Uses available financial resources c. Financial resources, their composition, sources and main directions of use of financial resources

Tax and non-tax payments to the budget; payment of pensions, benefits, scholarships; placement of funds in securities, bank deposits; receiving income from them; attraction of funds by commercial organizations on an equity and debt basis to carry out their activities; receipt of funds by non-profit organizations to provide services; the formation and use of the organization's profit - all are usually called financial operations. The question arises about what common features unite their diversity.

First of all, all these transactions take place in cash. This allows us to highlight the first sign of financial transactions - their monetary nature, while there is a certain isolation of movement Money from the movement of goods. The function of money as a means of payment, with which financial transactions are associated, presupposes a certain separation of funds in time from the movement of goods. It is important to note that, however, with all this we cannot talk about the complete lack of equivalence of financial transactions, since money is the universal equivalent.

Secondly, all financial transactions involve the movement of funds from one economic entity to another: from organizations and households to the state and vice versa; between organizations; between organizations and households, etc. With the help of such a movement, the value of the gross domestic product, as well as income from foreign economic activity, is distributed.
Consequently, we can talk about the distributive nature of financial transactions.

Distribution is the process of generating and using cash income. As a result of the distribution of the cost of goods and services produced, cash income is generated among economic entities: households, organizations and the state. For the former, the main forms of income are wage and/or income from property (for individual entrepreneurs or members of a production cooperative, we can talk about mixed income, combining labor income and income from property); for organizations - profit; the state has taxes. The formation of monetary income of economic entities occurs not only through the distribution of the cost of goods and services produced (traditionally expressed by such a macroeconomic indicator as gross domestic product), but also through income from foreign economic activity (receipts from foreign trade operations, external borrowings, etc.)

The distribution process may also involve savings from past years, carried out in cash (depreciation charges, retained earnings from previous years, balances in the accounts of the budget at the beginning of the year, household savings, etc.) The formation and use of cash savings means that financial transactions mediate not only the distribution of the gross domestic product produced in the current period, but also part of the national wealth. Except for the above, income generation for various economic entities is also carried out in the order of redistribution associated with cash receipts from one entity to another (for example, government subsidies)

Based on all of the above, we come to the conclusion that in the process of distribution, economic entities form monetary incomes, receipts and savings that ensure their functioning and are used to solve economic and social tasks, ultimately directed towards consumption and further accumulation (now not only in monetary form), which are commonly called financial resources.

The distribution process will be a stage of social reproduction, connecting production, exchange and consumption. Let us note that each stage of social reproduction demonstrates the movement of value, a change of owners, i.e. economic relations between individual subjects. Financial transactions, participating in the distribution of value, will be an external manifestation of a certain set of economic relations called finance, the emergence and functioning of which are determined by objective social trends, incl. economic, development.

All of the above allows us to define finance as a set of monetary relations regarding the distribution of the value of the gross domestic product, income from foreign economic activity and part of the national wealth, as a result of which monetary incomes, receipts and savings are formed for individual business entities, the state, which are subsequently used to solve economic and social tasks.

The history of the term “finance” has gone through several stages. According to prof. B.M. Sabanti, today it is difficult to name the author who introduced this term into use. Initially in the XIII-XV centuries. it denoted a monetary payment. Somewhat later, in scientific literature (from the 16th to the 19th centuries), finance began to be associated with the formation of state revenues and their expenditure. In Russia at the turn of the XIX-XX centuries. the science of finance was taught as legal discipline, studying legal norms in the field of government revenues and expenditures. As a result, the tradition of limiting the circle financial relations operations in which one of the parties is necessarily the state, was preserved at a later time. Thus, E. A. Voznesensky identified the sign of imperativeness as a distinctive feature of financial relations, arguing that financial relations are formed by the state in a state-authoritative manner.

And at present, many authors (B.M. Sabanti, T.V. Braicheva, A.M. Kovaleva, etc.) use the sign of imperativeness when characterizing financial relations, although it comes into some contradiction with the objective nature of the appearance recognized by these authors and financial development. Of course, in the practice of organizing financial relations they take specific organizational and legal forms, but if finance is an objectively existing economic relationship, then its functioning is determined primarily by the laws of development economic system, and not by strong-willed subjective decisions of public authorities established by legal acts.

Since the 19th century V economic literature the concept of “finance” extends to the monetary transactions of individual companies, firms, banks, and not only to government revenues and expenses. At the same time, the terms “bank capital” and “ financial capital" In particular, J.M. Keynes also considered finance as a monetary form of capital. This interpretation of finance is also found among modern authors specializing in financial market problems.

The emergence of most foreign scientific economic schools was associated with the need to solve a specific economic problem. The applied nature of the development of economic theories predetermined the consideration of finance in foreign literature as a means of solving problems at the macro and micro levels. Therefore and in educational literature, and in many modern foreign economic dictionaries, finance is defined as the science of managing cash flows or is considered as one of the economic tools government regulation. It is appropriate to note that the definition of finance as a method of managing funds is also found in Soviet scientific and reference literature in the 1920-1930s.

Since the 1940s domestic economists are beginning to consider finance as an economic category. For the first time, finance as a system of economic (production) relations was defined by V.P. Dyachenko in the monograph “On the question of the essence and functions of Soviet finance.” Since that time, a discussion arose in Soviet literature about the area of ​​emergence and operation of financial relations and their specific features, which make it possible to distinguish finance as an independent category from the variety of economic relations. Thus, within the framework of the labor theory of value, two main concepts of the essence of finance were formed: distribution and reproduction, which are also presented in modern Russian educational literature.

