No company can exist without financial investments. It does not matter whether the business project is at the beginning of implementation or has been in existence for several years, its owner faces a difficult task - to constantly look for and find sources of business financing.

Main types of business financing sources

Finance refers to the total amount of funds that ensure all the activities of the company: from solvency to suppliers and landlords in the present to the possibility of expanding the scope of interests in the future.

Unfortunately, from time to time there are reasons that impede the smooth and uninterrupted operation of the enterprise. Among them may be:

funds from the sale of products come later than it is time to pay off debt obligations,
inflation devalues the income received so that it is impossible to purchase raw materials for the production of the next batch of goods,
expansion of the company or the opening of a branch.

In all of the above situations, the company has to look for internal and external sources of financing.

Funding source - a donor resource that provides a permanent or temporary inflow of tangible and intangible funds. The more stable the company's business is, the higher its liquidity in the economic market, so the main headache for an entrepreneur is to find the best source of financing.

Types of funding sources:

interior,
external,
mixed.

Financial analysts insist on the idea that the main sources should be rooted in several different sources, because each of them has its own characteristics.

Internal sources

Internal sources of financing are the totality of all own tangible and intangible resources of the organization that were received as a result of the company's work. They are expressed not only in money, but also in intellectual, technical and innovative resources.

Internal sources of business financing include:

cash income,
depreciation deductions,
issued loans,
withholding salaries,
factoring,
sale of assets,
reserve profit,
redistribution of funds.

Income in money

Profit from the sale of a product or service belongs to the owners of the company. Some of them are paid as legal dividends to the founders, and some go to ensure the company's performance in the future (purchases of raw materials, payment work force, utility bills and taxes). Best suited as a source.

Depreciation deductions

This is the name of a certain amount set aside in reserve in case of breakdown or wear and tear of equipment. It should be enough to buy new technology without the risk of getting into other sources and assets. They can be used as an investment in a new idea.

Internal sources of business financing

Issued loans

Those funds that were issued to customers on a loan basis. If necessary, they can be claimed.

Withholding salaries

The employee has the right to receive payment for the work done. However, if additional investment is required new project, you can refrain from paying for a month or two, having previously agreed with the staff. This method carries a lot of risk, as it increases the debt of the company and provokes workers to strike.

Factoring

The ability to defer payments to the supplier firm by promising to pay everything with interest later.

Sale of assets

An asset is any tangible or intangible resource that has a price. If the enterprise or its participants have unused assets, such as land or a warehouse, then they can be sold, and the money raised can be invested in a new, promising project.

Reserve profit

Money that is set aside in reserve, in case of unforeseen expenses or to eliminate the consequences of force majeure and natural disasters.

Reallocation of funds

It will help out if the organization is simultaneously engaged in several directions. It is necessary to determine the most productive one and transfer finances to it from the rest, less effective ones.

Internal financing is preferable, since it does not imply outside interference with subsequent partial or even complete loss of basic control over the activities of the enterprise.

External sources

External sources of financing is the use of funds received from outside to continue the activities of the company.

Depending on the type and duration, external financing can be attracted (from investors and the state) and borrowed (credit firms, individuals and legal entities).

Examples of external funding sources:

loans,
leasing,
overdraft,
bonds,
trade loans,
equity financing,
merger with another organization
sale of shares,
government sponsorship.

Types of external sources of business financing

Loans

A loan is the most common way to get money for development, because you can not only get it quickly, but also choose the most suitable program. In addition, lending is available to most business owners.

There are two main types of loans:

commercial (provided by the supplier in the form of a deferred payment),
financial (actual cash loan from financial institutions).

The loan is issued against the working capital or property of the company. Its amount cannot exceed 1 billion rubles, which the company is obliged to return within 3 years.

Leasing

Leasing is considered one of the types of lending. It differs from a regular loan in that an organization can rent machinery or equipment and, carrying out its activities with their help, gradually pay the full amount to the rightful owner. In other words, it's a full installment plan.

On leasing it is possible to rent:

the whole enterprise
piece of land,
building,
transport,
technique,
real estate.

As a rule, leasing companies go to a meeting and provide the most favorable conditions to the borrower: they do not require collateral, do not charge interest, and individually draw up a schedule for accepting payments.

Leasing is much faster than a loan due to the lack of the need to provide a large number of documents.

