Management of own funds of the enterprise. Own capital management. in the discipline "Financial management"

27.04.2020

The amount of own fixed capital of the enterprise is calculated according to the following formula:

where СКoc - the amount of own fixed capital formed by the enterprise;
VA - total amount outside current assets enterprises;
DZKv - the amount of long-term borrowed capital used to finance non-current assets of the enterprise.

2. Formation at the expense of own capital of a certain amount of current assets. The amount of equity advanced in various types of its current assets (stocks of raw materials, materials and semi-finished products; volume of work in progress; stocks of finished products; current receivables; cash assets, etc.) is characterized by the term own working capital.

The amount of the company's own working capital is calculated using the following formula:

where SCob - the amount of own working capital formed by the enterprise;
OA - the total amount of current assets of the enterprise;
DZKo - the amount of long-term borrowed capital used to finance the current assets of the enterprise;
KPC - the amount of short-term borrowed capital attracted by the enterprise.

In order to separately study the impact on operating profit of an increase in the volume of sales of products in physical terms and changes in the level of prices for it to determine the effect operating leverage the following formula is used:

where Eol is the effect of operating leverage;
ΔVOP - growth rate of gross operating profit, in %;
Δ0Рн - the growth rate of the volume of sales of products in physical terms (the number of units of production), in%;
ΔCe - rate of level change average price per unit of production, in %.

This formula makes it possible to comprehensively take into account the impact on the change in the amount of operating profit of both the operating leverage ratio and changes in pricing policy.

There are other more complex modifications of the formula for calculating the effect of operating leverage. However, despite the differences in the algorithms for determining the effect of operating leverage, the content of the operating profit management mechanism by influencing the ratio of constants and variable costs enterprises remains unchanged.

For clarity, consider the effect of operational leverage in the following example:

Example. Two enterprises "A" and "B" have the same initial base of sales volume and increase this volume over subsequent periods at the same pace. At the same time, at enterprise "B * the amount of fixed operating costs is twice as high as that at enterprise "A" (60 and 30 conventional monetary units, respectively). At the same time, at enterprise "A", a higher level of variable operating costs has developed per unit of output than at Enterprise B (20% and 10%, respectively). at the expense of gross operating income, we will accept in the amount of 20% of its total amount.) The results of calculating the effect of operating leverage are presented in Table 10.1.

As can be seen from the results of the calculation, both enterprises, due to the presence of fixed operating costs, receive the effect of operating leverage. However, the level of this effect varies significantly due to differences in the operating leverage ratio.

So, enterprise "A", having increased the volume of sales in relation to the first period by 100% in the second and by 200% in the third periods, received an increase in gross operating profit of 200% and 400%, respectively. At the same time, enterprise B, at the same rate of growth in sales volume, due to a higher operating leverage ratio, received an increase in gross operating profit in the amount of 600% and 1400%, respectively. And in relation to the second period, the mechanism of manifestation of the effect of operating leverage remained unchanged - having increased the volume of sales by 50%, enterprise "A" received an increase in the amount of gross operating profit in the amount of 67%, and enterprise "B" (due to a higher operating leverage ratio ) - in the amount of 88%.

The results of the comparison show that due to the higher initial operating leverage ratio, the degree of sensitivity of operating profit to the increase in sales volume at enterprise "B" is significantly higher than at enterprise "A"

It has been discussed above general principle operating leverage mechanism. At the same time, in specific situations of the enterprise's operating activity, the manifestation of the operating leverage mechanism has a number of features that must be taken into account in the process of its use for profit management. Let us formulate the main of these features.

1. The positive impact of operating leverage begins to manifest itself only after the company has overcome the break-even point of its operating activities. In order for the positive effect of operating leverage to begin to manifest itself, the enterprise must first receive a sufficient marginal profit to cover its fixed operating costs (ie, ensure equality: MP = Ipost). This is due to the fact that the company is obliged to reimburse its fixed operating costs regardless of the specific volume of product sales, therefore, the higher the amount of fixed costs and the operating leverage ratio, the later, other things being equal, it will reach the break-even point of its activities. In this regard, until the company has ensured the break-even of its operating activities, a high operating leverage ratio will be an additional "burden" on the way to reaching the break-even point. This can be seen from the data presented in Fig. 10.10.

As can be seen from the presented graph, with a high proportion of fixed costs (operating leverage ratio), the break-even point lies much to the right with an increase in sales volume.

2. After breaking the break-even point, the higher the operating leverage ratio, the greater the impact on profit growth will be the company, increasing the volume of sales. This thesis has already been confirmed by the previously given example (see Table 10.1), so we will illustrate it only graphically (Fig. 10.11).

From the above graph it can be seen that with the same growth rates of sales volume at an enterprise with a higher operating leverage ratio (enterprise "B"), the amount of operating profit increases at a higher rate after breaking the breakeven point than at an enterprise with a lower operating leverage ratio (enterprise "BUT").

3. The greatest positive impact of operational leverage is achieved in the field as close as possible to the break-even point (after it has been overcome). As the volume of product sales increases further and further away from the break-even point (i.e., with an increase in the margin of safety or margin of safety), the effect of operating leverage begins to decrease. In other words, each subsequent percentage increase in the volume of sales of products will lead to an ever smaller growth rate of the amount of operating profit (but at the same time, the growth rate of the amount of profit will always remain greater than the growth rate of sales volume). This can be seen from the graph shown in Fig. 10.12.

From the above graph it can be seen that with the same volumes of increase in sales of products, gross operating profit decreases when the enterprise moves away from the break-even point or increases the margin of safety: ΔBOP 2< ΔВОП 1 .

4. The mechanism of operating leverage also has the opposite direction - with any decrease in the volume of sales of products, the size of gross operating profit will decrease even more. At the same time, the proportions of such a decrease depend on the value of the operating leverage ratio: the higher this value, the faster the amount of gross operating profit will decrease in relation to the rate of decline in sales volume. Similarly, as the break-even point is approached in the opposite direction, the negative effect of the rate of decline in profits in relation to the rate of decline in sales volume will increase. The proportionality of the decrease or increase in the effect of operating leverage with a constant value of its coefficient allows us to conclude that the operating leverage ratio is a tool that equalizes the ratio of the level of profitability and the level of risk in the course of operating activities.

