long term.

Issuing policy of the organization

Raising equity capital from external sources by issuing additional shares is a complex and costly process.

From the standpoint of financial management, the main goal of managing the issue of shares is to attract the necessary amount of own financial resources in the stock market in the shortest possible time.

The process of managing the issue of shares is based on the following main stages:

Study of the possibilities of effective placement of the proposed issue of shares. The decision on the proposed primary (when the organization is transformed into a joint-stock company) or additional (if the organization has already been established in the form of a joint-stock company and needs an additional inflow of equity capital) issue of shares can be made only on the basis of a comprehensive preliminary analysis of the stock market situation and an assessment of the potential investment attractiveness of its shares.

An analysis of the stock market situation (exchange and over-the-counter) includes a description of the state of demand and supply of shares, the dynamics of the price level of their quotation, sales volumes of shares of new issues and a number of other indicators. The result of such an analysis is the determination of the level of sensitivity of the stock market's response to the emergence of a new issue and the assessment of its potential to absorb the emitted volumes of shares.

The assessment of the potential investment attractiveness of one's shares is carried out from the standpoint of taking into account the prospects for the development of the industry (in comparison with other industries), the competitiveness of manufactured products, as well as the level of indicators of one's financial condition (in comparison with industry averages). In the evaluation process, the possible degree of investment preference for the shares of one's company in comparison with the outstanding shares of other organizations is determined.

To assess the potential of own shares, a system of indicators is used:

In the course of the analysis, the values of these indicators are compared with the data available for similar joint-stock companies, as well as with their values for previous periods.

Determining the purpose of the issue. Due to the high cost of raising equity capital from external sources, the purpose of the issue should be quite weighty from the standpoint of the strategic development of the organization and the possibility of a significant increase in its market value in the coming period. The main of these goals that guide the organization, resorting to this source of equity capital formation, are:

real investment associated with sectoral (sub-sectoral) and regional diversification of production activities (creation of a network of new branches, subsidiaries, new industries with a large output, etc.);

the need to significantly improve the structure of used capital (increasing the share of equity capital in order to increase the level of financial stability; ensuring a higher level of own creditworthiness and thereby reducing the cost of raising borrowed capital; increasing the amount of the effect of financial leverage, etc.);

the proposed takeover of other organizations in order to obtain a synergistic effect (participation in the privatization of third-party state organizations can also be considered as an option for their takeover, if this provides for the acquisition of a controlling stake or a predominant share in the authorized capital). The synergistic effect is determined by the additional economic benefits that arise from the successful merger of organizations (their mergers and acquisitions). These advantages appear with the rational use of the overall production and financial potential of the merged organizations, with the complementarity of technologies and manufactured products, with the use of opportunities to reduce current costs and other similar factors; other goals that require the rapid mobilization of a significant amount of equity capital.

other purposes that require the rapid accumulation of a significant amount of equity capital.

3. Determination of the issue volume. When determining the issue volume, it is necessary to proceed from the previously calculated need to attract own financial resources from external sources. The volume of shares issued is determined by multiplying the number of issued shares by the par value of one share (during one issue, one option for the par value of shares can be established).

Determination of the par value, types and number of issued shares. The par value of shares is determined taking into account the main categories of their upcoming buyers (the largest par values of shares are oriented towards their acquisition by institutional investors, and the smallest ones - towards the acquisition by the population). In the process of determining the types of shares (common and preferred), the expediency of issuing preferred shares is established; if such an issue is considered expedient, then the ratio of ordinary and preferred shares is established (it should be borne in mind that, in accordance with the current legislation, the share of preferred shares cannot exceed 10% of the total issue volume). The number of shares to be issued is determined on the basis of the volume of the issue and the face value of one share (in the process of one issue, only one option for the face value of shares can be set).

Estimation of the cost of equity capital raised

In accordance with the principles of such an assessment, it is carried out according to two parameters:

the expected level of dividends (it is determined based on the chosen type of dividend policy);

costs of issuing shares and placing an issue (reduced to the average annual amount).

The estimated cost of capital raised is compared with the actual weighted average cost of capital and the average level of interest rates in the capital market. Only after that the final decision on the issue of shares is made.

Determination of effective forms of underwriting. If the sale of shares directly by the investor by subscription is not envisaged, then in order to quickly and efficiently conduct an open placement of the issued volume of shares, it is advisable to use the services of a financial intermediary (underwriter) who organizes the initial and re-sale of the issuer's securities on the stock market. Underwriters provide the issuing organization with the following set of services:

choice of the method of issuing securities;

setting prices for new securities;

sale of new securities, etc.

Commercial banks, investment funds and financial companies act as underwriters. Usually, the underwriter buys back the issuer's securities for himself at a price that is lower than the offer price, and thereby assumes the risk of their sale. Since the actions of underwriters involve significant risk, they prefer to join forces and form a group of underwriters, called a syndicate, to diversify risk and facilitate the implementation of the issue.

In order to quickly and efficiently carry out an open placement of the emitted volume of shares, the issuing organization:

determines the composition of financial intermediaries (underwriters);

coordinates with them the prices of the initial quotation of shares and the amount of commission to the dealer;

ensures the regulation of the volume of sale of shares, as well as maintaining the liquidity of previously placed securities at the initial stage of their circulation.

The relationship between the issuer and the underwriter is governed by an agreement on the issue and placement of securities. It indicates: the type of underwriting (firm agreement, maximum and minimum efforts to place securities); intermediary remuneration (spread) and other conditions.

Taking into account the increased amount of equity capital, the organization has the opportunity, using a constant financial leverage ratio, to increase the amount of borrowed funds, and therefore increase the amount of profit on invested equity capital.

