Financial management. Cheat sheet: briefly, the most important

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Financial management. Cheat sheet: briefly, the most important

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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Table of contents

Finance, essence and concept
Financial Management Process
Financial system of the Russian Federation
Financial market, its types and significance
Stock market, its types
Financial policy of the Russian Federation
Securities market
Securities and their types
What is public finance
Budget device in the Russian Federation, its basis and significance
Consolidated budget of the Russian Federation
State loan
Extra-budgetary funds as an integral part of the financial system of the Russian Federation
The concept of the foreign exchange market, its segments and functions.
Monetary system of the Russian Federation
What is the Bretton Woods system
Currency transactions and their types
Exchange rate, methods of its regulation
Currency control, its main directions
Currency risks and methods of their insurance
Factoring, types of factoring relationships
Leasing, essence and concept
Forms and types of leasing
Objects and subjects of leasing
Measures of state support for leasing relations /
Economic security to the financial sphere of the enterprise
Financial planning at the enterprise
Forecasting in the field of financial planning
Financial resources of the enterprise, their essence and concept t
financial capital
Rationing of working capital
Conducting financial analysis at the enterprise. Stages and methods
Liquidity indicators
Indicators of economic activity (turnover)
Comprehensive indicators and indicators of market activity
Indicators of business activity and profitability of the enterprise
Company financial statements. Types and tasks
Analysis of the financial condition according to form No. 1 "balance sheet"
Futures contracts
Concept of option and listing
Taxation of income
Collectible valuables and real estate
Prospects for the development of customs and banking control in Russia
Fiscal federalism
Organizational and methodological aspects of accounting and analysis of financial results
Gold standard: fixed exchange rates
State intervention in the exchange rate system
Ensuring stability in the foreign exchange market
The concept of the reduction factor. His role in financial management
Basic rules in the financial management process
Regional and local budgets. Stages of the budget process
Tax system of the Russian Federation
International settlements and control over them
Foreign trade relations as the most important relations of currency regulation and their principles
Forms and types of loans
Problems of loan defaults

1. Finance, essence and concept

Finance - a special form of economic relations regarding education, the distribution of cash income and savings of enterprises and employees, the creation of centralized and decentralized funds.

The term "finansia" originated in the trading cities of Italy in the XNUMXth century. There are three stages in the history of finance:

1) the development of public finance (XVIII century);

2) finances of enterprises The scientific and technological revolution led to the consolidation of manufactories, consequently, to an increase in the volume of production. In the XX century transnational companies (TNCs) appear;

3) development of household finance (mid-XNUMXth century)

The essence of finance the cost form of the movement of goods generates the corresponding money circulation and economic relations of a distributive nature

The role of finance consists in the distribution and redistribution of the created product in monetary form between business entities and the areas of use of these funds.

Distinctive features of financial relations:

1) the monetary nature of the relationship;

2) the stock nature of the relationship;

3) different rights of subjects entering into a relationship.

Subjects of financial relations - these are enterprises and entrepreneurs, the working population and states, constantly interacting with each other, forming financial flows. Their scale and intensity depend on the activity of the subjects and the social policy of the state.

Finance Functions:

1) the distribution function is the distribution of national income (creation of the main primary income: wages, income of the enterprise in the material and non-material sphere);

2) control function. Control over the distribution of the gross domestic product (GDP) for the relevant funds and their spending for the intended purpose.

The goal is the careful use of material, labor, financial resources, verification of compliance with norms and laws.

It is carried out through financial institutions.

Control can be national, on-farm, public and independent (auditing);

3) stimulating function. Through financial leverage (budget, prices and tariffs, taxes, export-import duties, benefits), the state influences the development of industries and enterprises, thus restraining or stimulating the development of economic processes.

Financial mechanism - it is a system of established state forms, types and methods of organizing financial relations.

The elements of the financial mechanism include tax rates, the tax base, the norms of mandatory reserves, the level of normalized expenses.

The financial mechanism is divided into the following types:

1) directive (taxes, state credit, budget financing, budget structure, financial planning);

2) regulating (defines the main relationship in a particular segment of finance, without directly affecting the interests of the state).

2. Financial management process

As in any other managed system, in the process of financial management, subjects and objects of management are distinguished. Different types of financial relations act as objects, and organizational structures that exercise self-government act as subjects.

Functional elements in financial management.

The subjects of management use in each area and in each link of financial relations specific methods of targeted impact on finances.

The most important place in management is given to planning. It is precisely as a result of planning that every economic entity multilaterally assesses the state of its finances, finds opportunities for increasing financial resources, and directions for their use with the greatest efficiency. Based on the analysis of complete and reliable information, management decisions are made. If the information is reliable and received in a timely manner, then informed decisions are made. Financial information is based on statistical, accounting and operational reporting.

Operational management is a set of measures developed on the basis of an operational analysis of the emerging financial situation and pursuing the achievement of the goal, which is to obtain the greatest effect at a small number of costs through the redistribution of financial resources.

Financial condition management. The cash flows of enterprises are part of its finances, i.e., existing financial relations. Cash assets of an enterprise are in constant circulation. They are invested in current and non-current assets. The circulation of non-current assets occurs over a very long time period - several years, and current assets - much faster. The turnover of current assets is calculated and analyzed.

Management and optimization based on the relationship "costs - revenue - profit". The main factors determining the financial condition of the organization are management and optimization based on the relationship "costs - revenue - profit".

When analyzing the relationship "costs - revenues - profits" three elements are used:

1) marginal income (the difference between the proceeds from the sale of products and the variable costs associated with its production):

MD \uXNUMXd B - Per;

2) relative income (marginal income, expressed as a percentage in relation to the proceeds from the sale of products):

OD = MD / V × 100;

3) gear ratio (the ratio of marginal income to profit from product sales):

ON = MD / Pr. Analysis of the relationship "costs - revenue - profit" allows organizations to:

1) to establish the relationship between the rate of profit growth and sales volume;

2) determine the ratio of costs, prices and volume of sales of products;

3) accurately plan the company's profit and determine the most profitable types of products and production;

4) use the method in intra-company planning;

5) determine the basis for making tactical and strategic management decisions;

6) determine the effectiveness of investment projects.