Overdraft

An overdraft is a form of lending by a bank when the main account of an enterprise is linked to a credit account. The maximum amount is equal to 50% of the monthly cash turnover of the company itself.

Thus, the bank becomes an invisible financial partner, which is always aware of the commercial situation: if an organization needs investments for any needs, funds from the bank are automatically credited to its account. However, if by the end of the agreed period the issued money is not returned to the banking institution, interest will be charged.

Bonds

Under bonds, a loan with an interest rate is assumed, which is issued by the investor.

By time, there can be long-term (from 7 years), medium-term (up to 7 years) and short-term (up to 2 years) bonds.

There are two types of bonds:

coupon (the loan is paid with an equal percentage breakdown for 2, 3 or 4 times during the year),
discount (the loan is repaid several times during the year, but the interest rate may vary from time to time).

Trade loans

This method of external financing is suitable if the enterprises cooperating with each other agree to receive payment in kind, goods or services, i.e. exchange product.

Leasing as a form of external financing

Equity financing

Such a source is involvement in the founders of a new member, investor, which, by investing its funds in the authorized capital, will expand or stabilize the financial capabilities of the company.

merger

If necessary, you can find another company with the same funding problems and merge firms. With economies of scale, partner organizations can find a better source. How? To take the same loan, the company must be licensed, and the larger it is, the more likely it is that the procedure for obtaining a license will be successful.

Sale of shares

By selling even a small number of company shares, you can significantly replenish the budget. There is also a chance that large capitalists who are ready to invest in production will be interested in the company. But you need to be ready to share control: the greater the flow of investments from outside, the greater the share of the share will need to be shared.

State sponsorship

A separate type of external financing. Unlike a bank loan, government sponsorship involves a free and irrevocable loan of money. Nevertheless, it is not so easy to get it, because you need to meet one important criterion - it is in the sphere of interests of state bodies.

Public funding is of several types:

capital investments (if on a permanent basis, then the state receives a controlling stake),
subsidies (partial sponsorship),
orders (the state orders and buys products, providing the company with a 100% sale of goods).

External financing is associated with high risks, and it is better to resort to it when you cannot cope with the crisis in the company on your own.

Pros and cons of internal and external funding sources

Source

pros

Minuses

Interior

– ease of raising funds,

– no need to ask for permission to spend,

– no need to pay interest rates,

– maintaining control over activities;

- a limited amount of finance,

- Expansion restrictions.

External

– unlimited financial flow,

– the possibility of changing equipment,

- increase in turnover and, accordingly, profit;

– high risk of bankruptcy,

- the need to pay interest rates,

- the need to go through bureaucratic delays.

How to choose a funding source

From right choice The source of funding depends on the efficiency and profit of the entire organization as a whole. First of all, a businessman should check his actions with the following list:

Give precise answers to the following questions: what is the funding for? how much money will be needed? When will the company be able to return them?
Decide on a list of potential sources of support.
Starting with the cheapest and ending with the most expensive, make a hierarchy.
Calculate the costs and payback of the business idea for which the source is being sought.
Pick up the most best option financing.

It is possible to understand to what extent the choice of funding source was justified by results of work, over time: if the productivity and turnover of the organization increased, then everything was done correctly.

Sources of funding for the activities of the organization and liabilities show how the property of the organization was created. If obligations are separate view objects accounting are attracted sources of property, then the sources of financing the activities of the organization should include equity capital.

Equity- the capital of the owners of the organization and the main source of funds of the organization.

Equity capital can be divided into the following parts:

capital and reserves;
target financing and other sources (Fig. 2.5).
1. Capital and reserves, in turn are subdivided into:
- a) the initially invested (provided by the owner) capital is the share capital, authorized capital, authorized (share) fund. The authorized capital is registered in founding documents(charter of the organization) value equity contributed by the founders in the form of cash or other property upon establishment.

Rice. 2.5.

