The main sources of financing for entrepreneurship. External sources of financing for entrepreneurship. Issue of securities

Realizing economic potential business activities largely depends on the possibilities and conditions of financing. The availability of sources of financing for entrepreneurial activity is currently one of the main problems in investment activities. The sources of the formation of financial resources is a set of sources of satisfaction of additional capital requirements for the coming period, ensuring the development of the enterprise. These sources are subdivided into own (internal) and borrowed (external).

When choosing sources of financing for the activities of an enterprise, it is necessary to solve five main tasks:

  • - determine the need for short- and long-term capital;
  • - to identify possible changes in the composition of assets and capital in order to determine and optimal composition and structure;
  • - to ensure constant solvency and, consequently, financial stability;
  • - use your own and borrowed funds with maximum profit;
  • - to reduce the cost of financing economic activities.

Domestic financing assumes the use of own funds.

Table 1. - Own funds and their sources:

Own funds

Sources of financial resources

1. Depreciation (depreciation of fixed assets and intangible assets)

Sales proceeds (cost)

2. Gross profit

2.1 Profit from the sale of goods and services (business income)

Revenues from sales

2.2 Profit from other sales

Income from other sales

2.3 Balance outside of implementation results (income)

Out-of-sale income

2.4 Reserve fund

Gross profit before tax

3. Repair fund

Cost price

4. Insurance reserves

Cost or net profit

The most reliable sources of financing are their own sources of financing for business activities. Ideally, every commercial organization should always strive to be self-financing. In this case, there is no problem where to get money, the risk of bankruptcy is reduced. In addition, self-financing of enterprise development means its good financial condition, as well as the presence of certain advantages over competitors who do not have such opportunities. The main own sources of financing for entrepreneurial activity in any commercial organization are net profit and depreciation charges.

Self-financing has a number of advantages:

  • 1. due to replenishment from the profit of the enterprise, its financial stability increases;
  • 2. the formation and use of own funds is stable;
  • 3. the costs of external financing (debt servicing to creditors) are minimized;
  • 4.The adoption process is simplified management decisions for the development of the enterprise, since the sources of coverage of additional costs are known in advance.

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

It is natural that the larger the amount of profit goes to finance and develop economic activity, the less need for additional funds.

The amount of retained earnings of an enterprise depends primarily on the profitability of business operations, as well as on the dividend policy applied at the enterprise. This source is the simplest, most accessible and effective.

The use of profit as a source of financing for real investments aimed at expansion, reconstruction and technical re-equipment of the enterprise has a positive aspect for the enterprise in the sense that this profit is not subject to income tax under the existing tax legislation.

Among own financial sources of entrepreneurial activity, an important role belongs to depreciation charges. They are designed to provide not only simple, but, to a certain extent, expanded reproduction.

In the developed countries of the world, depreciation charges up to 70-80% cover the needs of enterprises in investments.

With the transition of the Russian economy to market relations, the importance of depreciation deductions as a source of financing for entrepreneurial activity has also increased. The advantage of depreciation deductions as a source of entrepreneurial activity over others lies in the fact that for any financial situation of the enterprise, this source takes place and always remains at the disposal of the enterprise.

External financing provides for the use of funds from the state, financial and credit organizations, non-financial companies and citizens.

In addition, it involves the use of financial resources of the founders of the enterprise.

Such attraction of the necessary financial resources is often the most preferable, since it ensures the financial independence of the enterprise and facilitates in the future the conditions for obtaining bank loans.

Table 2. - External sources of financing:

Financial resources

Sources of financial resources

1. Borrowed funds

Relevant Lender Resources

1.1 Bank loan

1.2 Credit Financial Institute

1.3 Budget loan

1.4 Commercial loan

1.5 Accounts payable, constantly in circulation

2. Raised funds

Relevant Investor Resources

2.1 Equity funds in current and investment activities

2.2 Funds from the issue valuable papers

2.3 Share and other contributions of members of the labor collective, legal and individuals

2.4 Insurance indemnity

2.5 Receipt of payments for leasing, franchising, rent, etc.

3. Budgetary appropriations and receipts from extrabudgetary funds

Funds of budgetary financing and extrabudgetary funds

Raising borrowed funds allows the company to accelerate turnover working capital, increase the volume of business transactions, reduce the volume of work in progress. However, the use of this source leads to the emergence of certain problems associated with the need for subsequent servicing of the assumed debt obligations. As long as the amount of additional income provided by the attraction of borrowed resources covers the cost of servicing the loan, the financial position of the company remains stable, and the attraction of borrowed capital is effective.

One of the most common sources of financing for entrepreneurial activities today is a bank loan. The reason for this is a number of advantages that this form has over other forms of financing. Banks operating in a highly competitive environment today offer a whole range of all kinds of loans.