5. The effect of operating leverage is stable only in the short run. This is determined by the fact that operating costs, which are classified as fixed, remain unchanged only for a short period of time. As soon as in the process of increasing the volume of sales of products there is another jump in the amount of fixed operating costs, the company needs to overcome a new break-even point or adapt its operating activities to it. In other words, after such a jump, which causes a change in the operating leverage ratio, its effect manifests itself in a new way in the new business conditions.

Understanding the mechanism of manifestation of operating leverage allows you to purposefully manage the ratio of fixed and variable costs in order to increase the efficiency of operating activities. This control comes down to changing the value of the operating leverage ratio under various market trends commodity market and stages of the life cycle of an enterprise.

In case of unfavorable commodity market conditions, which determine a possible decrease in the volume of sales of products, as well as in the early stages of the life cycle of an enterprise, when it has not yet overcome the break-even point, it is necessary to take measures to reduce the value of the operating leverage ratio. And vice versa, with a favorable commodity market situation and the presence of a certain safety margin (margin of safety), the requirements for the implementation of the fixed cost saving regime can be significantly weakened - during such periods, the enterprise can significantly expand the volume of real investments by reconstructing and modernizing production fixed assets.

Operating leverage can be managed by influencing both fixed and variable operating costs.

When managing fixed costs, it should be borne in mind that their high level is largely determined by industry specifics implementation of operating activities that determine a different level of capital intensity of manufactured products, differentiation of the level of mechanization and automation of labor. In addition, it should be noted that fixed costs are less amenable to rapid change, so enterprises with a high operating leverage ratio lose flexibility in managing their costs.

However, despite these objective constraints, each enterprise has enough opportunities to reduce, if necessary, the amount and proportion of fixed operating costs. Such reserves include a significant reduction in overhead costs (management costs) in case of unfavorable commodity market conditions; sale of part of unused equipment and intangible assets in order to reduce the flow of depreciation charges; widespread use of short-term forms of leasing of machinery and equipment instead of acquiring them in ownership; reduction in the volume of a number of consumed utilities and some others.

When managing variable costs, the main guideline should be to ensure their constant savings, because. between the sum of these costs and the volume of production and sales of products there is a direct relationship. Providing these savings before the company overcomes the break-even point leads to an increase in the amount of marginal profit, which allows you to overcome this point faster. After breaking the break-even point, the amount of savings in variable costs will provide a direct increase in gross operating profit. The main reserves for saving variable costs include a decrease in the number of employees in the main and auxiliary industries by ensuring the growth of their labor productivity; reduction of stocks of raw materials, materials finished products during periods of unfavorable commodity market conditions; provision of favorable conditions for the supply of raw materials and materials for the enterprise, and others.

Purposeful management of fixed and variable costs, prompt change in their ratio under changing business conditions can increase the potential for the formation of the operating profit of the enterprise.

Dividend Policy

5. The policy of constant increase in the amount of dividends (carried out under the motto - "never reduce the annual dividend") 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 to their size in the previous period (the "Gordon Model" is built on this principle, which determines the market value of the shares of such companies). The advantage of such a policy is to ensure a high market value of the company's shares and the formation of its positive image among potential investors in case of additional issues. The disadvantage of this policy is the lack of flexibility in its implementation and the constant increase in financial tension - if the growth rate of the dividend payout ratio increases (i.e. if the dividend payout fund grows faster than the amount of profit), then the investment activity of the enterprise is reduced, and the financial stability ratios decrease (ceteris paribus). Therefore, only really prosperous joint-stock companies can afford the implementation of such a dividend policy - if this policy is not supported by a constant increase in the company's profit, then it is a sure way to its bankruptcy.

Various types of dividend policy of a joint-stock company are illustrated in the graph shown in fig. 10.13.

Taking into account the considered principles, the dividend policy of a joint-stock company is formed according to the following main stages (Fig. 10.14).

Figure 10.14. The sequence of formation of the dividend policy of the joint-stock company.

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

1. Factors characterizing the investment opportunities of the enterprise. The main factors in this group include:

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

b) the need for a 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 (certain 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 possibilities 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. Factors related to objective limitations. The main factors in this group include:

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

The mechanism for distributing profits of a joint-stock company in accordance with the chosen type of dividend policy provides for the following sequence of actions:

At the first stage, mandatory contributions to the reserve and other mandatory special-purpose funds provided for by the company's charter, formed at its expense, 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.

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

At the third stage, the consumption fund formed at the expense of profits is distributed to the fund of dividend payments and the consumption fund of the personnel of the joint-stock company (providing for additional material incentives for employees and satisfaction of their social needs). The basis of such distribution is the selected type of dividend policy and the obligations of the joint stock company under the collective agreement.

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

where UDVpa - the level of dividend payments per share;
VP - dividend payment fund to owners of preferred shares (according to their envisaged level);
Kpa - the number of ordinary shares issued by the joint-stock company.

An important step in the formation of a dividend policy is the choice of forms of payment of dividends. The main of these forms are:

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

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

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

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 freely traded shares on the stock market for the amount of the dividend fund. This allows you to automatically increase earnings per share remaining and increase your dividend payout ratio in the coming period. This form of use of dividends requires the consent of the shareholders.

To assess the effectiveness of the dividend policy of a joint-stock company, the following indicators are used:

a) the dividend payout ratio. It is calculated according to the formulas:

where Kdv is the dividend payout ratio;
FDV - dividend payout fund, formed in accordance with the chosen type of dividend policy;
PE - the amount of net profit of the joint-stock company;
Yes - the amount of dividends paid per share;
NPA - the amount of net profit per share.

b) price-to-earnings ratio for a share. It is determined by the formula:

where Кс/д is the ratio of the price and income for the share;
РЦа - market price of one share;
Yes - the amount of dividends paid per share.

In assessing the effectiveness of the dividend policy, indicators of the dynamics of the market value of shares can also be used.

Share issue management

Raising equity from external sources through an additional issue of shares is a complex and expensive process. Therefore, this source of formation of one's own financial resources should be resorted to only in extremely limited cases.

