The concept of "financial policy of the enterprise", its significance in the development of the enterprise. The concept, essence, goals and objectives of the financial policy of the organization

BASIS OF THE FINANCIAL POLICY OF THE ORGANIZATION

The financial policy is subdivided into the state financial policy and the policy of a single economic entity. financial policy, determined and carried out by state bodies in relation to various economic entities through the legislative and regulatory framework, as well as the budgetary, banking, tax systems and law enforcement agencies, is called public financial policy.

The financial policy determined and pursued by the employers of the organization in its interests through financial relations and mechanisms is called the financial policy of the organization, and financial management is the process of implementing financial policy.

The financial policy of the organization is determined by the founders, owners, conducts financial management, performs financial services, production structures, divisions and individual workers.

The key goal of developing the financial policy of the organization is to create a rational system for managing financial resources, aimed at ensuring the strategic and tactical objectives of its activities.

Financial policy is the purposeful use of finance to achieve long-term and short-term goals (defined founding documents(charter) of the organization. For example, strengthening positions in the market of goods (services), achieving an acceptable sales volume, profit, profitability (profitability) of assets and equity, maintaining the solvency and liquidity of the balance sheet.

In general, the content of financial policy is multifaceted and includes the following links:

1) development of an optimal concept for managing the organization's financial resources, providing a combination of high profitability and protection from entrepreneurial risk;

2) definition of the main directions of use financial resources for the current period (month, quarter) and for the future (a year or more). At the same time, they take into account the prospects for the development of industrial and commercial activities, the state of the macroeconomic situation;

3) implementation practical action aimed at achieving the set goals (financial analysis and control, the choice of ways to finance the enterprise, the evaluation of real investment projects, etc.).

The objectives of the financial policy of the organization are:

Profit maximization;

Optimization of the capital structure and ensuring the financial stability of the organization;

Achieving financial transparency of the organization for owners (shareholders, founders), investors and creditors;

Using market mechanisms to raise capital through the issuance of corporate securities;

Development of an effective financial management mechanism (financial management) based on diagnostics financial condition, budgeting and forecasting the movement of capital, income and expenses, taking into account the setting of strategic goals and the search for ways to achieve them.

The object of financial policy is the economic system of the enterprise in conjunction with financial condition, financial results, cash flow of an economic entity.

The subject of financial policy is intra-company and inter-company financial processes, relations and operations, including production processes, settlement relations, investments, issues of acquiring and issuing securities, etc.

The subject of financial policy is the founders of the organization and management (employers), financial services that develop and implement the strategy and tactics of financial management.

In the direction of the financial policy of the organization is divided into internal and external. Domestic financial policy It is aimed at financial relations, processes and phenomena occurring within the organization.

Foreign financial policy is aimed at the activities of the organization in the external environment: in financial markets, in credit relations, etc.

Based on the duration of the period and the nature of the tasks to be solved, financial policy is divided into financial strategy and financial tactics.

Financial strategy- a long-term course of financial policy, designed for the future and involving the solution of large-scale tasks of the organization's development. Financing decisions of an event with a duration of more than 12 months are long-term financial policy.

To the essential elements financial strategy include:

Development of a credit strategy;

Fixed capital management, including depreciation policy;

pricing strategy;

Choice of dividend and investment strategy.

Financial tactics is aimed at solving local problems of a particular stage of the organization's development by timely changing the ways of financial relations, redistribution of financial resources between types of expenses and structural divisions (branches). Financing decisions and activities for a period of less than 12 months, or for the duration of the operating cycle, if it exceeds 12 months, are classified as short term financial policy.

With a relatively stable financial strategy, financial tactics should be flexible, which is due to changes in market conditions (supply and demand for resources, goods and services). The strategy and tactics of financial policy are closely interrelated. A correctly chosen strategy creates favorable opportunities for solving tactical problems. The tactical objectives, the achievement of which should ensure financial management, are:

Development of accounting policy;

Management of current assets and accounts payable;

Management of current (operational) costs, income and profit;

Sufficiency of cash receipts in the short term (decade, month, quarter, year);

Return on equity and sales (competitiveness at the operational level), etc. Consequently, the priority task of the operational management of the organization's finances is to ensure its liquidity and profitability. The purpose of choosing financial tactics is to determine the optimal value current assets and sources of their financing, both own and borrowed.

Dividend policy of the enterprise.

1. The concept and types of dividend policy of the enterprise.

2. Stages of formation of the company's dividend policy.

1. The term "dividend policy" is associated with the distribution of profits in joint-stock companies. However, the principles and methods of profit distribution are applicable not only to joint-stock companies, but also to enterprises of any other organizational and legal form of activity (in this case, only the terminology will change - instead of the terms share and dividend, the terms share, contribution and profit on contribution will be used; mechanism , but the payment of income to owners will remain the same).

In a broad sense, the term "dividend policy" can be understood as a mechanism for the formation of a share of profits paid to the owner, in accordance with the share of his contribution to the total amount of the company's own capital.

The main goal of developing a dividend policy is to establish the necessary proportionality between the current consumption of profit by the owners and its future growth, maximizing the market value of the enterprise and ensuring its strategic development. Based on this goal, the concept of dividend policy can be as follows. The dividend policy is an integral part of the overall profit management policy, which consists in optimizing the proportions between the consumed and capitalized parts in order to maximize the market value of the enterprise.

Choosing the type of dividend policy of the company is carried out in accordance with its financial policy and is based on several theories of the impact of the amount of dividends paid on share prices (the market value of the company) and the welfare of shareholders.

In finance theory, there are three main approaches to substantiating the optimal dividend policy: Dividend Irrelevance Theory, Bird-in-the-Hand Theory, and Tax Differential Theory.

Dividend irrelevance theory was developed by F. Modigliani and M. Miller, who prove that the amount of dividends does not affect the change in the total wealth of shareholders, which is determined by the company's ability to generate profits and depends more on investment policy than on the proportion of profit distribution to consumed and capitalized parts. Thus, there is no optimal dividend policy as a factor in increasing the value of the company. Within the framework of the Modigliani-Miller theory, these statements exist subject to a number of restrictions: these are the absence of taxes, the absence of emission and transaction costs, the equal availability of information, etc.

In developing their theory, Modigliani and Miller came to the conclusion that it is preferable to accrue dividends according to the residual principle.

Thus, the optimality of the dividend policy can only be understood in terms of accruing dividends after all the possibilities for effective reinvestment of profits have been analyzed and all acceptable investment projects have been financed from this source.

Theory of materiality of dividend policy. Representatives of this approach believe that the dividend policy is significant, it affects the value of the total wealth of shareholders. The main ideologists of this trend are M. Gordon and J. Lintner. Investors, based on the principle of minimizing risk, will prefer current dividends to possible future income, including a possible increase in equity capital. In addition, current dividend payments reduce the level of uncertainty of investors regarding the feasibility and profitability of investing in this company.

They are satisfied with a relatively lower rate of return on investment used as a discount factor, which leads to an increase in the market value of equity capital. If dividends are not paid, uncertainty increases, and the acceptable rate of return for shareholders increases, which leads to a decrease in the market valuation of equity capital, i.e. to a decrease in the welfare of shareholders.

Thus, in the total return formula, the dividend yield takes precedence; by increasing the share of profits allocated to the payment of dividends, it is possible to contribute to an increase in the market value of the company, i.e. improving the welfare of its shareholders.

Theory of tax differentiation Developed in the late 70's - early 80's. 20th century R. Litzenberger and K. Ramaswamy. It consists in the fact that, from the position of shareholders, the priority is not dividend, but capitalized yield; this is the case if capitalization income is taxed at a lower rate than dividends received. Shareholders of a firm that has a high dividend level must demand higher earnings per share to compensate for losses due to increased taxation. Thus, it is unprofitable for the company to pay high dividends, and its market value is maximized at a relatively low share of dividends in profits.

The practical use of these theories made it possible to identify three main approaches to the choice of dividend policy. Each approach corresponds to a certain type of dividend policy.

Conservative approach: 1. Residual dividend policy.

2. Policy of a stable amount of dividend payments.

Moderate approach: 3. The policy of minimum stable dividends with a premium in certain periods.

Aggressive: 4. Policy of a stable level of dividends.