3. Financial system of the Russian Federation

Financial systems appeared with the birth of a class society and were formed as part of the economic, political and social system of the state.

It is believed that the concept of "financial system" is an element of a more general definition - finance. At the same time, finances form economic social relations.

Financial system of the Russian Federation is a system that provides a cost-balanced movement of natural-material flow in the process of reproduction of social and labor force.

The financial system of the Russian Federation consists of:

1) finances of enterprises, the state and the population;

2) the state budget;

3) off-budget funds (State Employment Fund, Pension Fund, Compulsory Social Insurance Fund, Compulsory Medical Insurance Fund);

4) state credit;

5) insurance funds.

At the same time, other options for structuring the financial system are also possible. For example, allocation of finances of financial and industrial groups, holdings, finances of families and citizens

Enterprise Finance - this is a set of monetary relations associated with the formation and use of decentralized monetary funds as a result of the circulation of production assets and participation in the reproduction of labor force.

State finances - this is a set of monetary relations that are manifested in the formation and use of centralized monetary funds in order to meet social needs.

Public finances - a set of monetary relations associated with the formation of the household budget in order to meet personal needs.

The state budget - main link in the financial system. The main sources of funding are taxes (75%) and duties (25%).

Extrabudgetary funds - funds of the federal government and local authorities related to the financing of expenses not included in the budget through targeted tax deductions.

State loan - it is directly a loan, sale of bonds and other securities.

Insurance funds - these are funds formed for the implementation of social, property, personal insurance and deposit insurance.

As problems of the current society, which the financial system is designed to solve, we can name:

1) disproportions in the development of the economic system;

2) insufficient rates of economic development;

3) lagging behind in adapting to changes in the financial and foreign commodity markets;

4) excessive social tension that negatively affects the reproductive process;

5) low level of satisfaction of the needs of the individual, etc.

Subsystems are large components of complex systems, which, as a rule, are complex systems in turn.

The stock market, treasury system, financial law, insurance, stock market, etc. can be considered as subsystems of the financial system.

4. Financial market, its types and significance

Financial market - it is a financial mechanism implemented by intermediaries based on supply and demand for capital, which is redistributed between lenders and borrowers. In practice, this is a set of financial institutions that direct the flow of funds first from owners to borrowers, and then back. The main function of the financial market is the transformation of idle funds into loan capital.

Sectors of the financial market

1) loan capital;

2) securities;

3) currencies;

4) direct investment.

The development of the financial market is strongly influenced by factors: the value of bank discount rates, the degree of capitalization of firms, the financial policy of the state, the development of the economic situation in the country, etc.

The structure of the financial market. The financial market consists of the money market and the capital market.

money market - market of short-term credit operations (up to 1 year). It is divided into regular, accounting, interbank and foreign exchange markets.

Accounting market - the market, the main instruments of which are treasury and commercial bills, other types of securities with high liquidity and mobility.

Interbank market - part of the loan capital market, in which the monetary resources of credit institutions are temporarily free and which are attracted and placed by banks among themselves, mainly for short periods.

The international payment turnover associated with the payment of monetary obligations of legal entities and individuals from various countries serves the foreign exchange markets. The specificity of international payments is the absence of a means of payment generally established for all countries. A significant condition for settlements in foreign trade is currency exchange in the form of the purchase or sale of foreign currency by the payer or recipient.

Currency markets - official centers where the sale and purchase of currencies takes place on the basis of supply and demand.

The capital market includes medium and long-term loans, stocks and bonds. It can be divided into the market for medium and long-term bank loans and the securities market. The capital market is the most important source of long-term investment resources for corporations, banks and governments.

The financial market is primary and secondary, as well as national and international. The primary financial market is a market that arises in the process of issuing securities.

Secondary - the market that arises in the course of the redistribution of financial resources. The secondary market is divided into exchange (purchase and sale of securities that are listed on the exchange) and non-exchange (purchase and sale of securities that are not listed on the exchange).

State and financial market. The state can pursue an official monetary policy, act as both a lender and a borrower, determine the general rules for organizing the market and exercise control over it. The state also protects and encourages the formation of the financial market. Such a policy is carried out through giving the market organizational completeness, strict control and standardization of operations.

5. Stock market, its types

Stock market - it is a system of supply and demand relationships in the securities market through the relationship between its main subjects (the issuer and the investor).

Types of stock market

1) primary (securities of new issues);

2) secondary (resale of securities);

3) organized (exchange);

4) unorganized (redistributed). Recently, the placement of temporarily free funds on the stock market has become popular. As a result of the right approach, this can bring high profits than keeping money in foreign currency or placing it in bank deposits. This method of storing funds has significant advantages:

there is a wide range of financial instruments for investing;

accessibility for a wide range of people (investment can be started with a small amount); good prospects for the development of the stock market in Russia;

management efficiency;

no time limits, i.e. you can decide for yourself when to sell bonds or shares - tomorrow, in a month or in a year, in contrast to a bank deposit issued for a certain period;

autonomy in decision making. Stock market in Russia. The Russian stock market is relatively young. It began to emerge in the early 1990s. The stock market belongs to the category of emerging markets with their characteristic high profitability, but at the same time with the highest degree of risk. In recent years, there have been a number of positive changes in the Russian securities market:

1) increased market liquidity and information transparency of issuers;

2) new mechanisms for protecting the rights of investors have been developed, the legislative framework has been strengthened.

All these changes, as well as the improvement in the economic and political situation in the country, contribute to the international recognition of Russia and the growth of its credit ratings among international rating agencies. Issuers are assigned to an investment or speculative group by means of a rating. The investment status allows counting on a significant increase in the inflow of investments into the country, since large Western institutional investors (investment and pension funds, insurance companies) are not entitled to invest in countries with a low speculative rating.