The process of managing the issue of shares is built on the following main stages (Fig. 10.15):

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

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

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

2. Determining the purpose of the issue. Due to the high cost of raising equity capital from external sources, the objectives of the issue should be quite weighty from the standpoint of strategic development enterprise and opportunities for a significant increase in its market value in the coming period. The main of these goals that the company is guided by, resorting to this source of equity capital formation, are:

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

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

c) the planned takeover of other enterprises in order to obtain a synergistic effect (participation in the privatization of third-party state-owned enterprises can also be considered as an option for their takeover, if this ensures the acquisition of a controlling stake or majority share in the authorized capital);

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

3. Determination of the issue volume. When determining the issue volume, it is necessary to proceed from the previously calculated need to attract own financial resources from external sources.

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

5. Estimation of the cost of the attracted share capital.

In accordance with the principles of such an assessment, it is carried out according to two parameters: a) the expected level of dividends (it is determined based on the chosen type of dividend policy); b) the cost of issuing shares and placing an issue (reduced to the average annual amount). The estimated cost of capital raised is compared with the actual weighted average cost of capital and the average level of interest rates in the capital market. Only after that the final decision on the issue of shares is made.

6. Determination of effective forms of underwriting. If the sale of shares directly by the investor by subscription is not envisaged, then in order to quickly and efficiently carry out an open placement of the emitted volume of shares, it is necessary to determine the composition of the underwriters, agree with them on the degree of their participation in the placement of the issue, the prices of the initial share quotation and the amount of commission (spread ), to ensure the regulation of the volume of sale of shares in accordance with the needs in the flow of financial resources that ensure the maintenance of the liquidity of already placed shares at the initial stage of their circulation.

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

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Non-state educational institution higher education

Moscow Technological Institute

Faculty of Economics and Management Department of Management

COURSE WORK

by discipline « Finance of organizations (enterprises)»

on the topic:« Equity management »

Performed:

Yakushina M.A.

Moscow 2015

Introduction

1. The concept, essence and features of the formation of equity capital

2. Methods of managing equity

3. Quantitative indicators of own funds and the effectiveness of their use

4. Analysis of the effectiveness of equity management of CJSC "Leontievsky Center"

Conclusion

Bibliography

Introduction

The subject of this term paper- management of own capital of the organization. This topic is most relevant now, in an unstable economic situation, fierce competition in all sectors of the economy, when there is a lack of professional knowledge the majority of employees, as well as part of the heads of enterprises. These and others negative factors lead to bankruptcies. Therefore, indicators characterizing the financial condition of the organization are important. In turn, the presence of equity capital is the main condition for the reliability of the organization.

The need to study the nature, content, conditions and foundations of the development of financial resources directly follows from the ongoing, for several years, reform of organizations in Russia. The theory of reforming organizations provides for the development of a strategy for the development of organizations, which is unrealistic to do without the formation of financial resources.

Fundamentally important in the current conditions are the assessment and planning of cash flows in organizations, the search for effective sources of financing, in addition to profitable investment decisions, competent monitoring of receivables and payables, the development of rational accounting, tax, and other policies related to various areas of activity of organizations.

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

Own capital contains sources of financial resources that are different in their economic content, principles of formation and use: authorized, additional, reserve capital. In addition, equity includes retained earnings, special purpose funds and other reserves. Also, own funds include gratuitous receipts and government subsidies.

The object of the study is CJSC "Leontievsky Center", St. Petersburg.

The purpose of the work is to develop measures to improve the efficiency of managing the organization's own capital.

In connection with this goal, it is necessary to solve the following tasks:

1) to study the concept, essence and features of the formation of equity capital;

2) analyze and evaluate methods of managing equity;

3) identify the quantitative characteristics of the assessment of own funds and calculate the effectiveness of their use by the enterprise.

1. The concept, essence and features of the formation of one's owncapital

In the structure of the financial interrelations of the national economy, the finances of organizations occupy an initial, fundamental place, since they serve the main link social production where tangible and intangible benefits are created and the predominant mass of the country's financial resources is formed.

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

An enterprise is an independent economic entity formed to conduct economic activity which is carried out in order to make a profit and meet social needs.

Equity is the total material assets and cash, foreign exchange investments and costs of acquiring the rights and privileges required for the organization's business activities.

The equity capital of an organization, as a legal entity, is reflected in the value of the property owned by this organization. Net assets of the organization are defined as the difference between the value of property (active capital) and borrowed capital.

For any organization, the owners are legal and individuals, a collective of contributors-shareholders or a corporation of shareholders. The authorized capital is considered one of the main indicators that allow you to get an idea of the size and financial condition of organizations.

The authorized capital is the main initial source of the organization's own funds. It is a source of formation of fixed and working capital, which in turn are directed to the acquisition of fixed production assets, intangible assets, working capital. Own capital is subdivided into a constant part - the authorized capital and a variable, the value of which depends on the financial results of the enterprise.

The authorized capital implies a set of funds (contributions, contributions, shares) of the founders (participants) to the property during the formation of the organization in order to ensure its activities in the amounts determined founding documents, its value is formed taking into account the proposed economic (production) activity and is fixed at the time of state registration of the organization.

According to the Civil Code of the Russian Federation, the authorized capital, depending on the organizational and legal form of the enterprise, can act as:

Contributed capital - in full partnership and limited partnership;

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

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

Authorized fund - in unitary state and municipal enterprises.

The authorized capital must be distributed among the participants (founders), this is what distinguishes it from other structural elements of the organization's own capital. Thus, the decision of the general meeting of founders on changes in the authorized capital must be accompanied by an indication of the procedure for distributing it among the participants.

The authorized capital is one of the most stable components of the equity capital of the organization, since the correction of its value is allowed in a strictly defined manner established by law. It may be associated with a revaluation of the organization's property due to inflation. The increase in the authorized capital as a result of the revaluation can be implemented by means of increasing the prices of shares issued earlier, or by additional issuance of shares in the amount of the increase in capital.

Surplus capital is called the increase in value from the revaluation of real estate. Such surpluses do not pay dividends and increase the total cost of capital.

Variable capital includes: additional capital, reserve capital, retained earnings and special funds. In particular, additional capital, reserve capital contributes to the increase in own financial resources.

Reserve funds are created voluntarily, and, unlike the authorized capital, which is created in accordance with the requirements of the law, they are formed only in the manner prescribed by the constituent documents or the accounting policy of the organization. The organizational and legal form of ownership does not play a role.