5. Policy of constant increase in the amount of dividends.

Let us give a brief description of the main types of dividend policy:

1. The residual policy of dividend payments assumes that the dividend payment fund is formed after the need for the formation of its own financial resources is satisfied at the expense of profit, ensuring the full realization of the investment opportunities of the enterprise. The advantage of this type of policy is to ensure high rates of development of the enterprise, increase its financial stability, high connection with financial results. enterprise activities. The disadvantage of this policy is the instability of the size of dividend payments, the complete unpredictability of their size in the coming period, and even the refusal to pay them during a period of high investment opportunities, which negatively affects the formation of the level of the market price of shares. Such a dividend policy is usually used only in the early stages. life cycle businesses associated with high level his investment activity.

2. The policy of a stable amount of dividend payments implies the payment of a constant amount over a long period (at high inflation rates, the amount of dividend payments is adjusted for the inflation index). The advantage of this policy is its reliability, which creates a sense of confidence among shareholders in the invariability of the amount of current income, regardless of various circumstances, determines the stability of the share price on the stock market. The disadvantage of this policy is its weak connection with the financial performance of the enterprise, and therefore, during periods of unfavorable market conditions and low profits, investment activity can be reduced to zero. In order to avoid these negative consequences, the stable size of dividend payments is usually set at a relatively low level.

3. The policy of the minimum stable size of dividends with a premium in certain periods (or it is called the policy of "Extra-dividends"). Its advantage is a stable guaranteed payment of dividends in the minimum prescribed amount (as in the previous case) with a high connection with the financial results of the enterprise, which allows increasing the amount of dividends during periods of favorable economic conditions without reducing the level of investment activity. Such a dividend policy gives the greatest effect at enterprises with an unstable size of profit formation in dynamics. The main disadvantage of this policy is that with the continued payment of the minimum dividend, the investment attractiveness of the company's shares decreases and, accordingly, their market value falls.

4. The policy of a stable level of dividends provides for the establishment of a long-term normative ratio of dividend payments in relation to the amount of profit (or a norm for the distribution of profits into consumed and capitalized parts of it). The dividend payout ratio shows the share net profit allocated for the payment of dividends. The advantage of this policy is the simplicity of its formation and its close connection with the size of the formed profit. At the same time, its main disadvantage is the instability of the size of dividend payments per share.

5. The policy of constant increase in the amount of dividends provides for a stable increase in the level of dividend payments per share. The increase in dividends in the implementation of such a policy occurs, as a rule, in a firmly established percentage of growth in relation to their size in the previous period. The advantage of such a policy is to ensure a high market value of the shares. The disadvantage of this policy is the lack of flexibility in its implementation and the constant increase in financial tension if the fund of dividend payments grows faster than the amount of profit.

In Russia, preference is currently given to types of dividend policy that provide a high correlation with financial results (residual dividend policy, policy of a stable level of dividends). In developed countries, preference is given to a policy of stable payment of dividends (the policy of "Extra-dividends", the policy of a stable amount of dividend payments).

2 question. The dividend policy of a joint-stock company is formed according to the following main

Stage 1. Accounting for the main factors that determine the prerequisites for the formation of a dividend policy.

These factors are usually divided into three groups:

1) Factors characterizing the investment opportunities of the enterprise.

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

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

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

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

The main factors in this group are:

a) the sufficiency of equity reserves formed in the previous period;

b) the cost of raising additional equity capital;

c) the cost of attracting additional borrowed capital;

d) the availability of loans in the financial market;

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

3. Other factors. These factors can include:

a) the conjuncture cycle of the commodity market, in which the joint-stock company is a participant (during the rise in the conjuncture, the efficiency of profit capitalization increases significantly);

b) the level of dividend payments by competing companies:

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

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

Stage 2 of the dividend policy. Development of a profit distribution mechanism in accordance with the chosen type of dividend policy. Mandatory deductions formed at its expense to the reserve and other obligatory special-purpose funds provided for by the charter of the company are deducted from the amount of net profit. The "cleaned" amount of net profit is the so-called "dividend corridor", within which the appropriate type of dividend policy is implemented.

The remaining part of the net profit is distributed to the capitalized and consumed parts. The consumption fund formed at the expense of profit is distributed to the fund of dividend payments and the consumption fund of the personnel of the joint-stock company.

Stage 3. Choice of forms of payment of dividends. The main of these forms are:

1. Payment of dividends in cash.

2. Payment of dividends by shares. This form provides for the provision of shareholders with newly issued shares in the amount of dividend payments.

3. Automatic reinvestment. This form of payment gives shareholders the right to individual choice - to receive dividends in cash, or to reinvest them in additional shares.

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

Stage 4. Evaluation of the effectiveness of the dividend policy of the joint-stock company. The following indicators are used:

a) dividend payout ratio (dividend yield).

b) share price / earnings per share ratio.

c) dynamics of the market value of shares (main indicator), etc.

The growth of these indicators indicates an increase in the efficiency of the company's dividend policy.

Financial policy in terms of cost management at the enterprise

Costs characterize in monetary terms the volume of resources for a certain period used for the production and marketing of products, and are transformed into the cost of products, works and services.

Cost management functions are implemented through the elements of the management cycle: forecasting and planning, organization, control and regulation, activation and

stimulation of performance, accounting and analysis.

Cost management is the implementation of the entire range of functions of the management cycle,

aimed at improving the efficiency of the use of production resources at the enterprise.

The subjects of cost management are the managers and specialists of the enterprise and production units (production, workshops, departments, sites, etc.). Individual functions and elements of cost management are performed by employees of the enterprise directly or with their active participation. The objects of management are the costs of development, production, sales of products (works, services).

Forecasting and cost planning are divided into long-term (at the stage of long-term planning) and current (at the stage of short-term planning). The task of long-term planning is to prepare information about the expected costs of

development of new sales markets, organization of development and production new products(works, services), increasing the capacity of the enterprise. This may be the cost of marketing research and R & D, capital investments. Short-term cost planning, reflecting the needs of the near future, is more accurate because it is justified by annual, quarterly plans or budgets.

Organization is a critical element of effective cost management. It establishes how the enterprise manages costs, i.e. who does it, in what terms, using what information and documents, in what ways. Cost centers, cost centers and responsibility centers for their compliance are determined.

Cost control and regulation involve comparing actual costs with planned ones, identifying deviations and taking prompt measures to eliminate them. Activation and stimulation imply the search for such ways of influencing the participants in production that would encourage them to comply with the costs established by the plan and find ways to reduce them.

Accounting as an element of cost management is necessary for the preparation of information in order to make the right business decisions.

So, cost management is a dynamic process that includes management actions, the purpose of which is to achieve a high economic result of the enterprise. Cost information in an enterprise can be used in two ways:

To assess the level of costs in a given period and determine profit;

To make decisions (in the field of price policy, increase or decrease in production volumes, product renewal, etc.);

The first of these areas involves the calculation of the cost of production and income received for a certain period. By comparing them, we will determine the profit. In this case, costs are the funds spent on generating income.

Estimating costs for decision making. When making decisions in the field of price policy, increase or decrease in production, product renewal, the formation of the most rational production program. To maximize profits, the management of the enterprise needs information about the expected costs and revenues, since any decision is future-oriented. First of all, information is needed on the dynamics of costs depending on the volume production activities.

To characterize the behavior of costs depending on the volume of production, they are divided into variable and fixed. Total variable costs change in proportion to the level of production activity (i.e., they show a linear dependence on the volume of production). Variable unit costs are constant. Fixed costs remain unchanged depending on the volume of production for a certain period. These include depreciation, labor costs,

administrative and management personnel, long-term lease. As the volume of production increases, fixed costs per unit of output decrease.

There are various enterprise cost management systems.

In the 1950s In connection with increased competition, the development of marketing theory and the division of costs into fixed and variable, a system of "direct costing" was formed, which is based on the principle of cost control due to fluctuations in production volume or equipment load.

The name, which comes from the English expression direct costing - accounting for direct costs, does not accurately reflect the essence of the system, since only its classical modification involves the calculation of only direct (basic) costs, all of which are variable (raw materials and personnel costs). Meanwhile, along with the traditional one, varieties are used that are based on accounting for variable costs (direct costs and variable indirect costs), as well as all variable costs and part of the fixed costs that depend on the utilization rate of production capacities. The definition of direct costs allows you to more rationally link production and marketing activities, as it gives a clear idea of ​​​​the relationship between costs, production volume and profit.