To date, Russia has come close to the investment rating. Since 2003, international agencies have been regularly assigning investment ratings to Russia. In this regard, it is believed that the Russian securities market has significant potential for future development.

stock market infrastructure. Transactions with securities are concluded with the participation of:

1) brokers who are financial intermediaries between investors and exchanges (investment companies or banks);

2) stock exchanges, which are the organizers of trade;

3) ownership of them based on the results of transactions;

4) settlement bank.

6. Financial policy of the Russian Federation

Financial policy - this is a special area of state activity, which is aimed at mobilizing financial resources, their uniform distribution and use for the state to carry out its functions

Parts of financial policy: definition of purpose; defining the tools and methods by which this will be achieved; management of financial activities of farms and other business entities.

Types of financial policy:

1) classical (A. Smith, D. Ricardo, the theory of free competition, government regulation is reduced to a minimum. Minimum income, expenses and taxes must be balanced);

2) regulatory (Fr. Roosevelt, J. Keynes, increase in government spending, the state must have a deficit of funds, income tax is proposed);

3) planning and directive (management of financial flows from a single center);

4) non-conservative (multi-purpose financing of the economy, stimulation of supply, low tax rates).

Objectives of financial policy:

1) increasing the volume and efficiency of the use of financial resources. In the development and implementation of financial policy, the refusal to take into account the increase in the efficiency of the use of financial resources can lead to dissipation of funds, a decrease in the sources of satisfaction of the ever-increasing economic and social needs of society;

2) recovery and restructuring of the economy: reducing the cost of the military-industrial complex, increasing the share of the second group of industries in the total volume of production, streamlining monetary circulation and an idea for the prospect of restoring the convertibility of the ruble;

3) achievement of the highest standard of living of the population on the basis of the development of branches of agriculture and industry.

The standard of living of the population is a value that determines the development of production, the structure and direction of the use of financial resources.

Three stages of financial policy implementation:

1) the development of scientifically proven concepts for the development of finance, which is formed on the basis of studying the requirements of economic laws, the state of the needs of the population and a multilateral analysis of the prospects for improving production;

2) the development of tactics and strategies for financial policy, i.e., the determination of important areas for the use of finance in the future and the current period. The possibility of falling and growing financial resources, as well as internal and external political and economic factors are taken into account;

3) implementation of practical actions aimed at achieving the set goals.

The main instruments of financial policy in the Russian Federation are:

1) public works and other programs that involve costs;

2) social programs;

3) government procurement;

4) public investment;

5) change in expenses of a transfer or redistribution type;

6) management of the tax burden.

7. Securities market

Stocks and bods market - This is the market where transactions with securities are made.

Securities - this is a category expressing the relationship associated with the appropriation of a part of the value that corresponds to the property rights of its owners

Investor - is the person who purchases the securities.

Issuer - is the person who issues the securities.

Functions of the securities market: price; a commercial; regulatory; informational; hedging function. Stock exchanges are traditionally the most representative securities market.

Stock Exchange - it is a part of the securities market organized in a certain way, in which purchase and sale transactions are made with these securities through the mediation of members of the exchange

Stock values are securities with which it is allowed to make transactions on the stock exchange. Exchanges can be divided into currency, commodity and stock exchanges. Since the end of the XNUMXth - beginning of the XNUMXth centuries, stock exchanges have been the most important centers of national and international life. The role of the exchange as a whole cannot be underestimated, nor should it be overestimated. It depends on the capacity and diversity of the securities market, which is subsequently determined by many circumstances, mainly in the field of bank credit regulation.

As a result, the stock exchange is only a part of the securities market, which is organized and most strictly regulated. Therefore, the establishment of basic rules for trading in securities is positive in that, already at the first stages, it allows you to limit the number of illegal transactions and ways to get money as a result of general incompetence. Stock exchanges, as useful economic instruments, allow private savings to be channeled into long-term financing of economic growth. As a result of the redistribution of the company's investment resources, exchange estimates of the profitability of investments can serve as a guideline. Stages of issue of securities:

1) primary issue (a decision is made to issue securities, placement is carried out by intermediaries and underwriters);

2) organization of circulation of securities and payment of income on them;

3) withdrawal of securities from circulation. Sources of investment financing. In accordance with the Law on investment activity in the Russian Federation, the following groups of sources of investment financing are distinguished.

1. The investor's own financial resources and on-farm reserves (profit, depreciation, cash savings and savings, funds paid by insurance organizations in the form of compensation for losses, other own sources, such as mobilization of internal resources in construction, etc.).

2. Borrowed funds (bank and budget loans, bonded loans).

3. Attracted financial resources (funds from the sale of shares, shares of members of labor collectives).

4. Cash centralized by associations and unions of enterprises.

5. Appropriations from the federal, regional and local budgets.

6. Foreign investment.

8. Securities and their types

Long-term and medium-term securities are traded on the securities market. Securities is a financial document that is bought and sold, which entitles its holder to receive cash in the future. Securities are shares, bonds, promissory notes, checks, certificates of deposit, treasury bills, etc.

1. Bonds are issued in large quantities and are a debt obligation of a corporation. They provide evidence that the corporation that issued the bonds undertakes to pay their owner within a certain period of time the interest on them, and when the payment is due, must repay its debt to the owner of the bonds.

2. A promissory note is a promise by a debtor corporation, which is unsecured, to pay the debt and interest on it at the due date. It is in last place among the debt obligations of the company.

3. Certificate of deposit - a financial document certifying the deposit of funds with the right to receive a deposit by the depositor, issued by credit institutions. There are certificates of deposit on demand and urgent, which indicate the period of withdrawal of the deposit and the amount of interest.

4. Government securities are debt obligations of the government. They differ from each other in terms of maturity, issue dates, and interest rates. They are an alternative to the issue of money and inflation in the event of a state budget deficit.

Today, government securities of the following types are circulating in many countries: treasury bills, treasury bills and treasury bonds, which differ in maturity.

Securities with non-fixed income - these are securities, which are primarily shares, which certify that there is a share contribution in the capital of a joint-stock company, and that there is a right to receive a share of profits in the form of a dividend.