Reserve capital is the size of the organization's property, which is used to place retained earnings in it, to cover losses, redeem bonds and buy back shares of the organization, as well as for other purposes.

The size of the reserve capital is not less than 5% of the authorized capital. Limited liability companies (LLC), unlike joint-stock companies (JSC), do not form reserve capital.

The resources of the reserve fund are intended to cover the balance sheet loss for the reporting year, to redeem bonds and buy back shares of a joint-stock company (JSC) in the absence of other funds. The reserve fund is formed by organizations, including in case of termination of their activities to cover accounts payable. The use of reserve funds for other purposes is prohibited.

According to the legislation, certain organizations are required to form a reserve fund. For example, Art. 35 of the Federal Law "On Joint-Stock Companies" dated December 26, 1995 No. 208-FZ provides for the formation of a reserve fund in joint-stock companies in the amount provided for by the company's charter, but not less than 5% of its authorized capital. The amount of annual deductions is provided for by the charter of the company, but cannot be less than 5% of net profit until the amount established by the charter of the company is reached. Based on these regulatory requirements, many organizations are not required to create a reserve fund, but may do so in accordance with constituent documents or accounting policies.

In the course of business activities, an organization may receive new property or increase the book value of an existing one, i.e. increasing the size of the assets. To account for the sources of such property or the increase in its value in accounting, there is the concept of additional capital.

Additional capital is share premium generated in open joint-stock companies and is the amount of the excess of the sale price of shares over the nominal value during an open subscription. The share premium that arose during the formation of the authorized capital of joint-stock companies is considered only as additional capital and cannot be directed to consumption needs. In other words, additional capital is a source of funds for the organization, formed as a result of the revaluation of property or the sale of shares above par value.

Additional capital may have the following sources of formation:

share premium;

The amount of revaluation of non-current assets;

Exchange differences associated with the formation of authorized capital;

Amounts of retained earnings directed as sources of coverage of capital investments;

Property received free of charge (except for property social sphere, which is reflected in retained earnings);

Funds allocated from the budget used to finance long-term investments.

The organization's income, included in the additional capital, increases the organization's own capital, but does not affect the financial result of the organization's activities in the reporting period. Example: an organization may receive ownership of expensive real estate free of charge, as a result of which its property and capital will increase significantly, however, as a result of financial activities in the reporting period, the organization may suffer a loss.

In tax accounting, the presence of income not included in the financial result of the activity is taken into account: when calculating taxable profit, income attributable to additional capital is added to profit subject to taxation.

Also, in economic entities, another type of equity arises - retained earnings. Retained earnings is net profit (or part of it), not distributed in the form of dividends between shareholders (founders) and not used for other needs. Basically, these funds are used to accumulate the property of an economic entity or increase its working capital in the form of free cash, which are ready for a new turnover at any time. Retained earnings may increase from year to year, representing growth in equity based on domestic accumulation.

Most of the organization's own capital is accumulated in special purpose funds. These funds are reserved and sent to create sources of financing for the costs of forming new property industrial purpose and social infrastructure, as well as for the needs social development(except capital investments). The main source of creation of special purpose funds is the part of the profit remaining at the disposal of the organization.

2. Methods of managing equity

Own capital management is the management of the process of its creation, maintenance and effective use, that is, the management of existing assets. This implies both general management of own capital and management of its structural elements.

To turn their property into capital, the owners of this property must meet the following conditions:

Capitalized property must be separated from other personal property of the owners for a long time. In this case, the owner loses the opportunity to use the physical or other properties of the capitalized property for direct personal consumption;

from the moment of capitalization, the right to use and dispose of the invested property must be transferred to the enterprise as a business entity. Capitalized property is the assets of an enterprise that undertakes to use them in such a way that the value of these assets increases as much as possible.

The main principle of the organization's own capital management is the management of the formation of its own financial resources. To ensure effective management of this process in the organization, a special financial policy, aimed at attracting its own financial resources from various sources according to the needs of its development in the future period.

The main tasks of equity capital management are:

Determining the appropriate amount of equity capital;

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

Determining the rational structure of newly issued shares;

Definition and implementation of the dividend policy.

In the course of managing the formation of their own financial resources, they are classified according to the sources of this formation (Fig. 1).

Figure 1. Sources of formation of equity capital of the organization

The organization's own capital management contains the definition of the optimal ratio between own and borrowed financial resources. The financial structure of capital is formed under the influence of various conditions, reflecting both the characteristics of the organization and the impact on it. external environment, therefore, there cannot be a single optimal ratio of equity and debt capital for all companies.

As part of the actual implementation of the cost concept of optimizing the financial structure of an organization, we can create a model that provides such a ratio of equity and debt capital, which maximizes the reasonable market value of the organization, taking into account the necessary balance of "profitability - risk - liquidity" (Fig. 2).

Figure 2 - Algorithm for optimizing the financial structure of capital in the cost management system of the organization.

Compared with borrowed capital, equity is characterized by the following positive distinguishing features:

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

2. Higher profit generating ability in all areas of activity, because when using it, the payment of loan interest in all its forms is not required.

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

In addition, it also has negative properties:

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

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

3. Unused opportunity to increase the return on equity ratio by attracting borrowed funds, since without such attraction it is impossible to ensure the excess of the ratio financial profitability activity of the enterprise over economic.

Consequently, an organization that uses exclusively its own capital has the highest financial stability (its autonomy coefficient is equal to one), but limits the pace own development(since it cannot ensure the creation of the required additional volume of assets during favorable market conditions) and does not use the financial opportunities for increasing return on invested capital.

The ratio between own and borrowed sources of funds is one of the main analytical indicators characterizing the degree of risk of investing financial resources in this organization. One of the most important characteristics of the financial condition of the organization is the stability of its activities in the light of the long term. It is related to the overall financial structure of the organization, the degree of its dependence on creditors and investors.

Based on the results of the analysis of internal and external factors, different options for the target financial structure of capital are created with the definition of scenario values for the values of equity and borrowed capital.

3. Quantitative indicators of own funds and the efficiency of their use

The development of a policy for the formation of the organization's own financial resources is carried out as follows:

1. Analysis of the formation of the organization's own financial resources in the past period. This analysis serves to identify the potential for generating own financial resources and its compliance with the pace organization development.