It should be emphasized that in the conditions of Russia, raising additional capital through a new issue of shares is a long and expensive process. Therefore, this source of attracting financial resources is mainly used by large joint-stock companies that have sufficient financial resources and are widely known on the Russian stock market (for example, organizations of the fuel and energy complex, the metallurgical industry, communications, and some other sectors of the economy). For the majority of Russian joint-stock companies in the real sector of the economy, the only way to enter the stock market is to bring the current financial situation to meet the requirements of the market, which will allow organizing the circulation of their own issuable securities (shares and corporate bonds). In modern conditions, the authorized capital of many joint-stock companies in Russia is many times lower than the value of their net assets, which delays the prospect of their securities entering the stock market. Due to the significant undervaluation of shares, many potential issuers do not risk entering the market with new blocks of financial instruments, which can lead to a disproportionate decrease in the share of existing shareholders, depriving them of a controlling stake. In addition, potential investors often do not have objective information that allows them to correctly assess the investment attractiveness of issuers, since they are oriented in advance to the low value (price) of their shares.

The existence of many organizations in the form of a joint-stock company in the absence of a strategy of behavior in the stock market (raising funds from this market, expanding the number of shareholders, establishing strong relations with them) deprives them of the opportunity to mobilize additional financial resources for their development.

issuing share check depreciation

Literature

1.Bakhramov, Yu.M. Financial management: Textbook for bachelors. - 2nd ed. - St. Petersburg: Piter, 2011. - 495 p. (textbook for universities. Standard of the third generation, approved by the UMO for education in the field of production management as a textbook for students of economic specialties of universities).

2.Belolipetsky V.G. Financial management. Textbook / V. G. Belolipetsky. - M. : Knorus, 2008. - 448 p. (recommended by the UMO for classical university education as a textbook for university students studying in the direction 080100 "Economics").

.Gavrilova A.N., Sysoeva E.F., Barabanova A.I. Financial management. Tutorial. M.: Knorus, 2006.

.Dranko O.I. Financial management: technologies of enterprise financial management. Textbook for universities. - M.: UNITI-DANA, 2008. - 351 p.

.Pavlova L.N. Financial management. Textbook for high schools. - 2nd ed., revised. and additional - M.: UNITI-DANA, 2009. - 269 p. (recommended by the Ministry of Education and Science of Russia).

.Romashova I.B. Financial management: main topics, business games Textbook. M.: Knorus, 2009. - 336 p.

.Financial management. / Ed. E.S. Stoyanova. - M.: 2010 (recommended by the Ministry of Education and Science of Russia)

.Etrill P. Financial management for non-specialists. - 5th ed. / Per. from English. Ed. E.N. Bondarevskaya. - St. Petersburg: Peter, 2011. - 608 p.

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Equity management- is the management of the formation of the company's own financial resources. For this, a special financial policy is usually developed, aimed at attracting own financial resources from various sources in accordance with the needs of its development in the coming period.

The policy of formation of own financial resources is a part of the overall financial strategy of the enterprise, which consists in ensuring the necessary level of self-financing of its production development.

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FROMcontent

Introduction
1.1 The essence and concept of the capital of the organization

1. 2 The composition and structure of the company's own capital
1. 3 Enterprise equity management
1. 4 Methods of financing the equity capital of an enterprise

2. Analysis of enterprise equity management

2.1 Assessment of the capital structure of an enterprise
2.2 Analysis of financial ratios and net assets

3. Recommendations in terms of using the company's own capital

3.1 Cost of capital and principles of its valuation
3.2 Recommendations for Structure Optimization enterprise capital

Conclusion
List literature
ATconducting
The development of market relations in society has led to the emergence of a number of new economic objects. One of them is the capital of the enterprise as the most important economic category and, in particular, equity capital. The significance of the latter for the viability and financial stability of the enterprise is so great that it has received legislative consolidation in the Civil Code of the Russian Federation in terms of the requirements for the minimum amount of authorized capital, the ratio of authorized capital and net assets, the possibility of paying dividends depending on the ratio of net assets and the amount of authorized and reserve capital.
The development of market relations has led to an increase in the role of financial management. The state of the financial resources of the enterprise becomes the main factor determining the results of its activities.
To ensure the survival of an enterprise in a market environment, management personnel need to assess the possible and appropriate pace of its development from the standpoint of financial support, identify available sources of funds, thereby contributing to the sustainable position and development of economic entities.
The financial policy of an enterprise is a key moment in increasing the pace of its economic potential in a market economy with its fierce competition. Important indicators characterizing the financial condition of the enterprise.
The assessment of equity capital serves as the basis for calculating most of them.
The activity of any enterprise cannot be imagined without financial resources. In particular, without the formation of equity, the activity of any enterprise is impossible. Own capital is part of the financial resources of the enterprise. The financial result of the activity of any enterprise is presented in the form of an increase in the organization's own capital for the reporting period. In this regard, there is a need to study the structure of equity capital and analyze equity capital. Evaluation of the company's own capital allows you to determine the financial capabilities of the company for the long term.
The dynamics of changes in equity capital determines the volume of attracted and borrowed capital. In recent years, there have been significant changes in the structure of money capital, as a result of an increase in the share of attracted and borrowed capital.
In the absence of control in the organization over the correctness of accounting and the movement of capital at each stage of its circulation, theft of funds is possible. Therefore, in a market economy, the role of accounting and control over the formation and use of all enterprise resources is increasing.
The relevance of the topic outlined in the thesis is that the main problem for each enterprise is the sufficiency of monetary capital for financial activities, servicing money circulation, and creating conditions for economic growth. This problem remains unresolved for almost all enterprises, as evidenced by a significant lack of own working capital. Therefore, there is an objective need for a comprehensive study, analysis and improvement of the management of the equity capital of business entities.
Also, the relevance of the topic is determined by the processes of economic stabilization that have unfolded in the Russian Federation, the formation of the financial market and the growth of credit resources.

The object of the study is the financial and economic activity of the enterprise.

The subject is the management of the enterprise's own capital.

The purpose of the study in this paper is to study and analyze the equity of an enterprise and effective methods of managing equity.