Mixed forms - option loans and convertible debt, which bear some resemblance to industrial bonds and are a form of security transitional to fixed income stocks.

The total yield of a bond is a fairly significant indicator, since in the course of evaluating the terms of the bond it gives a real idea of the state of the accounts at a given point in time.

To determine the total return on fixed income securities, the nominal interest must be divided by the issuance rate.

Stock - non-fixed income securities that are issued to increase equity capital by joint-stock companies. A share is a title of ownership and at the same time the right to a portion of the profits, called a dividend. One of the most important features of a share as a title of ownership is that a shareholder does not have the right to demand that the joint-stock company return the amount he has contributed. This is what allows a joint-stock company to freely dispose of its capital.

9. What is state finance

State finances - these are monetary relations regarding the distribution and redistribution of the value of the gross domestic product (GDP), which is accumulated in the prescribed amount by state authorities and local governments to cover costs. The general revenue source of GDP is local taxes and taxes in favor of the constituent entities of the Russian Federation.

State finance can be divided into three main groups:

1) federal finances (federal budget, extra-budgetary funds, state credit, unitary and state finances)

2) financial entities (budget entities of the Russian Federation, off-budget funds, credit entity, finance of enterprises and entities)

3) finances of local self-government organizations (local budgets, off-budget funds, municipal credit, municipal and unitary finances).

State revenues - these are financial relations associated with the formation of financial resources that are at the disposal of the state and state enterprises.

State revenue system - it is a set of all types of government revenues generated by different methods, and their interrelated application.

Functions of government revenues:

1) economic (stimulating);

2) fiscal (withdrawal of funds)

3) paper money (credit issue);

4) use of state property;

5) sale of gold and foreign exchange reserves

Methods of formation of state revenues: taxes; non-tax revenues; loans; emission; privatization; gold reserves.

Government spending - this is part of the financial relations, due to the use of centralized and decentralized state revenues.

There are two types of government spending:

1) direct costs;

2) expenses of state enterprises. The public spending system is based on

the following principles:

1) target allocation of funds;

2) irrevocable spending;

3) compliance with the economy mode.

Forms of public spending:

1) budget financing;

2) credit security.

Expenses for servicing the public debt. External debt is the subject of special attention. If payments on it make up a significant part of the proceeds from the country's foreign economic activity (20-30%), then it becomes difficult to attract new loans from abroad.

Ways to access foreign public finance:

1) the traditional way - the payment of taxes at the expense of gold and foreign exchange reserves;

2) consolidation of external debt, i.e., the transformation of short-term and medium-term debt into long-term debt;

3) reducing the amount of external debt through conversion - turning it into long-term foreign investment;

4) appeal of the debtor country to international banks.

10. Budgetary device in the Russian Federation, its basis and significance

The budgetary device in the Russian Federation is built on the following principles

1) unity;

2) differentiation of incomes and expenses between the levels of the budget system;

3) balance of budgets;

4) completeness of reflection of income and expenses of all components of the budget system

5) independence of budgets;

6) efficiency and economy of the use of budgetary funds;

7) publicity, reliability of the budget;

8) total coverage of budget expenditures;

9) targeting and targeted nature of budget funds

The unity of the budget system of the Russian Federation - this is the unity of the legal framework, the monetary system, the principles of the budget process in the Russian Federation, the forms of budget documentation, a single way of organizing accounting for the federal budget funds of the budgets of the constituent entities of the Federation and local budgets.

The differentiation of revenues and expenditures between the levels of the budget system, the approval of the appropriate types of revenues (in whole or in part) and the authority to execute expenditures is assigned to the state authorities of the Russian Federation, state authorities of the constituent entities of the Russian Federation and local governments.

Budget balance - the volume of budgetary expenditures envisaged, which must correspond to the total volume of budget revenues and receipts from sources of financing its shortage. Authorized bodies should start from the need to minimize the size of the budget deficit when drawing up, approving and executing the budget.

The completeness of the reflection of budget revenues and expenditures means that all types of budget revenues and expenditures are subject to reflection in budgets in their absolute volume.

Independence of budgets - this is the existence of own sources of income for budgets of any level of the budget system, established in accordance with the legislation of the Russian Federation, and independent finding of the direction of spending the funds of the corresponding budgets.

Own sources of income: revenue sources fixed by law for each level of the budget; deductions on regulatory income; as well as additional sources that are established independently by representative authorities within the Russian Federation, local governments.

Glasnost - mandatory publication of approved budgets and reports on their execution in the open press.

Budget credibility - realistic calculation of budget revenues and expenditures.

The total coverage of expenditures means that all budget expenditures must be compensated by the total amount of budget revenues and receipts from sources of financing its deficit. The targeting and targeted nature of budgetary funds mean that budgetary funds are allocated to specific recipients with the determination of their direction for financing specific goals.

11. Consolidated budget of the Russian Federation

The consolidated budget of the Russian Federation consists of the federal budget and the consolidated budgets of the subjects of the Russian Federation. The consolidated budget of the Russian Federation is not approved by the legislature.

The executive bodies of the constituent entities of the Federation, the councils of ministers of the republics within the Russian Federation draw up their own consolidated budgets, which are a set of budgets of the respective territories.

The revenue part of territorial budgets should consist of fixed and regulatory revenues, credit resources, subsidies and subventions.

Fixed income - income received in the relevant budgets in full. The budget of the constituent entities of the Federation is paid a tax on the property of enterprises, and the tax on the property of individuals is paid to local budgets.

Regulating income - funds that are transferred from a higher level of the budget system to a lower level in excess of fixed income to reimburse its expenses; come to the relevant budgets based on the size of the percentage deductions, which are established upon approval of the higher budget.

Credit resources - funds given on a credit basis, which must be returned with or without interest.

Grants - funds provided in a fixed amount from a higher budget to balance lower budgets when they are short.

Subventions - funds from higher budgets transferred to lower budgets to finance only certain targeted activities.