Supporters of the first of them (V. M. Rodionova, L. A. Drobozina, S. I. Lushin, etc.) associate the emergence and functioning of finance only with the distribution stage, without denying the interdependence of the latter and the processes of production, exchange and consumption. Within the framework of the second concept (D.S. Molyakov, E.I. Shokhin, N.G. Sychev, etc.), finance is considered as a category associated with all stages of social production, incl. exchange. The consequence of these opposing positions will be different composition financial resources. Within the framework of the reproduction concept, monetary transactions actually coincide with financial ones, and financial resources coincide with monetary funds. But in this case, it is apparently incorrect to talk about an independent category different from money. On the other hand, adherents of the reproductive concept are closer to some modern approaches consideration of finance as cash flows or as processes of creating funds and capital for various expenses, in which the task of separating the essence of the phenomenon and its external forms of manifestation is not set.

Based on all of the above, we come to the conclusion that finance is a term in the definition of which today there is no single point of view. The diversity of interpretation of finance is explained by different objectives of using this concept (academic or applied approach), various philosophical and economic schools.

Without denying the possibility of the existence of other points of view, the authors of this textbook believe that the above definition of finance, which demonstrates its distributive nature through the formation and use of monetary income, receipts and savings of business entities, the state and municipalities, allows us to most systematically consider the financial relations that arise between different economic entities.

Recognizing finance as a set of objectively existing economic relations, one should consider their functions - specific ways of expressing the properties inherent in finance. In the publications of Russian economists, there is great diversity in determining the number and names of these functions. In particular, a number of authors (V.V. Ivanov, L.A. Drobozina, A.M. Babich and L.N. Pavlova) call regulating, stabilizing functions, planning, organizing, and reproduction functions. Quite often they are considered as a special case of distribution, but more often we are not talking about the functions of finance as an abstract concept, but about the functions of the state related to the use of finance. A. M. Alexandrov and E. A. Voznesensky divided the distribution function of finance into two: the formation of monetary funds (the process of redistribution) and their use (a process mediated by acts of purchase and sale). It is important to note that, however, with all this, most Russian scientists believe that the essence of finance is expressed through distribution and control functions.

It is important to note that one of the distinctive features finance will be their participation in the distribution process. The distribution function is highlighted not only by Russian, but also by many foreign (in relation to public finance) authors.

The participation of finance in the distribution and redistribution of the value of the gross domestic product, income from foreign economic activity, and part of the national wealth is shown in Fig. 1.1. The value of the gross domestic product as a result of gross production without taking into account intermediate consumption breaks down into primary income (profit, property income, indirect taxes, wages, mixed income) and depreciation (I), which primarily form the financial resources of organizations, the state and households .

Figure No. 1.1. Participation of finance in the distribution process

In the formation of cash income of economic entities, receipts related to foreign economic activity (from foreign trade and external borrowings, dividends on securities of foreign issuers, pensions and other income) (II)

The process of redistribution affects the movement of funds between economic entities (III) Redistribution occurs: firstly, through the budget system - the receipt of direct taxes on the profits of organizations and income to the budget individuals; state and municipal borrowings; cash transfers to organizations and households in the order of spending budget funds (allocations, subsidies, subventions, pensions, etc.); secondly, through financial market- raising funds by issuing securities, placing shares and units, credit agreements and loans by some economic entities and the simultaneous placement of temporarily available funds in existing assets by other entities; receipt of dividends, interest; insurance premiums and insurance compensations (payments)

Part of the national wealth (accumulations of past years: savings, depreciation charges, proceeds and proceeds from the sale of property, etc.) also participates in the process of distribution and redistribution (IV)

Economic entities use the generated income and savings for consumption purposes (for example, expenses of social organizations), and are also sent for further accumulation (investments and savings) (V)

Based on all of the above, we come to the conclusion that we can conclude that the participation of finance in the distribution and redistribution of newly created value and partly the value of past years is very difficult process, characterized by high mobility of created and spent monetary income.

This process covers not only the distribution and redistribution of value in monetary form between organizations, the state and households, but also between levels of state power and local government, between organizations of different spheres and types of activities, between individual social groups, between territories and industries, within industries and even farms. Finally, the mechanism of cash savings allows us to talk about distribution over time (in particular, the creation of reserves during favorable periods and their spending when unfavorable events occur)

When characterizing the distribution function of finance, it is important to keep in mind that although the process of value distribution will be derived from the process of its creation, nevertheless, the new production cycle depends on how the value is distributed. Ignoring objective economic laws when organizing financial relations is fraught with negative consequences for the economic system as a whole. Since all economic entities participate in distribution, it is possible to influence economic and social processes by changing its quantitative proportions. It is important to note that, however, with all this, this fact does not give grounds to highlight the regulatory function of finance, since regulation itself is carried out by the state, using the properties of the distribution function of finance.

Note that the control function is closely related to distribution. According to V. M. Rodionova, finance has the ability to quantitatively reflect the power manufacturing process in general and its various phases, due to which they are able to constantly “signal” how distribution proportions are developing and whether the continuity of the reproductive process is ensured. Information about possible unfavorable economic events can be obtained through such financial indicators as stock exchange indices, dynamics of farm profitability, budget revenues, incl. taxes, public debt, budget deficit and many others. Right choice financial indicators to assess the economic condition allows you to make effective management decisions. In this case, one should not equate the control function of finance and financial control, since the implementation financial control- these are the functions of financial bodies (institutions), and not of an abstract concept, which in this chapter refers to finance.

Thus, both functions of finance will be in the process of formation and use of financial resources, sources, composition, classification criteria, the main directions of use of which are discussed in the next paragraph.

Financial resources

Finance will be part of economic relations in society, but in practice we are not dealing with abstract relationships, but with real money. The distribution and redistribution of value with the help of finance is accompanied by the movement of funds in the form of income, receipts and savings, which together constitute financial resources, which will be the material carriers of financial relations.

While the term “financial resources” is widely used, its interpretation varies. In Russia, it was first used when drawing up the country's first five-year plan, which included a balance of financial resources.

