1. The Finance Houses Association is an organization of financial companies formed in 1945 to regulate installment trading and negotiate acceptable obligations and terms with the government. Members of this organization still control the majority of installment sales arrangements in the UK today.
2. Financial Intermediaries, Managers and Brokers Regulatori Association, FIMBRA- Regulatory organization of financial intermediaries, managers and brokers. It is a self-regulatory organization established to regulate the activities of organizations that trade in securities and manage portfolios. valuable papers, mutual trusts (funds), insurance companies that operate life insurance policies associated with shares and independent financial advisers. The association is part common system measures to protect the interests of private investors taken by the Office of Personal Investments.
3. Self Regulating Organization, S.R.O.- self-regulatory organization. Created to regulate the activities of investment financial institutions, as well as to develop and introduce certain rules of conduct.
4. First, the UK Securities and Investments Authority recognized five self-regulatory organizations reporting to it. In April 1991, as a result of the merger of the Securities Association Ltd, SFA and the Association of Futures Brokers and Dealers Ltd, AFBD into the Securities and Futures Organization Securities and Futures Authority Ltd, SFA, their number was reduced to four.
5. Life Assurance and Unit Trust Regulatory Organization, LAUTRO- Regulatory organization of life insurance companies and unit trusts offering and unit trusts as principals.
6. Investment Managers Regulatory Organization, IMRO- Regulatory organization of investment managers, which controls all institutions that carry out investment management.
7. Personal Investment Authority, PIA- valid since April 1993. It is a Personal Investment Organization that oversees the activities of investment institutions that primarily work with private investors.
US associations
1. Commodity Futures Trading Commission, CFTC- Established by the US Congress in 1974. Since then, it has been one of the most respected organizations in the world among foreign exchange and futures brokers. Commissions are constantly renewed, and the terms of reference are expanding.
It's independent federal agency, the US government agency that oversees commodity futures and options trading. The Commission ensures that prices in the futures markets reflect the real state of supply and demand, and not excessive speculation. If the commission considers it necessary to reduce, eliminate or prevent such influence, it has the right to establish restrictions on trade.
To ensure the financial and market integrity and transparency of the national futures markets, the CFTC controls the definitions and terms of futures and options contract specifications. Before an exchange is allowed to trade a certain type of contract, it must prove that the contract is in accordance with prevailing market conditions and trading practices for that asset.
Companies and individuals managing various funds, as well as consulting firms must be members of the National Futures Association, NFA, a self-regulatory institution authorized by the Commission. All firms and individuals doing business on any US futures exchange are required to be registered with the CFTC. Registration is through NFA.
2. Federal legislation, adopted under the influence of the crisis of depository institutions in the late 80s of the last century, changed the structure of the deposit insurance system, created bank insurance and the Insurance Fund for Savings and Loan Associations, acting under the leadership of Federal Deposit Insurance.
International Tax Association
International Fiscal Association, IFA- an international non-governmental organization, which is a center for the study of tax law, financial and economic aspects of taxation in different countries of the world, as well as issues of regulation of international tax relations. Founded in 1938, registered as a legal entity in the Kingdom of the Netherlands. The seat of the General Secretariat is the city of Rotterdam.
It has over 10,000 members from over 100 countries. Over fifty national branches have been established. Since 1939, the IBFD International Tax Information Bureau has been operating under the association. IFA has consultative status with the UN, UNESCO, IMF, OECD, Commission of the European Communities. Its representatives participated in the work of a special group under ECOSOC on the preparation of the UN Model Tax Convention.
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International rating agents t stva, International rating agencies
Fitch Ratings, Moodis, S&P, Morningstar, DBRS, A. M. Best Company are organizations that specialize in assessing the creditworthiness of issuers and the investment quality of issued securities. In other words, they evaluate solvency, credit rating. They reflect the risk of non-payment on a debt obligation and affect the interest rate, the cost and profitability of debt obligations.
Experienced investors never use only one international rating agency in their analysis.
Rating is commercial service. It is ordered by states, firms, financial companies. The presence of a rating gives issuers the opportunity to offer theirs to a wider range of investors, reduces interest rates on loans, and also makes the issuer known and has an impact on reputation.
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In associations of independent enterprises, the members of the company depend on each other, coordinate all or part of the activities, exchange shares, but at the same time, management rights are not transferred to anyone. The organizational structure is symmetrical. Such associations include syndicates, alliances, industrial (commercial, financial, consulting) groups, network organizations.
Syndicate- an association of homogeneous industrial enterprises created for the purpose of marketing products through a common sales office, organized in the form of a special trading company or partnership ( joint stock company, societies with limited liability etc.), with which each of the participants in the syndicate concludes an agreement on the sale of their products, identical in terms of its terms, which also purchases raw materials for the participants in the syndicate. The form of a syndicate is most common in industries with mass homogeneous products: mining, metallurgical, chemical.
The main features of the syndicate:
The Syndicate is not a legal entity;
Preservation by the participants of the syndicate of legal, industrial, but limited commercial independence;
Variety cartel agreement;
Elimination of internal competition among its participants;
Centralization of sales of products of participants through a single marketing body (depending on the terms of the agreement, not all, but only a certain part of the products of syndicate participants can be sold through a single marketing body);
Preservation by the members of the syndicate of their own sales network, which is closely connected with the syndicate sales office or company;
Purchasing raw materials for syndicate participants through a syndicate sales office or marketing company;
General structure for the promotion of goods and services on the markets, sales management, as well as planning in terms of sales and marketing.
strategic alliance- an agreement on the cooperation of two or more independent firms to achieve certain commercial goals, to obtain synergy of the combined and interconnected strategic resources of the companies. An alliance is an analogue of a syndicate in the financial (investment, banking) sector.
The main features of the strategic alliance:
Cooperation agreements between firms that go beyond the usual trading operations, but not leading the matter to a merger of companies; this type of economic association is based on the conclusion of medium-term or long-term, bilateral or multilateral agreements;
A strategic alliance can include not only suppliers and customers, but also competitors;
Within the framework of strategic alliances, joint coordination (centralization) is carried out strategic planning and management of participants in activities;
Strategic alliances are formed on the basis of horizontal inter-company cooperation, as well as between companies engaged in related fields of activity and having complementary technologies and experience;
The Alliance, as a rule, is not a separate legal entity;
Strategic alliances are quite mobile, free for partners, more future-oriented, reduce ambiguity and uncertainty in partner relations, increase stability in resource provision and distribution of products and services.
Industrial (commercial, financial, consulting) group- an association of enterprises leading a coordinated industrial, commercial, financial or consulting policy. Businesses usually keep general records and manage general finances. Sometimes members of the group exchange shares of each other or create joint ventures. Option industrial group is a network organization.