In accordance with the goal in the thesis work, the following tasks are defined:

reveal the economic essence of capital, analyze the classification of enterprise capital

highlight the composition and structure of the organization's own capital

Determine the economic essence of the organization's own capital

To identify the main sources for improving the structure of equity capital, to determine the cost of equity capital of the organization.

The methodological and theoretical basis of the work is the work of researchers in the field of economics and financial management.

In the process of work, the regulatory documents of the Ministry of Finance of the Russian Federation, the State Committee on Statistics of the Russian Federation were used.

The theoretical part of the course work is written on the basis of the following sources:

1) Civil Code of the Russian Federation, part one;

2) Federal Law of December 26, 1995 No. 208-FZ “On Joint Stock Companies”

3) Kovalev V.V. Financial analysis: Money management. Choice of investments. Reporting analysis. - M.: Finance and statistics, 2003.

The practical part of the course work is written on the basis of the following sources:

1) Selezneva N.N., Ionova A.F. Financial analysis: Textbook. - M.: UNITI-DANA, 2003.

2) Savitskaya G.V. Analysis of the economic activity of the enterprise: Textbook. - M.: New knowledge, 2003

3) Efimova O. V. Financial analysis. - M.: Accounting, 2003.

The analysis was carried out using the following forms of financial statements of the enterprise:

1) form No. 1 "Balance sheet"

2) Form No. 2 "Profit and Loss Statement"

3) form No. 3 "Capital flow statement"

1. The concept and methodology of managing the company's own capital

1.1 The essence and concept of the capital of the organization

The capital of an enterprise, or capital, is the main economic basis for the creation and development of an enterprise, which, in the course of its functioning, ensures the interests of the state, owners and personnel (24; 48).

The capital of an enterprise characterizes the total value of funds in monetary, tangible and intangible forms invested in the formation of its assets.

Let us consider in more detail the individual types of enterprise capital in accordance with their systematization according to the main classification criteria.

1. According to the ownership of the enterprise, own and borrowed capital are allocated.

Equity capital characterizes the total value of the organization's funds owned by it and used to form a certain part of its assets. This part of the assets, formed from the equity capital invested in them, is the net assets of the enterprise.

Borrowed capital characterizes funds or other property values attracted to finance the development of an enterprise on a repayable basis. All forms of borrowed capital used by the enterprise represent its financial obligations, subject to repayment within the stipulated time.

2. According to the purpose of use, the following types of capital can be distinguished as part of an enterprise: productive capital, loan capital.

Productive capital characterizes the funds of the enterprise invested in operating assets for the implementation of production and marketing activities.

Loan capital is that part of it that is used in the process of investing in monetary instruments (short-term and long-term deposits in commercial banks), as well as in debt stock instruments (bonds, certificates of deposit, bills, etc.)

According to the forms of investment, liabilities are distinguished in
monetary, tangible and intangible forms, used to form the authorized capital of the enterprise. Capital investment in these forms is permitted by law when creating new enterprises, increasing the volume of their authorized funds.

According to the object of investment, fixed and working capital are distinguished.

Fixed capital characterizes that part of the capital used by the enterprise, which is invested in all types of its non-current assets (and not only in fixed assets, as is often interpreted in the literature).

Working capital characterizes that part of it that is invested in all types of its current assets.

According to the form of being in the process of circulation, i.e. depending on the stages of the general cycle of this circuit, the capital of the enterprise is distinguished in its monetary, production and commodity forms.

According to the forms of ownership, private and state capital invested in the enterprise in the process of forming its authorized capital are identified. This division of capital is used in the process of classifying enterprises by ownership.

The type of finance in an enterprise depends on the organizational and legal form of the enterprise.

Legal entities in the Russian Federation are divided into two types:

1) non-commercial; these include institutions, consumer cooperatives, public organizations, religious organizations, associations (associations, unions), foundations (social, cultural, charitable);

2) commercial; these include partnerships (full, on faith), production cooperatives, state and municipal enterprises, companies (limited liability company - LLC, additional liability company - ALC, joint-stock companies - JSC, which are divided into open - OJSC and closed - CJSC ) (2.27).

According to the organizational and legal forms of activity, the following types of capital are identified: share capital (the capital of enterprises established in the form of joint-stock companies); share capital (the capital of partner enterprises - limited liability companies, limited companies, etc.) and individual capital (the capital of individual enterprises - family enterprises, etc.).

According to the nature of use in the economic process, working and non-working types of capital are distinguished.

Working capital characterizes that part of it that is directly involved in generating income and ensuring the operating, investment and financial activities of the enterprise.

Non-working (or "dead") capital characterizes that part of it that is invested in assets that are not directly involved in the implementation of various types of economic activities of the enterprise and the formation of its income. An example of this type of capital is enterprise funds invested in unused premises and equipment; inventories for discontinued products; finished products for which there is completely no demand from buyers due to the loss of consumer qualities, etc.

9. According to the nature of the use by the owners, the consumed ("eat") and accumulated (reinvested) types of capital are distinguished.

Consumed capital, after its distribution for the purpose of consumption, loses the functions of capital. It represents the disinvestment of an enterprise carried out for consumption purposes (withdrawal of part of the capital from non-current and current assets in order to pay dividends, interest, meet the social needs of staff, etc.).

Accumulated capital characterizes various forms of its growth in the process of profit capitalization, dividend payments, etc.

10. According to the sources of attraction, national (domestic) and foreign capital invested in the enterprise are distinguished. This division of the capital of enterprises is used in the process of their respective classification.

Despite the rather significant list of considered classification features, it nevertheless does not reflect the whole variety of types of enterprise capital used in scientific terminology.

The functioning of the capital of an enterprise in the process of its productive use is characterized by a process of constant circulation. Each completed turnover of capital consists of a number of stages.

In the process of circulation, the capital of an enterprise goes through three stages.