In a more general sense, “resource” in dictionaries is considered as a reserve that serves as a source of satisfying needs and forming funds. Since finance is an economic relationship mediated by money, it is obvious that financial resources mean only those resources that have a monetary form, as opposed to material, labor, natural and other resources. Based on all of the above, we come to the conclusion that the first conclusion can be drawn that financial resources exist only in monetary form.

At the same time, financial resources are not the entire amount of funds used by state authorities and local governments, as well as business entities. In addition to financial resources, credit resources, personal income of the population, etc. also function in monetary form. Therefore, it will be important to highlight such characteristics of financial resources that will allow them to be isolated from the total amount of funds.

In any society, financial resources do not exist on their own; they always have an owner or a person to whom the owner has delegated the rights to dispose of them. Financial resources cannot be outside property relations.

And only that part of the funds that is owned or disposed of by business entities or state authorities and local governments and serves the process of social reproduction refers to financial resources.

Their affiliation with a specific business entity or state and local government bodies makes it possible to separate them from the part of the population’s monetary income and savings that is not involved in the process of social reproduction.

At the same time, not all funds of business entities can be classified as financial resources, but only those that mediate the processes of production of goods, provision of various types of services, or can be used to finance the functions of state authorities and local self-government.

From this follows the next characteristic of financial resources - they can always be used for the purposes of expanded reproduction, social needs, material stimulation of workers, and satisfaction of other social needs.

Based on all of the above, we come to the conclusion that financial resources are understood as monetary income, savings and receipts that are owned or disposed of by business entities or state and local government bodies and used by them for the purposes of expanded reproduction, social needs, material incentives workers, meeting other social needs.

The sources of formation of financial resources usually include the value of the gross domestic product, part of the national wealth and revenues from foreign economic activity. The material was published on http://site

Part of the national wealth is involved in economic turnover in the form of carryover balances of budget funds; funds from the sale of part of the country's gold reserves; proceeds from the sale of excess, confiscated and ownerless property, income from privatization, etc. Financial resources come from foreign economic activity in the form of income from foreign trade operations, external government borrowings, foreign investments, etc.

Types of financial resources are those specific forms of income, receipts and savings that are formed by business entities and government entities as a result of financial distribution. They will be: depreciation charges, organizational profits, tax revenues, insurance payments, etc.

The composition of sources of financial resources of business entities will be influenced by the field of activity ( material production or non-productive sphere), way of farming, i.e. whether the organization pursues making a profit as the main goal of its activities (commercial organizations) or does not have such a goal and does not distribute the profits between participants (non-profit organizations), organizational and legal form, industry characteristics, etc.

Financial resources of a commercial organization are monetary income, savings and receipts owned or disposed of by the organization and intended to fulfill financial obligations, ensure reproduction costs, social needs and material incentives for workers.

The main sources of formation of financial resources of a commercial organization include:

• revenue from sales of products, works and services;
• revenue from other sales (for example, retired fixed assets, inventories, etc.);
• non-operating income (fines received, dividends and interest on securities, etc.);
• budget resources;
• funds received through the redistribution of financial resources within vertically integrated structures and industries.

The types of financial resources of a commercial organization will be profits from the sale of goods (works or services), from the sale of property, the balance of income and expenses from non-sales activities, depreciation charges, reserve and similar funds formed from the profits of previous years.

The directions for using the financial resources of a commercial organization will be: payments to budgets of different levels and off-budget funds, payment of interest for using a loan, repayment of loans, insurance payments, financing of capital investments, increase working capital, financing research and development work, fulfilling obligations to the owners of a commercial organization (for example, paying dividends), financial incentive employees of the enterprise, financing their social needs, charitable purposes, sponsorship, etc.

Financial resources of a non-profit organization are monetary income, receipts and savings used to carry out and expand the statutory activities of the organization. The organizational and legal form and type of activity of a non-profit organization will influence the composition of sources of financial resources, as well as the mechanism for their formation and use.

To the main sources of financial resources non-profit organizationsᴏᴛʜᴏϲᴙis:

• founders' and membership fees;
• income from business and other income-generating activities;
• budget resources;
• free transfers of individuals and legal entities;
• other sources.

The types of financial resources of non-profit organizations are budgetary funds, gratuitous transfers of legal entities and individuals, including grants, profits, depreciation charges (except budgetary institutions), reserve and similar funds (except for budgetary institutions), etc.

The financial resources of a non-profit organization can be used to achieve the main goal of its creation. These may be expenses related to the remuneration of employees, the operation of premises, the purchase of equipment, payments to budgets and state extra-budgetary funds, capital investments, major renovation buildings and structures, etc.

In addition to business entities conducting their activities as a legal entity, entrepreneurial activities can also be carried out by individual entrepreneurs, who also generate financial resources.

The sources of financial resources for individual entrepreneurs are personal savings and income received as a result of the implementation of economic activity. The material was published on http://site
Except for the above, entrepreneurs can attract borrowed funds to carry out their activities.

The financial resources of individual entrepreneurs can be used to expand the business, payments to the budget and state extra-budgetary funds, expenses for paying employees, charitable contributions and donations, etc. If business activity is terminated, all income received is directed to the personal consumption of the entrepreneur.

The sources of financial resources at the disposal of state authorities and local self-government are the gross domestic product, part of the value of national wealth and revenues from foreign economic activity. The material was published on http://site

Do not forget that gross domestic product will be the main source of formation of state and municipal finance s resources. But sometimes, for example, during periods of economic crisis or the onset of emergency circumstances (revolutions, wars, major natural disasters, etc.), previously accumulated national wealth can act as a source of state and municipal financial resources.

The financial resources of state authorities and local self-government will be:

• tax revenues (corporate income tax, personal income tax, unified social tax, etc.);
• non-tax income (dividends on shares owned by state and municipal property, income from leasing state and municipal property, interest received from the provision of budget credits (budget loans), etc.);
• gratuitous transfers (from budgets of other levels, state extra-budgetary funds, etc.);
• other income.