To begin with, the total volume of the formation of own financial resources, the correspondence of the growth rate of equity capital to the growth rate of assets and the volume of sales of the organization, the dynamics of the share of own resources in the total volume of formation of financial resources in the preplanning period are considered.

Further sources of formation of own financial resources are studied. Here, first of all, attention is paid to the ratio of external and internal sources of formation of own financial resources, and the cost of raising own capital from various sources.

At the last stage of the analysis, the sufficiency of own financial resources, formed at the enterprise in the preplanning period, is examined.

2. To determine the total need for own financial resources, the following formula is used:

Psfr \u003d (Pk * Usk) / 100 - SKn + Pr

where Psfr is the total need for the organization's own financial resources in the planning period;

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

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

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

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

The calculated total need shows the required amount of own financial resources generated by the account of internal and external sources.

3. Analysis of the cost of raising equity capital from various sources. Based on the results of this analysis, management decisions are developed regarding the choice of alternative sources for the formation of own financial resources, ensuring an increase in the organization's own capital. This analysis is performed in the context of the main elements of equity capital formed from internal and external sources.

4. Guarantee of the largest volume of attraction of own financial resources from internal sources. All possibilities for the formation of one's own financial resources from internal sources must be fulfilled before turning to external sources of formation. Since the even planned internal sources of formation of the organization's own financial resources are the sum of net profit and depreciation deductions, the first thing in the process of planning these indicators should be to provide for the possibility of their growth due to different reserves.

The method of accelerated depreciation of the active part of fixed assets increases the possibility of forming one's own financial resources from this source. But still, it must be remembered that the increase in the amount of depreciation, in the process of carrying out accelerated depreciation of certain types of fixed assets, leads to some decrease in the amount of net profit. Thus, when studying the reserves for the growth of one's own financial resources from internal sources, it is necessary to proceed from the need to maximize their total amount.

5. Guarantee of the required volume of attraction of own financial resources from external sources. Part of own financial resources, which could not be created from internal sources of financing, is provided by attraction from external sources of financing. Consequently, if the amount of own financial resources attracted from internal sources fully covers the total need for them in the planning period, then there is no need to attract resources from external sources.

Professor Blank I.A. (Doctor of Economics) proposes to calculate the need to attract own financial resources from external sources using the following formula:

SFRvnesh \u003d Psfr - SFRvnut

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

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

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

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

6. Optimization of the ratio of internal and external sources of formation of own financial resources is based on the following principles:

Ensuring the lowest total price for attracting own financial resources. Thus, if the cost of attracting own financial resources from external sources is significantly higher than the planned cost of attracting borrowed funds, then such formation of own resources is unprofitable;

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

The effectiveness of the developed policy for the formation of own financial resources is assessed using the coefficient of self-financing of the development of the enterprise in the coming period. Its level should correspond to the goal. It is calculated using the following formula:

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

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

A - the planned increase in assets http://www.allbest.ru/

organizations;

PP - the planned volume of consumption of net profit.

In order to fully assess the financial condition of the organization and its sustainability, a system of indicators is used. The number of financial ratios in this system is large, therefore it is advisable to use only the main and most informative and significant ratios. These ratios reflect the main aspects of the financial condition, such as property status, financial stability, solvency, business activity, profitability. It is recommended to use no more than three to seven financial ratios for each aspect of the financial condition.

The following financial indicators are used for analytical work:

Absolute liquidity ratio Kla shows what part of short-term debt can be covered by the most liquid current assets - cash and short-term financial investments (the normal level of the coefficient should not be lower than 0.2):

Cla=DS/KO

where DS - cash and short-term financial investments;

Quick liquidity ratio shows what part of the short-term debt the organization can repay at the expense of cash, short-term financial investments and receivables (the normal level of the coefficient should be at least 1):

Klp=LA / KO

where LA - liquid assets;

TO - short-term liabilities.

Current liquidity ratio Klo shows whether the organization has enough funds to pay off its short-term obligations during the coming year (the normal level of the coefficient should be between 1 and 2 (sometimes 3)):

Clo=TA / KO

where TA - current assets;

TO - short-term liabilities.

An institution with a higher total coverage ratio is more credible to creditors. When this ratio is less than 1, the company is insolvent.

The main indicators for analyzing the creditworthiness of an organization are: equity financial value

The ratio of sales volume to net current assets:

Аcht - net current assets, thousand rubles.

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

Coefficient K1 shows the effectiveness of the use of current assets. High level This ratio positively characterizes the creditworthiness of the organization.

However, there are cases when this indicator is very high or increases very quickly, then it can be concluded that the organization's activities are carried out in volumes that do not correspond to the value of current assets.

The ratio of sales to equity capital characterizes the turnover of own sources of funds:

where Nr - sales volume, thousand rubles;

Equity capital, adjusted taking into account the real state of non-current and current assets, shows the most accurate value of the organization's property in the part provided by its own sources of coverage.

Attributable to this value, sales revenue reflects the turnover of own sources more accurately, since neither tangible assets nor the excess of the carrying value of inventories over their real value are considered factors contributing to the increase in sales.

The ratio of short-term debt to equity reflects the share of short-term debt in the equity of the organization. In the case when short-term debt is less than equity capital, it is possible to pay off all creditors in full

where Dk - short-term debt, thousand rubles;

SC - equity, thousand rubles.

The ratio of receivables to sales revenue reflects the value of the average period of time spent on receiving money due from buyers:

where DZ - accounts receivable, thousand rubles;

Nr - sales volume, thousand rubles;

An increase in the turnover of receivables (a decrease in K4) is considered as a sign of an increase in the organization's creditworthiness, since the debts of buyers turn into money faster.

The ratio of liquid assets to short-term debtorganizations:

where Al - liquid assets, thousand rubles;

Dk - short-term debt, thousand rubles.

The main characteristic of the financial condition is the stability of activity. It is connected with the balance sheet structure of the organization, the degree of its dependence on creditors and investors, with the conditions under which external sources of funds are attracted and serviced.

An analysis of various aspects of an enterprise's activities is the concept of the financial stability of an organization. It is characterized by the ratio of own and borrowed funds.