The financial policy of an organization is the purposeful use of financial resources for the implementation of its strategic and tactical tasks established by the constituent documents (Charter).

To implement the financial policy, such tasks can be solved as: strengthening positions in the market of goods (works, services), achieving an acceptable sales volume, profit, return on assets and equity, maintaining the solvency and liquidity of the balance sheet, increasing the welfare of owners or shareholders.

development of an optimal concept for managing cash (financial) flows, providing a combination of high solvency and profitability with protection from risks; *

determination of the main directions for the use of financial resources for the current period (ten days, months, quarters, years) and the near future. *

determination of practical actions aimed at achieving the set goals.

The unity of the three most important links determines the content of the financial policy, the strategic objectives of which are: *

profit maximization; *

optimization of the structure and cost of capital; *

ensuring financial stability, business and market activity; *

achieving financial openness; *

use of market methods of attraction; *

development of an effective financial management mechanism.

Based on the duration of the period and the nature of the tasks to be solved, financial policy is divided into financial strategy and tactics.

A financial strategy is a set of key goals and the main ways to achieve them. A strategy cannot be considered a simple definition of desired goals and possible ways to achieve them. The strategy should not reflect the desire of the organization's management, but the real possibilities for its development. Therefore, the strategy expresses the organization's response to the objective internal and external conditions of its activities. Financial strategy is a long-term course of financial policy, designed for the future and involving the solution of large-scale development problems.

In the process of its development, the main trends in the development of financial activity are predicted, the concept of the formation and use of financial resources is formed, and the principles of financial relations with the state and counterparties are outlined.

From the position of strategy, they form specific goals and objectives of production and financial activities and make current management decisions.

The most important areas for developing a financial strategy include: *

analysis and assessment of the financial and economic condition; *

development of accounting and tax policies; *

development of credit policy; *

financial planning; *

fixed capital management; *

depreciation policy; *

working capital management and accounts payable; *

management of borrowed funds; *

management of current (operational) costs, sales of products, income and profit; *

financial logistics (purchase management); *

pricing policy; *

choice of dividend and investment policy; *

assessment of activity and market value.

An integral part of the financial strategy is long-term financial planning, sales volume and costs, profit and profitability, financial stability, solvency, etc.

Financial tactics is aimed at solving more particular problems of a particular stage of the organization's development by timely changing the ways of organizing financial ties, redistributing monetary resources between types of expenses and structural divisions(branches). With a relatively stable financial strategy, financial tactics should be flexible, which is caused by changes in market conditions (supply and demand for resources, goods, services and capital).

Strategy and tactics are integral parts of financial policy. For acceptance management decisions in the field of financial policy use the information provided in the accounting and statistical reporting and in operational and management accounting, which serves as the main source of data for determining the indicators used in financial analysis, intra-company planning and control.

Control questions: 1.

Describe the purpose and objectives of the financial policy of the enterprise (corporation). 2.

Enterprises, being business entities, have their own financial resources and have the right to determine their financial policy.

The financial policy of an enterprise is a set of methods for managing the financial resources of an enterprise aimed at the formation, rational and effective use financial resources.

Enterprises must actually become truly financially stable, economic structures that effectively operate according to the laws of the market.

The purpose of developing the financial policy of an enterprise is to build effective system financial management aimed at achieving the strategic and tactical goals of the enterprise.

The strategic objectives in the development of financial policy at the enterprise are:

optimization of the capital structure and ensuring the financial stability of the enterprise;

profit maximization;

achieving transparency (not secrecy) of financial and economic activities, ensuring the investment attractiveness of the enterprise;

¦ the use of market mechanisms by the enterprise to attract financial resources(commercial loans, budget loans on a repayable basis, issuance of securities, etc.).

Tactical financial tasks are individual for each enterprise. They arise from strategic objectives, tax policy, opportunities to use the company's profits for the development of production, etc.

To help enterprises to develop financial policies have been prepared in due time Guidelines former Ministry of Economy Russian Federation 1.

The main areas of development of the financial policy of the enterprise include2:

analysis of the financial and economic state;

1 See: Reform of enterprises (organizations): Guidelines. M.: Os89, 1998.

2 See: ibid.

development of accounting policy;

development of credit policy;

management of working capital, accounts payable and receivable;

cost management (costs) and choice of depreciation policy;

dividend policy;

7) financial management. Let us characterize these directions in more detail.

1. An analysis of the financial and economic state is the basis on which the development of financial policy is built.

Attention is paid not only to the methods of financial analysis, but also to the study of the results obtained and the development of management decisions.

The main components of the financial and economic analysis of the enterprise's activities is the analysis financial statements, including horizontal, vertical, trend analysis of the balance sheet, calculation of financial ratios.

Analysis financial reporting is a study of the absolute indicators presented in it in order to determine the composition of the property, the financial position of the enterprise, the sources of formation of own funds, the amount of borrowed funds, and the assessment of the amount of proceeds from the sale of products (goods, works, services). Actual reporting indicators are compared with those planned by the enterprise.

Horizontal analysis consists in comparing financial statements at the end of the year with those at the beginning of the year and previous periods. Vertical Analysis is carried out in order to identify the share of individual balance sheet items in the overall final indicator and then compare the result with the data of the previous period. Trend analysis is based on the calculation of relative deviations of reporting indicators for a number of years from the level of the base year.

For analytical work when developing the financial policy of an enterprise, it is recommended to calculate:

a) liquidity indicators:

overall coverage ratio;

quick liquidity ratio;

liquidity ratio when raising funds;

b) indicators of financial stability:

the ratio of borrowed and own funds;

equity ratio;

¦ coefficient of maneuverability of own working capital;

c) indicators of the intensity of resource use:

profitability net assets by net profit;

profitability of sold products;

d) indicators of business activity:

working capital turnover ratio;

equity turnover ratio. The content of individual indicators, the procedure for their calculation and

the optimal values ​​are given in table. 4.1.

2. Development of accounting policy as a system of methods and techniques of accounting in the enterprise. The accounting policy for all enterprises must be carried out in accordance with the Accounting Regulation "Accounting Policy of the Organization" (PBU 1/98), approved by order of the Ministry of Finance of the Russian Federation of December 9, 1998 No. 60n.

Based on the results of the analysis of the financial and economic state of the enterprise, options for certain provisions of the accounting policy are calculated, since the number and amount of taxes transferred to the budget and extra-budgetary funds, the balance sheet structure, and the value of a number of key financial and economic indicators directly depend on the decisions made in this part. When determining the accounting policy, the enterprise has a choice of methods for writing off raw materials and materials to production, options for writing off low-value and wearing items, methods for assessing work in progress, using accelerated depreciation, etc.

Development of credit policy of enterprises. For this purpose, an analysis of the structure of the balance sheet liabilities is carried out and the share of own and borrowed funds, their ratio is calculated, the lack of own funds is determined. Based on the calculation, the need for borrowed funds is established. Sometimes it is advisable for an enterprise to take out loans even if its own funds are sufficient, if the effect of attracting and using borrowed, credit funds can be higher than the interest rate. The credit policy of the enterprise provides for the choice of a credit institution, the size of the interest rate, the terms of repayment of the loan.

Management of working capital, receivables and payables. When developing financial policy, consider that this is the main problem of financial management. The efficiency of using both own and borrowed funds depends on the correct solution of this problem. The most important factor in improving the efficiency of the use of working capital, which is taken into account when developing the financial policy of an enterprise, is the turnover of working capital.

Cost management (costs) and choice of depreciation policy. To develop a section of financial policy devoted to the management of production costs (costs) (at industrial enterprises) and distribution costs (at enterprises in the sphere of circulation), financial analysis data on the level of costs and profitability are used. Based on the analysis, measures are developed to optimize costs (variable, fixed and mixed) and achieve break even enterprises.

The choice of depreciation policy is of great importance in the financial policy of the enterprise.

In accordance with the current legislation, an enterprise has the right to apply accelerated depreciation, i.e., to accelerate the accumulation of funds for the replacement of equipment, while at the same time increasing costs (cost of production). The enterprise also has the right to conduct a revaluation of fixed assets, to determine the method of calculating depreciation.

6. The dividend policy of the enterprise is developed in joint-stock companies, production cooperatives, consumer societies. When choosing it, you must keep in mind the following circumstances:

¦ payment of dividends ensures the protection of the interests of members of joint-stock companies and cooperatives;

¦ high payment of dividends reduces the share of profit directed to the development of the organization.

