General principles of enterprise capital management. Enterprise capital management methods

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1 . Theoretical foundations of capital management in an enterprise

1.1 Concept and classification enterprise capital

Capital, one of the most frequently used economic categories in financial management, known long before its inception, received new content in the conditions of the country's transition to market relations. Being the main economic basis for the creation and development of an enterprise, capital in the process of its functioning ensures the interests of the state, owners and personnel.

Capital is one of the fundamental economic categories, the essence of which scientific thought has been elucidating over the course of several centuries. The term “capital” comes from the Latin “capitalis”, which means basic, main. In the initial works of economists, capital was considered as the main wealth, the main property. As economic thought developed, this initial abstract and generalized concept of capital was filled with concrete content corresponding to the dominant paradigm economic analysis development of society. :

From the standpoint of financial management, the capital of an enterprise characterizes the total value of funds in monetary, tangible and intangible forms invested in the formation of its assets.

Capital is a stock of economic goods accumulated through savings in the form of cash and real capital goods, involved by its owners in the economic process as an investment resource and a factor of production in order to generate income, the functioning of which is in economic system based on market principles and related to time, risk and liquidity factors.

In the process of economic activity, there is a constant turnover of capital: it successively changes the monetary form to the material form, which in turn changes, taking on various forms of products, goods and others, in accordance with the conditions of the production and commercial activities of the organization, and, finally, capital again turns into funds ready to start a new cycle.

Considering the economic essence of the capital of an enterprise, one should first of all note the following characteristics:

1. The capital of an enterprise is the main factor of production. In economic theory, there are three main factors of production that ensure the economic activity of manufacturing enterprises - capital; land and other natural resources; labor resources. In the system of these factors of production, capital has a priority role, since it combines all factors into a single production complex.

2. Capital characterizes the financial resources of an enterprise that generate income. In this capacity, capital can act in isolation from the production factor - in the form of loan capital, which ensures the formation of enterprise income not in the production (operating) sphere, but in the financial (investment) sphere of its activity.

3. Capital is the main source of wealth formation for its owners. It provides the necessary level of this well-being both in the current and future periods. The part of capital consumed in the current period leaves its composition, being aimed at satisfying the current needs of its owners (i.e., ceasing to perform the functions of capital). The accumulated part is designed to ensure the satisfaction of the needs of its owners in the future period, i.e. shapes the level of their future well-being.

4. The capital of an enterprise is its main measure market value. This capacity is primarily represented by the enterprise's own capital, which determines the volume of its net assets. At the same time, the volume used by the enterprise equity characterizes at the same time the potential for him to attract borrowed funds, ensuring additional profit. In combination with other, less significant factors, this forms the basis for assessing the market value of the enterprise.

The capital of an enterprise is classified according to the following criteria.

1. According to the affiliation of the organization, they allocate their own and borrowed capital. Equity capital belongs to her by right of ownership and is used to form a significant part of the assets. Borrowed capital reflects funds raised to finance an organization on a repayable and paid basis. All forms of debt capital represent obligations of the organization that must be repaid at a specified time. Short-term borrowed capital (including accounts payable) is used to cover current assets.

2. According to the purposes of use, production, loan and speculative capital are distinguished. Speculative capital appears on the secondary stock market due to a significant increase in the value of outstanding shares. The main goal of speculative operations is to extract maximum income (profit).

3. According to the form of investment, there is monetary, tangible and intangible capital used to form the authorized (share) capital of business partnerships and companies. However, for accounting purposes it receives a specific valuation.

4. Based on investment objects, a distinction is made between fixed and working capital. Fixed capital is invested in all types of non-current assets (tangible and intangible), and working capital is invested in current assets with varying degrees of liquidity (inventories, receivables, financial investments and cash).

5. According to the form of ownership, state, private and mixed capital are distinguished.

6. According to the organizational and legal forms of activity, a distinction is made between joint-stock, share (share) and individual capital belonging to family farms.

7. Based on the nature of participation in the production process, capital is divided into functioning and inactive (fixed assets in repair, reserve, conservation, construction in progress).

8. Based on the nature of use by the owners (owners), they distinguish between consumed and accumulated (reinvested) capital. Consumed capital includes amounts allocated for the payment of dividends and other social payments. Reinvested capital includes retained earnings of the reporting year and previous years.

9. By sources of attraction to the country’s economy - domestic and foreign capital.

The classification of an enterprise's capital can be displayed in the table:

capital management economic

Table 1.1


By source of attraction
1. According to the title of ownership of the capital being formed	Equity Borrowed capital
2. By groups of sources of raising capital in relation to the enterprise	Capital raised from internal sources Capital raised from external sources
3. By nationality of the owners of capital providing it for economic use	National capital Foreign capital
4. By type of ownership of capital provided to the enterprise	Private capital State capital
2. According to the form of attraction
1. According to the organizational and legal forms of raising capital by an enterprise	Share capital Share capital Individual capital
2. By natural-material form of raising capital	In cash In financial form In material form In intangible form
3. According to the time period for raising capital	Long-term capital Short-term capital
3. By nature of use
1. By the degree of involvement in the economic process	Capital used in the economic process Capital not used in the economic process
2. By areas of use in the economy	Capital used in the real sector of the economy Capital used in the financial sector of the economy
3. According to the direction of use in economic activities	Capital used as an investment resource Capital used as a productive resource Capital used as a credit resource
4. According to the features of use in the investment process	Initial capital invested Reinvested capital Disinvestment capital
5. According to the features of use in the investment process	Main capital Working capital
6. According to the degree of involvement in the production process	Working capital Idle capital
7. According to the level of risk of use	Risk-free capital Low risk capital Medium risk capital High risk capital
8. According to compliance legal norms use	Legal capital - “shadow” capital

Describing the possibility of increasing savings through the influx of foreign investment, it should be noted that this path is extremely difficult for Russia in an unstable economy. The reason for this is high cost inflation, the ongoing payment crisis, the lack of long-term prospects for economic development (clear industrial and investment policies), and more.

The functioning of capital in the process of its productive use is characterized by the process of individual circulation of funds (within a separate organization), which occurs according to formula 1:

D - T - D" (1)

where D is funds advanced by the investor;

T - goods (tools and objects of labor purchased by the investor);

D" - monetary assets received by the investor from the sale of the finished product, including compensation funds, wages and profits;

D" - D is the investor's net profit;

D" - T - revenue from the sale of goods;

D - T - the investor's costs for the acquisition (manufacturing) of goods.

The average duration of capital turnover is expressed by turnover ratios and the duration of one turnover in days or months for the billing period, presented in formula 2:

where KO is the capital turnover ratio, the number of revolutions;

VR - revenue from sales of goods (net);

K - average cost of capital for the billing period;

PO - duration of one revolution, days;

365 days - the number of days in a year (90 days - for a quarter; 180 days - for a half-year).

The capital of an enterprise is characterized not only by its multi-aspect essence, but also by the variety of guises in which it appears. The general concept of “enterprise capital” refers to its most varied types, currently characterized by several dozen terms. All this requires a certain systematization of the terms used.

Process capital formation The created enterprise has a number of features, the main ones being the following:

1. Internal sources of financial resources, which are not available at this stage of its life cycle, cannot be involved in the formation of the capital of the created enterprise. The need for equity capital of the newly created enterprise cannot be satisfied at the expense of its profits, and the need for borrowed capital cannot be satisfied at the expense of current settlement obligations (accrual accounts), which have not yet been formed before the start of the operation of the enterprise.

2. The basis for the formation of the start-up capital of the created enterprise is the own capital of its founders. Without contributing a certain part of your own capital to the creation of a new enterprise, it is quite difficult to attract borrowed capital (the formation of the start-up capital of a newly created enterprise exclusively through borrowed capital can be considered only as a theoretical possibility and is very rare in practice).

3. Start-up capital formed in the process of creating a new enterprise can be attracted by its founders in any form. These forms can be cash; various types of fixed assets (buildings, premises, machinery, equipment, etc.); various types of tangible current assets (stocks of raw materials, materials, goods, semi-finished products, etc.); various intangible assets (patent rights to use inventions, rights to industrial designs and models, rights to use trademark or trademark, etc.); certain types of financial assets (various types of securities traded on the stock market)

4. The equity capital of the founders of the created enterprise is invested in it in the form of authorized capital. Its initial size is declared by the charter of the created enterprise.

5. Features of the formation of the authorized capital of a new enterprise are determined by the organizational and legal forms of its creation. This formation is carried out under the regulatory influence of the state. State regulations regulate the minimum size of the authorized capital of enterprises created in the form of an open joint-stock company and a limited liability company. For corporate enterprises created in the form of an open joint-stock company, the procedure for issuing shares, the volume of acquisition of a block of shares by its founders, the minimum volume of acquisition of shares by all shareholders during the stipulated period of open subscription and some other aspects of the initial formation of their capital are also regulated.

6. The possibilities and range of sources for attracting borrowed capital at the stage of creating an enterprise are extremely unlimited. Financing a new business with lenders is quite a complex and sometimes difficult task. At the same time, at the initial stage of formation of the enterprise’s capital, such borrowed sources as the issue of bonds, tax credits, etc. cannot be involved in its creation.