Equity concentration ratio(autonomy, independence) characterizes the share of the owners of the organization in the total amount of funds advanced in its activities:

Kks=SK / Staple

where SC - equity, thousand rubles;

SCob. - the total amount of capital thousand rubles.

The higher the value of this coefficient, the more stable, stable and independent of external creditors the organization.

Toratio of borrowed and own funds reflects the amount of borrowed funds attributable to each ruble of own funds invested in the assets of the organization. It is an addition to the equity concentration ratio:

Kkp=ZK / SK

where ZK - borrowed capital, thousand rubles;

own funds maneuverability ratio shows what part of equity is used to finance current activities, that is, invested in working capital, and what part is capitalized:

Km = SOS / SK

where SOS - own working capital, thousand rubles;

SK - equity, thousand rubles.

The value of this coefficient can vary greatly depending on the type of activity of the organization and the structure of its assets, including current assets.

Long-term investment structure coefficient Ksv shows what part of fixed assets and other non-current assets is financed from long-term borrowed sources:

SW = DP / VA

where DP - long-term liabilities, thousand rubles;

VA - non-current assets, thousand rubles.

Sustainable finance ratio- is the ratio of the total value of own and long-term borrowed funds to the total cost of non-current and current assets. It shows how much of the assets are financed from sustainable sources:

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

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

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

Kuf reflects the degree of independence (or dependence) of the organization from short-term borrowed sources of coverage.

Along with the norms generally recognized in world and domestic practice, it is possible to use the average industry values of the coefficients according to the region where the organization is located as a base. It is preferable that the base values are determined on the same date as the estimated values of the coefficients.

4. Analysis of the effectiveness of equity managementCJSC "Leontievsky Center"

The object of the study is CJSC "Leontievsky Center".

Organizational and legal form - Closed Joint Stock Company.

To date, CJSC "Lentievskiy Center" has been on the market for more than 20 years. The organization has various activities: renting out premises and subleasing, scientific research in the field of international economics. CJSC "Leontievsky Center" carries out its activities in accordance with the Charter of the enterprise, the Constitution of the Russian Federation, the federal law dated December 26, 1995 N 208-FZ "On Joint Stock Companies".

CJSC "Leontievsky Center" has an independent balance sheet, settlement and transit accounts, both ruble and foreign currency, a patent for intellectual property, real estate. The organization has a round seal containing its full corporate name in Russian and an indication of its location. Also, the organization has the right to have stamps and forms with its own company name, its own emblem, as well as a trademark registered in the prescribed manner and other means of individualization.

CJSC "Leontievsky Center" founders are citizens Russian Federation acting on their own behalf. Relations between the founders are regulated by the Constituent Agreement on the establishment and operation of a closed joint stock company. supreme body management of the organization is a meeting of shareholders, convened at least once a year.

The following issues are within the exclusive competence of the meeting of shareholders:

1. Introduction of amendments and additions to the Charter.

2. Change in the authorized capital.

3. Approval of the balance sheet, profit and loss account, the annual report of the board, as well as the auditor.

4. Approval of the amount of dividend paid per ordinary share.

5. Appointment of members Audit Commission and independent external auditors, as well as defining scope and remuneration.

6. Making a decision on the formation of subsidiaries and participation of the organization in other enterprises, associations.

7. Making decisions on merging, accession, transformation of the organization into an enterprise of a different organizational and legal form.

8. Making decisions on the liquidation of the organization, the creation of a liquidation commission and the approval of its report.

9. Approval of transactions and other actions entailing the emergence of obligations in relation to the organization that exceed the powers granted to the board of directors.

10. Election of the General Director, members of the Board of Directors.

The main task of the members of the board of directors and members of the board is to develop a policy in order to increase the profitability of the company.

The main activity of CJSC "Leontievsky Center", specified during registration in a single state register legal entities, is the lease and sublease of premises. The organization owns 60% of the building, leases 15% from the KUGI of St. Petersburg, 25% of the building is owned by other organizations. Thus, CJSC Leontief Center owns 75% of the building, of which 10% is occupied by offices and auxiliary premises for employees, the remaining 60% is leased and subleased.

The number of employees at the moment is 50 people. The activities of the organization are managed by the General Director. He independently decides the issues of the organization's activities, has the right of first signature, disposes of the organization's property, hires and dismisses employees. CEO bears material and administrative responsibility for the accuracy of the data of accounting and statistical reports. Chief Accountant prepares documentary reports of the organization.

The chief accountant reports directly to the director, is his deputy for economic issues and performs the following functions:

Leads the work on planning and economic incentives for the organization, increasing labor productivity, identifying and using reserves to improve the organization production process, labor and wages;

Develops standards for the formation of economic incentive funds;

Conducts a comprehensive analysis of the results of the organization;

Keeps track of the organization's funds and business transactions with material and monetary resources;

Establishes the results of the financial and economic activities of the organization;

Produces financial calculations with customers and suppliers related to the sale of finished products, the acquisition of the necessary goods and materials.

His tasks also include obtaining loans from the bank, timely repayment of loans, relationship with the state budget;

Organizes and maintains accounting and tax records of the organization in accordance with the requirements of the current legislation and the approved accounting policy of the organization.

CJSC "Letievsky Center" has the following main departments:

Development department - is engaged in the search for partners in the scientific environment, participation in scientific events.

Accounting;

Department for work with tenants - searches for tenants, keeps their records, is in constant contact with tenants, maintains rental documentation.

Human Resources Department deals with personnel matters.

Building Maintenance Department - deals with the purchase of materials for the maintenance and overhaul of the building and offices.

Housekeeping department - is engaged in the purchase of household goods and materials for offices, the purchase of stationery for employees, the management of cleaners and clerks.

Department of contracts - work with contracts.

Scientific department - scientific employees participate in various conferences, are engaged in scientific activities in the field of economics.

The financial statements of CJSC "Leontievsky Center" give a reliable and complete picture of the property and financial position of the organization, its changes, as well as the financial results of its activities. Accounting statements are considered reliable if they are formed and compiled on the basis of the rules established by regulatory acts on accounting of the Russian Federation.

The financial and economic analysis of CJSC "Leontievsky Center" is carried out on the basis of the collected quarterly reporting data submitted by the economic entity to the tax authorities.