The authorized capital can be declared when the capital is not actually contributed, but only declared, and invested when monetary, tangible and intangible assets are contributed by the founders. Legislation Russian Federation the minimum size of the authorized capital is regulated depending on the organizational and legal form of the organization;

b) revaluation outside current assets- this is the amount of increase in the value of non-current assets (fixed assets and intangible assets), revealed by the results of their revaluation. Organizations have the right to revaluate fixed assets;
c) additional capital has four components:
- share premium, which is the sum of the difference between the selling and nominal value of shares (stakes) received in the process of forming the authorized capital of the organization (when the organization is established, with a subsequent increase in the authorized capital) by selling shares (stakes) at a price exceeding the nominal value;
- exchange rate difference associated with settlements with the founders on deposits, including contributions to the authorized (reserve) capital of the organization, denominated in foreign currency;
- the difference arising from the conversion of the value of the organization's assets and liabilities denominated in foreign currency used to conduct activities outside the Russian Federation into rubles;
- the amount of VAT recovered by the founder when transferring property as a contribution to the authorized capital and transferred to the organization being founded (if the indicated amounts do not form a contribution to the authorized capital of the organization being established). Additional capital is used to increase the authorized capital, distributed among the founders;
d) reinvested (earned) capital is formed at the expense of profit received from the results of production economic activity. It includes:
a) reserve capital - is created by deductions from net profit in accordance with applicable law and the charter of the organization (for example, in open joint-stock companies the minimum amount of reserve capital is 5% of the authorized capital and is formed by annual deductions in the amount of at least 5% of net profit); used to cover unforeseen losses and losses in the absence of other sources of coverage, to pay income to founders on preferred shares in case of insufficient or no profit of the reporting year for these purposes, as well as to redeem bonds issued by the organization and buy back its own shares;
as part of the reserve capital in joint-stock companies may be taken into account:
- - reserve fund;
- - special funds for payment of dividends on preferred shares;
- - other funds created in accordance with the charter of the company, for example, a fund for the repurchase of own shares at the request of shareholders;
as part of the reserve capital in companies with limited liability may be taken into account:
- reserve fund;
- other funds created in the manner and in the amount established by the charter of the company.
b) retained earnings are the final financial results, revealed for the reporting period minus taxes payable from profits, sanctions for non-compliance with taxation rules, other similar mandatory payments. It includes profit received in previous years and in the reporting year as a result of economic activity and not distributed by the founders.

Based on the decision general meeting founders or shareholders, retained earnings can be used to pay dividends to founders, to create and replenish reserve capital, to increase authorized capital, to cover losses of previous years, for other purposes.

However, an organization may have losses. Their presence characterizes direct losses, waste of property as a result of inefficient management of an organization or a natural disaster. These may be uncovered losses of previous years and losses of the reporting year. Losses reduce the sources of formation of the organization's property - capital and reserves.

2. Targeted funding and other sources:
- special purpose financing is funds intended for the implementation of special-purpose activities received from legal or individuals, budgetary receipts to finance various special events or to pay for current expenses (for example, for the maintenance of children's preschool institutions). These funds are targeted, and the organization has the right to use them only for their intended purpose.
- estimated liabilities. These include reserves for future expenses - the organization's funds formed at the expense of production costs in order to evenly include the costs of upcoming payment vacations to employees, for the repair of fixed assets, for the payment of annual remuneration for the length of service, to cover production costs for preparatory work due to the seasonal nature of production, to cover future costs for land reclamation and other environmental protection measures, for warranty repairs and warranty service.

An estimated liability is recognized in accounting if the following conditions are simultaneously met (clause 5 of PBU 8/2010):

the organization has an obligation resulting from past events in its business activities, the fulfillment of which the organization cannot avoid;
it is probable that the economic benefits of the organization will decrease, which is necessary for the fulfillment of the estimated obligation;
the amount of the estimated liability can be reasonably estimated.

In particular, estimated liabilities are recognized:

in connection with the upcoming restructuring of the organization's activities, if there is a detailed duly approved plan for the upcoming restructuring, and the organization, by its actions and (or) statements, has created reasonable expectations for the persons whose rights are affected by the upcoming restructuring of the organization's activities that the restructuring plan will be implemented in the near future future (clause 11 PBU 8/2010);
revealing the unprofitability of the contract concluded by the organization in the event that the terms of this contract provide for penalties for its termination;
the participation of the organization in the litigation, if the organization has reason to believe that the judgment will not be in its favor, and can reasonably estimate the amount of compensation that it will have to pay the plaintiff;
violations of the law committed by the organization, entailing the imposition of fines, if all the conditions for recognizing estimated liabilities in respect of such fines are met;
forthcoming vacation pay to employees;
forthcoming payments to employees at the end of the year or for length of service (if such payments are provided for by the collective or employment contracts);
the presence of obligations of the organization for warranty service of the products sold.