At the first stage, capital in cash is invested in operating assets (current and non-current), thereby transforming into a productive form.

At the second stage, productive capital in the process of production is transformed into a commodity form (including the form of services produced).

In the third stage, commodity capital, as the goods and services produced are sold, is converted into money capital.

The average duration of the turnover of the enterprise's capital is characterized by the period of its turnover in days (months, years). In addition, this indicator can be expressed in terms of the number of turnovers during the period under review (23; 51).

Simultaneously with the change in forms, the movement of capital is characterized by a constant change in its total value, which is called the "value cycle".

In the process of moving the value cycle, the capital of an enterprise can increase its total value in certain periods as a result of its profitable use or partially lose it as a result of unprofitable economic activity.

The considered classification and features of the functioning of the capital of an enterprise allow more purposefully managing the efficiency of its use.

Any enterprise carries out planning and regulation of financial indicators. According to this principle, the enterprise can foresee its further development. To do this, the company has a planning process. All sources of financial resources of the enterprise are divided into own and borrowed, while it is necessary to find the optimal proportions between them. The implementation of this principle allows the company to achieve the optimal level of profitability, liquidity and solvency. Borrowed funds are mainly in the form of bank loans. In this case, the bank sets its own conditions. The repayment of the loan is carried out at the expense of net profit, which reduces profitability, but on the other hand, any loan affects liquidity, since the company has a debt obligation. The optimal ratio between own and borrowed funds is determined by the method of financial leverage. In addition, any company must have a risk and reserve management system. Reserve - hidden opportunities to increase profitability, that is, the gap between the achieved level and the potential level indicates the independence of the enterprise from risks. (11.35). The structure of financial management depends on the size of the enterprise, on the scale of activities, on the staff.

In finance, the concept of capital is considered from three positions:

1) economic approach

It is understood as a set of resources that are a source of income. In this sense, capital is divided into

Real (buildings, machines, raw materials)

Financial (securities, cash)

2) accounting approach

Capital is realized at the level of an economic entity and is treated as an investment of owners in the assets of an enterprise.

3) accounting and analytical approach

It implies a combination of the first two. On the one hand, these are resources invested in assets; on the other hand, whose resources are these.

In this regard, we distinguish, as we have already said, active capital and passive capital. Active capital - the production capacity of an economic entity, presented in the form of fixed and working capital (13,154). Passive capital - long-term sources of funds at the expense of which assets are formed (13,154). It is divided into own and borrowed.

1. 2 The composition and structure of the company's own capital

Own capital is a set of material assets and cash, financial investments and costs for the acquisition of rights and privileges necessary for the implementation of economic activities.

Own capital is the organization's resources, its assets (property) minus liabilities (accounts payable) for these liabilities (24; p. 103).

Without the formation of equity capital, it is impossible to create an organization in the Russian Federation. According to the balance sheet, this is the third section, which consists of authorized capital, own shares, reserve capital, additional capital, retained earnings and targeted financing (13,157). Thus, equity is a part of the value of assets that go to its owners after satisfying the claims of third parties.

Equity assessment is carried out in two ways:

1) balance estimate (actual accounting data)

2) market valuation - what the company is worth during liquidation.

According to the Regulation on accounting and financial reporting in the Russian Federation, approved by the Order of the Ministry of Finance of the Russian Federation No. 34n dated July 29, 1998. (paragraph 66) the organization's own capital includes:

Authorized (share) capital;

Extra capital;

Reserve capital;

Undestributed profits;

Other reserves (11; 12).

Own capital is reflected in the first section of the balance sheet liability.

Authorized capital.

The authorized capital of the organization is the starting capital necessary for the enterprise to carry out financial and economic activities in order to make a profit.

The authorized capital of the organization determines the minimum amount of its property that guarantees the interests of its creditors. The founders are obliged to form it in an amount sufficient for the initial functioning of the organization. Its volume is specified in the charter and represents the value of the contributions of the founders.

According to the Civil Code of the Russian Federation, the authorized capital of an organization may take the form of:

share capital - in full partnership and limited partnership;

a share or indivisible fund - in a production cooperative (artel);

authorized capital - in joint-stock companies, companies with limited and additional liability;

statutory fund - in unitary state and municipal enterprises.

In an organization that has passed state registration, all these definitions are reduced to the concept of authorized capital, the content of which is the amount of contributions originally invested by the owners (participants, founders) in the property of the enterprise.

The legal basis of the authorized capital determines its size and composition, the terms and procedure for making contributions to the authorized capital by participants, the assessment of contributions in the event of their contribution and withdrawal, the procedure for changing the shares of participants, the responsibility of participants for violation of obligations to make contributions.

There is a connection between the value of the authorized capital and the size of the various organizational and legal forms of reserve funds (capital) created by enterprises, as well as the dependence of the cost of the issue of bonds carried out by joint-stock companies on the size of the authorized capital (as a rule, not more than the amount of the authorized capital).

The legal status of the authorized capital determines the features of its reflection in accounting. Here, special attention is paid to the correct organization of analytical accounting, the construction of which should be based on specific functions performed by the authorized (reserve, indivisible) capital (fund).

The authorized capital of a joint-stock company is made up of the nominal value of the company's shares acquired by the shareholders.

The authorized capital of a company determines the minimum size of the company's property that guarantees the interests of its creditors. It cannot be less than the amount provided for by the law on joint-stock companies (2; 135), and must be for an open joint-stock company not less than a thousand times the amount of the minimum wage established by federal law on the date of registration of the company, and for a closed company - not less than a hundred times the amount the minimum wage established by federal law on the date of state registration of the company.