The use of financial resources at the disposal of state authorities and local self-government is directly related to the functions of the state: economic, social, managerial, strengthening defense capability; through financial resources, the important needs of society in the field of economic development, financing of the social sphere, implementation of state and municipal government, strengthening the country's defense capability, etc.

The formation and use of financial resources is carried out in fund or non-fund form. The stock form is predetermined by the needs of state authorities and local governments that need financial resources to ensure its functioning, and by certain needs of business entities engaged in expanded reproduction. When forming and using their financial resources, both multi-purpose and narrow-purpose funds can be used.

Financial funds have the following features:

• ϶ᴛᴏ a separate part, separated from the total amount of funds;
• as a result of isolation, the monetary fund begins to function independently, and this independence is relative, there is a constant replenishment and use of funds;
• is always created to finance some purpose, and the goals can be of different orders, broad and narrow;
• has legal support, which regulates the order of its formation and use.

The fund form of education and use of financial resources has advantages over the non-fund form. The formation of separately functioning financial funds with clear regulation of the procedure for their formation and use ensures the concentration of financial resources to perform urgent tasks, allows them to be more effectively managed and facilitates control over their formation and use. Moreover, if previously the stock form was the main one, then in market conditions the financial resources of state authorities and local self-government are formed and can be used mainly in the stock form. Such funds include budgets of higher levels and extra-budgetary funds. The form of use of financial resources of business entities is currently less regulated by the state. The procedure for using financial resources by commercial organizations is determined by their constituent documents, and therefore a combination of stock and non-stock forms is possible here. Part of the resources of business entities can be directed to the formation of funds for special purposes (for example, economic incentives, reserve funds). The use of financial resources to fulfill financial obligations to budgets of various levels, state extra-budgetary funds, banks, insurance organizations, the payment of penalties is carried out in non-fund form.

Financial relations are very diverse, and for further study it is extremely important to classify them, dividing them into separate groups that will have similar properties, differ in homogeneity, and systematize them, identifying the relationships between the constituent elements.

In its entirety, the variety of financial relations forms not a simple sum of elements, but a system, which is an organic collection of interacting elements, all of whose structural divisions are interconnected. Despite the fact that each element in the financial system is relatively independent, implementing only its own specific functions, nevertheless, all elements interact both with each other and with other systems, and in practice these relationships are important. Except for the above, the entire diversity of financial relations in society has an organic integrity capable of development. In the process of identifying the components of financial relations, it is extremely important to find the correct classification sign for dividing them into structural groups, subgroups, in conjunction with scientific criterion. The first such criterion will be the role of the subject in social reproduction, which determines the ways of organizing finances, the availability, procedure for the formation and use of financial resources and financial funds.

It is precisely in connection with the role in social reproduction that subjects of financial relations have differences in their needs for the financial resources they need. Thus, direct participants in social reproduction are organizations and citizens engaged in entrepreneurial activity produce goods and provide various types of services. It is worth saying that in order to carry out this activity they need financial resources that would provide the production process with the required amount of money. It is worth saying that business entities will be characterized by financial relations that ensure the continuity of the process of production of goods and provision of services: making capital investments, depreciation deductions, replenishing the lack of working capital, etc. State authorities and local governments need financial resources to perform their functions - economic , social, political, for financing the constitutional rights of citizens, etc. And for this group of financial relations, which provide financial resources for the performance of the functions of state authorities and local self-government, other forms and methods of organizing finance will be characteristic.

Based on all of the above, we come to the conclusion that the first classification feature, in addition to which the entire variety of financial relations is divided into component parts, will be the role of the subject in social reproduction, in addition to which all financial relations are divided into two large groups called spheres of the financial system - finances of business entities, as well as state and municipal finances.

The presence of these particular areas within the financial system is objectively determined, since in any society there are business entities that provide the market with goods and services, and any state needs financial resources to carry out their functions.

It is worth saying that each area of ​​the financial system, in turn, also has structural elements and is divided into links. The finances of business entities act as the initial sphere of the financial system; it is in this sphere that the formation of primary financial resources occurs and the processes of distribution and redistribution of value begin. The finances of business entities, with all their diversity, ensure the process of production of goods and provision of services, constant replenishment and increase production assets and funds for non-productive purposes. Further grouping of financial relations within the sphere of finance of business entities is carried out depending on the nature of the activity of the entity, which influences the sources of formation of financial resources and the order of use of funds.

Some organizations pursue profit as the main goal of their activities; they will be commercial. In addition to commercial organizations, for the normal functioning of society, organizations are necessary to meet the needs of the population for educational, cultural, scientific, charitable and other socially necessary benefits. It must be remembered that such organizations traditionally do not pursue profit as the main goal of their activities and do not distribute the profits between participants; They need financial resources to carry out their statutory activities, and this also influences the composition of the financial relations in which such organizations will be a participant.

In addition to legal entities, participants in commodity production can also be citizens engaged in entrepreneurial activities without forming a legal entity.

Based on all of the above, we come to the conclusion that within the sphere of finance of business entities, groups of financial relations are distinguished in accordance with the nature of the activities of the entities. The sphere of finance of business entities is divided into the following sections: finance of commercial organizations, finance of non-profit organizations, finance of individual entrepreneurs.

Business entities are formed and operate in certain organizational and legal forms established by law. The specificity of the organizational and legal form will also leave an imprint on the order of formation and use of financial resources of business entities, the formation of certain financial funds. Thus, in the finance level of commercial organizations, the organizational and legal form influences the procedure for forming the authorized capital, the distribution of profits between participants, the degree of financial responsibility to other entities; in some commercial organizations, regulations provide for the creation of special financial funds (for example, the creation of a reserve fund joint stock companies)

The organizational and legal forms of non-profit organizations also influence the organization of finances, for example, the order of formation and use of financial resources, the presence of membership fees, budgetary funds, the right to use borrowed funds, etc.