To improve interbudgetary relations it is necessary to:

1) not to provide financial assistance to the subjects of the Federation, whose own income exceeds expenses;

2) provide support to the subjects of the Federation;

3) streamline the methodology for grouping territories by economic regions, taking into account natural conditions and economic potential;

4) create an effective mechanism for providing investments to equalize the levels of socio-economic development of the regions.

In accordance with the Federal Law of September 15.09.1996, 115 No. XNUMX-FZ "On the budget classification of the Russian Federation", the budget classification contains: classification of budget revenues of the Russian Federation, economic classification of expenditures of the budgets of the Russian Federation, functional classification of expenditures of the budgets of the Russian Federation, classification of sources of internal financing of budget deficits of the Russian Federation, classification of sources of external financing of federal budget deficits, classification of types of state internal debts of the Russian Federation, constituent entities of the Russian Federation, municipalities, departmental classification of federal budget expenditures, classification of types of state external debt and external assets of the Russian Federation.

During the preparation, approval and execution of the federal budget, the following apply:

1) departmental classification of federal budget expenditures;

2) classification of types of public external debt and external assets of the Russian Federation;

3) classification of sources of external financing of the federal budget deficit.

12. State loan

State loan - this is the activity of the state, regulated by the norms of financial law and aimed at obtaining a loan, i.e. the state borrows money from citizens and legal entities, as well as other states on the terms of urgency, repayment, compensation and voluntariness.

According to the terms of validity, the debt obligations of the Russian Federation are divided into loans that are short-term (up to 1 year), medium-term (from 1 to 5 years) and long-term (from 5 to 30 years). All types of debt obligations of the Russian Federation are repaid within the terms established by the specific terms of the loan, but cannot be more than 30 years.

By the right of issue, debt instruments are issued by the central government, the governments of national-state and administrative-territorial entities and local governments, if this is provided for by law.

On the basis of subjects, loans can be divided into:

1) sold only among legal entities;

2) implemented only among the population;

3) implemented both among legal entities and among the population.

According to the form of payment of income, loans are divided into:

1) interest-bearing, where the holders of debt obligations of such a loan receive a fixed income every year by paying coupons or once when repaying the loan by adding interest to the accrued face value of securities without annual payments;

2) winning, where the recipient acquires income in the form of winnings at the time of bond redemption, income is paid only on those bonds that were in the circulation of winnings. There are also no-risk loans. True, they are not currently produced in the Russian Federation; 3) interest-free (targeted) loans are based on the payment of income to bondholders or on a guarantee of obtaining the proper product, the demand for which is not satisfied at the time of issuing the loan. By placement methods, loans are divided into compulsory and voluntary, placed by subscription. Now only voluntary loans are used. Forced loans are used only in totalitarian states. Subscription loans are similar to forced loans, and therefore also do not apply. The form of loans can be non-bonded and bonded. Bonded loans offer an additional issue of securities.

Loans formalized by the signing of contracts, agreements, as well as by entries in debt books and the issuance of specialized obligations, are called bondless. All conditions of intergovernmental loans are fixed in special agreements, which stipulate the amount of interest, the currency for granting and repaying the loan, and other conditions. External bond issues on behalf of the borrowing state are placed on foreign money markets, as a rule, by banking consortiums.

They charge a fee for this service. By maturity, loans are divided into short-term (loan maturity up to 1 year), medium-term (up to 5 years), long-term (over 5 years). Now loans of all maturities are used.

13. Extra-budgetary funds as an integral part of the financial system of the Russian Federation

Extrabudgetary funds - one of the methods of redistribution by the authorities of the national income in favor of certain social groups of the population. The state mobilizes a share of the income of the population into funds to finance its activities. Extra-budgetary funds solve two significant tasks: the supply of additional funds to priority sectors of the economy and the expansion of social services for the population.

State non-budgetary funds are formed on the basis of the relevant acts of the highest authorities, which regulate their activities, indicate the sources of education, determine the procedure and direction for the use of funds.

Extra-budgetary funds represent an integral part of the financial system of the Russian Federation, which has a number of features:

1) are planned by authorities and administrations and have a strict target orientation;

2) are formed mainly at the expense of mandatory contributions from individuals and legal entities;

3) funds from funds are used to finance public expenditures not included in the budget;

4) insurance contributions to the funds and the relationships that arise when paying them are of a tax nature, the contribution rates are introduced by the state and are mandatory;

5) a large number of norms and provisions of the Law of the Russian Federation "On the Fundamentals of the Tax System of the Russian Federation" apply to relations related to the payment, calculation and collection of contributions to funds;

6) the funds are spent from the funds by order of the Government of the Russian Federation or a specially authorized body (the board of the fund);

7) in the state ownership are the financial resources of the fund, which are not included in the budgets, as well as other funds and are not subject to withdrawal for any needs not directly provided for by law.

Extrabudgetary funds - this is a form of application of financial resources attracted by the state to finance certain public needs that are not included in the budget and are comprehensively spent on the basis of operational independence strictly for the intended purpose of funds.

The decision to create off-budget funds is made by the Federal Assembly of the Russian Federation, as well as state representative bodies of the constituent entities of the Federation and local self-government. Extra-budgetary funds are autonomous, but at the same time they are owned by the state. They usually have a strictly targeted purpose.

Extrabudgetary funds, depending on the level of management, are divided into state (federal) and regional; According to their intended purpose, they are divided into economic and social.

Extrabudgetary funds are created in two ways. One way is the allocation from the budget and financing of certain expenses of particular importance, the second is the formation of an off-budget fund with its own sources of income for use for certain purposes.

14. The concept of the foreign exchange market, its segments and functions.

The concept and functions of the foreign exchange market

The foreign exchange market is a relationship of foreign exchange transactions (currency exchange), has a specific character (plays an important role in the foreign economic activity of the country). The foreign exchange market at the same time provides the process of integrating the economy (national into the world).