When developing a financial policy, one should evaluate the advantages and disadvantages of dividends, find best option payment of dividends, take into account the costs of long-term development of the enterprise.

7. Financial management of the enterprise. Modern system financial management of the enterprise is based on the territory of planning, regulation and regulation.

The most important element in ensuring the sustainability of production activities is the financial planning system, which consists of:

budget planning of the activities of structural divisions of the enterprise;

free (comprehensive) budget planning of the enterprise1.

These processes include: formation of budgets and their structure; responsibility for the formation and execution of budgets; coordination, approval and control over the execution of budgets.

Budget planning of the activities of the structural divisions of the enterprise is necessary in order to strictly save financial resources, reduce unproductive costs, as well as improve accuracy. planned indicators(for tax and financial planning purposes), greater flexibility in managing and controlling production costs.

1 See: Reform of enterprises (organizations). Guidelines. S. 64.

The benefits of budget planning are:

monthly planning of budgets of structural units gives more accurate indicators of the size and structure of costs and, accordingly, profit, which is important for tax planning (including payments to state trust funds);

within the framework of monthly budgets, structural subdivisions are given greater independence in spending the economy according to the budget of the wage fund, which increases the material interest of employees;

minimization of the number of control parameters of budgets allows to reduce non-productive expenses of working time of employees of the economic services of the enterprise;

budget planning makes it possible to implement the mode of saving the financial resources of the enterprise, which is especially important for overcoming the financial crisis.

At enterprises, it is advisable to create the following end-to-end system of budgets:

payroll budget;

budget for material costs;

energy consumption budget;

depreciation budget;

other expenses budget;

budget for repayment of credits and loans;

tax budget.

Payments to state trust funds and a part of tax deductions are connected with the budget of the wage fund.

The depreciation budget largely determines the investment policy of the enterprise. In addition, the actual depreciation charges accumulated in the depreciation fund, until they are spent for their intended purpose, can be used as working capital of the enterprise.

Miscellaneous budget allows you to save on the least important financial expenses.

The budget for the repayment of loans and borrowings makes it possible to perform operations to repay loans and borrowings in accordance with the payment schedule.

The tax budget includes taxes and obligatory payments to the federal, regional and local budgets, as well as to state trust funds. It is planned for the whole enterprise.

An approximate system of enterprise budgets is given in Table. 4.2.

Note. The consolidated budget in terms of cost composition is equal to the consolidated budget (page "Total") plus the credit and tax budgets.

The given system of budgets covers the entire phase of the financial calculations of the enterprise. Budgets are developed as a whole for the enterprise and for structural divisions. At the same time, it is recommended to be guided by the principle of decomposition, which consists in the fact that each budget of a lower level is a detailed budget of a higher level.

The consolidated budget is compiled on the basis of data from functional budgets and consists of revenue and expenditure parts. When forming the budget, priority areas of expenditure are determined, among which are: wages; costs for the purchase of materials, components, etc. necessary for the implementation production program; payments to state trust funds, taxes.

Preparation of the consolidated budget of the enterprise, as well as rate forecasting bank interest and the solvency of customers allow you to determine the amount of profit required to ensure the solvency of the enterprise.

The consolidated budget of the enterprise consists of revenue and expenditure parts, the main articles of the consolidated budget are shown in Table. 4.3.

The revenue part of the budget is planned on the basis of the plan for sales (implementation) of products and financial receipts from other sources. In addition, balances on the company's accounts are taken into account.

The expenditure part of the consolidated budget is planned on the basis of: the schedule of tax payments; payroll budget; the schedule of payments to state trust funds, the budget of material costs, the schedule of repayment of loans and other budgetary expenses.

AT modern conditions it is recommended to implement local automated systems budget planning at enterprises (based on computer network). This will allow you to quickly receive information on budget execution and make timely adjustments to budgets, if necessary, in order to increase efficiency. operational management financial resources.

INTRODUCTION

Effective implementation of the policy and tactics of financial management is impossible in the absence of the financial policy of the organization. Having established goals, objectives, types and methods of functioning of enterprises, financial policy should determine the prospects and innovative directions of development in the face of risks and cyclical economic processes.

The financial policy of the organization related to the financial government policy takes into account the priority areas of economic development, economic cycles of economic recovery and restructuring, improving the quality of life of the population, ensuring financial and economic and social stability in the country based on economic growth.

Theoretical and methodological foundations financial policies are directly related to the theory of finance, the founders of which are Diomere Carafa, Jean Bodin, Francois Quesnay, Adam Smith, David Ricardo, Jean Sismondi and other scientists.

The development of a market economy, which is characterized by relative freedom of choice of activities, attraction, use and distribution of financial resources, the financial policy of the organization acts as a relatively independent area of ​​research.

Problems of development of certain types of financial policies are often considered without taking into account the external and internal conditions of the organization. At the same time, decisions regarding investment, dividend and debt policies, and other financial issues cannot be made independently. Currently, there is no single methodology for assessing financial performance in the organization's policy.

In a market economy, women's competition increase the importance and relevance of long-term and short-term financial policy. It is obvious that the well-being of an enterprise fundamentally depends on the proper organization of financial policy. The main problem of most domestic enterprises is the inability of management to manage the enterprise in accordance with modern economic realities. Of course, Russian enterprises have great experience in the field of financial policy development, forecasting and planned work, estimates economic efficiency projects that should not be ignored. However, the use in modern conditions of theories that have lost their economic relevance inevitably leads to a crisis in the management of many domestic enterprises. The economic conditions have changed, so it is necessary to form a long-term and short-term financial policy, taking into account not only Russian practice, but also the achievements of the world economy.

The above analysis shows the relevance of the problem of development and formation of the financial policy of the organization.

The degree of development of the problem. Theoretical, methodological and organizational and methodological aspects of the financial policy of the organization and its development are presented in the works of N.I. Berzon, I.A. Blanca, A.Z. Bobyleva, Z. Body, R. Braley, I.V. Ivashkovskaya, V.V. Kovaleva, N.P. Lyubushin, S. Myers, R. Merton, M. Miller, F. Modigliani, V.I. Petrova, A. Raviv, S. Ross, T.V. Thermal, M. Harris, A.D. Sheremeta and others, financial accounting Yu.A. Babaeva, M.R. Matthews, B. Needles, S.A. Nikolaeva, M.Kh. Perera etc.

At the same time, there remains a need to study the problems of developing the financial policy of the organization.

aim term paper is the study of the essence of the financial policy of the enterprise.

Objectives of the course work:

determine the essence, content, principles of organization of the financial policy of the enterprise;

to characterize the main directions of financial management policy.

The object of the study is the financial policy of the organization as a means of implementation effective management finance.

The subject of the study is the formation and implementation of the financial policy of the organization.

1. ESSENCE, CONTENT AND PRINCIPLES OF THE FINANCIAL POLICY OF THE ORGANIZATION

1.1 The concept of the financial policy of the organization

Enterprises, being business entities, have financial resources, including their own, and, therefore, have the right to independently determine their financial policy.

Financial policy is the basis of the enterprise financial management process. The financial policy of the enterprise, as a rule, is determined by the founders, owners, top managers. The organization of financial policy is engaged in financial management. Financial policy executors are not only financial services, production structures and divisions, but also individual employees of the organization. The financial policy of an enterprise is manifested in the development and application of a system for mobilizing and competent optimal distribution of financial resources, and also substantiates and approves financial mechanisms, criteria for assessing the effectiveness and feasibility of the formation, direction and use of financial resources in management. To fully understand the essence of the financial policy of an enterprise, it is necessary to dwell on the definition of its object, subject, elements and tools.

The object of financial policy is the totality of the economic system and its activities, in conjunction with the financial condition and financial results through the management of financial flows. As a subject of financial policy, intra-company and inter-company financial processes, relations and operations are considered, including production processes that form financial flows and determine the financial condition and financial results, settlement relations, investments, issues of acquiring and issuing securities.

Financial management is carried out with the help of the financial mechanism. The financial mechanism of an enterprise is a system for managing the finances of an enterprise in order to achieve maximum profit.

The elements of the financial mechanism are financial relations, financial leverage, financial methods, legal support and information and methodological support of financial management.