The formation of the authorized capital in joint-stock companies of closed and open type is controlled on the basis of records in the journal - warrant 12. The balance on account 80 "Authorized capital" must correspond to the amount of the authorized capital recorded in the organization's constituent documents. Entries on account 80 "Authorized capital" are made during the formation of the authorized capital, as well as in cases of increase and decrease in capital only after making appropriate changes to the constituent documents of the organization. After the state registration of the organization, its authorized capital in the amount of contributions of the founders (participants) provided for by the constituent documents is reflected in the credit of account 80 "Authorized capital" in correspondence with account 75 "Settlements with founders". The actual receipt of the founders' deposits is carried out on the credit of account 75 "Settlements with the founders" in correspondence with the accounts for accounting for cash and other valuables. Analytical accounting on account 80 "Authorized capital" is organized in such a way as to ensure the formation of information on the founders of the organization, stages of capital formation and types of shares.

One of the important tasks of financial control is strict observance of the principle of stability of the value of the authorized capital, its compliance with the size fixed in the constituent documents of the enterprise. The balance sheet item "Authorized capital" of Section I of the liabilities side of the balance sheet must be identical to that fixed in the Charter of the enterprise.

The authorized capital of a limited liability company is made up of the value of the contributions of its participants. The size of the authorized capital of the company cannot be less than the amount determined by the law on limited liability companies (2; 137), i.e. at least one hundred times the minimum wage established by federal law on the date of submission of documents for state registration of the company. A reduction in the authorized capital of a limited liability company is allowed after notification of all its creditors.

Material values and intangible assets contributed to the account of contributions to the authorized capital are valued at a value agreed between the founders, oriented at real market prices. Securities and other financial assets are also valued at the agreed value.

Currency and currency valuables are valued at the official exchange rate of the Central Bank of the Russian Federation, effective at the time of the payment of the said valuables.

The valuation of currency and currency values and other property contributed to the account of contributions to the authorized capital may differ from their valuation in the constituent documents. The resulting difference is written off to account 83 "Additional capital".

For individual organizational and legal forms, the minimum amount of the authorized capital is determined by law.

For OJSC - 1000 minimum wages (minimum wage), for CJSC - 100 minimum wages (2, 28).

After registration with the Ministry of Justice, the authorized capital must be paid in the amount of at least 50%. The founders of some organizational and legal forms (JSC and LLC) may be foreign legal entities and individuals. The main condition is the solvency of the founders. If the organization is a joint-stock company, then shares are issued for the amount of the authorized capital, and then an additional issue of shares is required to increase the authorized capital. The authorized capital must be adjusted, therefore, the statutory documents are adjusted by decision of the general meeting of shareholders only in the following cases:

1) additional issue of shares

These methods are used to increase equity capital.

3) decrease in the par value of shares

4) withdrawal of part of the shares from shareholders with their further redemption

These methods are aimed at reducing the cost of authorized capital.

A share is a security that certifies the right of its owner to a part of the profit received in the form of dividends; the right to participate in the management of the company; the right to receive a share of the authorized capital upon liquidation (13,160). For an investor (owner) a share is attractive in that it gives the right to participate in management; the right to part of the property; the possibility of receiving income either in the form of dividends or in the form of speculative income in the securities market. For the issuer, the share is beneficial in that the capital invested in the share may not be returned; payment of dividends is not guaranteed; The amount of dividends does not depend on the profit received. The entire value of the authorized capital is divided into two types of shares:

1) ordinary

2) privileged

Moreover, the ratio should be 3:1 or 25% of the amount of capital. Ordinary shares have the right to receive income in the form of dividends, in the liquidation of the company they are satisfied last after all creditors and preferred shares. Preferred shares give the right to receive income in the form of a fixed percentage fixed on the form itself, a set of such shares gives the right to participate in the management of the company, upon liquidation of the company they are redeemed immediately after the creditors in the amount of face value (that is, the amount indicated on the shares).

Net assets

This is the difference between the amount of assets taken into account and the amount of liabilities taken into account (13,163). According to the Civil Code of the Russian Federation, net assets are calculated annually, since their volume affects the size and structure of sources of funds and the payment of dividends. The assets taken into account are the book value of the monetary and non-monetary property of the joint-stock company, which includes the following items at the book value:

1) non-current assets reflected in the first section of the balance sheet, with the exception of the book value of the company's own shares repurchased from shareholders. When calculating the value of net assets, intangible assets are taken into account in the first section of the balance sheet and meet the following requirements:

a) directly used by the company in its core business and generating income (rights to use land plots, natural resources, patents and licenses, etc.)

b) having documentary evidence of the costs associated with their acquisition

c) the right of the company to own these intangible rights must be confirmed by a document issued in accordance with the legislation of the Russian Federation

2) reserves and expenses, cash, settlements and other assets shown in the second section of the balance sheet, with the exception of the participants' debts on their contributions to the authorized capital and the book value of own shares repurchased from shareholders.

Liabilities, which are liabilities of a joint-stock company taken into account, include the following items:

1) targeted funding and receipts

2) long-term liabilities to banks and other legal entities and individuals

3) settlements and other liabilities, except for the amounts reflected under the items "Deferred income" and "Consumption funds".

Thus, the assets are compared with those liabilities that constitute the debt to creditors, that is, net assets are "collateral" for the enterprise's debt to its owners. It is this amount that owners can count on during liquidation. But in fact, the value of the remaining assets is much less, therefore, the net assets are compared with the value of the authorized capital. If the net assets are less than the authorized capital, then the balance of the enterprise is disturbed. Therefore, net assets may be equal to the authorized capital or exceed its size. The amount of excess cannot be less than the amount of additional and reserve capital. Sometimes net assets are less than authorized capital by law. This is possible in the following cases:

1) the founders did not fully pay the authorized capital

2) there was a sale of property at a loss or its destruction without the guilty

Thus, the indicator of net assets is formed on the basis of financial statements and is an indicator of the financial condition of the enterprise. If, at the end of the second and each subsequent financial year, the value of the company's net assets turns out to be less than the authorized capital, the company is obliged to declare and register in the prescribed manner the decrease in its authorized capital (5.28). If the value of the specified assets of the company becomes less than the minimum amount of the authorized capital determined by law, the company is subject to liquidation. The indicator of net assets indicates the financial stability of the enterprise. A joint-stock company is not entitled to make decisions on the payment of dividends on shares if, on the day such a decision is made, the value of the company's net assets is less than its authorized capital.