Currency market functions:

1) contributes to the integration of the national economy into the world economy through the exchange of national money for foreign ones, and, consequently, the further course of the social division of labor and specialization in the production of certain products of some countries, which ultimately stimulates competition and the market way of doing business

2) is an alternative form of investment of money capital in countries with a weak national currency, since the purchase of "hard" currencies allows investors to reduce the loss of their real savings in the domestic market at high inflation rates

3) allows you to receive high incomes on risky transactions of a speculative nature in the markets for futures contracts, as well as to insure against currency risks.

The foreign exchange market is an integral part of the market mechanism that unites economic relations that arise in the field of exchanging national money for foreign ones, and serves to promote the integration of the national economy in the world economy.

The main task of the foreign exchange market is to organize an uninterrupted system of exchange of national monetary units, which are legal tender exclusively on the territory of a given state, for foreign ones.

Segments of the foreign exchange market

The Russian foreign exchange market is divided into the following segments:

1) spot market (represents a market in which currency purchase and sale transactions are carried out at the currently agreed exchange rate, but the currency is delivered only two days after the conclusion of the transaction);

2) the futures contracts market (is a market where a futures exchange transaction is concluded at a fixed rate and a fixed amount in foreign currency);

3) the cash currency market.

The spot market, in turn, is divided into the market of freely convertible currencies and the market of limited convertible currencies, and the futures market - into segments corresponding to certain financial instruments, i.e. futures, forwards, options, etc.

In its composition, the foreign exchange market covers a fairly wide range of participants who make transactions for the purchase and sale of currency values. Conventionally, participants in the foreign exchange market can be divided into three key groups.

Forex market users - these are enterprises, citizens, foreign companies, participants in foreign economic activity and others, i.e. those participants who create the final demand and supply of foreign currency. Organizers of the foreign exchange market and intermediaries carrying out the movement of currency values - currency exchanges, brokerage firms, commercial banks.

The regulator of the foreign exchange market is the state represented by the Central Bank of the country.

15. Monetary system of the Russian Federation

The national monetary system has not yet been fully formed, it is in the process of formation.

The core of the Russian monetary system is the Russian ruble, which was put into circulation in 1993 and replaced the ruble of the former USSR. As a result, the separation of the national currency and monetary system of Russia from the currency and monetary system of the republics of the former USSR was completed.

In fact, the ruble it is a partially convertible currency for current operations of the balance of payments while maintaining currency restrictions on a number of transactions. Officially, the ruble is not tied to any Western currency or currency basket. Russia has introduced a floating exchange rate system. It depends on the balance of supply and demand on the country's currency exchanges, mainly on the Moscow Interbank Currency Exchange (MICEX).

Element of the monetary system of Russia - this is the regulation of international monetary liquidity, which determines the security of international settlements with the necessary means of payment.

Another element of the monetary system is the regime of the foreign exchange market. The currency legislation of Russia has determined that transactions in the foreign exchange market can only be carried out through authorized commercial banks that are licensed by the Central Bank of Russia.

The management of monetary policy is carried out by the president, the State Duma, and the government. They adopt legislative acts in the field of monetary policy, ensure their observance, share the powers and functions of management and regulation. Currency regulation is also carried out by the Ministry of Foreign Affairs, the Ministry of Finance, the Federal Service for Currency and Export Control and some other institutions. Currency regulation in Russia covers the procedure for conducting foreign exchange transactions, foreign exchange control, and the formation of foreign exchange funds.

Currency transactions include transactions related to: transfer of ownership of currency values; export and transfer abroad of currency values, as well as international money transfers; using foreign currency as a means of payment, as well as the ruble in foreign economic activity.

Currency regulation covers the procedure for the possession, use and disposal of foreign currency. Currency valuables on the territory of the Russian Federation may be owned by both residents and non-residents. The right of ownership of foreign currency on the territory of the Russian Federation is guaranteed and protected by the state on an equal basis with other objects of ownership. Currency values of residents must be of legal origin. Their sources are: foreign exchange earnings from foreign economic activity; foreign currency loans from authorized banks and financial organizations and other foreign legal entities; contributions to the authorized capital; currency purchased for rubles on the domestic foreign exchange market through authorized banks; charitable foundations.

16. What is the Bretton Woods system

Great Depression of the 1930s led to the death of the gold standard regime In order to develop the foundations of a new world monetary system in Bretton Woods, an international conference of allied countries was convened in 1944. As a result of this conference, an agreement was reached on the creation of regulated linked exchange rates, which is called the Bretton Woods system. The new system was to retain the advantages of the old gold standard system (fixed exchange rates) while noting its shortcomings. Following the conference, the International Monetary Fund (IMF) was formed, which was designed to make the new monetary system real and viable. This world monetary system, based on relatively fixed exchange rates and managed through the IMF, lasted, with some changes, until 1971. The IMF continues to occupy the most important place in international finance today.

The Bretton Woods system provided for the use of the dollar and gold as international reserves. The dollar was recognized as world money for two reasons. First, the US emerged from World War II with a stronger economy. Secondly, the United States accumulated a huge amount of gold, and in the period from 1934 to 1971. pursued a policy of buying and selling gold at a fixed price of $35 per ounce to foreign financial authorities. Consequently, the dollar was converted into gold at sight; the dollar came to be seen as a substitute for gold, hence being considered "as good as gold".

In reality, today's monetary system is a little more complicated. While the leading currencies (such as the Canadian and US dollars, the British pound sterling, the Japanese yen) float or fluctuate in accordance with the changing conditions of supply and demand, many countries of the European Common Market have pegged their currencies to each other. Moreover, most underdeveloped countries peg their currency to the currency of some leading industrialized country. So, for example, about 40 least developed countries have tied their currencies to the dollar. After all, some countries tie the value of their currencies to a group or "basket" of other currencies.

How well does the system of managed floating exchange rates work? Despite the fact that in historical terms this experience is too short and therefore insufficient for an absolute assessment, the system has both supporters and critics. Supporters of the system argue that during its short existence, it worked well, much better than planned. Nevertheless, to this day there are various arguments in favor of a system characterized by more stable exchange rates. Those in favor of fixed rates see the problems with the current system.