Associations of independent enterprises (entrepreneurs) are created when there are several (many) enterprises of the same profile that have and are aware of common interests, goals and are not direct competitors. The relationship between the association and its members is contractual; one can join and leave the association at any time without the consent of its other members. At the same time, the participants of the company do not lose their independence and the rights of a legal entity.
Cartel- an association, as a rule, of firms in the same industry that enter into an agreement with each other regarding various parties commercial activities companies - about prices, sales markets, production and sales volumes, assortment, patent exchange, terms of employment work force etc. The purpose of creating a cartel is to make a profit in the common interests of the participants by eliminating or regulating competition between cartel participants, as well as by suppressing external competition.
The main features of the cartel:
The contractual nature of the association;
A form of collusion by a group of producers with the aim of completely or partially eliminating competition between them and obtaining monopoly profits;
Preservation of the ownership right of cartel participants to their enterprises and the economic, financial and legal independence provided by this;
Consolidation of a number of companies, as a rule, of the same industry and product range;
Joint activities for the sale of products, which may apply to a certain extent to its production;
Regulation in the first place of the marketing of products;
The presence of a system of enforcement, including the identification of violations and sanctions against violators.
In accordance with antitrust laws in most countries, cartel agreements are prohibited, with the exception of certain industries (primarily Agriculture), and established a permitting procedure for their activities under special conditions. As a rule, cartels associated with price fixing, market division and limitation of output are prohibited by law. production capacity, that is, those agreed measures that are aimed at distorting or restricting competition.
The ban can be lifted for the following types of cartels:
Cartels with a small market share (for example, within the European Union: if the market share covered by the agreement does not exceed 5% of the production of a certain product and the average annual turnover of the companies participating in the agreement does not exceed 200 million ECU);
Cartels whose activities are based on the development of a new market;
Cartels that benefit the economy of the entire country, such as promoting technological progress;
- "crisis" cartels, that is, cartels that reduce, for example, excess production capacity.
In the countries of Western Europe, where there is special legislation dividing cartels into "desirable" and "harmful", there are hundreds of officially registered cartel agreements, not counting those that exist without registration. In the US, cartels are illegal. Their functions are performed by commercial and industrial associations (unions of entrepreneurs), which carry out inter-company regulation of the market on an industry-wide scale.
An agreement to form a cartel is not always a written contract. The cartel agreement often exists behind the scenes, in the form of secret articles supplementing some official text, or in the oral form of "gentleman's agreements." A kind of cartel is a pool.
Pool- a form of business combination that provides for the consolidation of the funds of its participants for the joint operation of a certain part of the market and the distribution of income at the end of the "pool" period, in a predetermined proportion.
The main features of the pool:
An entrepreneurial association, drawn up by a simple partnership agreement;
The organizational form of integration is one of the forms of monopolistic associations of companies, a kind of cartels;
Pooling of companies is usually temporary;
Within the pool, the rules for the distribution of common expenses and profits are established;
The profit received by the pool participants first goes to the common shared ownership of the participants, and then is distributed among them in accordance with the simple partnership agreement.
Consortium- a temporary contractual association of economically independent firms, the purpose of which may be different types their coordinated entrepreneurial activity, more often for joint struggle for obtaining orders and their joint execution.
The main features of the consortium:
A consortium may be created with or without the formation of a legal entity;
As a rule, within the framework of the consortium, the participants do not form any organizational structures, with the exception of a small apparatus (for example, the board of directors of a consortium);
The organization of the consortium is formalized by agreement;
The contractual nature of the relationship between the participants, the consortium and the customer, as well as third parties;
The companies included in the consortium fully retain their economic and legal independence, with the exception of that part of the activity that is related to the achievement of the goals of the consortium;
The purpose of creating consortiums is to combine efforts for the implementation of a specific project, usually in the field of their core business, the implementation of science and capital-intensive projects, including international ones, or the joint conduct of large financial transactions;
Companies can be members of several consortiums at the same time;
Enterprises can participate in a particular consortium with part of their resources, and use the rest in other business areas.
AT network organization some of the functions essential for the business, primarily production, were transferred on a contract basis to third-party contractors. In network organizations, information cooperative ties come to the fore, and production integration complements it.
Conglomerate- an organizational form of integration of companies, uniting under a single financial control a whole network of heterogeneous enterprises, regardless of their horizontal and vertical integration, as well as industrial community.
The main features of the conglomerate:
Integration of enterprises of various industries without the presence of a production community and target unity;
The merged companies, as a rule, retain legal and production and economic independence, but become completely financially dependent on the parent company;
Conglomerates are characterized by significant decentralization of management;
The main levers for managing conglomerates are financial and economic methods, indirect regulation of the activities of divisions by the holding company at the head of the conglomerate;
A special financial core is formed in the structure of the conglomerate, which, in addition to the holding, includes large financial and investment companies.
One of the types of informal associations in modern conditions is the formation of a set clusters, that is, interconnected business units that implement one program based on common competitive advantages. The relationship between the participants of the association can be of a different nature: technological, functional, organizational, economic, financial.
The principal characteristic of a cluster is its initial orientation towards the realization of the interests of the territory (territories), in contrast to other types of associations created based on the interests of their members.
Another feature of the cluster is manifested in its economic function of realizing the competitive advantages of territories external to it. In other associations or implemented competitive advantages inherent in one or another of their participants, or competitive advantages that have arisen as a result of integration. The creation of a cluster complements the original advantages by introducing new ones inherent in the cluster itself as a system.
One of the goals of the cluster is either the creation or development of new technologies, products, services. Other types of joins may also have this target, but it is not required. Much more significant for Russian business units is the optimization of financial flows to reduce the loss of income received "on the side".
The benefits of a cluster for its members are objective, that is, they do not depend specifically on any of them. Therefore, clusters are potentially more stable than other types of joins.
The essential characteristics inherent in clusters as a special type of associations include, first of all, technological ties that are formed between related industries and mediate the movement material resources between cluster members. Technological connections in the general case, this is the necessary, simplest form of relations in the conditions of the existing division of labor, mediating economic and organizational ones.
Essentially, for a cluster, the initial system-forming links are functional, since the synergistic effect arises in connection with the combination of elements that functionally complement each other. It is functional ties that determine the nature of organizational and economic ties. The role of organizational and economic relations is in the institutionalization of a set of business entities and its transformation into a cluster as a kind of integrity.