The organization's own sources of property formation also include depreciation deductions, accrued on fixed assets and intangible assets. On the one hand, they show the degree of depreciation of non-current assets, and on the other hand, they form the necessary reserves for the acquisition of other non-current assets instead of depreciated ones.

There is a rule in accounting the sum of all assets of the organization in monetary terms on a certain date (E,A.t n) is equal to the amount of liabilities(X O t n) and sources of financing of the organization's activities on the same date(X IF^ i):

where - the value of the organization's assets for a certain

date; X O tn- the amount of the organization's liabilities on the same date;

X O t- the amount of sources of financing of the organization's activities on the same date.

This equality is the main balance equality (equation).

The composition of the economic resources used by the organization is different. Of particular importance for the successful operation of the organization is the presence of a certain reserve of sources of financing.

Funding sources are the financial resources used to purchase assets and carry out transactions.

The sources of financing include short-term and long-term debt, preferred and ordinary shares (liability of the balance sheet).

An analysis of the structure of the balance sheet liability characterizing the sources of funds shows that their main types are: own and borrowed funds.

The sources of own funds are:

Authorized capital (funds from the sale of shares and share contributions of participants - the total nominal value of all types of shares, i.e., the authorized capital reflects the amount of all obligations of the company to investors, since in the event of its liquidation or withdrawal of a participant from its shareholders, the investor has the right only to compensation of their share within the residual property of the enterprise); the formation of the authorized capital may be accompanied by the formation of an additional source of funds - share premium, if during the initial issue the shares are sold at a price above par;

Reserves accumulated by the enterprise, including retained earnings;

Mobilization of internal assets (in the process of capital construction, the firm may form specific sources of financing, for example, the sale of a part of current assets);

Other contributions from legal entities and individuals (targeted funding, donations, charitable contributions, etc.).

The main sources of borrowed funds are:

Bank loans;

Postponement of tax payment;

Borrowed funds from other companies (loans legal entities under debt obligations - promissory notes);

Funds from the sale of bonds (registered and bearer) and other valuable papers other companies;

Accounts payable (commercial loan);

Leasing (financial transaction for the use of property through rent).

The fundamental difference between the sources of own and borrowed funds lies in the legal content - when a company is liquidated, its owners have the right to that part of the company's property that will remain after settlements with third parties.

The essence of the difference between own and borrowed funds is that interest payments are deductible before taxes, that is, they are included in expenses, and dividends on the owners' shares are deducted from profits after interest and taxes.

Depending on the duration of existence, the assets of the organization, as well as sources of funds, are divided into short-term (current) and long-term. Short-term sources include sources of financing attracted for a period of less than 1 year. Long-term sources are equity capital and borrowed capital attracted for a period of more than 1 year.

Own and borrowed capital is characterized by positive and negative features that affect the activities of the enterprise.

Equity capital is characterized by the following positive features:

1. Ease of attraction, since decisions related to the increase in 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.

2. A higher ability to generate profit in all areas of activity, since when using it, the payment of loan interest in all its forms is not required.

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

At the same time, negative features are also inherent in equity:

1. The limited volume of attraction, therefore, the possibility of a significant expansion of the operating and investment activities of the organization during periods of favorable market conditions.

2. High cost compared to alternative borrowed sources of capital formation.

3. Unused opportunity to increase the return on equity ratio by attracting borrowed funds financial resources, since without such involvement it is impossible to ensure the excess of the financial profitability ratio of the organization's activities over the economic one.

Thus, an organization that uses only its own capital has the highest financial stability (the 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 increase in return on invested capital.

Borrowed capital is characterized by the following positive features:

1. Sufficiently wide opportunities for attracting, especially with high credit rating organization, availability of collateral or guarantee of the recipient.

2. Ensuring the growth of the financial potential of the organization, if necessary, a significant expansion of its assets and an increase in the growth rate of the volume of its economic activity.

3. Lower cost in comparison with equity due to the effect of a "tax shield" (withdrawal of the cost of its maintenance from the taxable base when paying income tax).