17. Currency transactions and their types

Classification and types of currency transactions

According to the legislation, foreign exchange transactions can be divided into current foreign exchange transactions and foreign exchange transactions that are associated with the movement of capital.

Current foreign exchange transactions include:

1) transfers to the Russian Federation and from the country of foreign currency for settlements without deferred payment for the export and import of goods, works, services, as well as for settlements related to crediting export-import operations for a period not exceeding 90 days

2) receipt and provision of financial loans for a period not exceeding 180 days;

3) transfers to the Russian Federation and from the country of interest, dividends and other income on deposits, investments, loans and other transactions related to the movement of capital;

4) transfers of a non-commercial nature to the Russian Federation and from the country, including transfers of amounts, wages, pensions, alimony, inheritance, etc.

Currency transactions related to the movement of capital include:

1) direct investments, i.e. investments in the authorized capital of an enterprise in order to generate income and obtain rights to participate in the management of an enterprise;

2) portfolio investments i.e. the acquisition of securities;

3) transfers in payment of the right of ownership to buildings, structures and other property, including land and its subsoil, attributable under the legislation of the country of its location to real estate, as well as other rights to real estate;

4) granting and receiving a deferred payment for a period of more than 90 days for the export and import of goods, works and services;

5) provision and receipt of financial loans for a period of more than 180 days;

6) all other currency transactions that are not current.

Main types of foreign exchange transactions

1. Opening and maintenance of foreign currency accounts for clients (opening foreign currency accounts for legal entities and individuals, accrual of interest on account balances, provision of overdrafts, provision of statements as the operation is performed, registration of an account archive for each time interval, execution of operations at the request of clients regarding funds on their foreign exchange accounts, supervision of export-import operations).

2. Non-trading operations of a commercial bank are operations related to customer service that are not related to the settlement of exports and imports of goods and services of bank customers with capital movements.

The issuance and maintenance of plastic cards is one of the latest operations, which gives the potential to occupy still unoccupied market niches for this type of operation, attract new customers and retain old ones, raise the bank's authority and take a higher position in the competitive battle between banks. Operations for the purchase and sale of cash currency are one of the main operations of a non-trading nature. The activity of commercial banks on the basis of exchange offices serves as an advertisement for the bank, an instrument for attracting customers and, most importantly, brings real income to a commercial bank.

18. Exchange rate, methods of its regulation

Exchange rate is the value of one currency denominated in another. The exchange rate is fixed for a certain period of time, officially established and announced by the Central Bank.

Types of foreign exchange market entry:

1) direct (reflects the cost of a unit of foreign currency in national);

2) reverse (reflects the cost of a unit of national currency in foreign currency).

The exchange rate can be nominal (the numerical ratio of two currencies) and real (the ratio of the purchasing power of two currencies based on the nominal exchange rate).

The role of the exchange rate in the economy:

1) comparison of prices for goods and services produced in different countries

2) the level of the exchange rate determines the competitiveness of national goods in the world market, the volume of exports and imports, the state of the trade balance;

3) impact on the direction of international capital flows;

4) acts as the price of a financial asset. The dynamics of the exchange rate and its changes are indicators of the economic and political stability of society.

Real exchange rate - This is the ratio at which the goods of one country can be sold in exchange for the goods of another country. Characterizes the ratio of prices for goods abroad and in the country expressed in one currency.

Defined as follows:

Real exchange rate = (Nominal exchange rate ×Price level abroad in foreign currency) / Domestic price level in national currency. Exchange rate regulation methods:

1) foreign exchange interventions (intervention of the Central Bank in operations in the foreign exchange market in order to influence the exchange rate of the national currency through the purchase and sale of foreign currency);

2) currency restriction.

Free floating exchange rates

Determined by the unhindered play of supply and demand. Consider the rate or price at which, say, US dollars can be exchanged for British pounds.

Falling demand for pounds indicates that if the pound becomes less expensive for Americans, then British goods will become cheaper for them. This causes Americans to expand their demand for British goods and therefore for the pounds with which to buy these goods. The exchange rate set by free market forces can and does change.

Factors of appreciation and depreciation of the dollar:

1) changes in consumer tastes. Any change in the tastes and affections of consumers for the products of another country changes the supply and demand for the currency of that country, and also changes the exchange rate;

2) relative changes in income. If one country's national income growth outpaces that of other countries, then its currency is likely to depreciate.

19. Currency control, its main directions

The Central Bank of the Russian Federation exercises control over the performance of currency transactions by credit institutions and currency exchanges. The purpose of currency control is to ensure compliance with currency legislation in the implementation of foreign exchange transactions. The main areas of currency control are:

determining the compliance of ongoing foreign exchange transactions with the current legislation and the availability of the necessary licenses and permits for them; verification of the fulfillment by residents of obligations to the state in foreign currency, as well as obligations to sell foreign currency in the domestic foreign exchange market of the Russian Federation; checking the validity of payments in foreign currency;

verification of the completeness and objectivity of accounting and reporting on foreign exchange transactions, as well as on transactions of non-residents in the currency of the Russian Federation. The main currency control body in the Russian Federation is the Central Bank of the Russian Federation, which:

determines the scope and procedure for the circulation of foreign currency and securities in foreign currency in Russia;

issues normative acts binding on residents and non-residents; conducts all types of foreign exchange transactions; establishes the rules for residents and non-residents in the Russian Federation to conduct transactions with foreign currency and securities in foreign currency, as well as the rules for non-residents in the Russian Federation to conduct transactions with the currency of the Russian Federation;

5) establishes general rules for issuing licenses to banks and other credit institutions to carry out foreign exchange transactions and issues such licenses; 6) establishes uniform forms of accounting, reporting, documentation and statistics of foreign exchange transactions, including for authorized banks, as well as the procedure and terms for their submission. The activities of the Central Bank of the Russian Federation are as follows:

1) stage-by-stage equipping of currency convertibility for current transactions, taking into account the state and changes of important factors that create the necessary conditions for this (adequate international liquidity, an effective exchange rate, stable macroeconomic policies and the right economic environment, which determines the opportunities and incentives for an appropriate response to market prices);

2) creating the necessary conditions for the inflow of financial capital and attracting foreign investment into the country's economy, taking into account the priority of long-term investments, as well as limiting the influx of unstable short-term capital;

3) prevention of groundless outflow of capital from the country and limiting the likelihood of capital flight, including the return of capital and dividends on invested capital;

4) counteracting the legalization through the regime of credit organizations of criminal proceeds acquired in foreign currency or in the form of other currency values.

