What is related to financial relations. What monetary relations are related to financial relations? C6. what monetary relations are financial

28.07.2020

For the convenience of studying the material, the article is divided into topics:

An important feature of finance as an economic category is the distributive nature financial relations. The initial sphere of the emergence of financial relations are the processes of distribution of the monetary value of the created social product, when this value is divided into its constituent parts, depending on the nature of the occurrence and purpose of the selected constituent elements. On this basis, the formation of various forms of cash income and savings. This distribution of value through finance is accompanied by adequate cash flow. These funds, which accompany the distribution process, take the specific form of financial resources. It is in this way that funds (sometimes referred to as money funds) are allocated for accumulation and consumption, for income and reimbursement of spent means of production, for social needs and the development of production.

So in finance there is a unity of the distribution process and the movement of financial resources. The latter are formed both by economic entities, enterprises, organizations, institutions, entrepreneurs, households, and by the state, and the formation of these resources is carried out at the expense of various types of cash income, deductions and receipts. And they are used mainly through special-purpose funds, less often through non-fund distribution, and are used for expanded reproduction, for monetary remuneration of workers, for meeting the social and other needs of society. Financial funds are part of the general system of monetary funds operating in the national economy, predetermined by the needs of expanded reproduction and having certain priorities. Financial funds make it possible to more closely link the satisfaction of any need with economic opportunities, ensure the concentration of resources in the main directions of the development of social production, make it possible to more fully link social, collective and personal interests and thus more actively influence production.

The material basis of finance is production, since the accumulation and cash income of enterprises and organizations are formed as a result of the process of creating an economic product, its implementation. At the same time, finance serves the sphere of production itself and should be structured in such a way as to promote the increase, development, and structural change in production.

Monetary relations constantly arise in society: in settlements between enterprises and organizations for purchased and sold products, in wages that reflect the relationship between enterprises and their employees, between enterprises and the state. When transferring part of the savings to the disposal of the state, as well as when allocating enterprises and organizations, if necessary, appropriations from the state budget. Monetary relations also arise between the population when paying taxes, when receiving funds from the state for social needs. Part of the money savings created in the economy is concentrated in the state budget. All these monetary relations in one way or another constitute the content of finance.

Performing important functions, finance plays an important role in the development of the economy. Thanks to finance, funds are mobilized to meet the needs of the state, for the development of farms based on different ones, for the implementation of economic ties between the regions of the country. On the basis of finance, verification and control are carried out economic activity.

As a result of considering the specific features of finance, we come to the following definition of this economic category: “Finance is the monetary resources of production and consumption, as well as monetary relations that arise in the process of distributing the value of the created economic product and part of the national product in order to form monetary income and savings of economic entities and the state and their use for reproduction, remuneration of employees and satisfaction of social needs. Of course, even this cumbersome definition cannot be considered comprehensive and accurate, but it reflects the typical features and characteristics that are most often associated with the concept of "finance".

Finance is interconnected with other economic categories. As you know, the economic instrument by which it is possible to measure the value of goods is the price. It largely predetermines the specific amount of funds flowing into various sectors of the economy, directed to one or another owner. Thus, the price acts as the initial basis on which the further distribution process takes place. But the price itself cannot yet allow the value of the created economic product to be divided into various components in the process of distribution. Such distribution is carried out with the help of not only prices, but through finances and representing the price of labor. But the functioning of price and finance in the course of distribution is carried out in close interrelation. Prices are the basis of the financial method of distributing funds, and finance is the tool by which distribution proportions are realized. Thus, there is a relationship between finance and prices in the distribution process.

But wages have peculiar features that make it possible to distinguish them from finance. Firstly, the distributive relations that make it up are materialized in the funds that come into the ownership of individual workers and are used for cash consumption, while financial resources, as material carriers of financial relations, are at the disposal of enterprises, firms, the state and are intended to satisfy public needs. Secondly, wages as a form of social distribution are of a compensatory nature, are a measure of wages, that is, everyone receives a value that corresponds to his labor contribution.

There is a significant relationship between finance and credit. These two categories are of the same type, they have a number of common features, which indicates their closeness. However, these are independent categories, there are many differences between them, which is manifested in the nature of their functioning. A loan, unlike finance, is a returnable movement of funds, when the loaned amount must be returned to the creditor. Financial relations, being distributive, are characterized by one-way movement. In addition, as a rule, financial relations are not equivalent relations. This is the payment of taxes, and numerous deductions, payments in which the giving party does not achieve an adequate return of costs.

The difference between finance and credit is also manifested in the sources of funds. If credit resources are formed in the process of redistribution of temporarily free funds of enterprises, organizations, firms, the population, the state, then financial resources are formed from income and savings generated at the stage of cost distribution.

Credit resources are provided to borrowers for a certain period of time with obligatory repayment and payment of interest for the use of borrowed funds. Financial resources can be provided free of charge and without prior stipulation of the conditions for their return. At the same time, the presence of common features in finance and credit determines their close relationship and interaction in the process of resource allocation. This is especially evident in the complex use of financial and credit resources. So, with a lack of their own financial resources from enterprises, they turn to a bank loan. At the same time, financial resources released for a certain period of time are stored in accounts, in banks and serve as one of the sources of the loan fund.