Table 1 Main indicators of financial and economic activity of CJSC "Leontievsky Center" for 2012-2014

According to table 1, it can be seen that the rental income in 2012 amounted to 20 million rubles, in 2013 the rental income amounted to 23 million rubles, there is an increase in volumes compared to 2012 in the amount of 3 million .rub. In 2014, rental income amounted to 28 million rubles. and compared to 2013 increased by 4 million rubles.

In 2012, the cost of services of CJSC Leontief Center is 14 million rubles, and in 2014 it increased by 1 million rubles. and amounted to 15 million rubles. In 2014, the cost price amounted to 15.5 million rubles. and increased compared to 2013 by 0.5 million rubles.

The profit of the organization from 2012 to 2014 increased by 6.5 million rubles. Thus, in general, for the period 2012-2014. there is an upward trend in key performance indicators.

Rp = PP / BP x100, where

PP - profit from sales;

BP - the company's revenue.

The profitability of sales shows how much profit is received per 1 ruble of the company's revenue. Let's calculate the profitability of sales for CJSC "Leontievsky Center"

Rp2012 = (6 million rubles / 20 million rubles) * 100% = 30%

Rp2013 \u003d (8 thousand rubles / 23 thousand rubles) * 100% \u003d 34.78%

Rp2014 \u003d (12.5 thousand rubles / 28 thousand rubles) * 100% \u003d 44.64%

As the calculations show, the profitability of sales of Leontief Center CJSC reached its highest value in 2014 - 44.64%. This is due to the purchase of part of the premises from the KUGI of St. Petersburg, and as a result, the termination of rent payments by Leontief Center CJSC in favor of the KUGI.

Let us analyze the performance indicators of the use of labor resources.

Table 2. Key performance indicators for the use of labor resources of CJSC Leontief Center for 2012 - 2004

Indicators	Change (+;-)
		2013 to 2012	2014 to 2013
Proceeds from the sale of goods, products, works, services, million rubles
Number of employees, pers.
Payroll fund, million rubles
Average monthly salary, thousand rubles
Labor productivity, million rubles/person

Labor productivity in 2012 amounted to 0.43 million rubles/person, in 2013 - 0.48 million rubles/person, in 2014 - 0.56 million rubles/person. In 2013, compared to 2012, this indicator increased by 0.05 million rubles per person. In 2014, compared to 2013, the growth of the indicator amounted to 0.08 million rubles per person. The management of the enterprise should pay attention to the existing negative dynamics of the growth rate of labor productivity.

At the same time, the average monthly salary of an employee in 2012 was 12 thousand rubles, in 2013 - 14.5 thousand rubles, in 2014 - 15 thousand rubles. The average monthly salary also shows an upward trend: in 2013, compared to 2012, there is an increase in the average monthly salary by 2,500 rubles. In 2014 compared to 2013 - by 500 rubles. The growth rate of labor productivity is higher than the growth rate of wages, so we can conclude that the system of monetary motivation is effective.

For the work of the organization, the availability of the optimal amount of working capital is of great importance. Working capital is a set of funds advanced to create working capital assets and circulation funds that ensure a continuous circulation of cash.

Table 3. Indicators of the effectiveness of the use of working capital of CJSC Leontief Center for 2012 - 2014

Indicators	Change (+;-)
		20 13 G. 20 14 G.	20 14 G. 20 15 G.
Proceeds from the sale of goods, products, works, services, mln.
Profit from sales, million rubles
Average annual cost of working capital, million rubles
Working capital turnover:
In the number of revolutions
In days of turnover
Return on working capital,%

The average annual cost of working capital is determined by the simple arithmetic mean formula based on the balance sheet data. The average annual cost of working capital increases during the analyzed period from 28.2 million rubles. up to 30.97 million rubles in 2013 compared to 2012. In 2014, the average annual value of working capital amounted to 37.33 million rubles, which is 6.36 million rubles more than in 2013.

The turnover ratio is determined by dividing the volume of sales of services by the average balance of working capital in the enterprise. The duration of one turnover in days is found by dividing the number of days in the period by the turnover ratio. Working capital turnover is rather low during 2012-2014. In 2012, one turnover was made in 521 days (turnover ratio - 0.70), in 2013 the turnover of working capital accelerated to 0.74 turnovers per year (turnover duration - 493 days), in 2014 one turnover was made in 486 days ( turnover ratio - 0.75).

The upward trend for 2012-2014. reveals the indicator of profitability of working capital. In 2012, for every ruble of working capital, 21.28 rubles were received. net profit, in 2013 compared to 2012, the profitability increased by 4.55 points and amounted to 25.83%, in 2014 the profitability of working capital increased to 33.49%.

Thus, the activities of CJSC "Leontievsky Center" for the period 2012 - 2014. characterized by an increase in sales revenue, balance sheet profit, a decrease in the turnover period of the organization's working capital, and an increase in labor productivity. At the same time, over the analyzed period, the growth rate of labor productivity is higher than the growth rate of wages. Therefore, after analyzing all the indicators characterizing the organizational and economic activity, we can conclude that the efficiency of the organization's activities has increased.

Conclusion

The organization's own capital management occupies one of the main places in the overall management system of the organization. Equity management is a concept of the basics and methods of development and implementation management decisions associated with its appropriate formation from various sources, in addition to ensuring effective application in various types of economic activities of the organization.

The increase in the efficiency of equity management is stimulated, on the one hand, by the desire to improve the financial performance of the organization and increase the well-being of its owners, on the other hand, by the organization’s dependence on the external economic environment that evaluates its activities from the outside and forms a system of economic relationships with it.

Consequently, the financial basis of the organization is formed by its own capital. Equity refers to the total amount of funds owned by the organization and used by it to form assets. The value of assets generated from equity invested in them is the "net assets of the enterprise".

The total amount of the organization's own capital is shown as the result of the first section "Liability" of the balance sheet. The structure of the articles in this section makes it possible to clearly identify its initially invested part (i.e., the amount of funds invested by the owners of the organization in the process of its creation) and its accumulated part in the process of implementing effective economic activity. The basis of the first part of the organization's own capital is its authorized capital - fixed in the constituent documents total cost assets that are a contribution of owners (participants) to the capital of an organization (organizations for which a fixed amount of authorized capital is not provided reflect the amount of the actual contribution of owners to its authorized capital in this position). The second part of equity is represented by additionally invested capital, reserve capital, retained earnings and some other types of it.