At present, in the domestic and foreign practice as instruments of financial policy are used: methods of accounting, economic analysis, system financial incentives workers, financial monitoring, budgeting, planning and forecasting, engineering and business reengineering. In addition, understanding the essence and mechanism of the financial policy of the enterprise, one should be able to correctly assess its effectiveness and efficiency. The effectiveness of the financial policy can be determined by the level and degree of achievement of the goals and objectives.

The effectiveness of financial policy, like any other type of economic efficiency, is defined as the ratio of results and costs. It can be measured in terms financial efficiency the work of the divisions of the enterprise, each individually and as a whole, indicators of the effectiveness of the direction and use of financial flows, material and labor resources.

The financial policy of an enterprise can also be characterized as a specific algorithm of actions to achieve main goal enterprise, which involves the implementation of successive stages and includes various tools and mechanisms.

Definition of strategic directions of development.

Planning

strategic;

operational;

budgetary

Development of an optimal control concept:

capital;

assets;

cash flows;

costs.

Control:

checking the implementation of plans;

comparative analysis;

1.2 Principles of organization of financial policy

Principles modern organization enterprise finance may be:

The principle of planning, which ensures that the volume of sales and costs, investments correspond to the needs of the market, taking into account the conjuncture, and in our conditions, effective demand, that is, the possibility of making normal calculations. This principle is most fully realized when implementing modern methods intra-company financial planning (budgeting) and control.

Financial ratio of terms - provides a minimum gap in time between the receipt and use of funds, which is especially important in conditions of inflation and changes in exchange rates. At the same time, the use of funds here means the possibility of their preservation from depreciation when placed in marketable assets ( securities, deposits, etc.).

Flexibility (maneuvering) - provides the possibility of maneuver in case of failure to achieve planned sales volumes, excess of planned costs for current and investment activities.

minimization financial costs- financing of any investments and other costs should be provided in the most "cheap" way.

Rationality - the investment of capital should have a higher efficiency compared to its achieved level and ensure minimal risks.

Financial stability - ensuring financial independence, i.e., compliance with the critical point of the share of equity capital in its total value (0.5) and the solvency of the enterprise, i.e., its ability to repay its short-term obligations. Naturally, the implementation of these principles should be carried out when developing a financial policy and organizing a financial management system for a particular enterprise. In this case, it is necessary to take into account:

sphere of activity (material production, non-productive sphere);

sectoral affiliation (industry, transport, construction, Agriculture, trade, etc.);

types (directions) of activity (export, import);

organizational and legal forms entrepreneurial activity.

The above principles of organizing finance are most fully implemented at enterprises in the sphere of material production. They are characterized by functioning on the basis of commercial calculation, self-financing and self-sufficiency.

1.3 Financial management methods

Within the framework of financial management, two main processes are distinguished: asset and liability management; Management of risks. The relationship between the processes and goals of financial policy is implemented in accordance with the following diagram (Fig. 1.1).

To achieve these goals, the following methods are used:

Asset and liability management:

1 Asset management:

centralization of corporate financial management;

ensuring the safety of assets (classification, inventory, accounting);

property management based on an objective assessment of the value;

using a portfolio approach to asset management, flexibility in terms of financing, flexibility in making investment decisions;

mandatory examination of the tax conditions of transactions;

long-term financial plans are part of the strategic and long-term plans for the development of the company and individual projects;

delegation of powers of financial management of projects to the regional level of territorial production enterprises (hereinafter CCI).

2 Liability management:

attraction external funding, in the first place, without recourse to the parent company;

diversification of funding sources;

priority in attracting project financing from the EBRD, IFC or the World Bank on competitive terms, preference is given to these credit institutions;

maximization of credit potential and its implementation by using the potential of project financing;

Rice. 1.1 Financial management methods used

Financing investment needs with long-term loans (matching principle);

rationalization of the structure of funding sources, based on the cost/flexibility balance and the principle of maximizing flexibility;

availability of a mobilized financial reserve. Maintaining the financial flexibility required to effectively fund M&A transactions and achieve the company's strategic goals;

the priority of financing a large-scale investment program for international projects, enshrined in the dividend policy;

linking short-term financial plans with long-term programs;

use of capital redistribution mechanisms by consolidating investment programs of individual projects, finding financing opportunities through a tax-efficient and transparent mechanism for centralization and subsequent reinvestment of funds at the level of the parent company of the group or through borrowing.

3. Working capital management:

centralization of liquidity management in the corporate center;

working capital financing uses the maturity matching approach, in which each part of the assets must be correlated with a financial instrument, the maturity of which is correlated with the time frame of the needs for current assets;

setting target levels for profitability of cash management, return on capital employed, turnover of non-monetary components of working capital based on the requirements of shareholders and market conditions;

minimization of funds not placed in accordance with the free cash management strategy to the level of minimum balances that guarantee business continuity.

Management of risks:

integrated corporate risk management system complies with ISO/IEC Guide 73 and FERMA standards

compliance with international standards in the field industrial safety ISO 14001:1996 and OHSAS 18001:1999;

placement of risks in local and international reinsurance markets is carried out, if possible, using a captive and/or authorized insurance/reinsurance company, or on a tender basis;

when placing risks in the international reinsurance markets, reinsurers with an appropriate level of financial reliability are used in accordance with the assessment of recognized international rating agencies on the basis of international conditions generally accepted in the oil and gas industry, subject to the use of an adequate level of applicable franchises;

minimizing the risk of loss of liquidity in the short term;

planning the creation of trust funds to cover risks, business development;

maintaining an efficient holding structure of the group from a tax point of view with the distribution of functions and tasks between companies / business units of the group;

availability of a system of control over the intended use of funds at the level of the Chamber of Commerce and the determination of the limit of financial responsibility of the Chamber of Commerce and Industry.

Monitoring.

Monitoring covers three main areas:

efficiency control;

risk control;

control over the implementation of financial management procedures.

Efficiency control is implemented as a procedure for comparing the values ​​of actually achieved parameters with their previously planned level, with a competitive level, with the level of previous periods under comparable conditions. If necessary, decomposition is carried out and the factors influencing the achievement of the established key indicators activities (hereinafter KPI).

Risk control ensures that the prescribed procedures are carried out in full and that all control systems function at the proper level. Qualitative monitoring helps to track the status of the current risk, determine whether the desired result has been achieved from the implementation of certain risk management measures, whether sufficient information has been collected to make decisions, and whether the information prepared by the risk owners has been used to reduce the degree of risk in the enterprise. The monitoring process should also provide information on the effectiveness of risk management, which is determined by comparing the cost of management actions and changes in the magnitude of the expected damage. Control over the execution of financial management procedures is implemented in the form of regular audit procedures, including field audits at the Chamber of Commerce and Industry, through the analysis of comments identified during the internal audit.

Thus, the financial policy of an enterprise can be understood as a set of measures for the purposeful formation, organization and use of finance to achieve the goals of the enterprise.

Financial policy is the search for a balance that is optimal for this moment the ratio of several directions of development and the choice of the most effective methods and mechanisms to achieve them.

2. MAIN FINANCIAL MANAGEMENT POLICY

2.1 Classification of types of financial policy

In the financial literature on financial policy, several of its classifications are given.

Financial policy is considered both internal and external.

Internal financial policy affects financial relations and financial processes that occur within the enterprise. And external, respectively, - on the financial activities of the enterprise outside the internal environment of the enterprise, that is, in the external environment.

The next classification criterion is considered to be the orientation of financial policy. A constructive financial policy is one that aims to develop and improve financial relations, as well as their positive result. Destructive financial policy has negative, destructive goals for its object.

This is possible with a difference in the interests of personal (group) and the interests of the enterprise. Often, the realization of personal interests purposefully leads to the termination of the enterprise.

Sometimes personal interests, being short-sighted, introduce destructive components into the activities of the enterprise, lead to its crisis and the end of existence. That is, in this case, the destructive financial policy is not intentional, but becomes the result of mistakes made in making managerial decisions.

Another classification of financial policy is known, namely, according to the degree of legality. Distinguish legal (carried out within the framework of the law) and illegal (criminal) financial policies. However, it should be noted that a destructive policy is not always illegal.

In the modern theory of finance, the formulation of financial policy in the main areas of financial activity is considered as one of the main stages in the process of making long-term strategic financial decisions. According to Doctor of Economic Sciences, Professor I.A. Blank, financial policy is "a form of implementation of the financial philosophy and the main financial strategy of an enterprise in the context of the most important aspects of financial activity." Thus, the financial policy of the enterprise is aimed at implementing the financial strategy. The financial policy is developed for a specific stage or the entire period of the strategy implementation. It is aimed at solving specific strategic tasks.