The bond as a borrowing instrument is more responsible modern conditions financial market and has a number of advantages over other instruments. These include the following:

  • 1. the ability to access directly (without an intermediary) to the investor's financial resources;
  • 2. due to the fragmentation of a large number of bondholders, there is little likelihood of the lender's interference in the internal affairs of the borrower;
  • 3. Bonded loans provide more opportunities for financing on a long-term basis;
  • 4. there is a possibility of operational management of the structure and amount of debt, their optimization in accordance with the changing conditions of management, both internal and external;
  • 5. the functioning of the secondary market reveals the benchmarks that the issuer relies on when developing parameters for new bond issues. The liquid secondary market by its existence creates opportunities for subsequent bond issues by the issuer, since it is the high liquidity of bonds that is one of their characteristics most attractive to potential investors;
  • 6. repayment of the principal debt on a bonded loan occurs, as a rule, on the day the loan expires. This circumstance makes it possible to fully service the debt at the expense of the profit from the implementation of the investment project itself.

Leasing is one of the newest and fastest growing forms of credit.

From an economic point of view, leasing is a specific loan provided by the lessor to the lessee in the form of property transferred for use.

Franchising has been widely used as an alternative method for distributing goods and expanding a business for the past forty years. When this method the franchisor grants permission to the franchisee to sell their branded goods and services.

The franchisor must also provide a proven method of doing business, provide technical and advisory assistance in organizing the franchisee's business and provide its support in the future.

To obtain the rights to a product, a franchisee usually makes an initial contribution to the franchisor and then pays monthly installments.

Equity financing of entrepreneurial activity can be carried out in two main forms:

  • 1. additional issue of shares of an enterprise existing as a joint-stock company;
  • 2. an institution specifically for the implementation of an investment project of a newly created enterprise with the involvement of co-founders who make a monetary or property contribution to the authorized capital of this enterprise.

Equity financing can be carried out in the form of cash and property contributions.

Most often, a monetary contribution is required from the invited third-party co-founders, since the initiator and main founder of the enterprise, as a rule, has some unique this project assets, but cannot fully meet the project's need for funds.

Budget financing can be carried out by providing:

  • 1.budget investments;
  • 2. budgetary credit;
  • 3.public investment resources on the basis of consolidation in state property part of the shares created joint stock companies;
  • 4. federal budget funds allocated on a returnable basis for a period not exceeding 24 months;
  • 5. state guarantees for reimbursement from the federal budget of a part of the financial resources invested by the investor.

Features of modern investment policy in Russia - a decrease in the share of financing of entrepreneurial structures at the expense of budgetary funds and the activation of the enterprises themselves to find investment resources, including through the instruments and institutions of the financial market.

For the correct organization of business financing, the sources of financing should be classified. Note that the classification of funding sources in Russian practice differs from foreign ones. In Russia, all sources of financing for entrepreneurial activity are divided into four groups: 1) own funds of enterprises and organizations; 2) borrowed funds; 3) borrowed funds; 4) funds state budget.

To own the funds of the enterprise in this case include: authorized capital (funds from the sale of shares and shares of participants or founders); revenues from sales; depreciation deductions; the net profit of the enterprise; reserves accumulated by the enterprise; other contributions from legal entities and individuals (targeted funding, donations, charitable contributions).

To attracted funds include: bank loans; borrowed funds received from the issue of bonds; funds received from the issue of shares and other securities; accounts payable

At the place of origin financial resources of the enterprise are classified into:

domestic financing;

external financing.

Domestic financinginvolves the use of those financial resources, the sources of which are formed in the process of financial and economic activities of the organization. An example of such sources is net profit, depreciation, accounts payable, reserves forthcoming expenses and payments, deferred income.

When external financing funds are used that enter the organization from the outside world. Sources of external financing can be founders, citizens, the state, financial and credit organizations, non-financial organizations.

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The organization of production and economic activities requires the attraction of financial resources. In this regard, a significant part of the activities of a financial manager is associated with the formation financial security entrepreneurial activity. Considering the essence of this concept, it can be determined that "the financial support of entrepreneurship is capital management, activities to attract, allocate and use it."

Thus, the main task of the formation of financial support is the selection and use of specific sources of financing.

Traditionally, all sources of funding are divided into the following groups:

1. Own funds of economic objects.This group of sources includes:

· Authorized capital (funds from the sale of shares and share contributions of participants or founders);

· revenues from sales;

· depreciation deductions;

· The net profit of the enterprise;

· Reserves accumulated by the enterprise;

· Other contributions of legal entities and individuals (targeted funding, donations, charitable contributions).

2. Borrowed funds of the enterpriseare formed in accordance with the principles of payment, urgency and repayment, here are distinguished:



Short-term borrowed funds

Long-term borrowed funds

3. To the funds raisedcan be attributed:

· Bank loans;

· Borrowed funds received from the issue of bonds;

· Funds received from the issue of shares and other securities;

· accounts payable.

4. To budgetary appropriationsincludes funds from budgets of different levels, allocated for the development of the economy, financing of socio-cultural events, defense of the country, the maintenance of public authorities and administration.