7. Forming the capital of a newly created enterprise through borrowed and attracted sources requires, as a rule, the preparation of a special document - a business plan. A business plan is the main document that determines the need to create a new enterprise, which describes its main characteristics and projected financial indicators. As a rule, the business plan for creating a new enterprise reflects the following main indicators: the total need for start-up capital necessary to start the operation of the enterprise; scheme for registering a new business proposed by its founders; expected terms of return of invested capital to investors (creditors) and some others.

8. To prepare a business plan, the founders of the newly created enterprise must make certain pre-start capital expenditures. These costs are associated with paying the business plan developers and funding related research. Pre-start-up capital expenses are, as a rule, not included in the amount of the authorized capital of the created enterprise.

9. The risks associated with the formation (and subsequent use) of the capital of the created enterprise are characterized by a fairly high level. This predetermines a correspondingly high level of cost of individual elements of borrowed capital attracted at the stage of creating an enterprise.

It should be noted that the essence of capital as an economic category began to be studied by scientists from various countries a long time ago. These studies were carried out almost continuously for several centuries. As a result, to date, many aspects of it have been studied quite deeply and comprehensively.

Therefore, it can now be argued that the issues of the theory of the formation, turnover and reproduction of capital have been studied in great detail. At the same time, the problems of capital valuation, analysis of changes in its value over time, and a number of others remain clearly insufficiently studied.

1.2 Capital structure

The capital of an enterprise characterizes the property assets and funds invested in it to ensure the functioning and profit. The volume, structure and dynamics of capital, combined with financial results, provide an idea of the size and business activity of enterprises. To analyze capital, its structure and financial condition enterprises widely use relative indicators, expressed as percentages or coefficients. Relative indicators allow comparisons between enterprises of different sizes, between enterprises belonging to various industries, carry out dynamic comparisons, smoothing out the impact of inflationary processes.

Economic transformations in Russia are aimed at the formation and development of civilized market relations, at creating effective system functioning of capital. One of the key trends in reforming Russian enterprises is the creation and development of a corporate (joint stock) form of ownership. The concentration of capital in large corporate structures, such as financial and industrial groups and holdings, makes it possible to create favorable conditions for the centralized management of their financial resources, in order to build effective control over the targeted use of financial resources, increase the investment attractiveness of enterprises and overcome the unprofitability factor. Capital is the objective basis for the emergence and further activities of an enterprise. Since income, profit, is brought by the use of capital, and not by the activity of the enterprise as such. All this makes the process of competent capital management of an enterprise at various stages of its existence particularly important.

IN modern conditions The capital structure is the factor that has a direct impact on the financial condition of the enterprise - its solvency and liquidity, the amount of income, and the profitability of its activities.

The main characteristics of the capital structure include its distribution between own and borrowed funds and non-current and current assets.

The capital of enterprises according to the sources of its formation (liabilities) consists of own and borrowed funds.

Equity is the net value of property, defined as the difference between the value of the organization's assets (property) and its liabilities.

Equity capital may consist of authorized, additional and reserve capital, special-purpose funds, accumulations of retained earnings, targeted financing and targeted revenues.

Borrowings represent long-term and short-term liabilities (less income future periods, consumption funds and reserves for future expenses and payments). These are bank loans, proceeds from sales of bonds, accounts payable. Liabilities characterize the sources and composition of borrowed funds of enterprises.

From the standpoint of a more profitable use of the resources of business owners, it seems preferable to invest less of their own funds in the business and attract more borrowed funds. The downside of this approach is the increased risk of bankruptcy if creditors demand the repayment of large borrowed funds during a period when the enterprise lacks working capital for urgent payments. Therefore, lenders prefer to deal with companies that have a larger share of equity capital. In this regard important characteristic capital structure and investment risks is the ratio of its own and borrowed funds. It shows how many rubles of equity capital account for 1 ruble of funds raised. The dynamics of this indicator reflect the change in dependence on external investors and creditors. In order to control this ratio, the autonomy and financing coefficients are used. The autonomy coefficient (independence coefficient) characterizes the capital structure from the position of the financial independence of the enterprise from borrowed sources of funds. It is defined as the share of own sources of funds in the total value of all property of the enterprise. In other words, equity and borrowed funds must be equal. Under this condition, the obligations of enterprises can be covered from their own funds, the value of the coefficient depends on the industry of the enterprise and their specifics.

A similar characteristic is given by the financing ratio, defined as the ratio of equity and borrowed capital. It, like the autonomy coefficient, characterizes the financial independence (autonomy) of the enterprise and its financial stability. The excess of equity over borrowed funds indicates a reserve of financial stability, the ability to cover debt obligations and sufficient independence from external financial sources. Accordingly, in the normal state of affairs, the value of the coefficient should be equal to or greater than 1. A coefficient value less than 1 indicates a possible lack of creditworthiness, which makes it difficult to obtain a loan.

There are long-term and short-term borrowed funds. Long-term loans include borrowed funds (including bank loans) with a repayment period of 12 months or more. Enterprises can manage long-term borrowed funds for a long time. Short-term include borrowed funds (including bank loans) with a repayment period of less than 12 months and accounts payable, which includes debt to suppliers and contractors, debt on bills, to subsidiaries and dependent companies, for wages, for social insurance, to the budget and received advances. The total amount of funds that an enterprise can dispose of over a long period of time is defined as the sum of its own capital, including reserves, and long-term borrowed funds. On this basis, the financial stability coefficient can be determined, showing the share of funds that enterprises can use for a long time in the total amount of enterprise property (balance sheet total). An additional characteristic is the long-term borrowing ratio, which allows us to determine the share of borrowed funds in long-term financing. It is calculated as the ratio of the amount of attraction of long-term loans and borrowed funds to the sum of the sources of the enterprise’s own funds and long-term loans and borrowings.

Taking into account the above classification, management of raising borrowed funds is organized, which is a targeted process of their formation from various sources and in different forms in accordance with the enterprise’s needs for borrowed capital at various stages of its development. The variety of tasks solved in the process of this management determines the need to develop a special financial policy in this area at enterprises that use a significant amount of borrowed capital.

The policy for raising borrowed funds is part of the overall financial strategy, which consists in providing the most effective forms and conditions for attracting borrowed capital from various sources in accordance with the development needs of the enterprise.

An increase in the share of borrowed funds can be seen as a negative trend, indicating increased dependence on external investors.

The most widely known and used in world practice are static theories of capital structure, which substantiate the existence of an optimal structure that maximizes the valuation of capital. These theories recommend that decisions on the choice of sources of financing (own or borrowed funds) be based on the optimal capital structure. If the optimal structure is determined, then achieving this proportion in the elements of capital should be the goal of management and capital should be increased in this proportion.

In the static approach, there are two alternative theories of capital structure that explain the impact of attracting debt capital on the cost of capital used and, accordingly, on the current market valuation of the corporation’s assets (V):

1) traditional theory,

2) Miller-Modigliani theory.

Currently, the most widely recognized is the compromise theory of capital structure (the optimal structure is found as a compromise between the tax advantages of attracting borrowed capital and the costs of bankruptcy), which does not allow for a specific corporation to calculate the best combination of equity and debt capital, but formulates general recommendations for decision-making.

Dynamic models take into account the constant flow of information that the market receives about a given corporation. Under consideration larger number decision making tools. Managing sources of financing is not limited to establishing a target capital structure, as it includes choosing between short-term and long-term sources and managing one’s own sources (making decisions on the structure of equity capital).

The theory of capital structure is based on the statement that the price of a firm V consists of the current market price of equity capital S (the current estimate (PV) of future cash flows to owners of equity capital) and the current market price of debt capital (PV of future flows to owners of debt capital):

The long-term debt ratio can be calculated:

1) as the share of borrowed capital in the total capital of the corporation according to market valuation D/V;

2) as the ratio of equity and borrowed capital according to market valuation D/S.

Since balance sheet estimates of share capital often do not reflect the “true” amount of capital, their use in making decisions on the capital structure is unacceptable.

Traditional approach. Before Miller-Modigliani's work on the theory of capital structure (before 1958), there was an approach based on the analysis of financial decisions. Practice has shown that with an increase in the share of borrowed funds to a certain level, the cost of equity capital did not change, and then increased at an increasing pace. The cost of borrowed capital, regardless of its size, is lower than the cost of equity capital due to lower risk: kd< ks (kd - риск использования заёмного капитала; ks - риск использования собственного капитала). При небольшом увеличении доли заемных средств стоимость заемного капитала неизменна или даже снижается (положительная оценка корпорации привлекает инвесторов и больший заем обходится дешевле), а начиная с некоторого уровня D*/V стоимость заемного капитала растет.

Compromise approach. The optimal capital structure according to the compromise model is determined by the ratio of benefits from the tax shield (the possibility of including fees for borrowed capital in the cost price) and losses from possible bankruptcy.

Introducing into consideration the costs of organizing additional attraction of borrowed capital and the costs of possible bankruptcy with large financial leverage changes the behavior of the cost of capital curves with an increase in debt financing. As financial leverage increases, the cost of debt and equity capital increases.

Modern theories of capital structure form a fairly extensive methodological toolkit for optimizing this indicator at each specific enterprise.

The main criteria for such optimization are:

Acceptable level of profitability and risk in the enterprise’s activities;

Minimizing the weighted average cost of capital of an enterprise;

Maximizing the market value of the enterprise.