International Financial Relations

International financial relations are relations regarding the provision of loans, credits and investments in the economy of other states. The level of development of this type of financial relations is determined by the degree of development of countries, in general, the political situation, the nature of relations between states. The more high level the country's production is characterized, the more perfect the division of labor and the stronger the ties between states, the more significant are the flows of capital between them.

International financial relations unfold primarily in the form of foreign exchange transactions, during which part of the money capital is converted into foreign currency or vice versa.

Currently, the main centers of international financial activity are the countries of Western Europe, the USA and Japan. Their income from financial transactions in the international arena often exceeds the income from foreign trade.

International monetary and financial relations are formed with the direct participation in them of governmental and national institutions, international organizations and private enterprises. Relations in the economic sphere of a similar level are regulated by numerous international organizations specially created and acting in accordance with international agreements in the field of joint ventures. economic projects.

The largest international financial organizations are the IMF, the WTO, as well as a number of specialized funds and various international banks.

International financial relations develop in the form of international credit and financial relations, mutual provision of international services by countries, industrial cooperation, international tourism, and scientific and technical ties.

Most of the countries involved in the conduct of the world economy are today closely connected at the level of political, economic, scientific and other spheres of activity. These ties are becoming stronger over time, which leads to the expansion of cash flows, capital, and credit resources between individual countries. In this regard, international finance is grouped in relation to economic entities of states, in relation to states and governments of other countries with economic entities of foreign states, regarding the relationship of states and economic entities with global financial organizations (structures of the supranational level).

International financial relations, according to their purpose, are mediated by cash flows between individual subjects of different states. Such entities can be enterprises (purchase and sale relations), governments different countries(regarding lending to other countries or government lending to foreign entities of another country), etc. Any international loans are bilateral relations (provision of a loan - its repayment and payment of interest on it).

International finance, by its functioning, reflects the global processes taking place in modern world. They ensure the activities of supranational structures through funds specially created for this purpose by special international organizations.

Financial legal relations

Financial legal relations are social relations arising from the mobilization, distribution, use of funds of funds and regulated by the norms of financial law.

Financial and legal relations are a kind of legal relationship, therefore, they have the features of the latter.

The following features can be distinguished: firstly, financial legal relations arise in accordance with the rules of law, which indicate the conditions for their occurrence and determine the participants. Secondly, they are volitional. Thirdly, the relationship of the parties in the form and duties is characteristic. There are always two parties here: one that has a subjective right (authorized) and the other that bears the corresponding legal obligations (obliged).

Having common features with other legal relations, financial legal relations have special characteristics due to the specifics of the subject and method of financial and legal regulation. Financial legal relations are distinguished by the fact that:

They arise in the process of financial activity of the state;
one of the subjects must be appropriate, they arise about money - payment to the state revenue, public expenditure, etc.

These distinctive features, considered in unity, give financial legal relations the nature of state-powerful property (monetary) legal relations.

A financial legal relationship, like any other organic whole formation, has its own strictly defined structure (composition), i.e. the totality of its constituent interrelated elements: subject, object and content. The subjects of a financial legal relationship are persons participating in a specific legal relationship and being the bearers of financial obligations and rights, which include all three main groups into which the subjects of law are divided:

Public-territorial formations;
collective subjects;
individual entities.

But at the same time, we must not forget that one of the parties in a financial legal relationship will always be the state or its authorized body. The subject of financial legal relationship is connected with the subject of financial law, which, having realized its legal personality, becomes the subject of financial and legal relationship.

Basically, the subject of financial law and financial legal relationship coincide in one person. For example, an individual, an organization, having realized their financial legal personality, become subjects of a financial legal relationship. However, in some cases, the subject of financial law and the subject of financial legal relationship may not coincide in one person.

This mainly takes place when the state, as a subject of financial law, enters into a financial relationship.

The object of a financial legal relationship should be understood as what the behavior of the participants in a financial legal relationship is directed to, determined by their interests within the framework of their subjective rights and obligations. The object is money or monetary obligations in connection with the formation and use of monetary funds.

The rights and obligations of the subjects of the financial relationship form the legal content of the financial relationship.

Subjective law is a measure of the possible behavior of a participant in a legal relationship provided for by the rules of law.

Subjective responsibility is statutory rights is a measure of proper conduct.

These relationships can be classified on a number of grounds. So, according to the material content, they are divided into budgetary, tax, in the field of insurance, credit (state and banking), settlements, financial legal relations regarding the regulation of money circulation and currency legislation.

Depending on the nature of the financial and legal norms underlying financial legal relations, they are material and procedural. The former arise on the basis of the substantive norms of financial law and express legal status entities participating in the financial activities of the state or municipalities.

In procedural financial legal relations, it is expressed legal form in which the state receives financial resources at its disposal, their distribution and use.

The basis for the emergence, change and termination of financial legal relations is a legal fact. - these are specific life circumstances with which the rules of law associate the emergence, change or termination of legal relations. As in other branches of law, legal facts in financial law include actions (legitimate or illegal) and events. Events are phenomena that do not depend on the will of people. For example, the death of a taxpayer. Unlike events, actions are conscious and are committed by the will of a person (for example, offenses, contracts).