4. The ability to generate an increase in financial profitability (return on equity ratio).

At the same time, the use of borrowed capital has the following negative features:

1. The use of this capital generates the most dangerous financial risks in the activities of the organization - the risk of reducing financial stability and loss of solvency. The level of these risks increases in proportion to the growth in the share of borrowed capital used.

2. Assets formed at the expense of borrowed capital generate a lower (ceteris paribus) rate of return, which is reduced by the amount of loan interest paid in all its forms (interest on a bank loan; leasing rate; coupon interest on bonds; bill interest on commodity credit, etc.).

3. High dependence of the cost of borrowed capital on market fluctuations financial market. In some cases, for example, with a decrease in the average loan interest rate in the market, the use of a previously received loan (especially on a long-term basis) becomes unprofitable for the organization due to the availability of cheaper alternative sources of credit resources.

4. The complexity of the attraction procedure (especially in large amounts), since the provision of credit resources depends on the decision of other business entities (creditors), in some cases it requires appropriate third-party guarantees or collateral (at the same time, guarantees from insurance companies, banks and other organizations are provided as usually for a fee).

Thus, an organization using borrowed capital has a higher financial potential for its development (due to the formation of an additional volume of assets) and the possibility of increasing the financial profitability of its activities, however, it generates financial risk and the threat of bankruptcy to a greater extent (increasing as the share of borrowed funds increases). funds in the total amount of capital used).

Any organization finances its activities, including investment, from various sources. As a payment for the use of financial resources advanced to the activities of the organization, it pays interest, dividends, remuneration, etc., i.e. incurs some reasonable costs to maintain its economic potential. As a result, each source of funds has its own value as the sum of the costs of providing this source.

The total amount of funds that must be paid for the use of a certain amount of financial resources, expressed as a percentage of this volume, is called the cost of capital (Cost of Capital, CC), i.e. The cost of capital is the ratio of the amount of funds that must be paid for the use of financial resources from a particular source to the total amount of funds from this source, expressed as a percentage. In the domestic literature, one can also find another name for the concept under consideration: the price of capital, the value of capital, the cost of capital, etc.

The indicator "cost of capital" has a different economic meaning for individual business entities:

a) for investors and creditors, the level of the cost of capital characterizes the rate of return required by them on the capital provided for use;

b) for business entities that form capital for the purpose of production or investment use, the level of its value characterizes the unit costs of attracting and servicing the financial resources used, i.e. the price they pay for the use of capital.

With this indicator, the organization evaluates how much should be paid for raising a unit of capital (both from a specific source of funds, and in the whole organization for all sources).

The concept of the cost of capital is one of the basic ones in the theory of the organization's capital. The cost of capital characterizes the level of return on invested capital required to ensure the high market value of the organization. The maximization of the market value of the organization is achieved to a large extent by minimizing the cost of the sources used. The indicator of the cost of capital is used in the process of evaluating the effectiveness of investment projects and the investment portfolio of the organization as a whole.

The indicator of the cost of capital is used in the process of evaluating the effectiveness of investment projects and the investment portfolio of the organization as a whole. The adoption of many financial decisions (formation of a policy for financing current assets, the decision to use leasing, planning the operating profit of an organization, etc.) is based on an analysis of the cost of capital.

In the process of assessing the cost of capital, the cost of individual elements of equity and debt capital is first assessed, then the weighted average cost of capital is determined.

Determining the cost of capital of an organization is carried out in several stages:

1) the identification of the main components that are sources of formation of the capital of the organization is carried out;

2) the price of each source is calculated separately;

3) the weighted average price of capital is determined based on the share of each component in the total amount of invested capital;

4) measures are being developed to optimize the capital structure and form its target structure.

The cost of capital depends on its source (owner) and is determined by the capital market, i.e. supply and demand (if demand exceeds supply, then the price is set at more high level). The cost of capital also depends on the amount of capital raised.

The main factors under the influence of which the cost of capital of an organization is formed are:

1) general condition financial environment, including financial markets;

2) commodity market conditions;

3) the average rate of loan interest prevailing in the market;

4) the availability of various sources of funding for organizations;

5) the profitability of the organization's operating activities;

6) the level of operating leverage;

7) the level of concentration of own capital;

8) the ratio of the volume of operating and investment activities;

9) the degree of risk of the operations being carried out;

10) industry specifics of the organization's activities, including the duration of the operating cycle

The level of cost of capital differs significantly for its individual elements (components). An element of capital in the process of assessing its value is understood as each of its varieties according to individual sources of formation (attraction). Such elements are the capital attracted by: 1) reinvestment of the profit received by the organization (retained earnings); 2) issue of preferred shares; 3) issue of ordinary shares; 4) obtaining a bank loan; 4) issue of bonds; 5) financial leasing, etc.