Enterprise own funds management within the framework of the system of forming the financial support of the enterprise, it is focused, first of all, on the management of proceeds from sales, depreciation deductions and net profit of the enterprise.

In modern practice, enterprises are increasingly as the main tool revenue and profit management choose operational analysis, i.e. analysis that allows you to trace the chain of indicators of costs - sales - profit.

The following indicators are considered the main elements of operational analysis:

Financial leverage;

Operating lever;

Profitability threshold (break-even point);

The financial strength of the enterprise;

Gross margin;

Gross margin ratio.

Operational analysis identifies the best combinations between variable unit costs, fixed costs, price, and sales.

For ease of use, the system for calculating these indicators can be combined in table, 1.

Table 1

Calculations of the threshold of profitability, margin of financial strength and the strength of the impact of operating leverage

P / p No. Operational Analysis Index Legend Calculation method
1. Revenues from sales AT according to accounting data
2. Variable production costs PIP according to accounting data
3. Amount of fixed production costs SDR according to accounting data
4. Gross margin VM VM \u003d B - PIP
5. Gross margin ratio TO K \u003d VM: B
6. Profitability threshold ETC PR \u003d SDR: K
7. Financial safety margin ZFP ZFP, rub. \u003d V - PR ZFP,% \u003d PR: V
8. Profit P P \u003d ZFP * K
9. Operating Lever Force COP COP \u003d VM: P

The effect of operating leverage is that any change in sales proceeds always strongly affects the profit margin. The higher the level of fixed costs in total costs, the greater the strength of the negative impact of operating leverage on profit.

Main purpose depreciation - to provide replacement of worn out fixed assets.

Depreciation deductions as cash reflect the amount of depreciation of fixed assets and intangible assets, which is gradually transferred to the cost of manufactured products. They are included in the cost of goods produced and after their sale in the form of proceeds are transferred to the settlement account of an economic entity.

Depreciation deductions are calculated by multiplying the total value of the property assigned to the corresponding depreciation category by the depreciation rate.

The use of own funds as financial support for entrepreneurial activity forms a self-financing mechanism. The level of self-financing is assessed using the following coefficients:

1. Financial stability ratio is defined as the ratio of own and borrowed funds. The higher the value this coefficient, the stronger the financial stability of the enterprise.

2. Self-financing ratio can be defined like this:

P is the profit directed to the accumulation fund, rubles.

A - depreciation charges, rubles.

KZ - borrowed funds

This ratio shows how many times the own sources of financial resources exceed the borrowed funds.

3. Self-financing sustainability coefficient, is estimated as the ratio of the self-financing ratio and the financial stability ratio. The higher the value of this coefficient, the more stable the self-financing process.

Management of borrowed and attracted sources of financing activities enterprise assumes the need to take into account the following factors:

For what purpose, and for what period (short-term or long
urgent) funds are required;

With what urgency funds are required;

Are there the necessary funds within the enterprise or will you have to turn to other sources;

What are the costs of paying debts.

The forms of attracting additional sources can be very diverse:

Bank overdraft - the amount received from the bank in excess of the balance on the current account. Overdraft is payable on demand
bank.

Credit lines are opened commercial bank with the orientation that he is ready to lend money up to a certain amount on a recurring basis.

Bill of exchange (draft) - a document of money, according to
to which the buyer undertakes to pay a certain amount to the seller within the period specified by the parties.

Acceptance credit is applied when a bank accepts a bill of exchange issued in the name of its customers for payment (resale of the right to
debt collection - factoring). In this case, the bank pays
to the creditor the value of the bill less the discount, and upon expiration
the term of its repayment collects this amount from the debtor;

A commercial loan is a purchase of goods or services with a deferred payment for one or two months, and sometimes even more.

Medium-term funds are used to pay for machinery, equipment and research
works.

Long-term funds are used to purchase land, real estate and long-term investments. Allocation of funds in this way is carried out as:

Bonds - promissory notes
cent and maturity. A significant part of the bonds has
face value;

Issue of shares - receiving cash by selling
different types shares in the form of private or public subscription.

Factoring is a contractual purchase of claims for the supply of a factoring company. As a result, in a fairly short period of time (2-3 days), it becomes possible to receive from 80 to 90% of the amount of claims in the form of an advance, the remaining 10-20% is a guaranteed amount for the factoring company until it receives money from the debtor.

Leasing - long-term rental of machinery, equipment, vehicles, production facilities.

The calculation of the total amount of lease payments is carried out according to the formula

LP \u003d AO + PC + KB + DU + VAT,

where LP is the total amount of lease payments;

JSC - depreciation charges due to the lessor in the current year;

PC - payment for credit resources used by the lessor to purchase property;

KB - commission to the lessor for the provision of property under a lease agreement;

DU - payment to the lessor for additional services to the lessee under the lease agreement;

VAT is the value added tax paid by the lessee on the services of the lessor. If the lessee is a small business, value added tax is not included in the total lease payments.