In relation to the organizational and legal form, the finances of commercial organizations are divided into: finance joint stock companies(open and closed), finance business partnerships, finances of limited liability companies, finances of production cooperatives, finances of state and municipal unitary enterprises.
It is worth noting that a special place among them is occupied by the finances of state and municipal unitary enterprises. The financial resources of unitary enterprises are in state and municipal ownership, and the unitary enterprise disposes of them exclusively under the right of economic management or operational management. Despite the fact that the finances of unitary enterprises are in state or municipal ownership, nevertheless, they are not part of the sphere of state and municipal finance, since the financial relations of these organizations are similar to the financial relations of other commercial organizations. Except for the above, when creating such organizations, a certain property separation of the financial resources transferred to them occurs; it involves not only the organizational release of the transferred funds, but also recognition of the ownership of the transferred funds specific organization with the latter being endowed with a set of rights and responsibilities for their management.

As part of the finances of non-profit organizations in ϲᴏᴏᴛʙᴇᴛϲᴛʙii with an organizational and legal form, the finances of institutions, the finances of consumer cooperatives, the finances of public and religious organizations (associations), the finances of foundations, etc. are distinguished.

A special place in the finances of non-profit organizations is occupied by the finances of budgetary institutions, primarily because it is budgetary institutions that provide the population with the necessary social services in the field of education, healthcare, etc. The specificity of the functioning of the finances of budgetary institutions is due to the fact that one of the main sources of their financial resources will be budgetary funds, which ensures a close relationship between the finances of budgetary institutions and the sphere of state and municipal finances; the mechanism for the functioning of their financial resources is additionally regulated by budget legislation. Moreover, since it is budgetary institutions that provide the needs of the population for social services, in some textbooks the features of organizing the finances of budgetary institutions, due to their specificity, are considered together with general issues of functioning public finance and financing social policy states. It is important to note that, however, with all this, the finances of budgetary institutions are included in the finances of business entities, since when they are created and operated by analogy with unitary enterprises property and financial resources are separated, as well as the budgetary institution is vested with the right to dispose of this property (the right of operational management)

The finance link of individual entrepreneurs appeared in the financial system of our country relatively recently, since only with the beginning of market reforms did citizens Russian Federation received the right to engage in business activities as individual entrepreneurs. Entrepreneurial activity is understood as independent activity carried out at one's own risk, aimed at systematically obtaining profit from the use of property, sale of goods, performance of work or provision of services by persons registered in this capacity in the manner prescribed by law.

Today individual entrepreneurs Lawyers, doctors, detectives, farmers, citizens engaged in retail activities, etc. can act as speakers. Their financial relations are specific, since their personal income and savings are involved in the economic turnover of entrepreneurs, and vice versa business income can be used not only for running and expanding the business, but also for personal consumption.

In the huge set of financial relations characteristic of any country, there is a sphere determined by the functioning of state authorities and local self-government. The objective need in this area is related to the fact that state authorities and local governments require the financial resources necessary to carry out their activities, to fulfill the economic, social and other functions assigned to them. Therefore, the second sphere of the financial system will be state and municipal finance, through which financial resources are generated from these bodies. The Constitution of the Russian Federation, as well as Federal Laws of August 28, 1995 No. 154-FZ “On general principles organizations of local self-government in the Russian Federation" and dated September 25, 1997 No. 126-FZ "On financial fundamentals local self-government in the Russian Federation" proclaimed the principle of independence of local self-government. In 1998 Federal Assembly The Russian Federation ratified the Charter of Local Self-Government adopted by the Council of Europe, which came into force on the territory of the Russian Federation on September 1, 1998. Local self-government is one of the manifestations of democracy, implying independent activity (directly or through local government bodies) to resolve issues of local importance based on from the interests of the population, historical and other local traditions. As an expression of democracy, local self-government constitutes one of the foundations of the constitutional system of the Russian Federation. As a result of these changes, the area of ​​financial relations under consideration began to be called “state and municipal finance,” which emphasizes the independence of the latter.

Financial relations within this sphere have the ability to influence other spheres and links of the financial system, influence the volume and structure of social production, and regulate sectoral and territorial proportions. Within this sphere, the allocation of structural elements depends on the form of organization of state and municipal financial resources in the country.

Any bodies of state power and local self-government cannot exist without the formation and use of ϲᴏᴏᴛʙᴇᴛϲᴛʙbudgets, in which financial resources are accumulated to finance the functions assigned to these bodies. At the same time, budgets always have a multi-purpose purpose. Except for the above, in some countries, authorities have at their disposal other financial funds, traditionally narrowly targeted, used as an additional source of financing for certain expenses. It must be remembered that such funds are formed outside of budgets and are called extra-budgetary funds; they are traditionally created to finance individual expenses - social protection citizens, priority economic and environmental measures. Based on all of the above, we come to the conclusion that the following links are distinguished within the sphere of state and municipal finance: budgets of state authorities and local self-government, extra-budgetary funds.

As part of the sphere of state and municipal finance in relation to Russia, the following organizational forms of budgets can be distinguished, which are at the level of government or local government: the federal budget, the budgets of the constituent entities of the Russian Federation (regional budgets) and local budgets.

The federal budget will be the main instrument for the redistribution of gross domestic product created across the state. At the federal level, the main directions of budget policy in the country are being formed, and the basic principles of building interbudgetary relations are being determined.

In accordance with the Constitution of the Russian Federation, there are six different types of regional budgets, and their total number is 89. This includes 21 republican budgets of the republics within Russia, 6 regional, 49 regional, 1 regional budget of an autonomous region, 10 district budgets autonomous okrugs, 2 city budgets of cities of federal significance - Moscow and St. Petersburg.