For a comparable assessment, the value of each element of capital is expressed as an annual interest rate. The level of value of each element of capital is not a constant value and fluctuates significantly over time under the influence of various factors.

Financing the activities of organizations is a set of forms and methods, principles and conditions of financial support for simple and expanded reproduction. Financing refers to the process of generating funds or, more broadly, the process of forming the capital of a firm in all its forms.

Domestic funding involves the use of those financial resources, the sources of which are formed in the process of financial and economic activities of the organization ( net profit, depreciation, accounts payable, reserves for future expenses and payments, deferred income).

At external financing the funds coming into the organization from the outside world are used. Founders, citizens, the state, financial and credit organizations, non-financial organizations can be sources of external financing.

There are the following sources of financing:

· Internal sources of the enterprise (net profit, depreciation, sale or lease of unused assets).

· Involved funds (foreign investment).

· Borrowed funds (credit, leasing, bills).

· mixed (complex, combined) financing.

Domestic funding involves the use of own funds and, above all, net profit and depreciation.

Equity includes:

Authorized capital (formed as a result of the contribution of the founders of the company during its creation)

Additional capital (formed as a result of revaluation of fixed assets of the organization)

Reserve capital (formed from deductions from the organization's profits for subsequent unforeseen needs)

Funding from own funds has a number of advantages:

1) due to replenishment from the profit of the enterprise, its financial stability increases;

2) the formation and use of own funds is stable;

3) minimizing the costs of external financing (for servicing debt to creditors);

4) Forgiving the adoption process management decisions for the development of the enterprise, since the sources of covering additional costs are known in advance.

The level of self-financing of an enterprise depends not only on its internal capabilities, but also on the external environment (tax, depreciation, budget, customs and monetary policy of the state).

External funding provides for the use of funds from the state, financial and credit organizations, non-financial companies and citizens: bank loans, commercial loans, i.e. borrowed funds from other organizations; funds from the issue and sale of shares and bonds of the organization; budget allocations on a returnable basis, etc.

Allows faster turnover working capital, increase the volume of business transactions, reduce the volume of work in progress. However, it leads to the emergence of certain problems associated with the need for subsequent servicing of debt obligations assumed.

Credit - a loan in cash or commodity form, provided by the lender to the borrower on a repayment basis, most often with the payment of interest by the borrower for using the loan. This form of funding is the most common. Loan benefits:

Greater independence in the use of received funds without any special conditions;

· Most often, a loan is offered by a bank serving a particular enterprise, so that the process of obtaining a loan becomes very operational.

To disadvantages loans include the following:

· the term of crediting in rare cases exceeds 3 years, which is unbearable for enterprises aimed at long-term profit;

· To obtain a loan, an enterprise needs to provide collateral, often equivalent to the amount of the loan itself;

· With this form of financing, an enterprise can use the standard depreciation scheme for purchased equipment, which obliges to pay property tax during the entire period of use.

Leasing allows one side - the lessee - to effectively update fixed assets, and the other - the lessor - to expand the boundaries of activities on mutually beneficial terms for both parties.

Advantages of leasing:

Leasing involves 100% lending and does not require immediate start of payments .

· Leasing allows an enterprise that does not have significant financial resources to start implementing a large project.

It is easier to get a leasing contract than a loan - after all, the equipment itself serves as the collateral for the transaction. A leasing agreement is more flexible than a loan. A loan always involves a limited size and repayment period. When leasing, an enterprise can calculate the receipt of its income and work out with the lessor an appropriate financing scheme that is convenient for it. Leasing does not increase the debt in the company's balance sheet and does not affect the ratio of own and borrowed funds, i.e. does not reduce the company's ability to obtain additional loans. Lease payments paid by the enterprise are wholly charged to costs production.

33. Factors that determine the structure of funding sources.

Capital Any enterprise can be represented by two components: own and borrowed funds.

As part of equity two main components can be distinguished: invested capital, i.e. the capital invested by the owners in the enterprise, and the accumulated capital, i.e. created at the enterprise in excess of what was originally advanced by the owners.