Debt financing is recommended in the following cases:

1. The interest rate on the debt obligation is lower than
the level of profitability that can be obtained from the use of borrowed funds.

2. The enterprise's income and profits are stable, and it will be able to pay off interest and principal in both good and bad years.

3. With a low level of loss of liquidity of the activity of this enterprise.

4. The ratio of debt obligations to equity capital is low and the company can cope with additional obligations.

5. With a low level of enterprise risk.

6. The share price of the enterprise has decreased, which means that the issue
new common shares during this period are unprofitable.

8. If the company has solid experience in this type of business.

9. The estimated inflation rate promises to be high and debt repayment will be made
cheaper currency.

10. When the market for the company's products grows.

11.When the tax rate is high and the business benefits from
deducting interest payments from their taxes.

12. The restrictions of the bond contract are not burdensome for the enterprise.

13.When money market trends are favorable and any
the necessary types of financing are available.

Questions for discussion at seminars.

1. What are the main approaches to managing the company's own funds?

2. List of key indicators of operational analysis.

3. What criteria are used to assess the attractiveness of a particular source of borrowed funds?

4. Describe the concept of leasing.

5. How is the total lease payments calculated?

6. Describe the mechanism for obtaining a bank loan.

7. How can you use bonds to raise borrowed funds?

8. Under what conditions are borrowed funds mainly used?

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Introduction

1 Business financing

1.1 Funding: concept and distinctive features

1.2 Sources of business finance and their classification

2 External and internal financing, sources, value

Conclusion

List of used literature

INTRODUCTION

Russia is currently at a critical juncture in its development. The fate of the ongoing transformations is called into question, the answers to which largely depend on the state and development trends of entrepreneurship.

The formation of entrepreneurship is taking place in difficult conditions of choosing conceptual ways of establishing a market economy and forming a new legal system in Russia as a whole. The practical solution to many problems of entrepreneurship development is complicated by the lack of them theoretical developments... Such problems include legal regulation entrepreneurship.

Russian legislation is far from a state that meets the requirements of the current stage of business development. Society today bears enormous economic and moral costs due to uncivilized business relationships. There is a need to study the public-law intersectoral and intersystem mechanism for regulating entrepreneurship.

The entrepreneurship problem is young. The recent explosion of interest in this problem is due to the avalanche-like growth of contradictions in the development of entrepreneurship in Russia. Until now, there are no special comprehensive studies of the issue state regulation entrepreneurship, taking into account the organization of power operating in Russia. This circumstance inhibits further improvement of the security system as a whole.

The legislation governing entrepreneurial activity in Russia is in its infancy. The existing legal system in Russia cannot ensure the rights and interests of entrepreneurs. Official law turned out to be divorced from real processes, so most of the entrepreneurial activity is carried out outside of it. Lack of effective legal regulations leads to legal nihilism and illegal business practices and dispute resolution.

Financing entrepreneurship is a very important issue in business in general. The subject of this work is the financing of entrepreneurship. It should be noted that at this stage of the country's development, the issue of financing entrepreneurial activity has not yet been sufficiently developed.

1 FUNDING OF BUSINESS ACTIVITIES

1.1 Funding: concept and distinctive features

Financing is one of the types of cash support for business activities. Financing and lending are very similar concepts, but still have a number of differences from each other. Lending can be viewed as part of financing. Lending, like financing, meets the financial needs of the expanded production process.

Financing is a gratuitous and irrevocable provision of funds in various forms for the implementation of any activity.

It is also necessary to say that important hallmark financing is the fact that the ownership of the entity that provided the funds does not arise. In addition, financing can be carried out exclusively in cash. This is how financing differs from investing, so these concepts should not be confused. And another main distinguishing feature of investing is making a profit, while financing does not pursue such a goal.

So, summing up a small summary of the above, it should be noted that financing differs from investing, as well as from lending. But lending can be seen as part of the financial relationship, while investment cannot be confused with financing in any way.

1.2 Sources of business financing, and their classification

Equity capital is personal funds invested in a business. If the business does not take place, the investor will lose them. Equity capital is a risk capital as the owner risks his own money by investing in this business. Investing your own money in a business is risky. You can also part of the majority of credit organizations that provide funds for financing entrepreneurial activities, put one of the conditions when issuing loans to invest in the business part of the entrepreneur's own funds.

financing business activities

2 EXTERNAL AND INTERNAL FINANCING, SOURCES, VALUE

Financing of an investment project should provide such investment dynamics that would allow the project to be carried out on schedule at all stages of its life cycle taking into account financial constraints, as well as to ensure cost and risk reduction by optimizing cash flows and using tax

The financing of an investment project is divided into a number of stages: pre-investment, investment, operational, which are stages of the life cycle of an investment project.

At the preliminary stage, financing of the costs of marketing research, a feasibility study of the project, analysis of its viability is carried out, and a decision is made on the feasibility of financing.