Financial relations of organizations

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

As a rule, an enterprise acts as a legal entity, which is determined by a combination of features:

Isolation of property;
- liability for obligations with this property;
- presence in the bank;
- Speaking on your own behalf.

The isolation of property is expressed by the presence of an independent one, on which the property of the enterprise is listed.

The financial relations of an enterprise (organization) arise when, on a monetary basis, the formation of own funds enterprise, its income, attraction of borrowed sources of financing of economic activity, distribution of income generated as a result of this activity, their use for the development of the enterprise.

The organization of economic activity requires an appropriate, i.e. initial capital, which is formed from the contributions of the founders of the enterprise and takes the form - the most important source of formation of the property of any enterprise. Specific methods of formation of the authorized capital depend on the organizational and legal form of the enterprise.

When creating an enterprise, the authorized capital is directed to:

However, it must be recognized that the low profitability of this industry and the high risk of non-repayment of loans stand in the way of injecting bank capital into the food sector. These obstacles can be eliminated to a large extent by the creation of interacting integrated structures, the basis of which would be:

Unions of agricultural credit cooperation;
the agricultural credit support fund, which activates the mechanism of state guarantees;
commercial banks based, in contrast to specialized state banks, on the principles of direct dependence of their income on the development of agro-industrial production and mutually beneficial;
the use of pledge schemes with separable parts of double warehouse receipts - warrants.

It is necessary to put into practice, as soon as possible, such an economic leverage as subsidizing the interest rate on loans from commercial banks. It has a number of advantages over other existing types of distribution of budgetary funds (through the state "Rosselkhozbank", commercial banks or commodity credit):

There is a multiplier effect when one budget ruble attracts a multiple of rubles from commercial banks to the agro-industrial complex;
budgetary funds under such a scheme are spent at the end of the budget period, after the villages pay their debts to banks, and with the direct distribution of budget money, these expenditures arise at the beginning of the year. Expenses deferred at the end of the period depreciate and cost the budget less;
commercial banks are involved in lending to the agro-industrial complex, which create an appropriate apparatus, form a clientele, and establish relations in the sector. Even with the removal of credit subsidies, it will not be easy for them to leave this sector. Thus, a system of agricultural credit is created, about which much is said, but little is actually done;
the borrower owes the bulk of the money not to an abstract state, but to a specific commercial bank, since only part of the interest rate is subsidized;
final borrowers are determined by banks, not by officials, as in distribution schemes for lending to the agro-industrial complex.

Lending to the agro-industrial complex is a delicate and risky business. Banks that have never worked with the agricultural sector will not immediately learn to identify promising producers and use special collateral schemes. We should not forget about the risks of "good faith" non-repayment of debts - crop failures that are associated with force majeure weather conditions. If the harvest, for reasons beyond the control of the peasant, turns out to be below a certain critical line, banks will not only not cover the damage, but they will also refuse a loan. In this area, the role of insurance companies and the system of state guarantees for commercial banks (the state shares risks with them) is great. In the West, a system of preferential crop insurance is practiced, when every dollar of the insurance premium paid by the farmer is supplemented by a dollar from the treasury. In the Stavropol Territory, as well as in Russia as a whole, there is no such system, and without it, a massive influx of commercial credit resources into the agro-industrial complex and a significant expansion of the range of banks focused on this area can hardly be expected.

A decisive condition for the development of the regional agro-industrial complex is a developed market infrastructure.

A large role in its formation is given to exchange activity, the revival of which will occur with the transition from transactions with cash to forward and futures. Forward transactions provide an opportunity to sell a product that has not yet been produced at a price that covers the cost of its production. The buyer thereby provides his production with raw materials in advance and at the same time saves on the storage of goods.

Thus, the exchange satisfies the interests of both parties, and daily quotes form the basis of thousands trade deals with real goods concluded off-exchange in local markets. For small producers, such transactions will be an indicator of demand, supply and price of goods.

Double warehouse certificates are presented to commodity producers, as well as to commodity owners (including executive authorities with regional inventory) and banks ample opportunities when using them in lending schemes secured by goods by transferring a warrant to the lender when obtaining a loan. As a commodity content of double warehouse certificates, various goods can be used that are stored for a certain time without losing their quantitative and qualitative indicators (including grain, sugar and other agricultural products, oil and products of its processing, ferrous and non-ferrous metals and metal products, etc.). d.). The most obvious advantages of using double warehouse receipts are manifested in industries with a high influence of the seasonal component, which manifests itself in seasonal fluctuations in the price level ( low prices for grain in autumn and high prices in winter and spring), seasonal fluctuations in supply and demand (production of fertilizers, pesticides), that is, when there are inventories that can be used as security for the obligations of a borrower who attracts financial and commodity credit resources.

Within the framework of the Priority National Project "Development of the Agro-Industrial Complex" in the direction of "Stimulation of the Development of Small Forms of Management in the Agro-Industrial Complex", it is planned to increase and reduce the cost of credit resources attracted by K (F) H and private household plots. The main mechanism is subsidizing the interest rate on loans received by them in commercial banks and loans received in agricultural consumer credit in the amount of 95% of the refinancing rate of the Bank of Russia. At present, this method state support has been widely used in the form of subsidies to reimburse part of the interest rate on loans attracted by enterprises of the agro-industrial complex.