A feature of the cluster is that the business units included in it, in the process of their interaction, enhance the competitiveness of other business units. There is a chain reaction of increasing competitiveness as a result of the inclusion in the cluster of enterprises that realize the natural competitive advantages of the territories and form new advantages through the activities of supporting enterprises.
CONTROL QUESTIONS AND TASKS
1. Define integration.
2. Define the main forms of commercial integration.
3. What organizational forms of integration are associations of dependent enterprises?
4. Define a holding.
5. What are the ways to create holdings?
6. What is the purpose of creating holdings?
7. What is a concern?
8. What are the features of the concern?
9. Why are the enterprises belonging to the concern dependent?
10. What is the structure transnational company?
11. What is a trust?
12. What are the characteristics of a trust?
13. Are all enterprises included in the trust subordinate to the parent company?
14. Define the financial and industrial group.
15. What organizational forms of integration are associations of partially dependent enterprises?
16. What is the definition of a syndicate?
17. What are the features of the syndicate?
18. Define a strategic alliance.
19. What are the features of a strategic alliance?
20. Describe the essence of the association of enterprises into an industrial (commercial, financial, consulting) group.
21. What organizational forms of integration are associations of independent enterprises?
22. Define a cartel.
23. What is the purpose and features of the creation of a cartel?
24. What is a pool?
25. What are the main features of the pool?
26. What is a consortium?
27. What are the main features of the consortium?
28. Describe the integrated structure - a conglomerate.
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Tutorial
VORONEZH UDC 338 (075.8) LBC 65.9 (2) E 40 Yu.I. Treshchevsky (Foreword
Objects and subjects of the economy in a market environment
Starting to study the course, it is necessary to determine its subject and the range of problems arising from it. Ontologically, economics is usually called the science of the laws of the functioning of economic systems.
Essence, signs and structure of the enterprise
An enterprise is a business unit economic system countries. This is a complex concept containing economic, organizational aspects. Therefore, we can consider only a few
Enterprises
The organization of an enterprise is usually understood as a spatio-temporal structure production assets and labor force and their interaction to achieve the goals of its activities. Organization
Entrepreneurial activity
Entrepreneurship can be seen as economic category, form of management and type of economic thinking. As a form of economic activity, it is characterized by the following
Business partnerships
Partnerships include commercial organizations with shared capital divided into shares (contributions) of founders (participants). Business partnerships may be created in the form of a full-fledged
Main comparative characteristics of business partnerships
Characteristics Partnership - an association of persons for entrepreneurial activities General partnership
Business companies
Business companies are voluntary associations of individuals and legal entities whose property becomes the property of the company in accordance with the constituent document
With limited liability
Characteristics 1. Founders One or more persons under the agreement and charter Number of participants no more than 50 One person may
Production cooperative (artel)
Production cooperative (artel) - organizational and legal form commercial organization, a voluntary association for joint economic activities based on the personal participation of a member
Unitary enterprises
A unitary enterprise is characterized by the absence of ownership of the property used. Assignment of property to the enterprise is carried out on the basis of the right of full economic management or
Unitary enterprises
Characteristics An enterprise is a property complex used for entrepreneurship, an object of the right of the State
Organizations
In accordance with the legislation of the Russian Federation, it is assumed that non-profit organizations can carry out entrepreneurial activities. Non-profit organizations are organizations
Nonprofit Transformation
Organization being transformed Organizational form resulting from transformation Decision-making body
Define business partnerships
2. In what forms can business partnerships be formed, what are their significant differences? 3. What are the main advantages and disadvantages of organizing an enterprise in the form
Commercial Integration in the 21st Century
At the beginning of the XXI century. modern economic relations have entered a new phase of development under the influence of the objective world processes of globalization, international cooperation, turning into a corporate
Consolidation of Associates
In associations of dependent enterprises, individual members transfer some management functions to other members, losing part of their independence. The organizational structure in such associations is asymmetric
Accounting and valuation of fixed assets
The same laws of the market that force replenishment of fixed assets, require the removal of obsolete units from production, do not allow the presence of idle equipment, force
Rental and leasing of property
The enterprise needs to update fixed assets in a timely manner, since the presence of obsolete equipment leads to an increase in repair costs, a slowdown in updating the range of manufactured
fixed assets
First of all, it should be noted that in the practice of accounting for the analysis and planning of fixed assets, the concept of “use efficiency” has taken root, although it is quite obvious that these are completely different concepts.
Rationing of working capital
In modern conditions correct definition needs for working capital ah is significant. The process of developing economically sound norms for the stock of working capital necessary
Calculation of the duration of the production cycle
Products or a group of products Production period of products, days Share of products in the total volume of products at the planned cost
Indicators of the effectiveness of the use of working capital
The efficiency of the use of working capital is characterized by a system of economic indicators, primarily the turnover of working capital. Under working capital turnover
Ways to improve the use of working capital
The effectiveness of the use of working capital depends on many factors. Among them, one can single out external factors that influence regardless of the interests and activities of the enterprise, and internally
Enterprise personnel
Staff ( labor personnel) enterprises - the main composition of qualified employees of an enterprise, firm, organization. Typically, the labor force of an enterprise is divided into two categories:
Organization of wages
Considering the essence of the concept of "salary", it should be borne in mind that it is used in relation to persons who are employed and receive remuneration for their work in a predetermined
Headcount planning
Planning the number of basic workers depends on the nature of production processes and labor organization. In the work performed by pieceworkers, the number is determined based on
Observation methods
The method of direct observations is carried out in 4 stages: - preparation for observation, - observation, - processing of observation data. - analysis of results and
Labour Organization
The organization of labor is an integral part of the organization of production at the enterprise. The organization of labor is understood as a set of measures aimed at the most appropriate use
The concept and methods of measuring labor productivity
Labor productivity reflects the degree of efficiency of expedient productive activities over a certain period of time. If the productive force tr
Factors and reserves of labor productivity growth
There are concepts of "factors", "conditions" and "reserves" of labor productivity growth. The factors of labor productivity growth should be understood as the totality of objective and subjective factors.