At the investment stage, a plan for the implementation of the project, the total amount and sources of financing, a plan of cash flows at all stages of the project implementation and organization of control are developed.

At the operational stage, working capital is financed (purchase of raw materials and materials), intra-company costs for the production and sale of products, settlements with suppliers and creditors.

An important point at all stages of the investment project is the choice of financing methods and optimization of their structure.

The methods of financing investment projects are understood as the principled approaches to financing individual investment projects that are used by business entities in developing a policy for the formation of investment resources.

There are two types of financing for investment projects: internal and external. With the internal type of financing, the sources are used: sale of assets, retained earnings, reduction in working capital, receivables efficiency, loans from suppliers. The external type of financing assumes the following sources: obtaining loans, issuing ordinary or preferred shares.

Loans as a method of financing are associated with the use of various lending instruments that bring interest. There are the following types of loans: bond, guarantee, option, target, rental, subordinate, etc.

When financing large projects associated with high capital expenditures, the issue of shares can be combined with the issue of debt obligations.

Any method of financing investment projects has its own advantages and disadvantages. The main principles of their selection are: availability of funds, guaranteed receipts and the value of the interest rate. The final decision on the choice of financing scheme requires a comprehensive assessment of the consequences of investment, taking into account the degree of risk. Evaluating external sources of funding includes taking into account the timing of their potential use, associated costs, and the degree of loss of control over the firm.

In the practice of financial management, five methods of financing investment projects are usually used: full self-financing, corporatization, credit financing, financial leasing, mixed (equity) financing.

In a broad sense, methods of financing investment projects include:

Budget financing;

Debt financing;

Stocking;

Self-financing;

Mortgage;

Forfaiting;

Attraction of foreign investment;

Project financing.

Let's give them a brief description.

Budget investment is characterized by the targeted use of budgetary resources. The sources of budgetary investment are funds from the federal budget, budgetary funds of subjects and local authorities.

Budget funds are allocated for partial financing of investment projects that have passed competitive selection, and this procedure applies to all investors, regardless of ownership.

The right to participate in the competition and provide state support use projects that meet the following criteria:

The idea of \u200b\u200ban investment project should be related to the “point of growth” of the economy;

The investor is obliged to invest at least 20% of his own funds (equity capital, depreciation, profit) in the implementation of the project;

The payback period of the project, as well as the turnkey delivery period, should not exceed two years;

The absolute liquidation ratio is set at least 0.33;

The investment project must include a business plan and a conclusion of the state ecological expertise.

Debt financing is a common method of financing investment projects. Its main sources are:

Long-term loans from commercial banks;

Government subsidies;

Mortgage loans;

Private placement of debt obligations;

Shareholding.

Long-term loans are usually provided by commercial banks in the form of bank loans. To receive them, the following documents are submitted to the bank:

Balance sheet for the last reporting date;

Gains and losses report;

Feasibility study of the project.

In case of a positive decision on the issue of lending, a loan agreement is concluded between the borrower and the lender, which defines the procedure for providing, processing and repaying long-term loans.

The current legislation of the Russian Federation establishes a number of rules on the loan agreement:

Loan agreements must be concluded only in writing, failure to comply with this rule entails the invalidity of the agreement, its nullity;

The lender has the right to refuse to provide the borrower with the loan provided for by the loan agreement in whole or in part if there are circumstances indicating that the amount provided to the borrower will not be returned on time;

If the borrower violates the obligation of the intended use of the loan provided for by the loan agreement, the lender has the right to refuse further lending to the borrowers under the agreement;

The borrower has the right to refuse to receive a loan in whole or in part, notifying the lender of this before the term for its provision established by the contract, unless otherwise provided by law.

Large loans are usually issued in installments within the terms stipulated by the agreement. This method of lending is called a credit line.

The borrowers of the bank are required to pay the loan interest and the commission for the loan, which is defined in the loan agreement as a percentage of the loan amount.

Long-term loans can be issued not only by commercial banks, but also by savings banks.

Financial interest rates are fixed. Rolling interest rates vary depending on the length of the loan term.

When lending to investment projects by commercial banks, a number of conditions are put forward:

Export-oriented projects are subject to priority financing;

The profitability of the project must exceed 15%;

The project must have a financial payback;

The borrower's own investment in the project must be more than 30% of the total cost, etc.

When lending to large-scale projects, commercial banks usually give priority to projects that provide for the technical re-equipment and modernization of existing production facilities without additional capital construction in large volumes. Therefore, they practically do not provide loans related to financing the introduction of fundamentally new technological developments.

One of the sources of debt financing for investment projects is government subsidies. Providing a federal grant for development and implementation innovative idea a very rare occurrence. Nevertheless, in Russia created federal agencieswhose task is to evaluate and select proposals for planned research for funding. Agencies develop topics and publish announcements of their interest in certain research and development. Enterprises send their proposals to the agencies, which are then evaluated and, if the decision is positive, subsidies are provided.