Undoubtedly, the insufficiency of the level of state support concerns both Agriculture regions of Russia, as well as its individual sectors, in particular, grain farming. The analysis showed that the Stavropol Territory accounted for: in 1999 - 1.6%, in 2002 - 1.9%, in 2006 - 3.5% of federal budget investments in the development of agriculture. During the period under study, the volume of state support for agriculture in the region increased from 151.2 to 664 billion rubles, or 4.4 times. Based on 1 hectare of agricultural land, these investments, respectively, amounted to 26.1, 88.4 and 114.7 rubles.

The main areas of state support for agriculture and grain in particular are subsidies for diesel fuel used for seasonal agricultural work. The share of these investments is 25.4% in the total expenditure on the region's agro-industrial complex from the federal budget. It should be noted that since 2006, as part of the implementation of the priority national project "Development of the Agro-Industrial Complex", a new direction has been introduced to subsidize the interest rate on loans raised for up to 8 years for the construction of livestock complexes (farms), as well as for the purchase of livestock breeding equipment, breeding stock on loans raised for up to 5 years. In addition, peasant (farming) and personal subsidiary farms will have access to long-term (up to 8 years) loans for the construction and modernization of livestock farms, as well as funds issued by Rosagroleasing OJSC for the purchase of breeding stock and equipment for livestock buildings.

It has been established that in the structure of the financial and credit system for supporting small businesses in the Stavropol Territory, the mechanism of subsidizing interest rates on loans dominates, through which significant funds from commercial banks were attracted. However, the existing model has a significant drawback - it is not available a wide range beginners and really small representatives of agribusiness who are experiencing an acute shortage of credit resources.

In order to develop a financial and credit system for supporting small agribusiness, it is necessary to form a regional association of agricultural credit consumer cooperatives, which, in turn, will occupy the regional microcredit niche. Thus, the widest strata of small agribusiness entities will have access to the credit resources they need.

System of financial relations

International financial relations are integral part and one of the most complex areas of the world economy. They concentrate the problems of the national and world economy, the development of which historically goes in parallel and has a close relationship.

International relations are unthinkable without an established system of financial relations. The global financial system is economic relations associated with the functioning of world money and serving different kinds relationships between countries ( international trade, export of capital, investment, provision of loans and subsidies, scientific and technical exchange, tourism, etc.).

The development and stable functioning of the international financial system is due to the growth of productive forces, the creation of a world market, the deepening of the international division of labor, the formation of a world economic system, and the internationalization of economic ties.

In the modern world, the economies of all countries are closely interconnected. So, financial crisis in one country can pose a threat to the economic stability of many countries of the world. Bankruptcies, debt moratoriums, defaults in one particular country can cause stock and currency crashes, stock market turmoil, defaults, price spikes, and other disruptions around the world. This is especially true at the current stage of development of the global financial system, when the world's leading economists are sounding the alarm about a sharp deterioration and the threat of a crisis in the global economy against the backdrop of a possible recession in the United States.

World finance arose as a result, on the one hand, of the spread of financial relations to world economic relations, and on the other hand, they were the result of the emergence and development of the financial subsystem of the world economy. Being a part of the world economy, they represent the totality of the financial resources of the world, i.e. the financial resources of the countries of the world with their financial institutions, international organizations and international financial centers of the world, all legal business firms and the entire population of the Earth, which, as you know, exceeds 6 billion pers.

The international financial system is a combination of national economies of various countries. National financial system form regulated financial relations and financial institutions that mobilize funds and distribute them in connection with financing and lending to the national economy of a particular country.

Subjects of financial relations

By definition, the financial system is a set of financial relations. By their nature, financial relations are distributive, and the distribution of value is carried out, first of all, by subjects. Subjects form special-purpose funds depending on what role they play in social production: whether they are direct participants in it, whether they organize insurance protection or carry out state regulation. It is the role of the subject in social production that acts as the first objective criterion for the classification of financial relations. In accordance with it, in the total set of financial relations, three large areas can be distinguished: finances of enterprises, institutions and organizations; insurance; .

Within each of these areas, links are distinguished, and the grouping of financial relations is carried out depending on the nature of the subject's activity, which has a decisive influence on the composition and purpose of target funds. This criterion makes it possible to distinguish in the sphere of finance of enterprises (institutions, organizations) such links as the finance of enterprises operating on a commercial basis; finances of institutions and organizations that carry out non-commercial activity; finance public associations. In the insurance sector, where the nature of the activity of the subject determines the specifics of the object of insurance, the links are: social insurance, property and personal insurance, liability insurance, insurance entrepreneurial risks. In the field of public finance - respectively, the state budget, off-budget funds,.

Financial relations may arise between:
state and legal individuals(payment of taxes);
between physical and legal entities(student's tuition fees);
between legal entities (lease by one enterprise of a building owned by another enterprise);
between individual states (international financial relations).

The spheres and links of financial relations are interconnected, forming together a single financial system.

Different links of the financial system serve different types of financial distribution: on-farm - with the finances of enterprises, intra-industry - with the finances of enterprises, complexes, associations, inter-sectoral and inter-territorial - with the state budget,.