The enterprise determines the priority of specific criteria for optimizing the capital structure independently. Based on this, we can conclude: there is no single optimal capital structure not only for different enterprises, but even for one enterprise at different stages of its development.

Managing the capital structure consists of creating a mixed structure that represents such an optimal ratio of own and borrowed sources, which minimizes the weighted average cost of capital and maximizes the market value of the organization.

1. 3 Money managemententerprises

It is known that modern economic theory capital management is based on such concepts as the process of capital accumulation, the theory of the functioning of capital in the system of factors of production, the theory of capital turnover, the theory of the cost of capital, the concept of capital structure and a number of others. Therefore, the possibilities for the establishment of entrepreneurial activity and its further development can only be realized if the owner wisely manages the capital invested in the activities of the enterprise.

The financial manager determines the composition and structure of the funds of funds formed at the enterprise, and also establishes target directions their spending.

A number of cash funds are formed by enterprises due to legal requirements, others depend on the decisions of the founders and the accounting policies of the enterprise.

Own capital management consists of the formation of targeted sources of financing from profits, contributions of founders and participants and other income, as well as their use.

The authorized capital is the main and, as a rule, the only source of financing at the time of creation of a joint-stock commercial organization; it characterizes the share of owners in the assets of the enterprise. In the balance sheet, the authorized capital is reflected in the amount determined by the constituent documents. An increase (decrease) in the authorized capital is allowed by decision of the owners of the organization based on the results of the meeting for the year with the obligatory change of the constituent documents. For business companies, the legislation provides for the need for a forced change in the amount of the authorized capital (downwards) in the event that its value exceeds the value of the company's net assets.

The authorized capital of an organization determines the minimum amount of its property, which guarantees the interests of its creditors. For some organizational and legal forms of business, its value is limited from below.

The authorized capital of a joint stock company may consist of two types of shares - ordinary and preferred, and the par value of the outstanding preferred shares should not exceed 25%. The company's shares distributed upon its establishment must be fully paid within the period determined by the company's charter, while at least 50% of the distributed shares must be paid within three months from the date of state registration of the company, and the remaining part - within a year from the date of its registration.

Additional capital is, in fact, an addition to the authorized capital and includes the amount of revaluation of fixed assets, capital construction projects and other tangible assets of the organization with a useful life of more than 12 months, carried out in the prescribed manner, as well as the amount received in excess of the par value of the issued shares (share premium of a joint stock company). In terms of additional valuation of non-current assets, additional capital can be formed quite artificially. The areas of use of this source of funds, regulated by accounting regulations, include:

Repayment of the decrease in the value of non-current assets as a result of their revaluation;

Increase the authorized capital;

Distribution between members of the organization.

Reserve capital. The sources reflected in this subsection can be created in the organization either without fail, or if this is provided for in the constituent documents. The legislation of the Russian Federation provides for the mandatory creation of reserve funds in joint-stock companies open type and organizations with foreign investment. According to the Federal Law “On Joint-Stock Companies,” the amount of the reserve fund (capital) is determined in the company’s charter and should not be less than 5% of the authorized capital. The formation of reserve capital is carried out through mandatory annual contributions until it reaches established size. The amount of these deductions is also determined in the charter, but cannot be less than 5% of net profit (profit remaining at the disposal of the owners of the company after settlements with the budget for taxes). This law stipulates that reserve capital funds are intended to cover losses, as well as to repay the company's bonds and repurchase its own shares in the absence of other funds.

Retained earnings. The profit received by the enterprise at the end of the year is distributed by decision of the competent body (for example, a general meeting of shareholders in a joint stock company or a meeting of participants in a limited liability company) for the payment of dividends, the formation of reserve and other funds, covering losses of previous years, etc. The remaining undistributed balance of profit for essentially represents the reinvestment of profits into the assets of the enterprise; it is reflected in the balance sheet as a source of equity and remains unchanged until the next meeting of shareholders. If the share of annually reinvested profits is consistently high in dynamics, i.e. shareholders are satisfied with the return on equity capital generated by the enterprise, then over the years this source can be very significant in the structure of sources of equity capital.

Methods of financing an enterprise using own funds. As is easy to see from the given characteristics of the elements of equity capital, their role in the financing of an enterprise is quite diverse.

The source of financing investment activities, as well as ensuring and expanding current activities, is, of course, the profit of the enterprise.

The effectiveness of working capital management of an organization largely depends on the quality of the information base, which is the basis for analyzing the efficiency of using working capital.

External information includes the following sources of information:

Indicators characterizing the general economic development of the country;

Basic information indicators characterizing the industry of the enterprise;

Indicators characterizing financial market conditions.

The use of borrowed capital to finance the activities of an enterprise, as a rule, is economically beneficial, since the payment for this source is on average lower than for equity capital (meaning that interest on loans and borrowings is less than the return on equity capital, which essentially characterizes the level of cost equity capital. In other words, under normal conditions, debt capital is a cheaper source compared to equity capital). In addition, attracting this source allows owners and top managers to significantly increase the volume of controlled financial resources, i.e. expand the investment opportunities of the enterprise. The main types of borrowed capital are bonded loans and long-term loans.

Bond loan. Bonds are debt securities. According to the Civil Code of the Russian Federation (Article 816), a bond is a security that certifies the rights of its holder to receive from the person who issued the bond, within the period specified by it, the nominal value of the bond or other property equivalent. This security provides its holder with the right to receive a percentage of the nominal value of the bond fixed in it or other property rights. Bonds can be issued for circulation:

States and their subjects;

Corporations (joint stock companies).

In the first case, bonds are called state or municipal, in the second - private debt securities.

Bonds of business entities are classified according to a number of criteria, in particular by the validity period (short-term - yes 3 years, medium-term - yes 7 years, long-term - yes 30 years, perpetual), by the methods of payment of coupon income, by the method of securing the loan, by the nature of circulation ( regular and convertible). The coupon rate on bonds most often depends on the average interest rate on the capital market.

The bond must have a nominal value, and the total nominal value of all bonds issued by the company must not exceed the size of its authorized capital or the amount of security provided to the company by third parties for the purpose of issuing bonds.

The main disadvantage is that issuing a loan increases the financial dependence of the company, i.e. to an increase in the financial risk of its activities. If the payment of dividends is not mandatory for the company, then settlements of obligations to bondholders must be carried out without fail, despite financial results current activities.

Long-term bank loan. Bank loans are provided by commercial banks and other credit organizations that have received a license to carry out banking operations from the Central Bank of the Russian Federation. Compared to the methods of attracting financial resources described above, obtaining a loan from a bank is a much less labor-intensive procedure (in terms of terms and conditions for raising funds).

Banks generally issue short-term loans (short-term is usually interpreted as repayment within twelve months from the date of receipt of the loan); these loans are used to finance current operations and maintain the liquidity and solvency of the enterprise. Long-term loans are mainly used to finance the costs of capital construction, reconstruction and other capital investments, and therefore they must be recouped from future profits expected to be received as a result of ongoing activities of a “capital” nature. That is why obtaining a long-term loan is usually accompanied by the provision of economic calculations to the bank, confirming the borrower’s ability to pay in the future for the loan received and repay it on time. In addition, the loan agreement may provide for the intended use of the loan.

Regardless of the loan amount, the loan agreement must be concluded in writing, otherwise it is considered void; this is one of the differences between it and a loan agreement, which is concluded in writing only if its amount is at least ten times greater statutory minimum wage.

In many economically developed countries, this source of funds does not play any significant role in financing the activities of enterprises.

Managing finances means managing capital. Previously we gave general definition capital as an advanced value invested in the production of value in order to make a profit, i.e. value that reproduces new value. Essentially, capital reflects a system of monetary relations that embodies the cyclical movement of financial resources - from their mobilization into centralized and non-centralized funds of funds, then distribution and redistribution and, finally, the receipt of newly created value (or gross income) of this commercial structure, including profits.

Enterprise capital management is aimed at solving the following main tasks:

1. Formation of a sufficient amount of capital to ensure the required pace economic development enterprises. This task is implemented by determining the total capital requirement to finance the assets required by the enterprise, developing schemes for financing current and non-current assets, developing a system of measures to attract various forms of capital from the provided sources.

2. Optimization of the distribution of generated capital by type of activity and areas of use. This task is achieved by exploring the possibilities of the most efficient use of capital in certain types of enterprise activities and business operations; forming the proportions of the future use of capital, ensuring the achievement of conditions for its most efficient functioning and growth of the market value of the enterprise.

4. Ensuring the minimization of financial risk associated with the use of capital at the envisaged level of its profitability. If the level of profitability of the capital being formed is set or planned in advance, an important task is to reduce the level of financial risk of operations that ensure the achievement of this profitability. Such minimization of the level of risks can be achieved by diversifying the forms of attracted capital, optimizing the structure of the sources of its formation, avoiding individual financial risks, and effective forms of their internal and external insurance.

5. Ensuring constant financial balance of the enterprise in the process of its development. This balance is characterized by a high level of financial stability and solvency of the enterprise at all stages of its development and is ensured by the formation of an optimal capital structure and its advance in the required amounts into highly liquid types of assets. In addition, financial balance can be ensured by rationalizing the composition of the capital being formed over the period of attraction, in particular, by increasing the share of permanent capital.