Planning of labor productivity by factors. Influence of Market Factors on Labor Costs
The choice of method for changing labor productivity depends on the planning object: workplace, site, workshop, enterprise, company, region, industry; planning horizon: tactical or strategist
Programs
In a market economy, the interests of buyers (demand) and sellers (supply) are coordinated through the existing price mechanism. They serve as a signal of relative scarcity (cause of increased
and production program
In today's dynamically changing economy, the priority task at the enterprise is to build such a strategy for managing production resources, which would be aimed at forming
Production in kind
The process of changing the nomenclature depends on many factors and, above all, on the type production system: an enterprise of a technological or market (marketing) type of production. If the main
production program
Generalizing indicator production program enterprises is the volume of sales or products sold. The volume of sales more objectively reflects the result of the enterprise's activity as an output
production capacity
When calculating the production capacity, the starting position is the production program. The accepted version of the production program is checked for compliance with the production
Methodology for calculating production capacity
enterprises (on the example of mechanical engineering) The production capacity at the end of the planning period (MK) is determined on the basis of the initial capacity (at the beginning
Principles and methods of planning
When planning the development of an enterprise, quantitative and qualitative changes in the enterprise, planned actions to achieve the necessary changes are justified. Base Planning
Development of programs and projects for the development of enterprises
Targeted comprehensive programs are developed and implemented to solve individual, clearly defined problems, they link planned actions, coordinate the efforts of industries, the region
indicative planning
Indicative planning in market conditions due to: the social nature of production, formed as a result of its integration; the need for macroeconomic balance
Strategic and tactical planning
Planning involves the coordination of strategic and tactical plans with the leading role of the strategic; long-term, medium-term and annual, which differ significantly, but
Enterprise business plan
Recently, for the activities of the majority Russian companies it becomes increasingly necessary to anticipate changes in the market situation. The current economic situation is
Research work
object scientific research and development is the production process as a whole. R&D materializes in progressive changes in the product, technique, technology and organization of production at the enterprise.
Design preparation of production
The main task of the design preparation of production is the development of design and technical documentation for the designed product required quality in the minimum time. One of the
Technological preparation of production
The release of a new product based on the developed design is possible only if there is a carefully developed technological documentation and with the use of technological equipment of the manufacturer.
Organizational-economic, socio-psychological and environmental preparation of production
The production of new products is impossible without restructuring the existing production process and all its constituent elements. The development of new types of products requires a change in the forms and methods of organizing
Improving the efficiency of production preparation
One of the main indicators of the effectiveness of pre-production is the duration of the cycle (TC) - the calendar time from the beginning to the end of the pre-production of a new product:
Production structure of the enterprise
The organization of production processes is an association of people, tools and objects of labor into a single process of production of material goods, provided that
Production structure of a chemical-pharmaceutical plant
Main workshops Auxiliary divisions Servicing divisions 1. Ampoule 2. Leukoplasts
In time
The main requirement for the rational organization of the production process is to ensure the minimum duration production cycle product manufacturing. Temporary times
production
The concept of operational management, established in the theory and practice of production management, is related to the final stage of this process. Operational production management
For various types of production
One of the fundamental functions of the PMO is operational scheduling, which is based on the calendar and planning standards (CPT) of production. Calendar and planning standard
Operational production management systems
The need for systems operational management production (OUP) is associated with determining the degree of centralization operational planning, operational accounting and regulation by levels of adoption
Enterprise infrastructures
The normal productive work of the main production units at the enterprise is possible only if all the components necessary for the manufacture of products are in good working order.
production
Tool maintenance of production - a system that provides: - regular and timely provision of tools and technological equipment of the appropriate quality;
Repair service of production
Uninterrupted and high-quality operation of the equipment is supported by the organization and planning of repair maintenance of production. The essence of maintenance is
Transport service of production
Basis for quantification Vehicle, routes of intershop and intrashop transportation, organization of the work of the transport shop are the cargo flow and cargo turnover. Freight traffic -
Organization of warehouse activities at the enterprise
Warehouses also belong to the service sector. A modern large warehouse is a complex technical structure, consisting of numerous interconnected elements.
Energy service of production
Energy service of the enterprise is a system of reliable and uninterrupted supply of energy (electricity, steam, hot water, compressed air, etc.)
risk management
AT economic literature There are quite a number of approaches to risk management. In a broad sense, risk management is understood as the science of ensuring the conditions for successful functioning.
Risk assessment
The concepts of "damage", "loss" are closely related to the concept of "risk". If the risk is an indefinite possibility of loss, damage and destruction, then the loss is associated with the realization of the risk, that is, I
Risk Management Methods
All methods of influencing risk can be divided into the following main groups: risk rejection, risk acceptance, risk reduction, risk transfer. In the practice of the company, there are
In case of proportional insurance, the insurer must pay to the insured upon the occurrence of an insured event the established share of the total loss
Non-proportional insurance allows you to separate approaches to financing risks depending on the size and origin and, at the same time, combine these approaches in one contract. After
Features of venture business
Venture (risk) business is the entrepreneurial activity of some creative group of innovators (usually small), which plans or is already receiving income for
Strategic choice and methods of competition
The concept of strategic choice involves choosing one of the following options: - to remain the dominant leader; - overtake the industry leader; - be among
Types of Competitive Strategies
Problems of methodology, methods and tools of competitive strategies have been developed by many scientists and practitioners both in our country and abroad. Variety of competitive strategies
The essence of the economic security of the enterprise
Increasing the pace of change in modern society, globalization, informatization and the intensification of competition actualize the problem of providing economic security enterprises, reducing p
Conditions and factors of economic security
The economic security of an enterprise is mediated by the interaction of a large number of various factors. Some of them (for example, specifications fixed assets, number of employees
Enterprises: goals, objectives, principles of organization
In order to control the level of economic security of an enterprise, it is necessary to form and operate a system for ensuring economic security, which combines all the interests
Enterprises
The impact of subjects of economic security on objects is carried out through a special mechanism - a mechanism for ensuring the economic security of an enterprise, which is a
Cost groupings
Grouping attribute Cost grouping By cost elements
At the enterprise
The plan for the cost of production is one of the most important sections of the plan for the socio-economic development of the enterprise. Main planned indicators determined by the enterprise
Enterprise Cost Management
Traditional cost management systems have largely relied on cost estimates to estimate inventories and determine profits. Modern approaches in planning, accounting,
Significant for the choice of assessment methodology financial condition enterprises have intensive structural shifts taking place in the country's economy at the macro-, meso- and micro levels, including
The financial condition of enterprises
The methodology and methodological approaches to assessing the financial condition of enterprises have been proposed by many authors. Almost all authors pay attention to liquidity indicators. V.V. Kovalev, V.V.