Each link of the financial system, in turn, is divided into sub-links in accordance with the internal structure of the financial relationships contained in it. So, as part of the finances of enterprises operating on a commercial basis, depending on the industry focus, finances of industrial, agricultural, trade, transport companies etc., and depending on the form of ownership - the finances of state enterprises, cooperative, joint-stock, private, etc. Industry and economic features of enterprises operating on a commercial basis have a significant impact on the organization of financial relations, the composition of the formed special-purpose funds , the order of their formation and use.

4. The institutional structure of the financial system of the Russian Federation consists of different levels

At the federal level, the institutional structure includes:

Committees State Duma and the Federation Council;
Ministry of Finance Russian Federation and in its composition: the Federal Tax Service; Federal Service of Insurance Supervision; Federal Service for Financial and Budgetary Supervision, Financial Service for Financial Monitoring, Federal Treasury (Service);
Central Bank of the Russian Federation;
Accounts Chamber of the Russian Federation;
the Federal Customs Service;
Federal Service for Finance and Markets;
Executive directorates (boards) of federal off-budget funds.

At the level of subjects of the Russian Federation:

Commissions on budget and finance in the legislature, corresponding to the federal structures of the executive branch;
ministries (managerials of a constituent entity of the Russian Federation, including regional offices of the Department of Control of the Ministry of Finance of Russia, the Treasury Department of the Ministry of Finance of the Russian Federation or the Treasury Department of a constituent entity of the Federation, territorial departments Federal Service Russian Federation for Insurance Supervision;
main departments of the Bank of Russia of the subjects of the Federation;
the Federal Tax Service (Inspectorate) of a constituent entity of the Federation;
Customs service of the subject of the Russian Federation;
Territorial bodies of the Federal Service for Financial Markets;
Regional directorates (boards) of federal off-budget funds.

At the municipal level:

Commissions on budget and finance in the representative body local government;
management (departments, divisions) of finance;
apparatus of the Control Department of the Ministry of Finance of Russia;
city (district) bodies (departments) of the Federal Treasury or municipal treasury;
city (district) departments of the Main Department of the Bank of Russia of a constituent entity of the Russian Federation;
city (district) tax services;
counting commission ;
city (district) customs.

At the level of economic entities, financial management is carried out by the financial service (department), the directorate for finance, and the department of finance.

The financial system of the Russian Federation, in accordance with the structural division of the financial system in economically developed countries, includes the following links:

The state budget;
state off-budget funds;
state credit;
insurance fund;
stock market;
financial and credit system;
finances of enterprises of various forms of ownership.

Financial relations of Russia

The financial system of the Russian Federation is included in the economic category, and any economic category expresses certain economic relations. The financial system of the Russian Federation has a number of economic features compared to other economic principles (relations):

monetary relations;
distributive relations;
associated with the formation and use of funds of funds of the state and economic entities.

These features of the financial system of the Russian Federation made it possible to single out financial relations from total weight economic relations.

Monetary funds are formed at the macro and micro levels. At the macro level, these include the state budget, state off-budget funds, state insurance funds, which are a system of monetary relations between the state, on the one hand, and legal entities and individuals, on the other. At the micro level, these are funds of own, borrowed and borrowed funds. In turn, the composition of the own funds of enterprises includes authorized, additional and reserve capital; accumulation, consumption and social sphere; retained earnings. Borrowed funds in the financial system of the Russian Federation include loans and borrowings, attracted - accounts payable. Monetary relations at the micro level include the relationship between the supplier and the consumer, between the enterprise and its structural divisions, between the administration of an enterprise and its employees, between enterprises and the financial and credit system, etc.

Principles of organization of financial relations

financial relations commercial enterprises are based on certain principles related to the basics of economic activity.

1. The principle of economic independence is manifested in the fact that the enterprise independently determines its costs, sources of financing, directions of investments of funds, in order to make a profit. However, the state regulates certain aspects of the activities of organizations and enterprises by setting taxes, depreciation rates, etc.

2. The principle of self-financing - means full payback of costs for the production and sale of products, investment in the development of production at the expense of own funds, bank and commercial loans.

3. The principle of material interest is dictated by the main goal - making a profit. Interest in the results of economic activity is inherent in the collectives of enterprises and organizations, individual employees and the state as a whole. This principle is implemented decent pay labor, the optimal tax policy of the state, the observance of economically justified proportions in the distribution of consumption and accumulation.

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As usual, we are talking about target funds of economic entities and the state.

Foreign scientific thought does not consider finance so broadly. In foreign literature, finance is usually divided into:

public;
personal;
corporate.

So, considering finance in a broad sense, the following understanding has been formed in the Russian scientific community: Finance is a system of relations in society against the background of the formation and use of funds of funds in accordance with the functions and role of the category of each element of the system.

Functions

The functions of finance are understood in various economic schools in their own way, depending on the interpretation and concepts inherent in them. In the Russian scientific literature, the Moscow and St. Petersburg concepts stand out. According to Moscow finance, they perform the following functions:

distribution (distribution and redistribution of domestic gross income);
control (tracking the progress of distribution for legality);
regulating (the impact of the state through taxes, state loans, financing of certain enterprises, the implementation of tax policy);
stabilizing.

The Petersburg concept considers functions in a different way:

formation of budget revenues;
implementation of budget expenditures;
budget control.

Russian financial system

The system of finance is a complex of various spheres of financial relations interacting with each other. The Russian financial system consists of two subsystems:

state and municipal finance;
finances of enterprises and organizations.