Rreservecapital.

Reserve capital (reserve fund) - part of the company's own capital, which is used to cover losses from operating activities, to replenish the fixed capital, and in the case of joint-stock companies - to redeem the company's bonds and buy back the company's shares in the absence of other funds.

The reserve fund cannot be used for other purposes.

Deductions to reserve capital from profit are reflected in the credit of account 82 "Reserve capital" in correspondence with account 84 "Retained earnings (uncovered loss)". The use of reserve capital is accounted for in the debit of account 82 "Reserve capital" in correspondence with accounts: 84 "Retained earnings (uncovered loss)" - in terms of the amounts of the reserve fund directed to cover the organization's loss for the reporting year; 66 "Settlements on short-term credits and loans" or 67 "Settlements on long-term credits and loans" - in terms of the amounts allocated for the redemption of bonds of a joint-stock company.

Reserve capital may be created if it is specified in the charter. For some enterprises, the mandatory creation of a reserve capital is provided. For OJSCs, the authorized capital must be greater than or equal to 15% of the authorized capital; for organizations with foreign capital, the reserve capital must be greater than or equal to 25% of the authorized capital (13.25).

So, the reserve capital is intended to cover losses, to buy back own shares or to redeem bonds.

Dadditionalcapital.

Under the additional capital of the organization is usually understood as part of its own capital, which shows the common property of all participants in the enterprise.

Additional capital is an addition to the authorized capital. It is formed due to the revaluation of fixed assets of the enterprise, capital construction facilities and other tangible property of the organization with a useful life of more than 12 months, carried out in the prescribed manner, as well as the amount received in excess of the nominal value of the outstanding shares (share premium of the joint-stock company).

The increase in the value of property on revaluation may take place for non-expendable items, for example, fixed assets. Over time, the initial (historical) assessment of this type of property deviates from the current one, as the conditions for its reproduction change. Bringing the initial valuation of fixed assets to the current one is carried out based on the results of the revaluation.

The decrease in additional capital in terms of the previously formed amount of the increase in the value of property by revaluation, as well as any decrease in equity capital, cannot be considered as a positive factor in the company's activities. Such a transaction may take place as a result of a decrease in the value of property based on the materials of its revaluation.

The capital is used to increase the authorized capital, to pay off the decrease in the revaluation of fixed assets, to increase the share of the organization's participants.

The credit of account 83 "Additional capital" reflects: the increase in the value of non-current assets, revealed by the results of their revaluation, in correspondence with the asset accounts for which the increase in value was determined; the amount of the difference between the sale and par value of shares, received in the process of forming the authorized capital of a joint-stock company (when the company was founded, with a subsequent increase in the authorized capital) due to the sale of shares at a price exceeding the nominal value - in correspondence with account 75 "Settlements with the founders" .

The amounts credited to account 83 "Additional capital" are not written off as a rule. Debit entries on it can take place only in the following cases: repayment of the amounts of depreciation of non-current assets revealed as a result of its revaluation - in correspondence with the asset accounts for which the depreciation was determined; allocation of funds to increase the authorized capital - in correspondence with account 75 "Settlements with founders" or account 80 "Authorized capital"; distribution of amounts between the founders of the organization - in correspondence with account 75 "Settlements with the founders". Analytical accounting on account 83 "Additional capital" is organized in such a way as to ensure the formation of information on the sources of education and directions for the use of funds.

Hundistributedprofit.

Retained earnings - part of the net profit not distributed among the shareholders (founders), used to accumulate the property of an economic entity.

The profit received at the end of the year can be distributed to the formation of a reserve fund, to the payment of dividends, to cover losses of previous years, to other funds provided for by the company's charter.

The remaining retained earnings remain on the balance sheet as a source of equity until a decision is made by the general meeting of shareholders. This profit is called reinvested profit. If it appears from year to year, then this indicates a stable development dynamics.

The amount of net profit of the reporting year is written off by the closing turnovers of December to the credit of account 84 "Retained earnings (uncovered loss)" in correspondence with account 99 "Profit and losses". The amount of the net loss of the reporting year is debited by the closing turnovers of December to the debit of account 84 “Retained earnings (uncovered loss)” in correspondence with account 99 “Profits and losses”. The direction of part of the profit of the reporting year for the payment of income to the founders (participants) of the organization following the approval of the annual financial statements is reflected in the debit of account 84 “Retained earnings (uncovered loss)” and the credit of accounts 75 “Settlements with the founders” and 70 “Settlements with personnel for wages ".

The current legislation grants enterprises (regardless of the variety of forms of ownership) the right to quickly maneuver the profits that come to their disposal based on the results of economic activity after the accrual of tax payments due to the budget.

Thus, we found out that equity capital consists of authorized, additional, reserve capital, retained earnings (uncovered loss). Without creating your own capital, the organization's activities are impossible.

Given the importance of information on the composition and structure of equity capital for the analysis of the enterprise's ability to self-finance, it is necessary to provide for its disclosure in the explanatory notes to the report so that an external user has the opportunity to make the necessary decisions.

Reporting data on equity should be presented in the relevant section of the balance sheet with at least the following indicators presented in table 1.

Table 1 -

Equity indicators

Section IV

PBU 4/99 "Accounting statements of organizations"

In accordance with form No. 1

by order of the Ministry of Finance of the Russian Federation

from 22.07. 2003 No. 67n

"On the forms of financial statements of the organization"

1. Authorized capital

2. Additional capital

3. Reserve capital

including:

reserves formed in accordance with constituent documents;

4. Retained earnings (uncovered loss - subtracted)

1. Authorized capital

2. Additional capital

3. Reserve capital

including:

reserves formed in accordance with the law;

reserves formed in accordance with the constituent documents.