Invested capital in joint-stock companies includes the par value of common and preference shares, as well as additionally paid (in excess of the par value of shares) capital. The first component of the invested capital is represented in the balance sheet of joint-stock enterprises by authorized capital, the second - by additional capital (in terms of share premium).

Accumulated capital is reflected in the form of items arising from the distribution of net profit (reserve fund, accumulation fund, retained earnings, other similar items).

Borrowed funds represent the legal and economic obligations of the enterprise to third parties.

The amount of borrowed funds characterizes the possible future withdrawals of the company's funds associated with previously accepted obligations. The main types of obligations of the enterprise include:

long-term and short-term bank loans;

long-term and short-term loans;

· accounts payable of the enterprise to suppliers and contractors, formed as a result of the gap between the time of receipt of inventory items or consumption of services and the date of their actual payment;

arrears in settlements with the budget, which arose as a result of a gap between the time of accrual and the date of payment;

debt obligations of the enterprise to its employees to pay them;

· debts to social insurance and security authorities;

· Debt of the enterprise to other business counterparties.

Borrowed funds are usually classified depending on the degree of urgency of their repayment and the method of security.

By degree of urgency of repayment liabilities are divided into long-term and current. Funds attracted on a long-term basis are usually directed to the acquisition of long-term assets, while current liabilities, as a rule, are the source of the formation of working capital.

There is a whole a number of factors affecting the capital structure, which should be taken into account when forming it:

1. the pace of increasing the turnover of the enterprise. Increased turnover growth rates also require increased financing. Therefore, at high rates of production growth, enterprises focus on increasing the share of borrowed funds in sources of financing;

2. stability of turnover dynamics. An enterprise with a stable turnover can afford a relatively larger proportion of borrowed funds in liabilities;

3. level and dynamics of profitability. It is noted that the most profitable enterprises have a relatively low share of borrowed funds on average over a long period. The enterprise generates sufficient profits to finance development and pay dividends and manages to a greater extent with its own funds;

4. asset structure. If an enterprise has significant general-purpose assets that, by their very nature, can serve as collateral for loans, then increasing the share of borrowed funds in the liability structure is quite logical;

5. severity of taxation. The higher the income tax, the less tax incentives, the more attractive financing from borrowed sources for the enterprise due to the attribution of at least part of the interest for the loan to the cost. Moreover, the heavier the taxes, the more painfully the enterprise feels the lack of funds and the more often it is forced to apply for a loan;

34. Issuing activity of the company.

ISSUE POLICY- part of the general policy of formation of the financial resources of the enterprise, which consists in ensuring the attraction of the required volume from external sources by issuing and placing on the primary stock market its own securities (stocks, bonds, etc.). AT modern conditions enterprises issue mainly shares for placement on the stock market.

From the position financial management main goal issue policy is to attract the necessary amount of financial resources in the stock market in the shortest possible time.

The emission process can be represented as several interacting blocks:

Primary issue

Organization of circulation of securities and payment of dividends

Withdrawal of securities from circulation

The initial issue takes place when a share is placed among the founders of a joint-stock company with an increase in the authorized capital, the formation of borrowed capital by issuing bonds.

The issue of securities includes the following stages:

Issuer's decision to issue securities

Registration of the issue of securities

Issuance of a securities certificate

Placement of securities

Registration of the report on the results of the issue

The release of securities into circulation by the issuer is carried out by way of their placement.

The development of an effective emission policy of an enterprise covers the following stages:

1. Study of the possibilities of effective placement of the proposed issue of shares.

Analysis of the stock market situation(exchange and over-the-counter) includes a description of the state of supply and demand for shares, the dynamics of the price level of their quotes, sales volumes of shares of new issues and a number of other indicators.

Assessment of the investment attractiveness of your 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 products, as well as the level of indicators of its financial condition(compared to industry averages).

Introduction

Financial resources (financial sources) play a major role for any enterprise. They are used in the process of production, investment and financial activities, at the expense of funding sources, in due time, a company is created. Financial sources are constantly in motion and in the form of money remain only in the form of cash balances on settlement accounts in banks and in the company's cash desk.