The textbook edited by E. I. Shokhin singles out long-term and short-term financial policy.

Long-term financial policy includes capital structure management, dividend policy, financial planning and forecasting, and budgeting.

Capital structure policy making involves the trade-off between risk and return that arises from the choice of long-term funding sources. Traditionally, the first stage is the justification of the amount of borrowed capital (or the amount of financial leverage). At the next stage, specific sources of financing for equity and borrowed capital are determined.

The dividend policy, as well as the management of the capital structure, has a significant impact on the situation in the capital market, in particular on the dynamics of the price of its shares. Dividends represent the cash income of shareholders and, to a certain extent, signal that the company in whose shares they have invested their money is doing well. Dividends are accrued with a certain frequency and in the creation of an investor are associated, as a rule, with the profit earned by the company. In this context, a simplified scheme for distributing the profit of the reporting period can be represented as follows: part of the profit is paid out in the form of dividends, the rest is reinvested in the company's assets. The part of the profit not withdrawn by the owners is an internal source of financing for the company, so it is obvious that the dividend policy significantly affects the amount of external sources of financing attracted.

The main tasks of financial planning in the enterprise are:

providing the necessary financial resources for production, investment and financial activities;

determination of directions for effective investment of capital, assessment of its use;

identification of on-farm reserves for increasing profits;

establishment of rational financial relations with the budget, banks, other contractors;

observance of the interests of shareholders and other investors;

control over the financial condition, solvency and creditworthiness of the enterprise.

AT economic literature, especially in English, in addition to financial planning, the term budgeting is often used.

There is no strict and generally accepted distinction between these concepts. For example, there is a fairly common approach according to which a plan is a broader concept than a budget, since it includes the entire range of actions ordered in a certain way aimed at achieving certain goals, and these actions can be described not only with the help of formalized, quantitative assessments, but also by listing a number of non-formalizable procedures. A budget is a narrower concept that implies a quantitative presentation of an action plan, and, as a rule, in monetary terms. Thus, when applying the term budgeting, the emphasis is, firstly, on the dominant cost component in budgeting, and secondly, on a significantly greater certainty, elaboration and detailing of the budget.

The need for financial planning is to provide the necessary financial resources for the activities of enterprises in order to select options for a more efficient investment of capital and identify on-farm reserves for profit growth through the economical use of funds. Financial planning helps to control the financial condition, solvency and creditworthiness of the enterprise.

Short-term financial policy includes enterprise price management, current cost management, current asset management, inventory management, receivables management, cash asset management, financial management of the current activities of the enterprise, cash flow management and cash balance optimization.

The pricing policy determines the financial result, financial stability and stability of the organization in the strategic and tactical plan. The size of the price depends on the demand for goods, sales revenue, net profit of the organization. The price policy for goods and services is to determine and regulate prices to achieve the intended goals and objectives. In the policy of price regulation, indicators of the elasticity of demand and supply from the price, the average rate of return are used, which allow managing the competitiveness of the goods, as well as other financial indicators.

Inventory management is one of the important aspects of a firm's financial management. Inventories include such types of assets as raw materials, materials and components, work in progress, finished products. The larger the scale of production a company has, the greater the demand for its products, the greater, ceteris paribus, the average annual volume of reserves that it needs to have. In the US, inventories average 15% of assets industrial companies, 25% of companies retail. Good inventory management reduces costs, increases profits, shortens the operating cycle and the cash cycle, and thus creates a more powerful cash flow.

The adoption of short-term decisions on the management of current assets depends on the choice of a policy for the integrated operational management of current assets and current liabilities. The essence of policy choice is to determine, on the one hand, a sufficient level and rational structure of current assets and, on the other hand, to determine the size and structure of sources of financing of current assets.

The target setting of the current asset management policy is to determine the volume and structure of current assets, the sources of their coverage and the ratio between them, sufficient to ensure the long-term production and financial activities of the enterprise. Chronic failure to fulfill obligations to creditors can lead to the rupture of economic ties, along with all the ensuing consequences. Equally important is the maintenance of working capital in the amount that optimizes the management of current activities. The loss of liquidity is fraught not only with additional costs, but also with periodic shutdowns production process.

A significant characteristic of financial policy is the possibility of its adjustment. This gives a priority to the enterprise in that it can not deviate from the main strategic goals when changing environmental conditions.

Financial policy is developed in certain areas of the financial activity of the enterprise. The conducted studies allow us to conclude that the key factor in an effective financial policy is its elaboration not only in certain areas of the long-term financial development of an enterprise, but in the context of each of them - by type of financial activity. Thus, this indicates the complexity and multi-stage nature of the process of forming the financial policy of an enterprise.

management financial organization

2.2 Types of financial policy of the enterprise

In the modern theory of financial management, three types of financial policy of an enterprise are most often distinguished, namely:

). Aggressive: with this type of financial policy, one has to deal with a high level of financial risks that accompany a focus on high financial results;

). Moderate: focused on medium risk levels and achieving industry averages financial results enterprise activities;

). Conservative: based on minimizing financial risks. It is clear that the type of financial policy under consideration will not provide high financial results for the enterprise, but will form the basis of its financial security.

Given the financial problems existing at enterprises in the current crisis conditions of our time, it is necessary to implement an active financial policy, but most often they use a reactive form of financial management, i.e. making management decisions that are a response to current problems. But it should be noted that this form of management leads to a number of contradictions between:

the interests of the activities of various departments and services of the enterprise (production and financial services, etc.);

various types of activities of the enterprise and their profitability (profitability own production and profitability of financial markets);

the interests of the enterprise and the interests of the state, etc.

The considered version of the financial policy in the conditions of the economic crisis cannot be called effective, since it lacks a long-term perspective and only contributes to the solution of momentary local issues and tasks.

Despite the fact that the enterprise independently determines its financial policy, its development is carried out on the basis of the Guidelines for the development of the financial policy of the enterprise, approved by order of the Ministry of Economy of the Russian Federation dated October 1, 1997 No. 118.

This document defines the range of main tasks, the solution of which is necessary for the formation of an enterprise financial management system adequate to market conditions, as well as ways and means of solving them.

According to the above document, the main areas of development of the financial policy of the enterprise include:

) analysis of the financial and economic condition;

) development of accounting policies;

) development of credit policy;

) management of working capital, accounts payable and receivable;

) cost management (costs) and choice of depreciation policy;

) dividend policy;

) financial management.

Methodological recommendations for the development of the financial policy of the enterprise confirm that the creation of a reliable and flexible financial management system aimed at resolving issues of budgetary, credit, and investment policy expands the internal possibilities of savings for the modernization of production, the enterprise becomes more attractive to third-party investors.

Thus, financial policy is divided into long-term and short-term. The most significant difference is in the timing cash flows. Long-term financial policy is designed to make decisions that affect the activities of the enterprise for a long period of time, usually more than a year. The short-term policy is aimed at making current decisions for a period of one year or more, or for the duration of the operating cycle, if it is more than 12 months.

The financial policy takes into account the multifactorial, multicomponent and multivariate financial management to achieve the intended goals and fulfill the tasks set. Thus, long-term financial policy sets the direction for the change and growth of the firm in the long term, without examining the individual financial components in detail. Short-term financial policy is mainly concerned with the analysis of issues affecting current assets and current liabilities.

2.3 Relationship of financial policy with other policies of the organization

The financial policy of the organization is the most important component of the general policy of the development of the enterprise, which also includes investment policy, innovation, production, personnel, marketing. If we consider the term "policy" more broadly, then these are "actions aimed at achieving the goal." Thus, the achievement of any task facing the enterprise is to some extent necessarily connected with finances: costs, income, cash flows, and the implementation of any solution, first of all, requires financial support. Thus, financial policy is not limited to solving local, isolated issues, such as market analysis, developing a procedure for passing and agreeing contracts, organizing control over production processes, but is comprehensive.

Financial policy is a relatively new discipline. It does not study the essence of financial relations and does not develop mechanisms and methods for optimizing income, expenses, cash flows, etc., but uses the existing ones considered in financial management. However, its role and significance does not become less significant from this. There are many ways to generate, distribute and use financial resources that will ultimately allow the enterprise to develop. But only the development and implementation of financial policy at the enterprise will make it possible to more clearly define the main directions of development.