For clarity, we present the financial system of the Russian Federation graphically (Figure 1)

Finance is always subordinated to the goals and objectives of the subjects organizing them. From this point of view, the interpretation of S.Yu. Witte, who was the Minister of Finance before the 1917 revolution, is interesting. He called finance "the totality of state property", and the science of finance - "ways to best meet the material needs of the state."

Any financial relations are objective in nature and arise in connection with the need to meet needs. All types of financial relations are mediated

The forms and types of financial relations at this stage of the development of society are characterized by a rather large variety, which is explained by the constant complication of economic relations and the increasing influence of the state on the course of the economic process.

Financial management is a targeted impact on them by the subjects of management. At the same time, various types of financial relations that form the financial system come into play. The subjects of management are the bodies financial management(the so-called financial apparatus).

Management of financial relations is carried out on a policy that is multifaceted in content and is directly related to the activities of business entities in the implementation of their economic interests.

Finance in the system of monetary relations is associated with credit, price and other areas. The main task in the development of financial relations in the Russian Federation is connected with the need to strengthen the foundations of the economy, strengthen democratic principles in the social sphere and strengthen the state in managing financial processes.

Financial relations develop in all sectors of the economic life of society at the stage of value distribution. Different types financial relations exist, first of all, between citizens and economically independent business units with the state (payments to the budget and budget financing). In addition, financial relations exist between the state and acting as its creditors on the domestic and foreign financial markets organizations. The relations of state administration and self-government bodies in the provision of mutual financial assistance are also financial relations. This category also includes the relations of economic entities regarding the payment of fines, penalties, penalties, between enterprises and employees in the payment of salaries, material assistance, etc.

All types of financial relations form single system the country's finances. Since financial relations mediate the movement of capital, income and other funds of enterprises, on this basis they can be divided into several groups. These are the relations of enterprises with the state, other enterprises (contractors), financial intermediaries (currency, stock exchanges, banks, Insurance companies etc.). Within the enterprise itself (between structural divisions and personnel), within individual associations, organizations, between enterprises and investors (participants, shareholders, owners).

The state largely contributes to the diversity of relations in the field of finance, developing new forms of their use. They are established in accordance with the main tasks for the development of the country's economy at this historical stage.

Financial relations are necessary for objective development and are the main instrument for implementing the state policy in the field of financial relations.

All types of financial relations are characterized by some general properties, allowing them to be classified as separate groups, depending on whether they participate in social reproduction, carry out its insurance protection or provide state regulation economy and social sphere. Such groups are understood as spheres of relations that mediate the functioning of economic entities, municipal and public administration, insurance.

Finance is one of the most important economic categories, reflecting economic relations in the process of creating and using funds.

Reducing finance to cash is unlawful, because in fact certain operations with cash, their movement are implied. Any financial transaction means the transfer of funds between economic entities, users of funds or the transfer of funds to certain monetary funds. In the process of this movement, economic relations arise (for example, when paying pensions, paying taxes). Thus, finance is an economic category, it expresses a part of economic relations.

Finances are economic relations associated with the formation, distribution and use of centralized and decentralized funds of funds in order to perform the functions and tasks of the state and ensure conditions for expanded reproduction.

Finance is an integral part of monetary relations, therefore their role and significance depend on what place monetary relations occupy in economic relations. However, not all monetary relations express financial relations. Finance differs from money both in content and in the functions performed. Money is the universal equivalent by which, first of all, the labor costs of associated producers are measured, and finance is economic instrument distribution and redistribution of gross domestic product and national income, an instrument of control over the formation and use of funds of funds.

Their main purpose is to ensure not only the needs of the state and enterprises in cash, but also control over the expenditure of financial resources through the formation of cash income and funds.

The opinion that only the budget should be classified as finance, its formation is erroneous, because in addition to the field of public finance, there are many relations that are not related to the formation of the state budget, there are also relations for the formation of funds at the enterprise.

Participating in economic relations, finance interacts with various economic categories, therefore it is necessary to determine the boundaries of financial relations, i.e., which instrument, which operation of the economy belongs to financial sector. To determine the boundaries of financial relations, it is necessary to find the distinctive features of finance, inherent only in financial relations and reflecting their specifics.

Consider them:

Finance - monetary category (associated with cash). Although during the period of war communism there was a surplus appropriation, taxes were paid in kind. And now, at the regional level, payment to the budget is part of the production of an enterprise that works for “black cash” or barter. These relationships are not financial.

Finance does not involve any form of cash flow. There are two main forms - exchange and distribution.

An exchange is when a monetary form is replaced by a commodity one, or a monetary one moves towards a commodity equivalent. During the distribution, only the cash equivalent moves, and only unilaterally, although the return of funds after a certain time is allowed. Finance is only related to distribution.

The distribution carried out with the help of finance is associated with the concepts of "financial resources" and "cash funds". The distribution occurs through the formation and use of monetary funds, i.e., finance uses the stock method of distribution.

distribution of financial resources through the formation and use of funds on a non-equivalent basis.