6. Ensuring a sufficient level financial control over the enterprise on the part of its founders. Such financial control is ensured by a controlling stake (controlling share in the share capital) in the hands of the original founders of the enterprise. At the stage of subsequent capital formation in the process of enterprise development, it is necessary to ensure that attracting equity capital from external sources does not lead to the loss of financial control and the takeover of the enterprise by investors.

7. Ensuring sufficient financial flexibility of the enterprise. It characterizes the ability of an enterprise to quickly generate the required amount of additional capital in the financial market in the event of the unexpected appearance of highly effective investment proposals or new opportunities to accelerate economic growth.

8. Optimization of capital turnover. This problem is solved by effectively managing the flows of various forms of capital in the process of individual cycles of its circulation in the enterprise; ensuring the synchronicity of the formation of certain types of capital flows associated with operating or investment activities. One of the results of such optimization is the minimization of the average amount of capital that is temporarily not used in the economic activities of the enterprise and does not participate in the formation of its income.

9. Ensuring timely reinvestment of capital. Due to changes in the conditions of the external economic environment or the internal parameters of the enterprise’s economic activity, a number of areas and forms of use of capital may not provide the envisaged level of its profitability. In this regard, timely reinvestment of capital in the most profitable assets and operations that ensure the required level of its efficiency plays an important role.

Thus, the movement of capital and its management reflect the movement of financial resources and the management of this process. However, unlike financial management, the functioning of which permeates all socio-economic development, capital management is concentrated primarily in the sphere of material production.

The main directions for increasing the efficiency of enterprise capital management are working with sources of financing (equity capital, attracting borrowed capital, short-term and long-term lending, profit distribution, etc.); enterprise investments and assessment of their effectiveness (return on capital, current and future value of the enterprise, assessment of financial risks, etc.); management of fixed and working capital; financial planning; analysis and control of financial activities.

The financial condition of an enterprise is characterized by a system of indicators that reflect the state of capital in the process of its circulation and the ability of a business entity to finance its activities at a fixed point in time. The main indicators of balance sheet analysis are: indicators of financial stability, profitability, turnover, liquidity of the enterprise.

Let's consider the practice of capital management on specific example- Municipal Unitary Enterprise “Sumerlinsky Production Directorate “Vodokanal”.

Capital management is a system of principles and methods for developing and implementing management decisions related to its optimal formation from various sources, as well as ensuring its effective use in various types of economic activities of the enterprise.

2. Assessment of capital management of MUP "Shumerlinskoye PU"« Vodokanal»

2.1 Organizational and economic characteristics of the Shumerlinskoye PU Vodokanal municipal unitary enterprise

Municipal Unitary Enterprise "Sumerlinsky Production Management Vodokanal" is one of the most socially significant enterprises of the city of Shumerlya, the main goal of which is to provide high-quality water supply and sanitation services that meet all standards and requirements, both to residents of our city and to legal entities.

The full official name is the municipal unitary enterprise Shumerlinsky Production Directorate "Vodokanal". Legal address of the enterprise: 429000 Chuvashia, Shumerlya city, Kommunalnaya street, building 4.

Based on the resolution of the Council of Ministers of the Chuvash Autonomous Soviet Socialist Republic dated January 17, 1968 No. 21 by order of the minister utilities Chuvash Autonomous Soviet Socialist Republic dated March 20, 1968, No. 42, in the city of Shumerlya, the Vodokanal production department was opened for the operation of the city’s water supply and sewerage facilities. The basis for the organization of the Vodokanal production management was the transferred water supply and sewerage facilities industrial enterprises cities:

The department began its activities on November 1, 1986. The department was directly subordinate to the republican production department "Chuvashvodokanal".

On October 24, 1990, the Declaration of State Sovereignty of the Republic was adopted and its name changed to the Chuvash Socialist Republic. Accordingly, the name of the fund creator, the Shumerlinskoe Production Directorate “Vodokanal” of Czechoslovakia, also changed.

Based on the Order of the Shumerlinsky City Committee for Property Management dated August 3, 2000 No. 89, the Charter of the Municipal Municipal Unitary enterprise"Sumerlinsky production department "Vodokanal". The charter was registered by the resolution of the head of the administration of the city of Shumerlya dated August 4, 2000 No. 14/270.

The municipal unitary enterprise Shumerlinskoye PU Vodokanal operates on the basis of the enterprise's Charter, approved by Resolution of the Head of the Administration of the city of Shumerlya dated August 4, 2000 No. 14/270. MUP "Shumerlinsky PU "Vodokanal" was created for an unlimited period. The founder is the property management committee of the city of Shumerlya. Currently, the Shumerlinskoye PU Vodokanal municipal unitary enterprise maintains and operates more than 74 km of water supply networks and 73.1 km of sewerage networks.

According to the Charter of the enterprise, the main activities of the Shumerlinskoye PU Vodokanal municipal unitary enterprise are:

Satisfying the population's needs for public services;

Operation of public utility facilities on the balance sheet of the municipality;

Planning and control capital construction and reconstruction of municipal facilities;

Capital construction of water supply and sewerage networks through the municipality.

Today the company has the following licenses:

For the right to use subsoil No. IRK 01867VE. Valid until 01.11.2027 for the construction of buildings and structures of I and II levels of responsibility in accordance with state standard No. GS-6-38-02-27-0-38140074-27-003814-3;

Certificate of accreditation of the analytical laboratory for technical competence and independence, registered in the Unified Register under No. ROSS RU.0001.513910. Valid until 08/04/2014;

To carry out activities related to the use of pathogens infectious diseases, performing work with microorganisms of pathogenicity group IV No. 38.ITs.06.001.L.000086.07.07. Valid until July 17, 2015.

The authorized capital of the Enterprise is 322 thousand rubles and includes the residual value of fixed assets. The company provides municipal wages, working conditions and measures social protection workers, ensuring safe working conditions.

Sources of property financing are: income from economic activities of all types; income received in the form of compensation for the difference in tariffs between the current and economically justified tariffs from the budget; bank loans and other loans. The source of financing is the city budget funds generated in accordance with the established procedure. Tariffs for payment of services are formed on the basis of the costs necessary for the production and sale of products, works, services, at the required level of quality and reliability, taking into account the profit that ensures the profitable work of contractors of all forms of ownership operating in this sector of the economy.

To carry out statutory activities, the enterprise has adopted an organizational structure that allows it to autonomously carry out assigned tasks with minimal involvement of outside contractors.

Table 2.1.1. Information on headcount and payroll

Effective personnel management at the present stage is formed in accordance with the needs and goals of production. Therefore, the composition of personnel, organizational structure, and requirements for employees depend on the content and labor intensity of personnel management functions and the specifics of the enterprise.

The company includes:

Two linear production sites, which include technological and maintenance personnel ensuring the maintenance of the technological regime, operation and repair of assigned equipment, buildings and structures of water supply and sewerage systems;

Motor transport section - carries out operation and repair of motor transport special vehicles and mechanisms;

Mechanical repair workshop section - carries out preventive and major renovation enterprise equipment;

Operational dispatch service - provides operational management of the technological process of water supply and sanitation;

Energy service of the enterprise - ensures the operation and repair of the enterprise's electrical equipment, communications and signaling equipment, instrumentation, protection and automation;

Introduction

Capital is one of the key concepts of financial management. From the standpoint of financial management, capital expresses the total amount of funds in monetary, tangible and intangible forms invested in the assets (property) of the concern. From the perspective of corporate finance, capital reflects the monetary (financial) relations that arise between the corporation and other business entities regarding its formation and use. Such monetary relations arise between a corporation (joint stock company) as a legal entity and its shareholders, creditors, suppliers, buyers of products (services), institutional participants in the stock market and the state (payment of taxes and fees to the budget system).

Problems of the formation and use of capital, including problems of managing its value and structure, were studied by economists: I.L. Blank, I.T. Balabanov, V.V Kovalev, E.S. Stoyanova, T.V. Teplogo, MA. Fedotova and others. Among modern foreign researchers, it is necessary to avenge the works of E. Body, J. Brighsma, Van Horn, L. Gapsski, R.K. Merton, G. Markov, S. Maisrs, S. Ross, R. N. Holt, W. F. Sharp, D. K. Shima and others.

As a result of capital investment, fixed and working capital are formed. In the process of operation, fixed capital takes the form of non-current assets, and working capital - the form of current assets. Cash resources of corporations advanced into current assets constitute current assets.

Capital is wealth used for its own increase (self-growth). Investment of capital and the production and trading process forms the profit of the entrepreneur.

The main tasks of this thesis are:

study of the economic nature of capital, its concept and classification, features of capital formation, methods and sources of attracting capital, methodological approach to capital formation;

study of capital management at Rosenergoatom Concern OJSC, economic characteristics of Rosenergoatom Concern OJSC, capital structure and investment decision making, capital formation policy at Rosenergoatom Concern OJSC;

economic analysis of the capital of Rosenergoatom Concern OJSC, analysis of the composition and structure of the enterprise’s capital, construction simulation model to determine a rational capital structure, features of the efficiency of functioning of an enterprise with the proposed capital structure;

conduct an analysis of labor protection at OJSC Rosenergoatom Concern

The above list reveals the relevance of studying enterprise capital management, since Russian enterprises have sufficient potential to fully enter the international market.