The results of intellectual activity at the heart of the project
The Patent Law of the Russian Federation regulates relations arising in connection with the legal protection and use of inventions, utility models and industrial designs. He points to the need
Price definitions
One of the main ways in which an enterprise uses intellectual property is by licensing it. The license provides permission for use by other individuals or
Types of license agreements and their characteristics
Classification sign Type of license Description
Determining the license price based on the licensee's profit margin
The size of the licensee's profit is influenced by such indicators as the volume of products produced and the profit from the sale of each unit of this product on the market. Based on this, the estimated price of the license
Determining the price of a royalty-based license
Royalty is a fee paid to the licensor in the form of interest or fixed amounts from the cost (selling price) of products sold by the licensee, manufactured according to
Essence and methods of enterprise restructuring
The basis for restructuring is the crisis state of enterprises. The crisis of enterprises is caused by a mismatch of its financial and economic parameters with the requirements environment that in St.
strategic restructuring
The specific content of the restructuring process is determined depending on which form of restructuring is used: operational or strategic. Operational restructuring
Office
Constantly changing conditions for the functioning of enterprises pose the problem of designing management structures, adapting them to new conditions. During the design process, the task is to create such
Additional
1. Abakumova N.N., Podovalova R.Ya. Income policy and wages: Tutorial. - Novosibirsk: NGAEiU; M.: INFRA-M, 1999. - 224 p. 2. Adamchuk V.V., Kokin Yu.P., Yakovlev R.A. Economy
Two or more existing enterprises join forces and establish a new joint venture. Each of existing businesses allocates part of its resources, usually in cooperation (one partner represents production facilities, the other - technology and finance), and the newly created enterprise acts in relation to them as a subsidiary.
3. Conditional division.
This is a special case - the creation of branches with special purposes - offshore, front companies and others. In the non-criminal sphere, the goals of their creation may be to reduce taxes, transfer capital to another country to reduce political risks, or circumvent antitrust laws. Other targets are less common.
So, during the division, legally independent or legally dependent enterprises may appear. In addition, they may or may not be territorially isolated.
Let's consider variants of associations of the enterprises.
Consolidation of independent enterprises;
Consolidation of partially dependent enterprises;
- Consolidation of dependent enterprises.
1. Consolidation of independent enterprises. In the first case, the members of the association retain their independence and rights in full. The union structure is symmetrical, because all its members have the same rights and obligations. Such associations include association (union), cartel and consortium.
Association- voluntary association of legal or individuals to achieve a common economic, scientific, cultural or any other, as a rule, non-commercial purpose.
As association features can be called:
ü it is the “softest” form of company integration;
ü the association is created for the purpose of cooperation activities of a recommendatory nature;
ü centralization of certain functions, mainly informational in nature, is possible;
ü members of the association (union) retain their economic independence and the rights of a legal entity;
the association is not responsible for the obligations of its members;
ü members of the association bear subsidiary liability for its obligations in the amount and in the manner prescribed by the founding documents of the association;
Members of the association have the right to use its services free of charge.
If, by decision of the participants, the association (union) is entrusted with conducting business activities, such an association (union) must be transformed into a business company or partnership, or it may create a new business company for this purpose and participate in it. Members of the association have the right, at their discretion, to withdraw from it at the end of the financial year. In this case, they bear subsidiary liability for the obligations of the association in proportion to their contributions for a period of two years from the date of withdrawal. A member of the association may be expelled from it by decision of the remaining participants in the cases and in the manner prescribed by the constituent documents of the association (charter and founding agreement). With the consent of the members of the association, a new member may enter it.
Cartel- this is an association, as a rule, of firms in the same industry that enter into an agreement with each other regarding various aspects of the company's commercial activities (agreement on prices, sales markets, production and sales volumes, assortment, exchange of patents, conditions for hiring labor, etc.). d.). First of all, the sale of products is subject to regulation.
A cartel, as a rule, unites a number of companies in the same industry. In accordance with the antimonopoly legislation in most countries, cartel agreements are prohibited, with the exception of certain industries (above all, agriculture), and a permissive procedure for their activities has been established under special conditions. As a rule, cartels associated with price fixing, market division and restriction of output and production capacity are prohibited by law, i.e. those concerted measures that aim to distort or restrict competition.
The ban can be lifted for the following types of cartels :
Cartels with a small market share (for example, within the European Union: if the market share covered by the agreement does not exceed 5% of the production of a certain product;
Cartels whose activities are based on the development of a new market;
Cartels that benefit the economy of the whole country, for example, promote technological progress;
- "crisis" cartels, i.e. cartels that reduce, for example, excess production capacity.
There are a number of factors that determine the effectiveness of a cartel. First of all, it is the participation in the considered organizational form of integration of the companies of the main manufacturers of these products and their agreement with the policy of the cartel. Denial of participation in the cartel by some leading manufacturers and deception practiced by individual cartel members, together with the ability of the buyer to switch to substitute products, can undermine the cartel's control over the price of products.
Consortium– temporary contractual association for the implementation of joint projects. Most often, consortiums are created to develop mineral deposits. At the same time, an enterprise can participate in a particular consortium with part of its resources, and use the rest in other areas of business.
Associations of independent enterprises (entrepreneurs) are created when there are several (many) enterprises of the same profile that have and are aware of common interests and / or goals and are not direct competitors. Relations between the members of the association and the association are purely contractual, one can join and leave the association at any time without the consent of its other members, the members of the association do not lose their independence and the rights of a legal entity.
1. Consolidation of partially dependent enterprises.
In the second case (association of partially dependent enterprises), by the time of its creation, the members of the association are to a certain extent dependent on each other, coordinate all or part of their activities, exchange shares, but at the same time rights in the field of management are not transferred to anyone. The structure is also symmetrical in this case. Such associations include syndicate and industrial (commercial, financial, consulting) group.
Syndicate- an association that has overall structure promotion of goods and services on the markets, carrying out general sales management, as well as general planning in terms of sales and marketing.
Industrial (commercial, financial, consulting) group- an association of enterprises leading a coordinated industrial, commercial, financial, consulting policy. Businesses usually keep general records and manage general finances. It is not uncommon for members of a group to mutually exchange each other's shares or form joint ventures.
3. Consolidation of dependent enterprises.
In the third case, some members of the association transfer some management functions to others, losing some of their independence. The structure turns out to be asymmetric, with different rights and obligations for different members of the association. Such associations include concern, FIG (financial and industrial groups).
Concern- this is a form of association (usually diversified) of independent enterprises connected through a system of participation in capital, financial ties, agreements on the community of interests, personal unions, patent license agreements, close industrial cooperation.
Features of concerns:
- a concern is usually a production association;
The companies included in the group nominally remain independent legal entities in the form of joint stock or other business companies or partnerships, but are actually subordinate to a single economic manager;
Within the framework of the concern, financial and economic management, scientific and technical policy, pricing, use of production capacities, personnel policy are centralized;
The parent company of the concern, as a rule, is organized in the form of a holding company (mainly as a mixed holding) or on the basis of the interaction of the dominant and dependent (associated) companies;
The activity of the concern is mainly focused on production, therefore, the production company, which is the holder of controlling stakes in subsidiaries, most often acts as the parent (head) company;
Within the framework of this form, the activities of the companies forming it are fully controlled.