Finance expresses the monetary relations that arise between:

enterprises in the process of acquiring inventory items, selling products and services;

enterprises and higher organizations in the creation of centralized funds of funds and their distribution;

· the state and enterprises when they pay taxes to the budget system and finance expenses;

the state and citizens when they make taxes and voluntary payments;

· enterprises, citizens and off-budget funds when making payments and receiving resources;

separate links budget system;

bodies of property and personal insurance, enterprises, the population in the payment of insurance premiums and compensation for damage, in the event of insured event;

· monetary relations mediating the circulation of enterprise funds.

Modern economy cannot exist without public finance. At certain stages of historical development, a number of society's needs can only be financed by the state. These are the nuclear industry, space research, a number of new priority sectors of the economy, as well as enterprises that everyone needs (post, telegraph and some others).

Finance reflects the level of development of productive forces in individual countries and the possibility of their impact on macroeconomic processes in economic life.

Finances are monetary relations that arise in the process of distributing the gross social product in connection with the formation of cash incomes from business entities and the state and their use for expanded reproduction, stimulation of workers, satisfaction of social and other needs of society. Finance is different wages, other income, credit in that finances are non-equivalent relations, they express a one-way movement of value (salary - two-way movement; credit - reciprocal relations).

Financial resources are provided free of charge and without return. With the help of finance, various state and social needs are satisfied:

· education

military needs

expenses for social purposes

Improvement in the reproduction of capital

security environment etc.

The main material source of monetary funds is the national income of the country - the newly created value or the value of the gross domestic product minus the tools and means of production consumed in the production process. Without the participation of finance, the national income cannot be distributed. Finance is an essential link between the creation and use of national income. Finance affects production, distribution and consumption and is objective. They express a certain sphere of production relations and belong to the basic category.

According to its material content, finances are trust funds of funds, which together represent the financial resources of the country. The main condition for the growth of financial resources is an increase in national income. Finance and financial resources are not identical concepts. Financial resources by themselves do not determine the essence of finance. They do not disclose their internal content and public purpose. financial science studies resources as such, and social relations arising from the formation, distribution and use of resources; it explores the patterns of development of financial relations.

Although finance belongs to the basic category, it largely depends on the financial policies pursued by governments.

8. Own capital of the enterprise, its structure and evaluation.

9. Borrowed capital, its forms and price

10. The effect of financial leverage and its role in achieving the optimal capital structure

11. Essence and classification of investments

12. Investment activity of the organization

13. Formation of investment policy

14. The concept and structure of fixed capital

15. Evaluation and efficiency of use of fixed capital

17. Depreciation, its role in the renewal of fixed capital. Methods for calculating depreciation amounts

18. Methods for evaluating the effectiveness of investment projects

19. Content, objects and forms of financial investments

20. Essence and classification of securities

21. Criteria and methods for assessing the investment qualities of securities

22. Fundamentals of portfolio management

23. Economic content and the role of working capital in the functioning of the enterprise

24. Structure and classification of short-term assets of the organization

26. The value and procedure for the regulation of short-term assets of the organization

27. Evaluation of the effectiveness of the use of short-term assets

28. Management of short-term assets in the organization

30. The concept and types of cost, the stages of its determination

31. The content of the costs of production and sales of products

32. Planning and forecasting the cost of production and sales of products

33. The mechanism of cost management in the organization

34. Cash receipts of the enterprise: concept and structure

35. Income and their types

37. Profit of the enterprise: its formation, planning and distribution

38. Management actions to increase profits and increase profitability.

39. Essence and classification of taxes

40. Value added tax

41. Excise

43. Land tax.

44. Ecological tax. Tax on the extraction of natural resources.

45. Property tax.

46. Income tax.

47. Methods for analyzing and managing taxes at the organization level

48. The procedure for opening and maintaining accounts of the organization in the bank

49. Settlement and cash services by banks of business entities

50. Types of bank loans: documentation, forms of return security, terms of attraction

51. Types and forms of insurance

52. Procedure for concluding and terminating insurance contracts

53. The essence of financial planning and its role in the implementation of the financial strategy of the enterprise

54. Stages of organizing financial planning

55. Main types of financial plans and their characteristics

56. The concept and types of financial control

57. Methods and forms of financial control

58. Audit control, its essence and purpose

59. The concept of the financial condition of the organization and the need for its assessment

60. Objects, methods and information support for the analysis of the financial condition

61. Analysis and evaluation of changes in the composition and structure of the asset balance of the enterprise

62. Analysis and evaluation of changes in the composition and structure of the liability of the balance sheet of the enterprise

63. Analysis of the solvency and liquidity of the enterprise

64. Analysis of the financial stability of the enterprise

65. Financial relations in conditions of economic insolvency and bankruptcy

66. Basic concepts of financial management

4. Capital Structure Model (FrancoModigliani and Merton Miller 1958)

5. Dividend theory

6. A Model of Optimal Growth Strategy (a Model of Optimal Growth Strategy) (James Van Horn 1988, Robert Higgins 1997)

7. Balanced Scorecard (bsc), (David Norton and Robert Kaplan 1990)

1. The concept of the time value of money resources (Time Value of Money Model) (Irving Fisher 1930, John Hirschlifer 1958)

3. The concept of trade-off between risk and return (Frank Knight, 1921)

1. The concept (hypothesis) of the efficiency of the capital market (Efficient Market Hypothesis).

2. The concept of information asymmetry (Stuart Myers and Nicholas Mijlough 1984)

3. The concept of agency relationships (Michael Jensen and William Meckling 1976)

67. Essence and classification of interest rates

68. Accumulation and discounting at simple interest rates

69. Accrual and discounting at compound interest rates

70. Cash flows and their types.

71. Accumulated amount of constant financial rent.

72. The present value of constant financial rent.

2. Types and types of financial relations of organizations

Finance is not the money itself, but the relationship between economic entities, the state, individuals regarding the formation, distribution and use of funds of funds.