The relevance of this work lies in the fact that financial resources are necessary both for the formation and subsequent functioning of the company, its innovation activities etc. A competent assessment and control of sources of financing allows the enterprise to pursue the most profitable and favorable policy for its growth. The reflection of sources of financing in accounting allows you to get the most complete information about the state of the financial resources of the enterprise.

The aim of the work is to study the sources of financing the activities of the organization as one of the objects of accounting.

Tasks: to consider the concept of sources of financing of the organization's activities, types of sources, reflection of sources of activity in accounting.

Research methods are: research, analysis, induction, deduction.

Sources of financing the activities of the organization as an object of accounting

finance accounting

The concept and types of sources of financing of the organization's activities

Sources of financing (resources) are functioning channels for obtaining financial resources and economic entities that can provide these financial resources(Appendix 1). The basis for financing the activities of an enterprise is to develop financing schemes based on individual features and the impact of external factors.

The following sources of funding are distinguished:

1) Internal sources of the enterprise - authorized capital (funds from the sale of shares and share contributions of participants or founders), sales proceeds; depreciation charges, net profit of the enterprise; reserves accumulated by the enterprise, other contributions from legal entities and individuals (targeted financing, donations, charitable contributions). For example, rational use profits and depreciation allowances can expand business activities.

2) Attracted funds (foreign investments) - When choosing a foreign investor as a source of financing, an enterprise should take into account the fact that the investor is interested in high profits, the company itself and its share of ownership in it. The higher the share of foreign investment, the less control remains with the owner of the enterprise. It can also be an additional issue of securities, through which there is an increase in the share capital of the company, as well as attracting additional share capital through additional contributions to the authorized capital;

3) Borrowed funds (credit, leasing, bills) - leasing is a special complex form entrepreneurial activity, allowing the lessee to effectively update fixed assets, a loan is a loan in cash or commodity form, provided by the lender to the borrower on a repayment basis, most often with the payment of interest by the borrower for using the loan. This form of funding is the most common.

4) Mixed (complex, combined) financing.

There is another option for dividing funding sources into:

1. Internal sources - profit remaining at the disposal of the company, which is distributed by the decision of the management bodies; depreciation deductions, which are a monetary expression of the cost of depreciation of fixed assets and intangible assets and are an internal source of financing for both simple and expanded reproduction.

2. Short-term funds are funds used to pay wages, payment for raw materials and materials, various operating expenses. Forms of implementation of funding sources in this case can be as follows:

· bank overdraft - the amount received in the bank in excess of the current account balance. The overdraft is payable at the request of the bank. Usually this is the cheapest form of a loan, the amount of interest on it does not exceed 1-2% of the bank's discount rate,

bill of exchange (draft) - a monetary document, according to which the buyer undertakes to pay the seller a certain amount within the period specified by the parties. The bank takes into account bills of exchange, providing their owners with a loan for a period until they are redeemed. As a payment for the issued loan on a bill of exchange, the bank charges interest, the value of which changes daily. Bills of exchange are most often used in foreign trade payments,

· An acceptance credit is applied when a bank accepts for payment a promissory note drawn in the name of its clients. In this case, the bank pays the creditor the value of the bill, minus the discount, and upon expiration of its maturity, collects this amount from the debtor,

· commercial loan - the purchase of goods or services with a deferred payment for one - two months, and sometimes more. The use of a commercial loan is determined by a specific type of economic activity. Appeal to it depends on the speed of the sale of goods and the possibility of deferred payments of the enterprise itself,

3. Medium-term financial resources (from 2 to 5 years) are used to pay for machinery, equipment and research work. The purchase by an enterprise on credit of machinery, equipment and Vehicle occurs on fixed terms secured by purchased goods with regular repayment of the loan in installments. The group of medium-term financial resources includes the lease of machinery and equipment. Payment for the use of leased funds is carried out by regular installments, while the ownership never passes to the debtor.

4. Long-term financial resources (over 5 years) are used to purchase land, real estate and long-term investments. It can be:

long-term (mortgage) loans - provision by insurance companies or pension funds funds secured by land plots, buildings for a period of 25 years,

· Bonds - debt obligations with a fixed percentage and maturity. A significant portion of the bonds have a face value,

issuance of shares - receipt of funds through the sale various kinds shares in the form of closed or open subscription.

The main sources of financing of the enterprise. Advantages and disadvantages of internal and external financing of the enterprise Allocate the main sources of financing of the enterprise's funds