Short-term financial policy directly depends on the accounting policy adopted by the enterprise, which is a set of accounting methods adopted by the organization - primary observation, cost measurement, current grouping and final generalization of facts economic activity.

When forming the accounting policy of an organization in a specific direction of maintaining and organizing accounting, one of the several methods allowed by the legislation and regulations on accounting is selected.

If, on a specific issue, normative documents methods of accounting have not been established, then when forming an accounting policy, the organization develops an appropriate method based on these and other provisions on accounting.

The accounting policy adopted by the organization is subject to registration by the relevant organizational and administrative documentation (orders, instructions, etc.) of the organization.

The accounting methods chosen by the organization when forming the accounting policy are applied from January 1 of the year following the year of approval of the relevant organizational and administrative document. At the same time, they are applied by all branches, representative offices and other divisions of the organization (including those allocated to a separate balance sheet), regardless of their location.

The newly created organization draws up the chosen accounting policy before the first publication of financial statements, but no later than 90 days from the date of acquisition of rights legal entity (state registration). The accounting policy adopted by the newly created organization is considered applicable from the date of acquisition of the rights of a legal entity (state registration).

The tax policy of the enterprise is inextricably linked with the accounting policy, because. the choice of methods for attributing costs to prime cost may affect the amount of the taxable base for income tax. As a rule, the reduction of the tax burden of a business entity is carried out through special techniques. It is customary to distinguish two types of implementation of the tax policy of the enterprise:

) optimization of taxes through tax planning in compliance with the requirements of tax, administrative and criminal legislation or, in extreme cases, using contradictions in laws interpreted in favor of the taxpayer. Conventionally, tax optimization methods can be divided into four groups:

through accounting policy (determination of depreciation methods, evaluation of inventories when they are written off to production or for sale, reservation) and tax benefits;

through special design techniques contractual relations:

through an agreement (the establishment of special conditions of the agreement: the applicable taxation regime depends on its content and legal literacy, this also includes the price of the agreement);

“replacement of relations” and “separation of relations” (these methods are related and consist in the fact that one business transaction that has a specific economic content can be framed in different legal form contracts);

through offshore;

other methods (deferred tax payment, direct reduction of the object of taxation, etc.).

) tax evasion - illegal schemes are used, up to gross violation of the law.

The development and implementation of financial policy contains both financial, managerial, economic, legal and even technical aspects and, in this regard, requires an interdisciplinary approach. Indeed, such concepts as assets, working capital, costs, prices, as well as methods - budgeting, rationing of working capital and others do not belong to the subject of "financial policy" and come from a variety of practical and scientific disciplines. However, from a methodological point of view, this discipline is a crossroads, generating into one whole the goal of enterprise development, the mechanism and stages of achieving this goal.

Accounting, financial management, economics, law, statistics, mathematics, computer science and other functional disciplines contribute to the practical implementation of the financial policy of any enterprise.

Financial policy and finance. Financial policy, despite the fact that it is based on the terms, the essence of which is revealed in the discipline "finance", does not directly study the content and composition of financial relations, it uses finance as a basic tool to achieve its goals and objectives. Financial policy helps to more clearly determine how to achieve goals with the help of financial resources.

Financial policy and financial management. The financial policy sets the general concept of the enterprise development. However, the financial policy is implemented with the help of financial management methods. Financial management is more about actions, analysis and preparation of decisions, while financial policy adapts existing methods in accordance with its goals, directions and objectives.

Financial policy and accounting. All financial policy decisions are closely intertwined with accounting. Indeed, accounting provides the basic primary information that is necessary for the implementation of financial policy. In addition, numerous terms, concepts and concepts have come out of the subject "accounting".

Financial policy and law. The influence of law on the implementation of financial policy affects indirectly through elements of civil, labor, administrative and procedural law.

Financial policy and taxation. To achieve one or the other strategic goal set within the framework of financial policy, are influenced by numerous financial flows, and they, in turn, are significantly influenced by the current taxation system. In addition, the current tax legislation often acts as coercion to one or another financial action.

Financial policy and mathematical and statistical disciplines. Financial goals usually involve formalization, while statistics and mathematics directly provide tools for analysis and modeling. Especially these tools are necessary when taking into account risk and uncertainty in management decisions. It should be noted that the use of mathematics has expanded significantly. Mathematics in financial management has already been applied for a long time. Financial mathematics has long been used to decide whether to issue or attract loans, or calculate the price of capital.

Financial policy and informatics. Informatics has almost no effect on the discipline under consideration as such, but its application, as in other areas of management, significantly increases the effectiveness of practical solutions. There are numerous computer-based financial programs that make financial modeling available to almost every enterprise; let us name, in particular, spreadsheet processors, financial modeling systems and expert systems.

Financial management and... much more. Many scientific and practical disciplines also provide assistance to the responsible financier of the enterprise, for example, system analysis began to be applied in cash management; In some large companies using survey methods humanities to know the composition of shareholders and better manage the dividend policy. There are other examples of invoking the methodology of various disciplines.

Thus, the financial policy organizationally connects all kinds of elements into a single whole, starting from the definition of the primary goal, strategic directions up to the implementation of specific decisions and meets the practical needs of enterprise management.

CONCLUSION

The relationship of the directions of development of the enterprise, as well as the construction of a mechanism for achieving these goals with the help of financial resources, are implemented through financial policy.

As a result of solving the first task set in the work - consideration of the foundations of the formation of the financial policy of the organization, the following conclusions can be drawn.

The financial policy of an enterprise is a set of measures for the purposeful formation, organization and use of finance to achieve the goals of the enterprise. Financial policy is the search for a balance, the current optimal ratio of several areas of development and the choice of the most effective methods and mechanisms for achieving them.

The financial policy of an enterprise cannot be unshakable, determined once and for all. On the contrary, it should be flexible and adjusted in response to changes in external and internal factors.

One of the basic principles of financial policy is that it should be based not so much on the actual situation as on the forecast of its change. Only on the basis of foresight does financial policy acquire stability.

Financial policy is divided into long-term and short-term. The most significant difference is in the timing of cash flows. Long-term financial policy is designed to make decisions that affect the activities of the enterprise for a long period of time, usually more than a year. The short-term policy is aimed at making current decisions for a period of one year or more, or for the duration of the operating cycle, if it is more than 12 months.

The financial policy takes into account the multifactorial, multicomponent and multivariate financial management to achieve the intended goals and fulfill the tasks set. Thus, long-term financial policy sets the direction for the change and growth of the firm in the long term, without examining the individual financial components in detail. Short-term financial policy is mainly concerned with the analysis of issues affecting current assets and current liabilities. The development and implementation of financial policy must be constantly monitored. Control is to integrate long-term and short-term financial policies into the overall financial strategy of the firm.

Financial policy is associated with accounting, tax, depreciation, dividend, pricing, marketing, personnel and other areas of organization management. Thus, the financial policy organizationally connects all kinds of elements into a single whole, starting from the definition of the primary goal, strategic directions up to the implementation of specific decisions and meets the practical needs of enterprise management.

BIBLIOGRAPHY

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State and municipal finance: Textbook. - Ed. 2nd, add. and reworked. / Under the total. ed. I.D. Matskulyak. - M.: Izl-vo RAGS, 2007. - 640 p.

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The organization of financial policy is based on certain principles (the main ones are shown in Fig. 1.3).

The principle of self-sufficiency and self-financing. Self-sufficiency implies that the funds that ensure the functioning of the organization must pay off, i.e. generate income that corresponds to the minimum possible level of profitability. Self-financed means full payback of costs for the production and sale of products, investment in the development of production at the expense of own funds and, if necessary, at the expense of bank and commercial loans. The implementation of this principle is one of the main conditions for entrepreneurial activity, which ensures the competitiveness of the organization. In countries with developed market economies, the level of self-financing is considered high if the share of own funds of an entrepreneurial firm reaches 70% or more.

Rice. 1.3. Basic principles of financial policy organization

The principle of self-government or economic independence consists in independently determining the prospects for the development of the organization (primarily on the basis of demand for manufactured products, work performed or services rendered); independent planning of their activities; ensuring production and social development firms; independent determination of the direction of investment of funds in order to make a profit; disposal of the released products, sold at prices independently set, as well as independent disposal of the net profit received. In a market economy, the rights of organizations have significantly expanded, but it is impossible to speak of complete economic independence, since certain areas of economic activity of entrepreneurial organizations are determined and regulated by the state.