The third level of the budget system of the Russian Federation is also represented by different types of budgets. Taking into account the dependence on the types of municipalities on the territory of which local budgets operate, district, city, rural and township budgets are allocated, as well as budgets of closed administrative-territorial entities (CATOs)

In the financial system of the former Soviet Union, which included Russia (the former RSFSR), there were no extra-budgetary funds as an independent part of public finance. The state social insurance budget, which was formed since 1938, was part of the State Budget of the USSR. The transition to market relations led to the emergence of a new link in the financial system - extra-budgetary funds. In the 1990s. XX century in conditions of increasing social risks, as well as in response to the requirements international law, state social insurance funds were allocated from the budget system. Based on all of the above, we come to the conclusion that the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation, compulsory medical insurance funds and the State Employment Fund of the Russian Federation (which was abolished in 2001) were created.

Except for the above, in the 1990s. Many extra-budgetary funds for economic purposes were created at all levels of government, road funds, environmental funds, funds for financing housing construction, etc. appeared. The Budget Code of the Russian Federation, which was put into effect, made significant changes regarding the composition of extra-budgetary funds, the mechanism of their formation and use. Thus, currently in Russia there are only three state off-budget social funds - the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation, the Federal and territorial funds of compulsory medical insurance, the funds of which can be used as an additional source of financing social security for the population.

The Pension Fund of the Russian Federation, a fund of funds formed outside the federal budget, will be the main material base for pension provision. This is the largest of all state extra-budgetary funds, whose important place in the financial system of the Russian Federation is explained by its social significance (there are about 35 million pensioners in Russia) and the large volume of financial resources mobilized in it.

The Social Insurance Fund of the Russian Federation will be the second among extra-budgetary funds in terms of the volume of redistributed financial resources; is intended to implement state guarantees for the social security of citizens in the event of temporary incapacity for work due to illness, disability, birth and upbringing of children, etc.

Compulsory health insurance funds provide citizens of the Russian Federation with the opportunity to receive certain types of medical care free of charge. In particular, the guaranteed volume of free medical services includes: outpatient care; emergency; treatment of acute diseases; pregnancy and childbirth services, etc.

Taking into account the above, the financial system is defined as a set of interconnected spheres and links of financial relations, has next view(Fig. 1.2)

The grouping of financial relations by spheres and links of the financial system does not remain unchanged, undergoing changes under the influence of revolutionary transformations and the emergence of new types of property. In the course of economic development, changes in the forms of financial relations within the country and in the international arena, and improvement of business methods in society, new types of financial relations may also appear. Despite the fact that the financial system is a set of objectively existing financial relations, nevertheless, the composition of its spheres is influenced by the degree of development of these relations in society and the development of scientific views on the essence of finance. Thus, within the financial system of the USSR, insurance was highlighted as one of the areas. This was explained by the fact that at that time insurance was considered part of finance as an economic category. With the development of market relations in the country, insurance relations themselves developed, the need for insurance as a method of insurance protection of property and income of individuals and legal entities increased, new types of insurance appeared, and demonopolization of the insurance business occurred. Therefore, we support the point of view that insurance is considered as an independent economic category, despite the close connection between financial and insurance relations, and is not included in the financial system of the Russian Federation.

Figure No. 1.2. Spheres and links of the financial system

The spheres and links of the financial system discussed above are closely interconnected. The finances of business entities interact with state and municipal finances - when paying taxes and insurance payments to budgets and extra-budgetary funds, when receiving budget funds by certain organizations to finance their activities, etc. Within the sphere of finance of business entities, there are relationships between organizations when carrying out financial transactions, which include, for example, payment of fines, other sanctions, share contributions, investing funds, participating in the distribution of profits, receiving dividends, etc.

State and municipal finance as a sphere of the financial system are also characterized by close interaction of structural links with each other and with the sphere of finance of business entities. Thus, within the sphere of state and municipal finance, various inter-budgetary relations arise between the levels of the budget system and types of budgets. Except for the above, budgets interact with extra-budgetary funds when transferring funds from the budget to extra-budgetary funds for certain targeted expenses, when using the balances of extra-budgetary funds for the purchase of government securities, etc. There is a close connection between the budgets of state authorities and local governments with the finances of budgetary institutions, since the financial resources of the latter are formed mainly from the budgets of all levels of the budget system of the Russian Federation.

Extra-budgetary funds, as part of the sphere of state and municipal finances of the country, have relationships with the finances of business entities - when organizations and individual entrepreneurs pay insurance premiums, taxes and other payments and when business entities receive amounts for certain types of expenses; with the budget - when receiving allocations for certain targeted expenses, as well as when using funds from funds in the presence of a surplus to cover the budget deficit; with other extra-budgetary funds - when transferring certain funds from one fund to another.

The specificity of each area and link of the financial system determines not only the characteristics in the composition and structure of financial resources, the availability and organizational building financial funds, but also influences the processes financial planning and control in different areas and parts of the financial system.

We should not forget that it will be important to say that the term “financial system” in economic literature is understood not only as a set of organized and interconnected financial relations in society, but also as a set financial institutions in the country, i.e. There are two meanings of the concept “financial system”. In this chapter, the financial system is considered only as a set of financial relations. Financial management bodies will be discussed in Chapter 3 Financial Management.

Control questions

1. Define finance and indicate its specific features.
2. Describe the distribution and reproduction concepts of finance.
3. What will be the object of the distribution function of finance?
4. What is the content control function finance?
5. What are financial resources?
6. List the sources and types of financial resources of business entities and state and local government bodies.
7. Give examples of fund and non-fund forms of education and use of financial resources.
8. Give examples of legal acts regulating the procedure for the formation and use of financial funds in the field of state and municipal finance.
9. Define the financial system.
10. What new elements of the financial system have appeared in the context of market transformations in our country?