The most important source of debt financing is a loan secured by real estate (mortgage).

The following types of loans are used to finance investment projects:

Standard mortgage loan, which is characterized by debt repayment and interest payments in equal installments;

Loan with payments growth, which implies an increase in installments at a fixed constant rate at the initial stage and further payment in constant amounts;

A mortgage with a variable amount of payments, when during the grace period only interest is paid and the principal amount of the debt does not increase;

A mortgage with a pledge account, which is based on the opening of a special account, and the debtor pays a certain amount to the latter to hedge the payment of contributions at the initial stage of the project;

Loan with a reduced rate, when the seller of the supplied equipment opens a security account.

One of the sources of financing for investment projects is the private placement of debt obligations, which can be carried out in such forms as:

Debt obligations with warrants;

Sub-ordinary convertible bonds.

Debt liabilities with warrants are obligations to return a certain amount of money to the lender after a predetermined period with an agreed premium.

In this case, warrants are an annex to a security in the form of a project agreement, which provides the owner of the security with the rights and benefits - the purchase of shares of the enterprise at a fixed price within the period established by the agreement.

Sub-ordinary convertible bonds are a special type of debt. They are repaid before all obligations under shares, but later than other types of debts: bank loans, taxes. Therefore, holders of ordinary shares are entitled to receive funds only after fulfilling obligations to the holders of subordinate convertible bonds.

Corporatization as a method of financing investment projects is usually used at the initial stage of their development. For this purpose, an open subscription is announced for the shares of the newly created enterprise for legal entities and individuals. The share capital of the company is formed by issuing and selling shares on the securities market. The issued shares can be preferred and ordinary.

The buyers of shares can be:

Customers interested in products that will be released after the completion of the project and commissioning of production facilities;

External investors interested in the return on investment, tax incentives, etc.

The advantage of corporatization is that the bulk of financial and other resources in the form of equipment, technology, the right to use national natural resources, etc., is received at the beginning of the project. Thanks to this, the accumulated sums of money allow you to postpone the repayment of the claim debt to a later date, that is, when the project begins to generate income.

In market conditions, self-financing is the most reliable way to implement investment projects. In accordance with the current legislation of the Russian Federation, investment activities can be financed by entities through the formation of their own investment funds. The sources of investment funds are financial resources and on-farm reserves: profit, depreciation deductions, cash savings and savings of citizens and legal entities, insurance means in the form of compensation for losses from accidents, natural disasters and other means.

Having gained financial independence and independence, enterprises can decide for themselves the issue of distribution net profitremaining after paying taxes to the budget and fulfilling other debt obligations. Nobody, including the state, has the right to interfere in the process of distribution and use of net profit.

The resulting net profit of the enterprise can be used to finance work related to the reconstruction, technical re-equipment and modernization of production facilities, conducting scientific research, improving product quality, etc.

The net profit covers the expenses for the social needs of the enterprise: bonuses, allowances to pensions, payment of dividends on shares, material assistance to those in need, payment for housing, etc.

In market conditions, maintaining the high competitiveness of the enterprise is its strategic goal. Therefore, the profit should contribute to its realization. Hence, the priority in the distribution of profits should be given to the development of production, which in the future will contribute to the solution of social problems of the enterprise.

In addition to profit, the most important source of self-financing at the enterprise is depreciation deductions. Fixed assets in the process of their operation gradually wear out physically and become obsolete morally, that is, they lose their original parameters. The cost of their depreciation is repaid through the accrual of depreciation, which is included in production costs, and after the sale of products, it goes to the enterprise in cash. However, fixed assets do not require reimbursement of their natural form after each production cycle. As a result, the enterprise generates free funds that can be accumulated or used to expand production and modernize it.

Depreciation deductions are made according to certain norms, which are called the depreciation rate. In addition to profits and depreciation charges, enterprises for self-financing can use the sale of part of their assets, attract other investors on the basis of equity participation, etc.

The use of equity capital to finance investment projects has a number of advantages over other methods of financing. Firstly, it provides savings in financial resources, since when attracting borrowed funds, it is required to pay the loan interest. Secondly, the procedure for raising the necessary funds for the implementation of the project is simplified, since there is no need to agree on financing issues with other economic entities. Third, the degree of risk associated with a breach of obligations by credit institutions is reduced. As a result, greater financial stability is ensured for enterprises and the process of managing financial flows during the implementation of an investment project is facilitated.

CONCLUSION

The main part of own funds is depreciation and funds allocated for investment at the expense of profit. With amortization deductions, it turns out as follows - the money allocated for the maintenance of fixed assets is accumulated, all the time until the moment comes for their replacement or repair, until such funds have come can be successfully used to finance investments.

The funds raised include money received through the sale of shares, public and private investments in various forms, various kinds of donations and contributions. In the case of borrowed funds, we are talking, first of all, about loans from banks and other credit institutions, and various forms of long-term lease - leasing.