One of the primary difficulties of today's Russian enterprises is the effective management of the state of financial resources. Experience shows that due to the lack of accurate and systematic knowledge of their finances, companies lose up to a fifth of their income. For successful management, it is necessary to clearly understand how financial resources are formed, as well as what conditions affect the components of financial resources.

Organization's own capital management is a set of purposeful methods, operations, levers, methods of influencing various types of finance to achieve a certain result.

Based on the analysis carried out, it can be concluded that CJSC Leontief Center is not a loss-making organization, since it makes a profit during the entire period under review. Current and fixed assets of the company are used quite effectively and there is a tendency to increase the efficiency of their use. This indicates that CJSC "Leontievsky Center" has reserves for growth in sales and profits.

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Alikhanova E N Managing the company's own working capital in a crisis. Bulletin of Science and Education 2015. No. 4
Creditworthiness and its assessment Abstract In the modern Russian economy, the subjects are independent in choosing most of the decisions they make, and the question of the need to develop a highly effective capital management policy, both own and borrowed, is of paramount importance. The article deals with topical issues

Own capital management involves managing the process of its formation, maintenance and effective use, that is, the management of already formed assets. This involves both the management of equity in general and the management of its structural elements.

The management of own capital should be preceded by a study of the effectiveness of its management in the previous period. The analysis is necessary to determine the reserves for the formation of own funds.

The problem of the formation of equity capital cannot be limited to the direct choice and use of a certain method or instrument of financing and should be considered in the context of managing the structure of total capital.

With the increase in the "age" of the company, the structure of its capital becomes more complicated, and the actions to manage this structure become more in demand, since they affect such important indicators of the company's activities as financial stability and profitability, business value and investment attractiveness in the market.

In the process of managing the formation of their own financial resources, they are classified according to the sources of this formation. The composition of the main sources of formation of the enterprise's own financial resources is shown in Figure 1.2.

As part of the internal sources of the formation of its own financial resources, the main place belongs to the profit remaining at the disposal of the enterprise, it forms the predominant part of its own financial resources, provides an increase in own capital, and, accordingly, an increase in the market value of the enterprise.

Rice. 1.2. Sources of formation of own capital of the enterprise

Depreciation charges also play a certain role in the composition of internal sources, especially at enterprises with a high cost of their own fixed assets and intangible assets; however, they do not increase the amount of the company's own capital, but are only a means of reinvesting it. Other internal sources do not play a significant role in the formation of the enterprise's own financial resources.

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

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

The main tasks of equity capital management are:

Determining the appropriate amount of equity capital;

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

Determining the rational structure of newly issued shares;

Definition and implementation of the dividend policy.

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

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

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

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

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

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

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

4. Ensuring the maximum volume of attraction of own financial resources from internal sources.

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

6. Optimization of the ratio of internal and external sources of formation of own financial resources. This optimization process is based on the following criteria:

Ensuring the minimum total cost of attracting own financial resources;

Ensuring the preservation of the management of the enterprise by its original founders.

Management of the company's own capital also includes determining the optimal ratio between own and borrowed financial resources.

Financial leverage ("financial leverage") is a financial mechanism for managing the return on equity by optimizing the ratio of used own and borrowed funds.

The effect of financial leverage is an increment to the return on equity obtained through the use of a loan, despite the payment of the latter.

The effect of financial leverage arises from the discrepancy between economic profitability and the "price" of borrowed funds. The economic return on assets is the ratio of the value of the production effect (i.e. earnings before paying interest on loans and income tax) to the total value of the total capital of the enterprise (i.e. all assets or liabilities).

In other words, the company must initially develop such economic profitability that the funds are sufficient, at least to pay interest on the loan.

The following formula can be used to calculate the effect of financial leverage:

EGF \u003d (Rk - Rzk) x ZS / SK, (1)

where Рк is the return on total capital (the ratio of the amount of net profit and the price paid for borrowed funds and the amount of capital);

Rzk - return on borrowed capital (the ratio of the price paid for borrowed funds to the amount of borrowed funds);

ZK - borrowed capital (average value for the period);

SC - equity (average value for the period).

Thus, the effect of financial leverage determines the boundary of the economic feasibility of attracting borrowed funds.

A high positive value of the EGF indicator indicates that the company prefers to manage with its own funds, does not use investment opportunities enough, and does not pursue the goal of maximizing profits. In this situation, shareholders, having received modest dividends, can begin to sell shares, reducing the company's market value.

At the end of the first part of the work, we will focus on the functions of managing the enterprise's own capital. The main functions of equity management include:

protective function. Equity capital allows you to maintain the solvency of the enterprise by creating a reserve of assets that allow the enterprise to function, despite the threat of losses. At the same time, however, it is assumed that most of the losses are covered not by capital, but by the current income of the enterprise.

Capital plays the role of a kind of protective "cushion" and allows the company to continue operating in the event of large unforeseen losses or expenses. To finance such costs, there are various reserve funds included in equity.

operational function. It is of secondary importance compared to the protective one. It includes the allocation of own funds for the purchase of land, buildings, equipment, as well as the creation of a financial reserve in case of unforeseen losses. This source of financial resources is indispensable at the initial stages of the enterprise, when the founders carry out a number of priority expenses.

At the subsequent stages of development of the enterprise, the role of equity capital is no less important, part of these funds is invested in long-term assets, in the creation of various reserves. Although the main source of covering the costs of expanding operations is the accumulated profit, enterprises often resort to new issues of shares or long-term loans when carrying out structural measures - opening branches, mergers.

regulatory function. It is associated with the special interest of society in the successful functioning of enterprises.

The named functions of equity show that equity is the basis commercial activities any enterprise. It ensures its independence and guarantees its financial stability, being a source of smoothing the negative consequences of various risks that the enterprise bears.

Improving the efficiency of equity management is stimulated, on the one hand, by the desire to improve the financial performance of the company and increase the welfare of its owners, on the other hand, by the company's dependence on the external economic environment that evaluates its activities from the outside and forms a system of economic relationships with it.

Management of own funds of the enterprise. Own capital management. in the discipline "Financial management"

Dividend Policy

Share issue management

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