Depending on the nature of integration ties between companies, the following types of concerns are distinguished:
From the point of view of the system of participation in capital, two types of concerns can be distinguished:
Concern of subordination is created, as a rule, to combine production along the technological chain, and concern coordination – in order to integrate such activities as the implementation of a unified financial or scientific and technical policy, the coordinated production development of companies, personnel policy etc. Concerns with foreign subsidiaries are international concerns. Moreover, the investments of international concerns can be both transnational and transcontinental. Large concerns unite from 10 to 100 or more companies, including manufacturing, research, financial, marketing and other firms.
Financial and industrial group- a set of legal entities operating as main and subsidiary companies, either fully or partially combining their tangible and intangible assets on the basis of an agreement on the creation of FIGs for the purpose of technological or economic integration for the implementation of investment and other projects and programs. Participation in more than one financial and industrial group is not allowed in the Russian Federation.
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| Agreement on the establishment of a financial and industrial group. | - name of the financial and industrial group; - the procedure and conditions for the establishment of the central company of the financial and industrial group; - the procedure for formation, the scope of powers and other conditions for the operation of the board of directors of the financial and industrial group; - the procedure for making changes to the membership of the financial and industrial group; - the volume, procedure and conditions for merging assets; - the purpose of the association of participants; - contract time. |
| The supreme governing body of the financial and industrial group. | Board of Governors of the financial and industrial group, including representatives of all its members. The competence of the Board of Governors is established by the agreement on the establishment of a financial and industrial group. |
| Members of the financial and industrial group. | The members of the financial and industrial group are legal entities, who have signed an agreement on the establishment of a financial and industrial group, and the central company of the financial and industrial group established by them or the main and subsidiaries forming the financial and industrial group. Among the participants of the financial-industrial group, there must be organizations operating in the production of goods and services, as well as banks or other credit organizations. |
Basic principles of functioning of FIG.
In the general case, PPGs can be of three species:
Vertically integrated;
Horizontally integrated;
conglomerate type.
* Allocation of resources - the distribution of scarce resources in accordance with the given goals.
On the throughout development market relations organizations aspired to various kinds of interactions and associations. These are strategic alliances, consortiums, cartels, syndicates, pools, associations, conglomerates, trusts, concerns, industrial holdings, financial and industrial groups. Despite the absence in the Civil Code of Russia (as well as other countries) of the above names organizational forms integration of companies to designate a specific legal entity, all these forms of associations actually take place, which means that there is a certain management structure for such associations. Therefore, the manager needs to know what they are.
Concern- a form of association (usually diversified) of independent organizations connected through a system of participation in capital, financial ties, agreements on the community of interests, patent license agreements, close industrial cooperation.
The main features of the corporations are as follows:
This is one of the most rigid forms of company integration. Within the framework of this form, the activities of the organizations forming it are fully controlled.
Within the framework of the concern, financial and economic management, scientific and technical policy, pricing, and the use of production capacities are centralized.
The parent company, as a rule, is organized as a holding company, which is the holder of a controlling stake in subsidiaries.
The companies included in the concern nominally remain independent legal entities in the form of joint-stock or other companies, but in fact they are subordinate to a single economic manager.
Large concerns unite from 10 to 100 or more organizations, including manufacturing, research, financial, sales, etc. For example, General Motors unites 126 plants in the USA, 13 in Canada, production and sales divisions in 36 countries around the world. The concern's products are sold through its own distribution networks and networks of dealers, comprising more than 15 thousand companies.
Conglomerate- a form of integration of companies, uniting under a single financial control a whole network of heterogeneous enterprises, which arises as a result of the merger of various firms, regardless of their horizontal and vertical integration.
The main features of the conglomerate:
The merged organizations, as a rule, retain their legal, production and economic independence, but become completely financially dependent on the parent company.
Financial and economic methods act as the main levers for managing conglomerates. ;
Conglomerates are characterized by significant decentralization of management.
Mitsubishi, Hanson and others act as a conglomerate. For example, Hanson acquires technologically simple firms in stable market sectors, seeks to reduce production costs in the acquired company and strictly controls the work of managers, making sure that they fit into the allotted budget. Through tough austerity and control measures, the conglomerate is getting good results from once-losing businesses.
Consortium- a temporary union of economically independent firms, the purpose of which may be different types of their business activities, more often for a joint struggle for obtaining orders and their joint execution.
The main feature of the consortium: the participants, as a rule, do not form any organizational structures, with the exception of a small apparatus (usually the board of directors of the consortium).
An example is the Airbas Indastri consortium, which controls about 30% of the civil aircraft market. The consortium participants were 4 leading aircraft manufacturing companies of Western Europe: Aerospatiale (France), Daimler Chrysler Aerospacte (Germany), Brtish Aerospacte (Great Britain) and CASA (Spain). The purpose of creation is the design and manufacture of aircraft. The consortium is registered as a legal entity under the laws of France in the legal form of "association of economic interests". This organizational and legal form was chosen due to the fact that it does not involve the formation of a single capital by the participants, there is no need to reflect profit or loss, present financial statements. The consortium has its own central management staff of 2,700 people involved in the management, marketing, sales and after-sales service of aircraft.
Consortiums of a new type have appeared, in which states act as participants, for example, INTELSAT, the International Satellite Communications Consortium.
Cartel- a form of integration of firms in the same industry, which enter into an agreement with each other regarding various aspects of commercial activity: agreements on prices, sales markets, production and sales volumes, assortment, terms of employment. Cartel agreements often exist behind the scenes, in the form of secret clauses or "gentleman's agreements."
One of the features of cartels is the presence of a system of coercion, including the identification of violations and sanctions against violators. In accordance with antitrust laws in most countries, cartel agreements are prohibited if they cover more than a specified percentage of the market, excluding agriculture.
Syndicate- this is a kind of cartel agreement; a form of integration of homogeneous industrial organizations created for the purpose of marketing products through a common sales office, organized in the form of a special trading company (joint-stock company with limited liability, etc.), with which each of the participants in the syndicate enters into an agreement identical in its terms | its products.
Pool- a form of integration of organizations, characterized in that the profit of all participants in the pool goes to a common fund (boiler) and then is distributed among them according to a previously established proportion. Association of organizations in the form of a pool is usually temporary. Let's note some types of pools:
Exchange- the pooling of financial resources to increase or decrease the price of shares on the stock exchange and | in a speculative game.
Trade- an association in which the participants agree on the accumulation and delay in the warehouses of any product until the moment most favorable for its sale at increased prices as a result of an artificially created shortage. Such actions are very familiar to Russians.