The principle of liability means the presence of a certain system of responsibility of the organization for the conduct and results of economic activity. financial methods the implementation of this principle is different for individual organizations, their managers and employees, depending on the organizational and legal form. In accordance with Russian legislation, organizations that violate

those that have contractual obligations (as a rule, in terms of terms and quality), settlement discipline, allowing untimely repayment of bank loans or redemption of bills, violation of tax laws, are subject to different kind liability depending on the nature of the financial offense.

In accordance with federal law"On Insolvency (Bankruptcy)" untimely fulfillment by an entrepreneurial firm - a debtor of its obligations or obligations within three months from the date of their fulfillment is a sign of bankruptcy. For such an organization arbitration court a bankruptcy case may be initiated if its total debt is at least 500 times the minimum wage per month.

Interest in the results of activities. The objective necessity of this principle is determined by the main goal of entrepreneurial activity - the systematic profit. The interest in the results of economic activity is equally inherent in employees, the management of the organization and the state. In order to interest the company's employees in the results of its activities, the management develops forms, systems and amounts of remuneration, incentive and compensatory payments, and also uses certain social guarantees.

The principle of exercising control over the financial and economic activities of the organization. As you know, the finances of an organization perform a control function, since this function is objective, subjective activity is based on it - financial control.

There are several types of control depending on the subjects exercising it.

National (non-departmental control) is carried out by bodies state power and management. In the Russian Federation, these are the highest bodies of state power and government - the Federal Assembly and its two chambers - the State Duma and the Federation Council. The Federal Assembly of the Russian Federation forms the Accounts Chamber as a permanent body of state financial control.

Important role in the implementation of financial control play the Ministry of Finance of the Russian Federation and its local authorities.

Departmental control is carried out by the control and audit departments of ministries and departments. These bodies check

financial and economic activities of subordinate enterprises.

On-farm financial control is carried out by the financial services of business organizations, primarily the financial department or financial department, accounting, and the audit commission. Their functions include checking the production and financial activities of the enterprise itself, as well as its structural divisions. The main task of on-farm control is an internal audit, verification on behalf of the company's management. Internal audit should be carried out continuously and cover all areas of the company's economic activity, be of a substantive nature and be effective.

Independent financial control is carried out by audit firms (services), as well as individual auditors. The object of this control is the activity of all economic entities. The main objectives of an external audit are: verification of the reliability of financial and accounting reports and their compliance with laws and regulations, examination of the financial and economic condition, assessment of solvency and, finally, development of recommendations for improving, streamlining financial and economic activities, tax planning, financial strategy.

The principle of formation of financial reserves associated with the need to ensure business continuity, which is associated with high risk due to market fluctuations. Financial reserves can be formed by business firms of all organizational and legal forms from net profit, after paying taxes and other obligatory payments. It should be noted that it is advisable to keep the funds allocated to reserve funds in liquid form so that they generate income and, if necessary, can easily be converted into cash capital.

(Kovaleva A.M., Lapusta M.G., Skamay L.G. Company finances. - M .: INFRA-M, 2002.)

1.5.Types of financial policy of the organization and their characteristics

In the direction of the financial policy of the organization is divided into internal and external.

Domestic financial policy It is aimed at financial relations, processes and phenomena occurring within the organization.

Foreign financial policy is aimed at the activities of the organization in the external environment: in financial markets, in credit relations, etc.

Based on the duration of the period and the nature of the tasks to be solved, financial policy is divided into financial strategy and financial tactics.

Financial strategy - a long-term course of financial policy, designed for the future and involving the solution of large-scale tasks of the organization's development. Financing decisions and activities that take place over a period of more than 12 months or beyond the operating cycle are classified as long-term financial policy . In the process of its development, the main trends in the development of the organization are revealed:

• growth in production and sales;

§ leadership in competition (expressed in terms of return on equity and sales);

§ maximizing the price (value) of the organization;

§ definition of financial relations with the state (tax policy), banks (credit policy) and partners (suppliers, buyers, contractors, etc.).

The strategy involves the choice of alternative ways of development of the organization. At the same time, forecasts, experience and intuition of specialists are used to mobilize financial resources to achieve the set goals. From the position of the strategy, they form specific goals and objectives of production and financial activities and make operational management decisions.

(Commercial budgeting / V.V. Bocharov - St. Petersburg: Peter, 2003.)

To the essential elements financial strategy include:

§ developing a credit strategy;

§ fixed capital management, including depreciation policy;

§ pricing strategy;

§ choice of dividend and investment strategy.

However, the choice of a particular financial strategy does not yet guarantee the expected effect (income) due to the influence of external factors, in particular, the state of the financial market, tax, budgetary and monetary policy of the state.

An integral part of the financial strategy is long-term financial planning, focused on achieving the main parameters of the organization's current activities: volume and cost of sales, profit and profitability, financial stability and solvency.

Financial tactics is aimed at solving local problems of a particular stage of the organization's development by timely changing the ways of implementing financial ties, redistributing

niya of monetary resources between types of expenses and structural divisions (branches). Financing decisions and activities for a period of less than 12 months, or for the duration of the operating cycle, if it exceeds 12 months, are classified as short term financial policy.

With a relatively stable financial strategy, financial tactics should be flexible, which is due to changes in market conditions (supply and demand for resources, goods and services). The strategy and tactics of financial policy are closely interrelated. A correctly chosen strategy creates favorable opportunities for solving tactical problems. The tactical objectives, the achievement of which should ensure financial management, are:

§ development of accounting policy;

§ development of credit policy;

§ management of current assets and accounts payable;

§ management of current (operational) costs, income and profit;

§ sufficiency of cash receipts in the short term (decade, month, quarter, year);

§ return on equity and sales (competitiveness at the operational level), etc.

Consequently, the priority task of the operational management of the organization's finances is to ensure its liquidity and profitability. A weighty argument in favor of maintaining sufficient liquidity of the balance sheet are such dangerous consequences of insolvency as the declaration of bankruptcy and the termination of the activity of an economic entity. All strategic and tactical decisions are checked to see if they contribute to the maintenance of financial equilibrium or disrupt it. To maintain the solvency and liquidity of the organization's balance sheet, it is advisable to effectively manage its cash flows (cash inflow and outflow). Cash is the most scarce resource in a market economic system, and the success of an enterprise is largely determined by the ability of its management to constantly generate cash flows. Therefore, the problem of planning and controlling cash flows is a priority for the enterprise,,.

4 Blank I.A. Profit management. - Kyiv: Nika-Center, 1998.

11 Wang H.J.K. Fundamentals of financial management / transl. from English. I.I. Eliseva. –M.: Finance and statistics, 2003.

37 Financial management / ed. E.S. Stoyanova. - M .: Perspective, 2001.

The purpose of choosing financial tactics is to determine the optimal value of current assets and sources of their financing, both own and borrowed.

Financial policy in corporate structures (holding companies, financial and industrial groups, etc.) should be carried out by professionals - chief financial managers (directors) who have all the information about the company's strategy and tactics. To make management decisions, they use the information provided in accounting and statistical reporting and in operational financial accounting, which serves as the main source for determining the indicators used in financial analysis and intra-company cash flow planning.

Decisions that determine financial policy are divided into long-term and short-term.

The principles of formation of short-term and long-term financial policy are interdependent. Short-term financial decisions should be correlated with long-term ones. financial goals and help achieve them. And this, in turn, is closely related to the issues of strategy and tactics in financial policy.

If the financial policy is aimed at the development, improvement of financial relations or at a positive result for the relevant object of financial relations, it should be considered constructive.

If personal, group and other interests, under certain conditions, are realized to the detriment of the development of the object, then such a financial policy is considered destructive.

In practice market relations there are cases when firms appear that are not going to develop, work for a long time. Their task is to shortest time get the maximum amount of money from partners, avoiding investments in production, and quickly close, disappear. The policy of the management of such firms is an example of a destructive financial policy.

financial policy can be illegal (criminal)), if it deviates from the current legislation. Not every destructive financial policy is illegal, since the subjects of not only constructive, but also destructive policies tend to act within the law.

40 Chernov V.A. Financial policy of the organization: textbook. settlement for economy universities / V.A. Chernov; ed. M.I. Bakanova. – M.: NNITI-Dana, 2003.