The data presented in table 1 show that the components of equity capital are certainly important in creating a mechanism for enforcement of all participants in market relations; their disclosure is also provided for by international financial reporting standards, national legislative acts of other countries, world market participants. The reflection in the reporting of other components of capital does not ensure the consistency of data and the usefulness for the purposes of financial control, business and management decision-making.

The most adequate way to disclose the constituent parts of the equity capital of commercial organizations (joint stock companies) is presented in Table 2.

table 2

Equity capital of joint-stock companies

Minimum requirements for reporting elements arising from civil law	Additional expansion of capital information	Disclosure of information at the initiative of the management (the executive body of the company)
	Provided by the constituent documents of the company	Essential and relevant to the user education in accordance with normative acts
1. Authorized capital (total), including: preference shares; ordinary shares	The number of shares of each type is the par value of each type. Rights and privileges.	Debt on contributions to the authorized capital. Own shares repurchased from shareholders.	Number of shares outstanding. Shares registered for issue by a joint-stock company. Information about unpaid dividends.
2. Share premium (total), including: on preferred shares; on ordinary shares.			For shares of each type.
3. Reserve capital	Reserves created on a voluntary basis	Provisions for doubtful debts.
4. Reinvested profit	Funds created from profit		Undestributed profits. uncovered loss. Targeted funding and income. Revenue of the future periods. Revaluation of assets. Increase in property, etc.
5. Minority owners			The composition of the shareholders. Number and category of shares, affiliates.

Data on the amount of authorized capital (including minority shareholders) and share premium on shares of each type characterize the actual costs incurred by shareholders in connection with the acquisition of claims. This indicator is important in assessing the return on equity and equity capital, return on equity, as well as in assessing the financial risk of the owner.

Information about reinvested profit characterizes the increase in capital, the growth of investment opportunities and the degree of coverage of property risks of the organization.

In general, these balance sheet items characterize the size of the organization's own capital and the main proportions of the reproduction of the owner's financial capital.

Information about equity of this nature is of interest to owners, for making decisions on capital management, since it becomes practical to determine the price of an organization's equity capital and compare it with the profitability provided by third parties within this organization.

1. 3 At governing body own capital enterprises

The purpose of enterprise capital management is the financial result.

The financial result of the economic activity of the organization is determined by the indicator of profit or loss, formed during the reporting (economic) year.

The financial result is the difference from comparing the amounts of income and expenses of the organization. The excess of income over expenses means an increase in the organization's property - profit, and expenses over income - a decrease in property - a loss. The financial result received by the organization for the reporting year in the form of profit or loss, respectively, leads to an increase or decrease in the capital of the organization.

Regulations on accounting "Income of the organization" (PBU 9/99), "Expenses of the organization" (PBU 10/99), approved by order of the Ministry of Finance of the Russian Federation of May 6, 1999. (as amended on December 30, 1999) recognize as income an increase, and as expenses - a decrease in economic benefits as a result of the receipt or disposal of assets, as well as the repayment or incurrence of liabilities, leading to corresponding changes in the capital of the organization.

The financial result reflects the change in equity for a certain period as a result of the production and financial activities of the organization.

The final financial result of the organization is formed under the influence of:

a) financial result from the sale of products (works, services);

b) financial result from the sale of fixed assets, intangible assets, materials and other property (part of operating income and expenses);

c) operating income and expenses (net of results from the sale of property);

d) non-operating income and expenses;

e) extraordinary income and expenses.

Managing finances means managing capital. The movement of capital and its management reflect the movement of financial resources and the management of this process. According to International Financial Reporting Standards, equity is the invested purchasing power in the form of the difference between legally owned property and debt obligations (11,126).

In the event that participants repay debts on contributions to the authorized capital, expressed in foreign currency, positive exchange differences may arise in the organization, which should be attributed to invested capital. The invested capital is characterized by the shares of the owners fixed in the charter of the company. In a JSC, the invested capital is formed from the nominal value of shares and the issue premium. Reinvested (earned capital) is formed from the reserve capital created from profit before tax and capitalized net retained earnings. In accordance with the concept of maintaining financial capital, a profit is considered received only if the amount of net assets at the end of the period exceeds the amount of net assets at the beginning of the period. The activity of the enterprise is aimed at maintaining the capital of the owner and its increase. This is achieved by break-even financial results and the addition of a part of the profit received to the owner's capital (reinvestment). The inflow of economic benefits affects two components of capital: contributions from property owners and earned capital.

Capital is reflected in two forms of reporting: the balance sheet (form No. 1) and the statement of changes in equity (form No. 3). The organization's own capital includes: authorized capital, additional capital, reserve capital, retained earnings (uncovered loss), other reserves. The balance sheet reflects the value of the authorized capital, registered in the constituent documents as a set of contributions of the founders of the organization. The authorized capital may be increased in the following cases:

1) at the expense of shareholders, in particular, at the expense of additional issue of shares of JSC

2) at the expense of additional capital

3) due to retained earnings

4) for a set of converting bonds into company shares

If the authorized capital is increased at the expense of the company's property (additional capital, retained earnings), then the amount by which the authorized capital is increased should not exceed the difference between the value of net assets and the amount of authorized and additional capital. By decision of the general meeting of shareholders, retained earnings may be used to increase the authorized capital. At the same time, the restrictions considered when increasing the authorized capital at the expense of additional capital must be observed. Issuance of emissive securities is carried out in accordance with the standards for issuing additional shares, shares placed by conversion, bonds convertible into additional shares. A reduction in the authorized capital may be carried out by decision of the general meeting of shareholders, in accordance with the Law "On Joint Stock Companies". The authorized capital may be reduced by reducing the par value of shares. At the same time, the company has the right to reduce its authorized capital, if as a result of this its size does not become less than the minimum amount of the authorized capital. If at the end of the second and each subsequent financial year, according to the annual balance sheet or the results of an audit, the value of the company's net assets turns out to be less than its authorized capital, then the company is obliged to declare a decrease in its authorized capital to an amount not exceeding the value of its net assets (5.28 ). Article 101 of the Civil Code of the Russian Federation determines that a joint-stock company is entitled, by decision of the general meeting of shareholders, to reduce the authorized capital by purchasing part of the shares in order to reduce their total number (2.38). For the issuer of shares, share premium is formed as the difference between the value of the property received as payment for shares, including in cash, and their nominal value at the initial placement. Thus, share premium can only be generated by joint-stock companies.