Tasks for independent work

1. Compare definitions of finance by different authors in reference and educational literature. Find the reasons for the discrepancies in the interpretation of this term.
2. Give examples of the distribution of the value of the gross domestic product, income from foreign economic activity and part of the national wealth, which occurs with the help of finance.
3. Draw a diagram of the financial system, show on it the relationships between the spheres and links.

The financial resources of enterprises carrying out commercial activities are understood as cash income and receipts at the disposal of an economic entity and intended to fulfill financial obligations, carry out expenses for expanded reproduction and economic stimulation of workers.

In economic literature and in our practice, the term “financial resources” is widely used, in which they invest different meanings- from the amount of funds in bank accounts and other accounts to other indicators of the enterprise’s balance sheet.

An unambiguous and reasonable interpretation of the essence of this financial category is important not only for theory, but also for the practical implementation of financial work in an enterprise or firm.

The concept of “financial resources” was first introduced in our practice when drawing up the country’s first five-year plan, which included a balance of financial resources.

While the term “financial resources” is widely used in economics and in practice, its interpretation varies. In the Financial and Credit Dictionary, financial resources are considered as funds at the disposal of the state, enterprises, economic organizations and institutions, used to cover costs and form various funds and reserves.

The Economic Encyclopedia gives the following definition of financial resources: these are component economic resources, which represents the funds of the monetary and budget system, which are used to ensure the smooth functioning and development of the national economy, and are spent on socio-cultural events, management and defense needs. Using this method, the planned balance of the country's financial resources was formed. This was accomplished through the following sources:

• 1. Cash savings of the national economy.
• 2. Depreciation.
• 3. Enterprise funds used to cover their own costs in financial terms.
• 4. Budget revenues from collective farms, consumer cooperation and public organizations.
• 5. State taxes on the population.
• 6. Income from foreign trade.
• 7. Receipts from government internal loans and cash and clothing lotteries.
• 8. Receipt of amounts to repay loans previously provided foreign countries, and interest on them.
• 9. Loans received from foreign countries.

With this interpretation of financial resources, the distinction between money and finance disappears, which contradicts the very essence of finance.

The concept of financial resources is interpreted differently in monographs and educational literature. In the essays on the theory of Soviet finance, financial resources are defined as a part of the national income expressed in money, which can be used by the state (directly or through enterprises) for the purposes of expanded reproduction and for general government expenses. In emergency circumstances, working capital as part of the national heritage created in the past can act as financial resources.1

This definition excludes depreciation from financial resources and at the same time considers it possible to use the enterprise’s working capital as financial resources.

This definition does not fully disclose the content of this category in terms of the sources of formation of financial resources and their use for their intended purpose. The inclusion of gross profit in its own sources significantly reduces the size of the enterprise’s financial resources intended to fulfill the enterprise’s financial obligations, consisting of payments to the budget and contributions to extra-budgetary funds - state insurance, pension, employment fund, road funds, etc. It is known that the source These payments and deductions are not only profit. Substantial part they are included in the cost of production. Consequently, the main source of formation of the enterprise’s own financial resources is not gross profit, and gross income.

The formation and use of financial resources are carried out at two levels: countrywide; at every enterprise.

The size and structure of sources for the formation of financial resources on a national scale determine the possibilities of: expanded reproduction of the country's national economy, increasing the standard of living of members of society, and increasing state budget revenues.

The size of financial resources generated at the enterprise level determines the possibilities of: making the necessary capital investments; increasing working capital; fulfillment of all financial obligations; meeting social needs.

The structure of financial resources is determined by the sources of their receipt. At the national level, the main sources of income that determine the structure of financial resources are national income and income from foreign economic activity, provided that its organization is sufficiently effective. Financial resources can be partially formed at the expense of national wealth involved in economic turnover. It is also possible to generate financial resources through borrowed and raised funds from other states.

At the enterprise level, the structure of financial resources is mainly determined by its own sources - gross income and depreciation.

Institutions and organizations engaged in non-profit activities provide a variety of services, including social, managerial, public order, national defense, etc. IN Soviet time Almost all the expenses of these institutions were financed from the budget, and services were provided to consumers free of charge. In conditions market economy institutions and organizations carrying out non-profit activities have switched to new business conditions, which has led to a significant expansion of the sources of their financial resources.

The financial resources of institutions and organizations engaged in non-commercial activities are understood as funds mobilized by them from various sources to carry out and expand its activities.

Public associations are created on the basis of:

• 1) people belonging to the same profession;
• 2) people’s belonging to a certain social group;
• 3) common interests, hobbies;
• 4) common approaches to solving problems of general civil and ideological significance.

Examples public associations are trade unions; political parties; creative unions; sports societies; voluntary societies; special trust funds; charitable foundations.

The finances of public associations are formed through:

• 1) payment of entrance and membership fees;
• 2) provision of benefits and payments from association funds;
• 3) material donations from enterprises and institutions in favor of public associations;
• 4) formation and use of association funds (wage fund, capital investment fund, etc.);
• 5) transfer of income by higher authorities and receipt of assistance from them.

Financial resources are cash receipts and income of entrepreneurs, which are intended to expand and ensure production, provide material incentives, satisfy needs, and so on. They are the material embodiment of economic relationships.

Sources of financial resources

The most important of these is the value of a country's GDP, which consists of profits, wages and capital.

Their sources at the macro level are:

• income from ;
• attracted resources (loan);
• national wealth.

Sources at the micro level are the following:

• raised funds (loan, funds from the sale of bonds, shares, etc.);
• finances received by the company in the order of distribution (insurance top-ups and so on);
• and those that are equivalent to them (vacation pay and employee wages).

Financial resources represent working and fixed capital. Their
formation occurs on entry level, at the moment of formation of the enterprise, when share capital appears. We are talking about the organization’s property, which was created with the help of constituent contributions. Consequently, financial resources are those funds that are available to management after current expenses have been incurred to cover expenses and pay salaries.