The purpose of writing a thesis is to review capital management techniques, consider difficulties and ways to solve them.

The object of the study is the enterprise OJSC Rosenergoatom Concern.

The subject of the thesis research is the study of capital.

When performing the thesis, observational methods, structural-functional, comparative and the method of constructing a factor model were used.

Elements of scientific novelty are contained in the proposed way of constructing a simulation model to determine a rational capital structure, discussed in paragraph 3.2 using process automation.

This approach regarding the construction of a simulation model to determine a rational capital structure can be taken into account by every industrial enterprise.

Section 1. Economic nature of capital

1.1. Concept and classification of enterprise capital

In economic theory, there are four factors: capital, land, labor and management (production management). According to the form of investment, entrepreneurial and loan capital are distinguished. Entrepreneurial capital is advanced into real (capital), intangible and financial assets of the concern in order to extract profits and obtain rights to manage them. Loan capital is money capital provided on credit on the terms of repayment, payment, urgency and collateral. Unlike entrepreneurial loan capital, loan capital is not invested into the enterprise, but is transferred by the lender (bank) to the borrower for temporary use in order to receive interest. Loan capital acts on the credit market as a commodity, and its price is interest. A loan taken at a low interest rate is “cheap money”; a loan taken at a high interest rate is “expensive money.” A loan received for a period of less than 15 days is “short money”.

The price of capital means how much money should be paid (given away) to attract a certain amount of capital.

The price of equity is the amount of dividends on shares for share capital or the amount of profit paid on shares and related expenses.

The price of borrowed capital is the sum of the interest paid for a loan or bond issue and the costs associated with them.

The cost of capital raised is the cost of accounts payable. It represents the amount of penalties for accounts payable that are not repaid more than three months after their occurrence or within the period specified in the agreement (contract).

Capital is the main measure of the market value of a company (concern). First of all, this applies to equity capital, which determines the volume of net assets. At the same time, the volume of equity capital used characterizes the parameters for attracting borrowed capital that can generate additional profit.

The ability of equity capital to self-expand characterizes the acceptable level of formation of the concern’s net (retained) profit and its ability to maintain financial balance from its own sources. A decrease in the share of equity capital in its total volume indicates a loss of financial independence from external sources of financing (borrowed and raised funds).

Capital is classified according to the following criteria.

1. According to the ownership of the concern, equity and borrowed capital are distinguished. Equity capital belongs to her by right of ownership and is used to form a significant part of the assets. Borrowed capital reflects funds raised to finance the concern on a repayable and paid basis. All forms of borrowed capital represent obligations of the concern that are subject to repayment at specified times. Short-term borrowed capital (including accounts payable) is used to cover current assets.

5. According to the form of ownership, state, private and mixed capital are distinguished. As of 01/01/00, the share of enterprises with state capital was 11.2%, with private capital - 74.4%, with mixed capital - 14.4%.

6. According to the organizational and legal forms of activity, a distinction is made between joint-stock, share (share) and individual capital belonging to family farms.

7. Based on the nature of participation in the production process, capital is divided into functioning and inactive (fixed assets in repair, reserve, conservation, construction in progress).

8. Based on the nature of use by owners (owners), they distinguish between consumed and accumulated (reinvested) capital. Consumed capital includes amounts allocated for the payment of dividends and other social payments. Reinvested capital includes retained earnings of the reporting year and previous years.

9. By sources of attraction to the country’s economy - domestic and foreign capital.

In addition, focusing on a significant influx of foreign investment gives rise to the following problems:

♦ foreign capital does not seek to enter the real sector of the economy and investments are, as a rule, short-term in nature;

♦ increasing dependence on foreign capital implies a constant and significant outflow of foreign currency (in the form of exported profits);

♦ foreign investors determine the direction of capital investment, guided by their own interests and benefits - in many cases this is an unequal export of non-renewable natural resources from Russia.

It is no coincidence that the share of foreign investment in the 90s. XX century did not exceed 3% of their total volume. In practice, there are other classifications of capital (for example, legal and “shadow”, etc.).

The functioning of capital in the process of its productive use is characterized by the process of individual circulation of funds (within a separate concern), which occurs according to formula 1:

D – T - D" (1)

where D is funds advanced by the investor;

T-product (tools and labor items purchased by the investor);

D" - monetary assets received by the investor from the sale of the finished product, including compensation funds, wages and profits;

D" – D is the investor’s net profit;

D" - T - revenue from the sale of goods;

Organizational and economic relations in the field management capital enterprises. The object of study of the graduation qualification..., goals and objectives management capital enterprises 1.1 Concept, composition and structure of capital enterprises Capital is one of...

System development management capital enterprises

Coursework >> Management

The process of presenting specific issues management capital enterprises.Functioning of capital enterprises in the process of... various types of economic activities enterprises. Control capital enterprises aims to address the following...

Control capital and problems of raising borrowed funds

Abstract >> Economics

Causes the special importance of the process of literacy management

Capital represents a stock of economic goods accumulated through savings in the form of cash and real capital goods, involved by its owners in the economic process as an investment resource and a factor of production in order to generate income, the functioning of which in the economic system is based on market principles and is associated with time and risk factors and liquidity.

According to the groups of sources of attracting capital in relation to the enterprise, the following types are distinguished - capital attracted from internal sources and capital attracted from external sources.

Capital raised from internal sources characterizes own and borrowed financial resources generated directly at the enterprise to ensure its development. The basis of own financial resources generated from internal sources is the capitalized part of the enterprise's net profit ("retained earnings"). The basis of borrowed financial resources generated within the enterprise is current obligations for settlements (“internal accrual accounts”).

Capital attracted from external sources characterizes that part of it that is formed outside the enterprise. It covers both equity and borrowed capital attracted from outside. The composition of the sources of this group of capital formation is quite numerous and will be discussed in detail in the relevant sections.

Based on the nationality of the owners of the capital that provides it for economic use, a distinction is made between national (domestic) and foreign capital invested in the enterprise.

The national capital attracted by the enterprise allows it to better coordinate its economic activities with the economic policy of the state. Additionally, this type of capital tends to be more accessible to small and medium-sized businesses. At the same time, at the present stage of the country’s economic development, the volume of free national capital is very limited, which does not allow business entities to provide the necessary rates of economic growth.

Foreign capital is attracted, as a rule, by medium and large enterprises engaged in foreign economic activity. Although the volume of capital supply on the global market is quite significant, the conditions for attracting it by domestic business entities are very limited due to the high level of economic and political risk for foreign investors.

According to the forms of ownership of the capital provided to the enterprise, its types are divided into private and public. This classification of capital is used primarily in the process of forming the authorized capital of an enterprise. It serves as the basis for the appropriate classification of enterprises by type of ownership.

According to the organizational and legal forms of raising capital by an enterprise, there are joint-stock, share and individual types. This division of capital corresponds to the general classification of enterprises by organizational and legal forms of activity.

Share capital is formed by enterprises created in the form of joint stock companies (companies) open or closed type. Such corporate enterprises have ample opportunities to generate capital from external sources by issuing shares. If the investment attractiveness of such enterprises is sufficiently high, their share capital can be formed with the participation of foreign investors.

Share capital is formed by partner enterprises created in the form of limited liability companies, limited partnerships, etc. Such enterprises, and accordingly the type of share capital, have become most widespread in modern conditions.

Individual capital characterizes the form of its attraction when creating individual enterprises - family ones, etc. In modern conditions, individual enterprises have not yet received widespread development in our country, while in foreign practice they are the most widespread (accounting for 70-75% of the total number all enterprises). The creation of new individual enterprises is hampered by the lack of start-up capital among entrepreneurs and the insufficiently high level of market conditions in most segments of the goods and services market.

According to natural and material forms of attracting capital, modern economic theory distinguishes the following types: capital in monetary form; capital in financial form; capital in material form; capital in intangible form. Investment of capital in these forms is permitted by law when creating new enterprises and increasing the volume of their authorized capital.

Capital in cash is the most common type attracted by an enterprise. The versatility of this type of capital is manifested in the fact that it can easily be transformed into any form of capital necessary for an enterprise to carry out economic activities.

Capital in financial form is attracted by the enterprise in the form of various financial instruments contributed to its authorized capital. Such financial instruments can be stocks, bonds, deposit accounts and bank certificates and other types. In domestic economic practice, attracting capital in financial form is used extremely rarely by enterprises in the real sector of the economy.

Capital in material form is attracted by an enterprise in the form of a variety of capital goods (machinery, equipment, buildings, premises), raw materials, materials, semi-finished products, and in some cases - in the form of consumer goods (mainly by trading enterprises).

Capital in intangible form is attracted by an enterprise in the form of various intangible assets, which do not have a material form, but are directly involved in its economic activities and profit generation. This type of capital includes rights to use certain natural resources, patent rights to use inventions, know-how, rights to industrial designs and models, trademarks, computer programs and other intangible types of property assets.

Based on the time period of attraction, capital is divided into long-term (permanent) and short-term.

Long-term capital attracted by an enterprise consists of equity capital, as well as borrowed capital with a period of use of more than one year. The totality of own and long-term borrowed capital formed by an enterprise is characterized by the term “permanent capital”.