For other organizations, the emergence of share premium is not provided for by regulatory documents. The authorized capital of a joint-stock company may grow by increasing the nominal value of shares or by placing additional shares. It is possible to issue additional shares of the joint-stock company: distributed among the shareholders; posted by subscription. Placement of additional JSC shares by distributing them among shareholders is possible only at the expense of the following property:

1) additional capital of the organization

2) balances of special-purpose funds based on the results of the previous year, with the exception of the reserve fund and the corporatization fund for employees of the enterprise

3) retained earnings of previous years

When forming the authorized capital of an organization, the difference between the ruble assessment of the debt of a foreign founder on a contribution to the authorized capital, expressed in constituent documents in foreign currency, calculated at the exchange rate of the Central Bank of the Russian Federation on the date of receipt of the deposit amount, and the ruble assessment of this contribution in the constituent documents is an exchange difference, which to be attributed to the additional capital of the organization.

Additional capital - part of equity, which is allocated as an object of accounting and shows the common property of all participants in the enterprise, is an independent indicator of reporting (11.130).

Sources of additional capital of the organization:

1) the amount of revaluation of fixed assets

2) the amount of differences resulting from the excess of the amount of accrued depreciation on the date of revaluation of fixed assets over the amount of depreciation of fixed assets obtained by indexation or direct recalculation

3) the amount of share premium received from the excess of the nominal value over the market value of the outstanding shares, minus the costs associated with the sale of shares

4) the amount of exchange differences in case of repayment of debt on contributions to the authorized capital, expressed in foreign currency

Reducing the amount of additional capital is possible in the following cases:

1) in connection with a decrease in the initial cost of fixed assets on the date of revaluation to the replacement cost

2) by the amount of the difference resulting from the excess of the amount of depreciation of fixed assets, which was obtained by recalculation in the prescribed manner, over the amount of depreciation taken into account on the date of revaluation of fixed assets

3) upon sale, gratuitous transfer, liquidation in case of accidents, natural disasters, emergency situations and write-off of fixed assets due to moral or physical wear and tear

4) as a result of the direction of the amounts of additional capital to increase the authorized capital

The reserve fund is created in JSC and LLC. For a JSC, the creation of a reserve fund is mandatory, for an LLC - voluntary. The amount of the reserve fund is taken into account when making decisions and performing operations of JSC:

1) when increasing the authorized capital

2) when deciding on the payment of dividends

3) when paying dividends

4) upon acquisition by the company of outstanding shares

5) when purchasing preferred shares of a certain type placed by JSC

The reserve fund is formed from the retained earnings of the organization. Amounts directed to the formation of reserve capital do not reduce the organization's taxable profit and are not included in tax expenses. The reserve fund of JSC has the following purpose:

1) covering the losses of the company

2) redemption of bonds by the company in the absence of other means

3) redemption of shares by the company in the absence of other means

The funds of the reserve fund can be used to cover the losses of previous years. The decision to use the reserve capital to cover the losses of the company is made by the board of directors upon preliminary approval of the annual report. The funds of the reserve capital can be used to buy back the shares of the company, if other funds are not enough for this.

The net profit of the enterprise is the profit of the enterprise remaining after paying income tax and other taxes (13.28). The size of the reserve capital can be at least 5% of net profit annually. The company is obliged to pay dividends declared on shares of each category. Dividends are paid in cash, and in cases provided for by the charter of the company, in other property. The amount of annual dividends cannot be more than recommended by the board of directors of the company. If the charter of the company or the decision of the general meeting of shareholders does not determine the date of payment of annual dividends, the period for their payment should not exceed 60 days from the date of the decision to pay annual dividends.

One of the methods to increase the equity capital of an enterprise is franchising - the sale of a license or rights to use a trademark, technologies, consultations, other methods of working in the market of a well-known company (franchisor) to a little-known company (franchisee), which ensures mutual benefit of the parties and the involvement of the franchisee's capital in the franchisor's business , strengthening the competitiveness of the latter and the quality of products, works, services (11,287). Franchising, which has become a very common method of raising investment capital in global business, is able to attract debt and equity capital from many investors, including small business entrepreneurs and even individuals seeking to start their own business.

The theory of enterprise equity management. Own capital management. Profit distribution policy of AvtoAlliance LLC

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25. Equity management

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1. The concept and methodology of managing the company's own capital

1.1 The essence and concept of the capital of the organization

1. 2 The composition and structure of the company's own capital

Reporting data on equity should be presented in the relevant section of the balance sheet with at least the following indicators presented in table 1.

Table 1 -

Equity indicators

Section IV

In accordance with form No. 1

by order of the Ministry of Finance of the Russian Federation

from 22.07. 2003 No. 67n

1. Authorized capital

2. Additional capital

3. Reserve capital

including:

reserves formed in accordance with constituent documents;

1. Authorized capital

2. Additional capital

3. Reserve capital

including:

reserves formed in accordance with the law;

reserves formed in accordance with the constituent documents.

The most adequate way to disclose the constituent parts of the equity capital of commercial organizations (joint stock companies) is presented in Table 2.

1. 3 At governing body own capital enterprises

The purpose of enterprise capital management is the financial result.

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