The totality of monetary relations arising in connection with the movement of monetary funds forms financial relations.

It is customary to refer to financial relations that determine the content of finance as an economic category, monetary relations that arise in the process of expanded production between:

the state and organizations for the payment of taxes and other payments to the budget, as well as for the financing from the budget of a number of costs of business entities (loans, subsidies);

organizations and higher structures when creating funds of cash and reserves, financing sectoral targeted programs;

organizations and banks when obtaining loans, paying interest on a loan, keeping funds in bank accounts;

organizations and insurance bodies when paying insurance premiums and indemnifying from the insurance fund for damage in the event of an insured event;

organizations and employees in the payment of wages and other incentive payments, the application of economic sanctions against employees, the sale of securities to them;

economic entities in the course of their production and commercial activities when paying for purchased inventory items (raw materials, materials, fuel, electricity), when selling finished products and providing services, as well as in the process of formation, distribution and use of financial resources (including in case of merger and division, regarding financial insolvency and bankruptcy of the organization);

organizations and founders at the time of the establishment of a business entity on the formation of the statutory fund, subsequently - on the distribution of profits, etc.

However, not all monetary relationships are financial. Financial relations cover only that part of the relations that is associated with the formation and use of funds of funds.

So, in the process of economic activity at enterprises, there is a movement of materials from one unit to another without payment in cash. The monetary expression of the value of material assets in such operations is used only for accounting and control over the course of economic processes and does not apply to finance.

The system of financial relations does not include barter transactions, which still occupy a prominent place in the relations between economic entities.

Thus, the following main features of finance can be distinguished:

Economic relations with the use of money;

In the process of economic relations, the formation of monetary funds and their use are carried out.

3. Principles and functions of the finances of the organization

The main principles of financial organization include:

the principle of economic independence, the financial aspect of which is the independent determination of expenses, sources of financing, directions for investing funds and disposing of profits after taxes, etc.;

the principle of self-financing, which means full payback of costs for the production and sale of products, investment in the development of activities at the expense of own funds and, if necessary, bank and commercial loans, other forms of external financing on a repayable basis;

the principle of creating financial reserves, due to the need to form financial resources that ensure entrepreneurial activity in terms of risks associated with market fluctuations;

the principle of diversification, which provides for the presence of many sources of financing and directions for investing capital;

the principle of planning, which implies the need to plan the movement of financial resources and the efficiency of their use;

the principle of flexibility and maneuverability, which means the need for a quick response, making alternative decisions and maneuvering in case of failure to achieve the forecast volumes of production and sales, exceeding planned costs;

the principle of material interest in the results of activities, which is implemented through sufficient wages, optimal tax policy of the state, compliance with economically justified proportions in the distribution of net profit;

the principle of liability, which implies the existence of a certain system of responsibility for the results of responsibility for the results of financial and economic activities.

The implementation of these principles allows you to create an effective financial management system.

The essence of finance, their specific content is revealed in their functions, which include distribution and control.

The first function of finance is the distribution and redistribution of national income in the state. The material basis for creating the national income of the state is the reproduction of the social product (gross domestic product). At all stages of the reproduction of the gross domestic product and its distribution (actual production, distribution, exchange and final consumption), finance is directly used.

The national income is divided into two parts - the accumulation fund and the consumption fund. The ratio of these parts determines the proportions of the development of the economy and its structure.

The need for redistribution of national income is caused by:

the presence of a non-productive sphere in which national income is not created (public administration, education, health care, social Security), but without which production cannot be efficient;

the need to ensure social development;

the importance of creating favorable conditions for entrepreneurship, which requires the provision of subsidies and subsidies.

Finance performs its distributive function also in the process of formation and distribution of income of organizations.

When selling products, enterprises generate revenue and, accordingly, income. One part of this income goes to the state budget: state targeted budgetary and off-budget funds, and the other part remains at the disposal of the organization for the formation of payroll funds, economic incentives and financing the costs of expanding and developing production.

The second important function of finance is control. It is generated by the distributive function and manifests itself, first of all, in control over the distribution of the total social product and national income according to monetary funds and their targeted spending.

The control function of finance is carried out in two ways: firstly, through the control of the ruble, and secondly, through the control exercised by the financial authorities. Through finance, enterprises control the ruble over the formation of cash income, compliance with the regime of savings and the use of material and labor resources, the quantity and quality of labor, the use of fixed and working capital, the formation and use of incentive funds, etc.

The ruble is controlled not only within the organization, but also in relations with higher structures, with financial and credit institutions, counterparties.

The economic activity of enterprises is controlled by the ruble in the process of fulfilling obligations to the budget for payments to the budget and financing from the budget. Control by financial authorities and departmental services is carried out by checking the legality of spending money, the completeness of paying taxes.