Short-term capital is attracted by the enterprise for a period of up to one year. It is formed to satisfy the temporary economic needs of the enterprise related to the cyclical nature of economic activity, temporary growth in market conditions, etc.

According to the degree of involvement in the economic process, capital is divided into two main types - used and unused in the economic process. This form of capital classification determines the status of its volume used and allows us to identify the possible potential for its additional use in a specific period.

Capital used in the economic process characterizes it as economic resource involved in social production for the purpose of generating income.

Capital not used in the economic process (or “dead” capital) is a previously accumulated part of it, which, for certain reasons, has not yet been used in the economic process. Such capital not only does not bring income to its owner, but loses its real value during storage in the form of “lost opportunity costs.”

Based on the areas of use in the economy, capital in existing economic practice is divided into two main types - used in the real or financial sectors of the economy. This division of capital is somewhat conditional, since it is based on the corresponding classification of enterprises, and not on capital transactions carried out in various sectors of the economy.

Capital used in the real sector of the economy characterizes its totality involved in enterprises in this sector - in industry, transport, agriculture, trade, etc. (although a certain part of the capital of these enterprises may be associated with transactions in the financial market).

Capital used in the financial sector of the economy characterizes its totality involved in various financial institutions (institutions) - commercial banks, investment funds and companies, insurance companies, etc. (although a certain part of the capital of these financial institutions may be directly involved in the processes of actual investment or production use).

According to the areas of use in economic activity, capital used as an investment resource is distinguished; capital used as a productive resource; capital used as a credit resource.

Capital used as an investment resource constitutes a certain part of the capital of enterprises, both real and financial sectors of the economy, directly involved in the investment process. At enterprises of the first group, this part of the capital is used primarily for making real investments (usually in the form of capital investments), and at enterprises of the second group - for making financial investments (usually in the form of investments in securities).

Capital used as a production resource constitutes the predominant part of the capital of enterprises in the real sector of the economy. This part of their capital is involved in the direct production of products (goods, services).

Capital used as a credit resource constitutes the predominant part of the capital of such institutions in the financial sector of the economy as commercial banks and non-bank credit institutions. To a certain extent, capital as a credit resource can be used in forms permitted by law and by other financial institutions (factoring companies, leasing companies, etc.). The use of part of the capital to provide commodity (commercial) credit by enterprises in the real sector of the economy does not belong to the type under consideration (this type of operation is carried out by them at the expense of capital used as a production resource).

According to the features of use in the investment process, initially invested, reinvested and disinvested types of capital are distinguished. The listed types characterize the movement of capital used in relation to a specific investment object (instrument).

Initially invested capital characterizes the volume of initially generated investment resources aimed at financing a specific investment object (instrument) (or a certain set of them - the “investment portfolio”).

Reinvested capital characterizes its repeated investment in a specific object or investment instrument at the expense of returnable net cash flow (net profit, depreciation, etc.).

Disinvestment capital characterizes its partial withdrawal from the corresponding investment object or the investment portfolio as a whole (through the sale of relevant assets).

According to the features of use in the production process, fixed capital and working capital of the enterprise are distinguished. The characteristics of each of these types of capital used are described in detail in the section "Capital Turnover".

According to the degree of involvement in the production process in the practice of financial management, working and non-working capital are distinguished.

Working capital characterizes that part of it that is directly involved in generating income and ensuring the operating or investment activities of the enterprise.

Non-working capital (or “dead” capital within an enterprise) characterizes that part of it that is advanced into assets that do not directly participate in the implementation of various types of operating or investment activities of the enterprise and the formation of its income. An example of this type of capital is enterprise funds advanced for unused premises and equipment; stocks of raw materials and supplies for discontinued products; finished products for which there is complete lack of customer demand due to the loss of their consumer qualities, etc.

Based on the level of risk, the capital used is divided into three main groups - risk-free capital; medium risk capital; high-risk capital.

Risk-free capital characterizes that part of it that is used to carry out risk-free operations related to the production or investment activities of enterprises.

Low-risk capital characterizes its use in production and investment operations, the level of risk of which is lower than the market average.

Average risk capital characterizes that part of it that is involved in operations of a production or investment nature, the level of risk of which approximately corresponds to the market average.

High-risk (“venture”, “speculative”) capital characterizes its use in operating activities based on fundamentally new technologies and associated with the release of fundamentally new products (the so-called “venture capital”), or in investment activities associated with financial investment in high-risk (“speculative”) instruments (so-called “speculative capital”).

According to compliance with legal standards of use, legal and “shadow capital” used in the economic activities of enterprises are distinguished. “Shadow” capital, widely used at the present stage of the country’s economic development, is largely a peculiar reaction of entrepreneurs to the strict “rules of the game” established by the state in the economy, primarily to the unjustifiably high level of taxation of business activities. The growth in the volume of use of “shadow” capital in the economic activities of enterprises serves for the state as a unique indicator of the low efficiency of decisions made in the field of tax regulation of the use of capital in business activities from the standpoint of maintaining the parity of interests of both the state and the owners of capital.

Despite the rather significant list of classification criteria considered, it nevertheless does not reflect the entire variety of types of capital used by an enterprise involved in the scientific terminology and practice of financial management. A number of these terms will be further discussed in the process of presenting specific issues of enterprise capital management.

The essence and objectives of enterprise capital management

Enterprise capital management is aimed at solving the following main tasks (Fig. 9.1):

1. Formation of a sufficient amount of capital to ensure the necessary pace of economic development of the enterprise. This task is implemented by determining the total capital requirement to finance the assets required by the enterprise, developing schemes for financing current and non-current assets, developing a system of measures to attract various forms of capital from the provided sources.

2. Optimization of the distribution of generated capital by type of activity and areas of use. This task is achieved by exploring the possibilities of the most efficient use of capital in certain types of enterprise activities and business operations; formation of the proportions of the future use of capital, ensuring the achievement of conditions for its most efficient functioning and growth of the market value of the enterprise.

3. Providing conditions for achieving maximum return on capital at the envisaged level of financial risk. Maximum profitability (profitability) of capital can be ensured at the stage of its formation by minimizing its weighted average cost, optimizing the ratio of equity and borrowed types of capital attracted, attracting it in such forms that, in the specific conditions of the enterprise’s economic activity, generate the highest level of profit. When solving this problem, it is necessary to keep in mind that maximizing the level of return on capital is achieved, as a rule, with a significant increase in the level of financial risks associated with its formation, since there is a direct connection between these two indicators. Therefore, maximizing the profitability of the formed capital must be ensured within the limits of acceptable financial risk, the specific level of which is established by the owners or managers of the enterprise, taking into account their financial mentality (attitude to the degree of acceptable risk when carrying out business activities).

4. Ensuring the minimization of financial risk associated with the use of capital at the envisaged level of its profitability. If the level of profitability of the capital being formed is set or planned in advance, an important task is to reduce the level of financial risk of operations that ensure the achievement of this profitability. Such minimization of the level of risks can be achieved by diversifying the forms of attracted capital, optimizing the structure of the sources of its formation, avoiding certain financial risks, and effective forms of their internal and external insurance.

5. Ensuring constant financial balance of the enterprise in the process of its development. This balance is characterized by a high level of financial stability and solvency of the enterprise at all stages of its development and is ensured by the formation of an optimal capital structure and its advance in the required amounts into highly liquid types of assets. In addition, financial balance can be ensured by rationalizing the composition of the capital being formed over the period of its attraction, in particular, by increasing the share of permanent capital.

6. Ensuring a sufficient level of financial control over the enterprise on the part of its founders. Such financial control is ensured by a controlling stake (controlling share in the share capital) in the hands of the original founders of the enterprise. At the stage of subsequent capital formation in the process of enterprise development, it is necessary to ensure that attracting equity capital from external sources does not lead to the loss of financial control and the takeover of the enterprise by third-party investors.

7. Ensuring sufficient financial flexibility of the enterprise. It characterizes the ability of an enterprise to quickly generate the financially required amount of additional capital in the event of the unexpected emergence of highly effective investment proposals or new opportunities to accelerate economic growth. The necessary financial flexibility is ensured in the process of capital formation by optimizing the ratio of its own and borrowed types, long-term and short-term forms of its attraction, reducing the level of financial risks, and timely settlements with investors and creditors.

Principles of formation of capital of the created enterprise

The main goal of forming the capital of the created enterprise is to attract a sufficient amount of it to finance the acquisition of the necessary assets, as well as to optimize its structure from the standpoint of ensuring conditions for subsequent effective use.

The process of capital formation for a newly created enterprise has a number of features, the main ones of which are the following:

1. Internal sources of financial resources, which are not available at this stage of its life cycle, cannot be involved in the formation of the capital of the created enterprise. Thus, the need for equity capital of a newly created enterprise cannot be satisfied at the expense of its profits, and the need for borrowed capital cannot be satisfied at the expense of current settlement obligations (accrual accounts), which have not yet been formed before the start of the operation of the enterprise.

3. Start-up capital formed in the process of creating a new enterprise can be attracted by its founders in any form. These forms can be cash; various types of fixed assets (buildings, premises, machinery, equipment, etc.); various types of tangible current assets (stocks of raw materials, materials, goods, semi-finished products, etc.); various intangible assets (patent rights to use inventions, rights to industrial designs and models, rights to use a trademark or trademark, etc.); certain types of financial assets (various types of securities traded on the stock market).