Financial resources are organized, planned and stimulated using a special mechanism, which consists of a set of interconnected elements. Let's look at them in more detail:

• Economic methods are ways of influencing the production process. Thanks to their action, financial resources are generated and applied.
• Legal support “works” on the basis of legislative acts, regulations, orders and other legal documents.
• Financial levers are techniques that “launch” financial resources.
• Regulatory support is rules, orders, instructions, norms, methodological explanations, instructions, tariff rates, etc.
• Information support is various commercial, economic, financial support. It also includes information about the financial solvency and stability of competitors and partners, the cost of goods, exchange rates, interest, dividends in markets (stock, commodity, currency), the situation on the stock exchange, commercial activities of entities, and so on.

Financial resources are usually used in the following areas:

1. Ensure the production process (expenses for capital investments, repairs, acquisition of intangible assets, payment of bonuses to stimulate employees, financing
2. Application for the needs of defense, security, government agencies and law enforcement agencies.
3. Costs of fulfilling monetary obligations to investors, founders, shareholders, and so on.

Financial resources are generated and used taking into account a special management system. We are talking about management, whose activities are aimed at achieving the tactical and strategic goals of a given organization.

For optimal management, management needs to:

• organize and manage the company’s relations in the economic sphere with other enterprises, insurance companies, banks, budgets of any level, as well as financial relationships within the organization itself;
• generate financial resources, forecast their receipt and optimize;
• place capital and support the process of its functioning;
• analyze and guide

Financial resources of the enterprise, if we talk in simple language, is, first of all, other property that he has.

This concept is sometimes replaced in everyday life by the similar term “monetary resources”.

“Financial resources” and “monetary resources” are close, but not identical in meaning concepts. resources are integral part resources.

Both are used for current needs, fulfilling its financial, reserve, and ensuring the functioning of the enterprise.

The volume of financial resources of a commercial organization is largely replenished through operations from the main and auxiliary types.

You can also add income from non-operating operations here.

In this case, the role of basic sources of financial resources can be assigned to both (which is natural, since their main purpose is to generate income) and enterprises.

For example, proceeds from renting out empty buildings production premises are a type of income from the use of assets.

Under working capital of the enterprise It is customary to understand the financial resources used to create and maintain the economic circulation of circulation funds.

The latter, from a scientific point of view, include resources hidden in reserves finished products, unpaid but shipped goods, as well as funds deposited in accounts, listed in the cash register or circulating in settlements.

Under investments in an extremely simplified understanding, they imply long-term financial investments in profitable objects with.

It is advisable to devote a separate publication to the topic of working capital.

We have talked about investments more than once on our pages. If you wish, you can leaf through them all again...

That's all for today. Happy investment!

Financial resources

Financial resources- this is a set of all norms that are at the disposal of the state, enterprises, organizations, institutions for the formation of the necessary assets in order to carry out all types of activities both at the expense of income, savings and capital, and at the expense of various types of income. An important component of financial resources are banking resources.

Financial resources of the state and enterprises are the direct objects of financial management, that is, management of their formation, use and movement of cash flows.

Availability of sufficient financial resources, their efficient use, predetermine the good financial position of the enterprise, solvency, financial stability, liquidity. In this regard, the most important task of enterprises is to find reserves for increasing their own financial resources and their most effective use in order to improve the efficiency of the enterprise as a whole.

Effective formation and use of financial resources ensures the financial stability of enterprises and prevents their bankruptcy.

Literature

• A. F. Chernenko, N. N. Ilysheva, A. V. Basharina. Financial position and efficiency of use of enterprise resources. M.: Unity-Dana, 2009. ISBN 978-5-238-01610-8

Notes

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See what “Financial resources” are in other dictionaries:

States, regions, enterprises, firms, a collection of all types of funds, financial assets, which an economic entity has and is at its disposal. Financial resources are the result of the interaction of receipts... Economic dictionary

Financial resources- see Financial assets... Economic and mathematical dictionary

Cash income, savings and receipts generated in the hands of business entities and the state and intended for the purposes of expanded reproduction, material incentives for workers, satisfaction of social needs, needs... ... Financial Dictionary

Funds held by a government or commercial entity. Dictionary of business terms. Akademik.ru. 2001... Dictionary of business terms

financial resources- Funds of money that can be invested in the development of production or to achieve economic or social goals... Dictionary of Geography

Financial resources- - funds at the disposal of the enterprise and intended for the implementation of current costs and expenses for expanded reproduction, to fulfill financial obligations and economic incentives for workers. Financial... ... Commercial power generation. Dictionary-reference book

FINANCIAL RESOURCES- (English financial resources) – funds generated as a result of economic and financial activities, in the process of creating and distributing the gross national product. Accumulated by the state and economic entities and... ... Financial and credit encyclopedic dictionary

The totality of all types of funds and financial assets at the disposal of an economic entity. F.r. are the result of the interaction of receipts and expenses, distribution of funds, their accumulation and use... Encyclopedic Dictionary of Economics and Law

financial resources (state, region, enterprise, firm)- the totality of all types of funds and financial assets that an economic entity has and is at its disposal. Financial resources are the result of the interaction of receipts and expenses, the distribution of funds... ... Dictionary of economic terms

Financial resources attracted by the enterprise: new loans, proceeds from the sale of new issues of shares. External financial resources are not created by the enterprise. In English: External finance See also: Capital structure Financial Dictionary Finam... Financial Dictionary

Books

• World Economy, Vladimir Ponikarov. The textbook corresponds to the federal educational program on the world economy and reflects the results of modern scientific developments in this area. This manual reveals... eBook
• Resources and sustainable growth of an industrial metallurgical enterprise: an empirical assessment, S. V. Orekhova. The article is devoted to assessing the impact of a resource portfolio on sustainable growth industrial enterprises. The terminology has been clarified and approaches to measuring the sustainable growth of an enterprise and…