Each of the methods of financing investments has a number of characteristics and limitations, and is applied depending on a number of factors and circumstances - which ultimately determine the way to get money. Here, the determining factors can be the presence of transparent cash flows, the availability of own fixed assets, stability and good potential for dynamic development, and a number of other requirements. The presence and implementation of which guarantees the investor a return and augmentation of the invested funds.

Sources of investment financing: their classification and methods of attracting.

Investment financing - providing investment activities with the necessary funds from various sources.

There are the following types of financing:

By frequency of admission: current and special.

By duration: short-term, medium-term, long-term.

By the legal status of the investor: own, borrowed, borrowed.

By origin of funds: external, internal.

External sources for the formation of investment resources - borrowed and attracted sources of financing for the implementation of investment projects.

Internal sources of formation of investment resources - own sources of financing for the implementation of investment projects (part of the company's net profit subject to capitalization, depreciation charges).

Own sources of the formation of investment resources - funds and other property of the owners of the company (firm), attracted to implement the investment portfolio.

Own sources of investment include:

Depreciation deductions are the main source of financing for simple reproduction of fixed assets of enterprises. Their size is determined by multiplying the established depreciation rates by the book value of the corresponding groups of fixed assets used in the production process of the enterprise.

Deductions from profit for investment needs;

Amounts paid by insurance companies and institutions in the form of compensation for damage from natural and other disasters, etc .;

Other types of assets (fixed assets, land plots, industrial property in the form of patents, software products, trade marks).

Loan sources - funds and other property attracted for the implementation of the investment portfolio on a credit basis:

Leasing is a long-term form of lease of machinery and equipment, used as one of the borrowed sources for the formation of investment resources,

Seleng - transfer to owners (legal entities and individuals) of the rights to use and dispose of their property for a fee,

Foreign investments provided in the form of financial or other tangible and intangible participation in the authorized capital joint ventures, as well as in the form of direct investments (in cash) international organizations and financial institutions, governments, businesses and individuals;

Various forms of borrowed funds, incl. loans provided by the state and business support funds on a repayable basis (including on preferential terms), loans from banks and other institutional investors (investment funds and companies, insurance companies, pension funds), other enterprises, bills of exchange and other funds. Credit - a loan in cash or commodity on terms of repayment and usually with the payment of interest.

Classification of loans used to finance investments.

A bond loan as a form of credit financing for investments is an external borrowing based on the issue of bonds. In Russian practice, only joint-stock companies can resort to bonded loans as sources of investment financing, the solvency of which and business reputation do not raise any doubts. The funds raised include:

Funds received from the issue of the enterprise and the sale of shares;

Funds allocated by higher holding and joint-stock companies, industrial and financial groups on a non-refundable basis;

Allocations from federal, regional and local budgets, various funds for supporting entrepreneurship, provided free of charge.

LIST OF USED LITERATURE

1. Litvin M.I. Enterprise finance management. Financial management. 2002 №6.

2. Enterprise finance: Textbook for universities / N.V. Kolchin, G.B. Polyak, L.P. Pavlova and others; Ed. Prof. N.V. Kolchina. 2nd ed., Rev. and add. - M .: UNITY-DANA, 2002. - 447 p.

3. Shulyak P.N. Financial Management / Textbook - M .: Ed. House "Dashkov and K", 2000. - 752 p.

4. For the preparation of this work were used materials from the site http://www.vestnik.fa.ru/ 19.01.2012, 14.50.

5. Rassolov I.М. Management in the field of entrepreneurship. - M .: IKAR, 2002 .-- 442 p.

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Coursework on Enterprise Economics

"External and internal sources

financing of enterprise activities "

St. Petersburg

Introduction. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .3

CHAPTER 1. Financial resources of the enterprise. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .4

CHAPTER 2. Classification of funding sources. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 7

2.1. Internal sources of financing for the enterprise. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 8

2.2. External sources of enterprise financing. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .12

CHAPTER 3. Management of funding sources. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .sixteen

3.1. The ratio of external and internal sources

in the capital structure. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 17

3.2. Financial leverage effect. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .19

Conclusion. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .22

List of used literature. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .23

Application. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 24

Introduction

Company - This is a separate technical, economic and social complex, intended for the production of goods useful to society in order to make a profit. When it is created, as well as in the process of managing it, various issues are resolved, one of which is financing the activities of the enterprise, that is, providing the necessary financial resources for the costs of its implementation and development. The subjects of economic life receive these resources from various sources, without which no enterprise can exist and work. And, therefore, there is nothing surprising in the fact that the issue of possible sources of financing is relevant today for many business entities and is of concern to many entrepreneurs.

The aim of the work is to study the existing sources of funds, their role in the process of the enterprise and its development.

Setting priorities among funding sources, choosing the most optimal sources is today a problem for many organizations. Therefore, this work will consider the classification of sources of financing for the enterprise, the concept of financial resources, closely related to these sources, as well as the ratio in the capital structure of equity and borrowed funds, which has a significant impact on the financial and economic activities of the enterprise.