4. The equity capital of the founders (participants) of the created enterprise is invested in it in the form of authorized capital. Its initial size is declared by the charter of the created enterprise.

5. Features of the formation of the authorized capital of a new enterprise are determined by the organizational and legal forms of its creation. This formation is carried out under the regulatory influence of the state. Thus, state regulations regulate the minimum size of the authorized capital of enterprises created in the form of an open joint-stock company and a limited liability company. For corporate enterprises created in the form of an open joint stock company, the procedure for issuing shares, the volume of acquisition of a block of shares by its founders, the minimum volume of acquisition of shares by all shareholders during the stipulated period of open subscription and some other aspects of the initial formation of their capital are also regulated.

6. The possibilities and range of sources for attracting borrowed capital at the stage of creating an enterprise are extremely limited. Although there is an assertion in financial circles that any good entrepreneurial idea will definitely receive funding, this statement should be considered as a clear exaggeration (especially in a transitional economy). Modern practice shows that financing a new business by lenders is a rather complex and sometimes intractable task. At the same time, at the initial stage of formation of the enterprise’s capital, such borrowed sources as the issue of bonds, tax credits, etc. cannot be involved in its creation.

7. Forming the capital of a newly created enterprise through borrowed and attracted sources requires, as a rule, the preparation of a special document - a business plan. A business plan is the main document that defines the need to create a new enterprise, in which its main characteristics and projected financial indicators are outlined in the generally accepted sequence of sections. As a rule, the business plan for creating a new enterprise reflects the following main indicators: the total need for start-up capital necessary to start the operation of the enterprise; financing scheme for a new business proposed by its founders; expected terms of return of invested capital to investors (creditors) and some others.

8. To prepare a business plan, the founders of the newly created enterprise must make certain pre-start capital expenditures. These costs involve paying the business plan developers and funding related research. Pre-start-up capital expenses are, as a rule, not included in the amount of the authorized capital of the created enterprise.

However, it has the following disadvantages:

1. Limitation of the volume of attraction, and therefore the possibilities for a significant expansion of the operating and investment activities of the enterprise during periods of favorable market conditions at certain stages of its life cycle.

2. High cost in comparison with alternative borrowed sources of capital formation.

3. The unused opportunity to increase the return on equity ratio by attracting borrowed funds, since without such attraction it is impossible to ensure that the financial profitability ratio of the enterprise’s activities exceeds the economic one.

Thus, an enterprise that uses only its own capital has the highest financial stability (its autonomy coefficient is equal to one), but limits the pace of its development (since it cannot ensure the formation of the necessary additional volume of assets during periods of favorable market conditions) and does not use financial opportunities to increase profit on invested capital.

Borrowed capital is characterized by the following positive features:

1. Enough wide possibilities attraction, especially with a high credit rating of the enterprise, the presence of collateral or a guarantee from a guarantor.

2. Ensuring the growth of the financial potential of the enterprise if it is necessary to significantly expand its assets and increase the growth rate of the volume of its economic activities.

3. Lower cost in comparison with equity capital due to the provision of a “tax shield” effect (withdrawal of the costs of its maintenance from the tax base when paying income tax).

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

At the same time, the use of borrowed capital has the following disadvantages.

1. The use of this capital generates the most dangerous financial risks in the economic activity of an enterprise - the risk of reduced financial stability and loss of solvency. The level of these risks increases in proportion to the increase in the proportion of use of borrowed capital.

2. Assets formed from borrowed capital generate a lower (all other things being equal) rate of profit, which is reduced by the amount of loan interest paid in all its forms (interest on a bank loan; leasing rate; coupon interest on bonds; bill interest on goods loan, etc.).

3. High dependence of the cost of borrowed capital on fluctuations in financial market conditions. In a number of cases, when the average lending interest rate in the market decreases, the use of previously obtained loans (especially on a long-term basis) becomes unprofitable for the enterprise due to the availability of cheaper alternative sources of credit resources.

4. The complexity of the attraction procedure (especially on a large scale), since the provision of credit resources depends on the decisions of other economic entities (creditors), requires in some cases appropriate third-party guarantees or collateral (in this case, guarantees from insurance companies, banks or other economic entities are provided, usually on a paid basis).

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

The choice of financing scheme and specific sources of capital formation for the created enterprise is influenced by a number of objective and subjective factors. The main of these factors are:

1. Organizational and legal form of the created enterprise.

This factor determines, first of all, the forms of attracting equity capital by directly investing it by investors in the authorized capital of the enterprise being created or attracting it through an open or closed subscription to its shares.

2. Industry specific features of the enterprise’s operating activities. The nature of these features determines the structure of the enterprise's assets and their liquidity. Enterprises with a high level of capital intensity of production, due to the high share of non-current assets, usually have a low credit rating and are forced to focus on their own sources of raising capital when forming capital. In addition, the nature of industry characteristics determines the different duration of the operating cycle (the period of turnover of the enterprise's working capital in days). The lower the period of the operating cycle, the greater the extent (other things being equal) that borrowed capital raised from various sources can be used.

3. Enterprise size. The lower this indicator, the more the need for capital at the stage of creating an enterprise can be satisfied from its own sources and vice versa.

4. Cost of capital raised from various sources.

In general, the cost of debt capital raised from various sources is usually lower than the cost of equity capital. However, in the context of individual sources of borrowing, the cost of capital fluctuates significantly depending on the expected credit rating of the enterprise being created, the form of loan security and a number of other conditions.

5. Freedom to choose sources of financing. Not all of the sources are available for individual businesses being created. Thus, only some of the most significant national and municipal enterprises can count on funds from state and local budgets. The same applies to the opportunities for enterprises to receive targeted and preferential government loans, and gratuitous financing of enterprises from non-state financial funds and institutions. Therefore, sometimes the range of available sources of capital formation for a newly created enterprise comes down to a single alternative.

6. Capital market conditions. Depending on the state of this situation, the cost of borrowed capital raised from various sources increases or decreases. If this cost increases significantly, the predicted differential of financial leverage may reach a negative value (at which the use of borrowed capital will lead to unprofitable operating activities of the newly created enterprise).

7. Level of profit taxation. In conditions of low income tax rates or the planned use of profit tax benefits by the enterprise being created, the difference in the cost of equity and borrowed capital being formed is reduced. This is due to the fact that the tax adjuster effect when using borrowed funds is reduced. Under these conditions, it is more preferable to form the capital of the newly created enterprise from its own sources. At the same time, with a high profit tax rate, the efficiency of raising capital from borrowed sources increases significantly.

8. A measure of the risk taken by the founders when forming capital. Aversion to high levels of risk shapes the founders' conservative approach to financing the creation of a new enterprise, in which its basis is its own capital. Conversely, the desire to obtain high returns on invested equity capital in the future, despite the high level of risk of violating the financial stability of the enterprise being created, forms an aggressive approach to financing a new business, in which borrowed capital is used in the process of creating an enterprise to the maximum possible extent.

9. The specified level of concentration of equity capital to ensure the required financial control. This factor usually determines the proportions of formation of equity capital in a joint-stock company. It characterizes the proportions in the volume of subscription to shares purchased by its founders and other investors (shareholders).

Taking into account these factors allows you to purposefully select a financing scheme and structure of sources of attracting capital when creating an enterprise.

Cost of Capital Management

The essence of the concept of the cost of capital is that, as a factor of production in an investment resource, capital in any of its forms has a certain value, the level of which must be taken into account in the process of its involvement in the economic process.

The process of assessing the cost of capital is consistently carried out at the enterprise in the following three stages:

Estimation of the value of individual elements of the enterprise's equity capital.

Assessment of the cost of individual elements of borrowed capital attracted by an enterprise.

Estimation of the weighted average cost of capital of an enterprise. Let us consider the features and methodological tools for assessing the cost of capital of an enterprise in the context of each of the listed stages.

1. The cost of operating equity capital has the most reliable calculation basis in the form of reporting data of the enterprise. In the process of such an assessment, the following are taken into account:

a) the average amount of equity capital used in the reporting period at book value. This indicator serves as the initial basis for adjusting the amount of equity capital taking into account its current market valuation. This indicator is calculated using the chronological average method for a number of internal reporting periods;

b) the average amount of equity capital used at the current market valuation. The methodology for calculating this indicator was described earlier;

c) the amount of payments to capital owners (in the form of interest, dividends, etc.) from the net profit of the enterprise. This amount represents the price that the company pays for the capital used by the owners. In most cases, this price is determined by the owners themselves, setting the amount of interest or dividends on invested capital in the process of distributing net profit.

The cost of operating equity capital of the enterprise in the reporting period is determined by the following formula:

where SKfo is the value of the operating equity capital of the enterprise in the reporting period, %;
NPP - the amount of net profit paid to the owners of the enterprise in the process of its distribution for the reporting period;
SK - the average amount of equity capital of the enterprise in the reporting period.

a) the cost of a commodity (commercial) loan provided in the form of a short-term deferred payment, at first glance, appears to be zero, since, in accordance with established commercial practice, deferment of payments for delivered products within the stipulated period (usually up to one month) does not involve an additional payment taxable. In other words, outwardly this form of loan looks like a financial service provided free of charge by the supplier.