Trust- a form of integration in which the organizations included in it merge into a single production complex and lose their legal, industrial and commercial independence. Management is carried out from a single center. The total profit of the trust is distributed in accordance with equity participation individual enterprises.
A feature of trusts is that this is the most rigid integration of all considered. Here, all parties to the economic activity of the organization are united, and not any party, as in a cartel or syndicate. Organizations are losing their legal, economic, industrial and commercial independence. The trust is distinguished by the homogeneity of its activities, all organizations are subject to a single management.
Association- voluntary association of legal entities or individuals to achieve a common economic, scientific, cultural or any other, as a rule, non-commercial goal. This is the softest form of integration. The Association is not liable for the obligations of its members, but the members of the Association bear subsidiary liability for its obligations in the amount and in the manner prescribed by the founding documents.
strategic alliance- an agreement on the cooperation of two or more independent organizations to achieve certain commercial goals, to obtain synergy of the combined and complementary strategic resources of organizations. Today it is the most promising form of integration. It is predicted that in the 21st century they will become the most important competitive tool. Making alliances is the fastest and cheapest way to implement a global strategy. In strategic alliances, it does not come to the merger of organizations. Within the framework of the alliance, strategic planning and management are jointly coordinated, which makes it possible to negotiate long-term partnerships with benefits. An example is a part of strategic alliances Toshiba:
Alliance with Sweden's Ericsson, one of the largest manufacturers of telecommunications equipment, to develop new communications equipment;
Alliance with Sun Microsystems, a leader in microprocessor manufacturing, to develop portable
Alliance with IBM and Simens to develop and manufacture high power memory chips for use in computers.
System of management methods Essence and classification of methods
For an organization to function successfully, it must be managed in a systematic and transparent manner. To achieve these goals, various management methods are used.
Management methods are understood as a set of ways and means of influence of the managing subject on the object of management in order to achieve certain goals. Among the methods of management, a special place is occupied by the methods of personnel management. These are ways of influencing teams and individual workers:? the purpose of coordinating their activities in the process of implementing the goals of the organization.
It should be noted that there are methods of management and methods of the management process. Methods of the management process define the ways of performing individual operations, procedures, works that form the management process, including the rules for setting goals, methods for developing and optimizing management decisions, and organizational and practical work for their implementation. They also include methods for performing individual functions: forecasting and planning, organization of regulation and control, etc. In contrast to the methods of the control process, with the help of which only individual works, control methods characterize the completed act of influencing the control object.
Of greatest importance is the classification of management methods on the basis of objective laws inherent in social production, taking into account the specifics of the relations that develop in the process of joint labor. On this basis, economic, administrative and socio-psychological methods of management are distinguished. All these methods of management are organically interconnected.
2.3 Purposes and procedure for the merger of enterprises.
According to the legislation of the Russian Federation, enterprises can unite into concerns, associations, holdings and other associations. Associations of enterprises are created on a contractual basis in order to expand the capabilities of enterprises in production, scientific, technical and social development. At the same time, enterprises retain their independence and the rights of a legal entity. The governing bodies of the association do not have administrative power in relation to the enterprises included in the association and perform their functions on the basis of agreements with the enterprises.
Purposes of the business combination:
similar profile. The purpose of such an action may be the desire to obtain ready-made production facilities, new patents, licenses, know-how. The whole company, branch, branch can join.
Merger or takeover of a firmanother profile. The purpose of the purchase is vertical integration or diversification of production. In this case, it is even more important than in the first case to get ready-made production, experience, and specialists. Most often, diversification is most effective not into completely new or distant distant areas, but into close, related ones (computer production - software- manufacture of computer components). The whole company, branch, branch can join.
Purchasebranch, branch, branch network, distribution network. This often happens in the commercial and financial sectors. For example, a bank that wants to set up a network of branches in its city or other regions may acquire several branches or the entire network from another bank that is in trouble and needs money.
Purchase of a block of shares, up to the controlling. The goal of the entrepreneur is to obtain partial or complete control over another joint-stock company. The benefits here are the same as in the first two cases - the desire to get ready-made production, experience, specialists and thereby strengthen one's position and weaken competitors. Only the acquisition mechanisms differ.
Let's consider variants of associations of the enterprises.
Consolidation of independent enterprises;
Consolidation of partially dependent enterprises; - Consolidation of dependent enterprises.
1. Consolidation of independent enterprises. In the first case, the members of the association retain their independence and rights in full. The union structure is symmetrical, because all its members have the same rights and obligations. Such associations include association (union), cartel and consortium .
Association- voluntary association of legal entities or individuals to achieve a common economic, scientific, cultural or any other, as a rule, non-commercial goal.
As association features can be called:
it is the “softest” form of company integration;
the association is created for the purpose of cooperation activities of a recommendatory nature;
it is possible to centralize certain functions, mainly of an informational nature;
members of the association (union) retain their economic independence and the rights of a legal entity;
the association is not liable for the obligations of its members;
members of the association bear subsidiary liability for its obligations in the amount and in the manner prescribed by the founding documents of the association;
Association members have the right to use its services free of charge.
If, by decision of the participants, the association (union) is entrusted with conducting business activities, such an association (union) must be transformed into a business company or partnership, or it may create a new business company for this purpose and participate in it. Members of the association have the right, at their discretion, to withdraw from it at the end of the financial year. In this case, they bear subsidiary liability for the obligations of the association in proportion to their contributions for a period of two years from the date of withdrawal. A member of an association may be expelled from it by decision of the remaining participants in the cases and in the manner prescribed by the founding documents of the association (charter and memorandum of association). With the consent of the members of the association, a new member may enter it.
Cartel- this is an association, as a rule, of firms in the same industry that enter into an agreement with each other regarding various aspects of the company's commercial activities (agreement on prices, sales markets, production and sales volumes, assortment, exchange of patents, conditions for hiring labor, etc.). d.). First of all, the sale of products is subject to regulation.
A cartel, as a rule, unites a number of companies in the same industry. In accordance with the antimonopoly legislation in most countries, cartel agreements are prohibited, with the exception of certain industries (above all, agriculture), and a permissive procedure for their activities has been established under special conditions. As a rule, cartels associated with price fixing, market division and restriction of output and production capacity are prohibited by law, i.e. those concerted measures that aim to distort or restrict competition.
The ban can be lifted for the following types of cartels :
Cartels with a small market share (for example, within the European Union: if the market share covered by the agreement does not exceed 5% of the production of a certain product;
Cartels whose activities are based on the development of a new market;
Cartels that benefit the economy of the whole country, for example, promote technological progress;
- "crisis" cartels, i.e. cartels that reduce, for example, excess production capacity.