Consideration of these aspects will allow drawing conclusions regarding the given topic.

CHAPTER 1. Financial resources of the enterprise

The concept of financial resources is closely related to the concept of sources of financing for the activities of an economic entity. Financial resources of the enterprise - is a set of own funds and receipts of borrowed and borrowed funds intended to fulfill financial obligations, finance current costs and costs associated with the expansion of capital. They are the result of the interaction of receipt, expenditure and distribution of funds, their accumulation and use.

Financial resources play an important role in the reproduction process and its regulation, the distribution of funds in the areas of their use, stimulate the development of economic activity and increase its efficiency, and allow you to control the financial condition of an economic entity.

The sources of financial resources are all monetary incomes and receipts that are at the disposal of an enterprise or other economic entity in certain period (or on the date) and which are directed to the implementation of monetary expenses and deductions necessary for industrial and social development.

Formed from different sources financial resources enable the enterprise to timely invest in new production, to ensure, if necessary, the expansion and technical re-equipment of the existing enterprise, to finance scientific research, development, their implementation, etc.

The main directions of using the financial resources of the enterprise in the process of carrying out its activities include:

Financing the current needs of the production and trade process to ensure the normal functioning of production and trading activities of the enterprise through the planned allocation of funds for the main production, production and auxiliary processes, supply, marketing and sales of products;

Funding for administrative arrangements to maintain high level the functionality of the enterprise management system by restructuring it, allocating new services or reducing the management staff;

Investment in main production in the form of long-term and short-term investments in order to develop it (complete renovation and modernization production process), creation of new production or reduction of certain unprofitable directions;

Financial investments - investing financial resources for purposes that bring the enterprise a higher income than the development of its own production: the purchase of securities and other assets in various segments of the financial market, investments in the authorized capital of other enterprises in order to generate income and obtain the rights to participate in the management of these enterprises, venture financing, providing loans to other companies;

Formation of reserves, carried out both by the enterprise itself and by specialized insurance companies and state reserve funds at the expense of regulatory deductions to maintain a continuous circulation of financial resources, to protect the enterprise from adverse changes in market conditions.

Financial reserves are of great importance for ensuring uninterrupted financing of the production process. In market conditions, their role is significant. These reserves are capable of ensuring a continuous circulation of funds in the reproduction process even in the event of huge losses or the occurrence of unforeseen events. The company creates financial reserves from its own resources.

Financial support of reproduction costs can be carried out in three forms: self-financing, crediting and government financing.

Self-financing is based on the use of the company's own financial resources. If its own funds are insufficient, it can either reduce some of its expenses, or use funds raised in the financial market on the basis of operations with securities.

Lending is a method of financial support for reproduction costs, in which costs are covered by a bank loan provided on the basis of repayment, payment, urgency.

State funding is made on a non-repayable basis at the expense of budgetary and extra-budgetary funds. Through such financing, the state purposefully redistributes financial resources between the production and non-production spheres, sectors of the economy, etc. In practice, all forms of cost financing can be applied simultaneously.

CHAPTER 2. Classification of funding sources

The financial resources of the enterprise are transformed into capital through the appropriate sources of funds. Their various classifications are known today.

Funding sources can be conditionally divided into three groups: used, available, potential. The sources used represent a set of such sources of financing the activities of the enterprise, which are already used to form its capital. The range of resources that are potentially real for use are called available. Potential sources are those that can theoretically be used for the functioning of commercial enterprises, in the context of more perfect financial, credit and legal relations.

One of the possible and most common groupings is the division of sources of funds by timing:

Sources of short-term funds;

Capital advanced (long-term).

Also in the literature there is a division of funding sources into the following groups:

Own funds of enterprises;

Borrowed funds;

Involved funds;

Budgetary appropriations.

However, the main division of sources is their division into external and internal. In this variant of the classification, own funds and budgetary allocations are combined into a group of internal (own) sources of financing, and external sources are understood as attracted and (or) borrowed funds.

The fundamental difference between the sources of own and borrowed funds lies in the legal reason - in the event of liquidation of an enterprise, its owners have the right to that part of the enterprise's property that will remain after settlements with third parties.

2.1. Internal sources of enterprise financing

The main sources of financing for the company's activities are its own funds. Internal sources include:

Authorized capital;

Funds accumulated by the enterprise in the course of its activities (reserve capital, additional capital, retained earnings);

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

Equity capital begins to form at the time of the creation of the enterprise, when its authorized capital is formed, that is, the aggregate in monetary terms of contributions (shares, shares at par) of the founders (participants) to the property of the organization when it is created to ensure activities in the amount determined constituent documents... The formation of the authorized capital is associated with the peculiarities of the organizational and legal forms of enterprises: for partnerships it is joint capital, for joint-stock companies - equity capital, for production cooperatives - mutual fund, for unitary enterprises - statutory fund. In any case, the authorized capital is the start-up capital required to start an enterprise.