However, in reality this is not the case. The cost of each such loan is estimated by the size of the discount from the price of the product when making a cash payment for it. If, according to the terms of the contract, deferred payment is allowed within a month from the date of delivery (receipt) of the product, and the size of the price discount for cash payment is 5%, this will be the monthly cost of the attracted commodity loan, and per year this cost will be: 5 % x 360/30 = 60%. Thus, the seemingly free provision of such a commodity loan may turn out to be the most expensive source of borrowed capital in terms of the cost of attraction.

The cost of a trade loan provided in the form of a short-term deferred payment is calculated using the following formula:

where STKk is the cost of a commodity (commercial) loan provided on the terms of a short-term deferred payment, %;
CA - the size of the price discount when making cash payments for products (“payment against documents”), %;
STP - income tax rate, expressed decimal;
PO - period of deferred payment for products, in days.

Considering that the cost of attracting this type of borrowed capital is hidden, the basis for managing this cost is its mandatory assessment at the annual rate for each commodity (commercial) loan provided and its comparison with the cost of attracting a similar bank loan. Practice shows that in many cases it is more profitable to take out a bank loan to constantly pay for products immediately and receive an appropriate price discount than to use this form of commodity (commercial) loan.

b) the cost of a commodity (commercial) loan in the form of a long-term deferred payment with a bill of exchange is formed on the same conditions as a bank loan, but must take into account the loss of the price discount for cash payment for products. The cost of this form of commodity (commercial) loan is calculated using the formula:

where STKv is the cost of a commodity (commercial) loan in the form of a long-term deferred payment with a bill of exchange, %;
PKv - interest rate for bill of exchange credit, %;
Spn - income tax rate, expressed as a decimal fraction;
CA - the size of the price discount provided by the supplier when making a cash payment for products, expressed as a decimal fraction.

Managing the cost of this form of trade credit, like banking, comes down to finding options for the supply of similar products that minimize the size of this cost.

4. The cost of current liabilities of the enterprise for calculations when determining the weighted average cost of capital is taken into account at a zero rate, since it represents free financing of the enterprise through this type of borrowed capital. The amount of these liabilities is conditionally equated to equity capital only when calculating the standard for the enterprise's provision of its own working capital; in all other cases, this part of current liabilities is considered as short-term borrowed capital (within one month). Since the terms of payment of this accrued debt (for wages, taxes, insurance, etc.) are strictly determined, it does not apply to managed financing from the standpoint of assessing the cost of capital.

Taking into account the cost estimates of individual constituent elements borrowed capital and the share of each of these elements in its total amount, the weighted average cost of the enterprise's borrowed capital can be determined.

III. The assessment of the weighted average cost of capital of an enterprise is based on an element-by-element assessment of the value of each of its components. The results of this element-by-element assessment of the cost of capital are preliminarily grouped in a table of the following form (Table 9.1):

Taking into account the given initial indicators, the weighted average cost of capital (CAC) is determined, the fundamental calculation formula for which is:

where SSC is the weighted average cost of capital of the enterprise;
Ci is the cost of a specific element of capital;
Уi is the share of a specific element of capital in the total amount.

The calculated weighted average cost of capital is the main criterion indicator for assessing the efficiency of capital formation of an enterprise.

Capital structure management

The capital structure is the ratio of all forms of own and borrowed financial resources used by an enterprise in the course of its business activities to finance assets.

In the process of financial capital management, optimization of its structure is one of the most important and complex tasks.

The optimal capital structure is a ratio of the use of own and borrowed funds that ensures the most effective proportionality between the financial profitability ratio and the enterprise’s financial stability ratio, i.e. its market value is maximized.

One of the mechanisms for optimizing the capital structure of an enterprise is financial leverage.

Financial leverage characterizes the use of borrowed funds by an enterprise, which affects changes in the return on equity ratio. In other words, financial leverage is an objective factor that arises with the appearance of borrowed funds in the amount of capital used by the enterprise, allowing it to obtain additional profit on its own capital.

An indicator reflecting the level of additionally generated profit on equity capital at different shares of borrowed funds is called the effect of financial leverage. It is calculated using the following formula:

where EFL is the effect of financial leverage, which consists in an increase in the return on equity ratio, %;
SNP - income tax rate, expressed as a decimal fraction;
KVRa - gross return on assets ratio (ratio of gross profit to average asset value), %;
PC - the average interest rate on a loan paid by an enterprise for the use of borrowed capital,%;
ZK - the average amount of borrowed capital used by the enterprise;
SK is the average amount of the enterprise's equity capital.

Let's consider the mechanism for forming the effect of financial leverage using the following example (Table 9.2):

Looking at the data presented, one can see that for enterprise “A” there is no effect of financial leverage, since it does not use borrowed capital in its business activities. For enterprise "B" this effect is:

Accordingly, for enterprise “B” this effect is:

From the results of the calculations it is clear that the higher the share of borrowed funds in the total amount of capital used by the enterprise, the greater the level of profit it receives on its own capital.

Considering the previously given formula for calculating the effect of financial leverage, we can distinguish three main components in it:

1) Tax corrector of financial leverage (1-Cnp), which shows to what extent the effect of financial leverage is manifested in connection with different levels of profit taxation.

2) Financial leverage differential (KVRa - PC), which characterizes the difference between the gross return on assets ratio and the average interest rate on a loan.

3) Financial leverage ratio (LC/SC), which characterizes the amount of borrowed capital used by the enterprise per unit of equity capital.

Isolating these components allows you to purposefully manage the effect of financial leverage in the process of financial activity of an enterprise.

The tax corrector of financial leverage practically does not depend on the activities of the enterprise, since the profit tax rate is established by law. At the same time, in the process of managing financial leverage, a differentiated tax adjuster can be used in the following cases:

a) if according to various types activities of the enterprise, differentiated rates of profit taxation have been established;

b) if by certain species activities, the enterprise uses tax benefits on profits;

c) if individual subsidiaries of the enterprise operate in free economic zones of their country, where a preferential income tax regime applies;

d) if individual subsidiaries of the enterprise operate in countries with a lower level of income taxation.

In these cases, by influencing the sectoral or regional structure of production (and, accordingly, the composition of profit according to the level of its taxation), it is possible, by reducing the average rate of profit taxation, to increase the impact of the tax corrector of financial leverage on its effect (all other things being equal).

The financial leverage differential is the main condition that forms the positive effect of financial leverage. This effect manifests itself only if the level of gross profit generated by the assets of the enterprise exceeds the average interest rate for the loan used (including not only its direct rate, but also other specific costs for its attraction, insurance and servicing), i.e. if the financial leverage differential is positive. The higher the positive value of the financial leverage differential, the higher, other things being equal, its effect.

Due to the high dynamics of this indicator, it requires constant monitoring in the process of managing the effect of financial leverage. This dynamism is due to a number of factors.

First of all, during a period of deterioration in financial market conditions (primarily, a reduction in the supply of free capital on it), the cost of borrowed funds can increase sharply, exceeding the level of gross profit generated by the assets of the enterprise.

In addition, a decrease in the financial stability of an enterprise in the process of increasing the share of borrowed capital used leads to an increase in the risk of its bankruptcy, which forces lenders to increase the interest rate for the loan, taking into account the inclusion of a premium for additional financial risk. At a certain level of this risk (and, accordingly, the level of the general interest rate for the loan), the financial leverage differential can be reduced to zero (at which the use of borrowed capital will not increase the return on equity) and even have a negative value (at which the return on equity will decrease, since part of the net profit generated by equity capital will be spent on servicing the borrowed capital used at high interest rates).

Finally, during a period of deterioration in commodity market conditions, the volume of product sales decreases, and, accordingly, the size of the enterprise’s gross profit from operating activities decreases. Under these conditions, a negative value of the financial leverage differential can be formed even at constant interest rates for the loan due to a decrease in the gross return on assets ratio.

The formation of a negative value of the financial leverage differential for any of the above reasons always leads to a decrease in the return on equity ratio. In this case, the use of borrowed capital by an enterprise has a negative effect.

The financial leverage coefficient is the lever (leverage in literal translation - leverage) that multiplies (in proportion to the multiplier or changes the coefficient) the positive or negative effect obtained due to the corresponding value of its differential. With a positive differential value, any increase in the financial leverage ratio will cause an even greater increase in the return on equity ratio, and with a negative differential value, an increase in the financial leverage ratio will lead to an even greater rate of decline in the return on equity ratio. In other words, an increase in the financial leverage ratio multiplies an even greater increase in its effect (positive or negative depending on the positive or negative value of the financial leverage differential). Similarly, a decrease in the financial leverage ratio will lead to the opposite result, reducing its positive or negative effect to an even greater extent.

Thus, with a constant differential, the financial leverage ratio is the main generator of both the increase in the amount and level of profit on equity, and the financial risk of losing this profit. Similarly, with a constant financial leverage ratio, positive or negative dynamics of its differential generate both an increase in the amount and level of return on equity and the financial risk of its loss.

Knowledge of the mechanism of influence of financial leverage on the level of profitability of equity capital and the level of financial risk allows you to purposefully manage both the cost and capital structure of the enterprise.