There are a number of factors that determine the effectiveness of a cartel. First of all, it is the participation in the considered organizational form of integration of the companies of the main manufacturers of these products and their agreement with the policy of the cartel. Denial of participation in the cartel by some leading manufacturers and deception practiced by individual cartel members, together with the ability of the buyer to switch to substitute products, can undermine the cartel's control over the price of products.
Consortium– temporary contractual association for the implementation of joint projects. Most often, consortiums are created to develop mineral deposits. At the same time, an enterprise can participate in a particular consortium with part of its resources, and use the rest in other areas of business.
Associations of independent enterprises (entrepreneurs) are created when there are several (many) enterprises of the same profile that have and are aware of common interests and / or goals and are not direct competitors. Relations between the members of the association and the association are purely contractual, one can join and leave the association at any time without the consent of its other members, the members of the association do not lose their independence and the rights of a legal entity.
Consolidation of partially dependent enterprises.
In the second case (association of partially dependent enterprises), by the time of its creation, the members of the association are to a certain extent dependent on each other, coordinate all or part of their activities, exchange shares, but at the same time rights in the field of management are not transferred to anyone. The structure is also symmetrical in this case. Such associations include syndicate and industrial (commercial, financial, consulting) group.
Syndicate- an association that has a common structure for promoting goods and services on the markets, carrying out general sales management, as well as general planning in terms of sales and marketing.
Industrial (commercial, financial, consulting) group- an association of enterprises leading a coordinated industrial, commercial, financial, consulting policy. Businesses usually keep general records and manage general finances. It is not uncommon for members of a group to mutually exchange each other's shares or form joint ventures.
3. Consolidation of dependent enterprises.
In the third case, some members of the association transfer some management functions to others, losing some of their independence. The structure turns out to be asymmetric, with different rights and obligations for different members of the association. Such associations include concern, FIG (financial and industrial groups).
Concern - this is a form of association (usually diversified) of independent enterprises connected through a system of participation in capital, financial ties, agreements on the community of interests, personal unions, patent license agreements, close industrial cooperation.
Features of concerns :
- a concern is usually a production association;
The companies included in the concern nominally remain independent legal entities in the form of joint-stock or other business companies or partnerships, but in fact they are subordinate to a single economic manager;
Within the framework of the concern, financial and economic management, scientific and technical policy, pricing, use of production capacities, personnel policy are centralized;
The parent company of the concern, as a rule, is organized in the form of a holding company (mainly as a mixed holding) or on the basis of the interaction of the dominant and dependent (associated) companies;
The activity of the concern is mainly focused on production, therefore, the production company, which is the holder of controlling stakes in subsidiaries, most often acts as the parent (head) company;
Within the framework of this form, the activities of the companies forming it are fully controlled.
Depending on the nature of integration ties between companies, the following types of concerns are distinguished:
From point of view There are two types of concerns in the system of participation in capital. :
Concern of subordination is created, as a rule, to combine production along the technological chain, and concern coordination - in order to integrate such activities as the implementation of a unified financial or scientific and technical policy, coordinated production development of companies, personnel policy, etc. Concerns with foreign subsidiaries are international concerns. Moreover, the investments of international concerns can be both transnational and transcontinental. Large concerns unite from 10 to 100 or more companies, including manufacturing, research, financial, marketing and other firms.
Financial aspects of the activities of financial and industrial groups
Financial and industrial group- a set of legal entities operating as main and subsidiary companies, either fully or partially combining their tangible and intangible assets on the basis of an agreement on the creation of FIGs for the purpose of technological or economic integration for the implementation of investment and other projects and programs. Participation in more than one financial and industrial group is not allowed in the Russian Federation.
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classification: |
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Agreement on the establishment of a financial and industrial group. |
Name of the financial and industrial group; - the procedure and conditions for the establishment of the central company of the financial and industrial group; - the procedure for formation, the scope of powers and other conditions for the operation of the board of directors of the financial and industrial group; - the procedure for making changes to the membership of the financial and industrial group; - the volume, procedure and conditions for merging assets; - the purpose of the association of participants; - contract time. |
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The supreme governing body of the financial and industrial group. |
Board of Governors of the financial and industrial group, including representatives of all its members. The competence of the Board of Governors is established by the agreement on the establishment of a financial and industrial group. |
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Members of the financial and industrial group. |
The participants of a financial and industrial group are legal entities that have signed an agreement on the creation of a financial and industrial group, and the central company of the financial and industrial group established by them, or the main and subsidiaries forming the financial and industrial group. Among the participants of the financial and industrial group, there must be organizations operating in the production of goods and services, as well as banks or other credit organizations. |
Basic principles of functioning of FIG. In the general case, PPGs can be of three species:
Vertically integrated;
Horizontally integrated;
conglomerate type.
formation of FIGs in two directions
commodity
branch
association to produce predominantly one particular good
success depends on the demand for a given product or a homogeneous group of products
formation as a diversified industry
more sustainable in the long run, but there are additional difficulties with allocation optimization * resources
* Allocation of resources - the distribution of scarce resources in accordance with the given goals.
The need to pool financial and other assets raises a number of financial reporting issues for FIGs. A high degree of pooling of members' assets, up to and including a merger, will eventually result in the group's consolidated balance sheet fully including the balance sheets of all its members.
Any participant in the FIG must maintain a separate balance sheet from the FIG in respect of a part of its own resources used outside the activity of the FIG. Determining the principles of maintaining a consolidated balance sheet can be of decisive importance for the entire financial organization of the activities of FIGs, since without balance sheet consolidation it is impossible to recognize the participants in FIGs as a consolidated group of taxpayers, which opens up significant opportunities for free maneuvering with their own resources and reducing the cost of the final product. The consolidated balance sheet makes it possible to keep a centralized account of homogeneous groups of expenses and strengthen financial control over the use of financial resources, which, together with the offset of non-payments, makes it possible to avoid their inefficient spending. FIG status as a consolidated taxpayer can be an effective financial management tool. Its consistent use allows you to plan the cost of production. The status of a consolidated taxpayer allows the central company of the FIG to freely distribute its own and borrowed resources within the group. This freedom of movement of resources is expressed in the fact that the distribution of funds within the group can occur between formally different legal entities. Such a transfer of funds should not be accompanied by corresponding tax exemptions to the budget. The right to maintain a consolidated balance sheet provides the central company with the ability to freely distribute financial resources between FPG members. This, in turn, makes it possible to speak of the central company as an institution for the formation and distribution of financial resources within FIGs and as an investment institution.