The achievement of the above goals should be carried out in stages, taking into account the peculiarities of the use of foreign currency in various areas of its circulation.

20. Currency risks and methods of their insurance

Every country has its own money. They serve as a medium of exchange or means of payment, a unit of account, a store of value, and are also used as a measure of deferred payments in both the domestic and foreign markets in the form of national currency.

But there are as many national currencies as there are sovereign states.

Consequently, there are just as many separate interest rate structures and government tax policies. This gives some difficulty in the study of the currency market. And here we are helped by two familiar factors - profit maximization and competition. The desire to maximize profits is just as true for the subjects of the foreign exchange market, as in other areas of the economy. Of course, the concept of profit here is different, it is determined by a combination of a wide range of political and economic risks. However, the parties taking place in the foreign exchange market react to changing external conditions in the same way as those who seek to maximize ordinary profits.

Currency risks are a component of commercial risks to which participants in international economic relations are exposed. Currency risks represent the risk of currency losses due to changes in the exchange rate of the price (loan) currency in relation to the payment currency at the moment between the signing of the loan agreement or contract and the payment

The currency risk is based on the transformation of the real value of the monetary obligation in the specified period. Both parties - participants in the transaction - are exposed to currency risk. Due to the fact that the rates of absolutely all currencies, in particular the reserve currency - the US dollar, are subject to periodic fluctuations as a result of various subjective and objective reasons, the practice of international economic relations has formed approaches to choosing a protective strategy against currency risks. The essence of these approaches is that:

1) conclusions are made about the need for special measures to insure foreign exchange risks;

2) a specific method and method of risk insurance is selected;

3) a part of a loan agreement or a foreign trade contract is allocated - an open currency position that will be insured.

In international practice, three key methods of risk insurance are used:

1) unilateral actions of one of the partners;

2) mutual agreement of the participants in the transaction;

3) operations of insurance companies, government and bank guarantees.

The specific choice of risk insurance method is influenced by factors such as:

1) the solvency of the transaction counterparty;

2) competitiveness of goods;

3) current credit, financial and currency restrictions in the given country;

4) availability of additional conditions for the transaction;

5) term of risk coverage;

6) prospects for changes in the exchange rate or interest rates in the market.

In the world practice of insurance, currency and credit risks reflect the ongoing changes in the world economy and the monetary system as a whole. The least complex and the very first method of insuring currency risks were protective clauses.

21. Factoring, types of factoring relationships

1 Factoring - this is an assignment not paid by debt claims (promissory notes) arising between counterparties as a result of the sale of goods and services on the terms of a commercial loan to a third party who undertakes accounting, information, marketing, legal, insurance registration. Basic functions of factoring

1) lending to the client in the form of prepayment of debt claims;

2) customer accounting;

3) collection of customer debts;

4) customer insurance against credit risk.

Parties involved in factoring operations: factor, initial creditor and debtor. Factoring services are attractive for small and medium-sized enterprises experiencing financial difficulties Types of factoring operations

1) at the location of the parties:

a) internal operations;

b) international operations;

2) according to the debtor's awareness of the factor's participation in the transaction:

a) open operations;

b) closed operations (confidentiality);

3) by the presence of the right of recourse (return requirement to the supplier to reimburse the amount paid):

a) with the right of recourse;

b) non-recourse.

Mutual factoring (two-factor) - is a factoring operation in which the factoring company will act in its own country on behalf of (on behalf of) a foreign factoring company in transactions involving these two countries.

Direct import factoring - this is an agreement with a factoring company in the country that directly imports the product.

Direct export factoring - this is an agreement to which the factoring company assumes a share of responsibility (credit risk, lending, record keeping, collection of debt claims).

Types of factoring agreements.

1. A full service agreement is only entered into on an ongoing business (verified) relationship. This agreement will normally include the following terms:

a) full protection against the appearance of doubtful debts;

b) credit management;

c) accounting for the sale of the product;

d) credit in the form of advance payment. A recourse agreement differs from the reverse in that the factoring company does not act as an insurer for the credit risk that the supplier continues to bear.

2. Agency agreement (wholesale factoring agreement) - this is an agreement under which the factoring organization retains the collection function. The advantage for the factoring situation is to reduce the costs (expenses) for assessing creditworthiness. Payment of the remaining part is carried out only after the repayment of all debt obligations by the client.

3. Account Accounting Agreement - this is an agreement that is made if the supplier is only interested in lending from the factoring organization.

22. Leasing, essence and concept

Leasing is a complex of property relations that develop as a result of the transfer of property for temporary use.

Leasing is the purchase of equipment with its leasing to enterprises (lessee) in exchange for lease payments. Leasing provides for the possibility of repurchasing equipment at the end of the leasing agreement or ahead of schedule at the residual value

If a certain type of activity does not bring benefits to all parties to the contractual relationship and, first of all, to the user himself, then it will not be widely used by entrepreneurs.

Advantages of leasing that the lessee receives:

1. Reducing the need for own start-up capital. This type of activity usually involves 100% financing by the lessor and does not require the immediate start of payments, this makes it possible to update production assets without acute financial stress, buy expensive property, and increase working capital to expand production.

2. It is often easier for a company to obtain property under leasing than to take out a loan to purchase it, since the leased property is issued as collateral. Abroad, individual leasing companies do not require any additional guarantees from the lessee.

3. It is believed that a leasing contract is more flexible than a loan, it allows both parties to develop a convenient system of payments. By mutual agreement of the parties, lease payments may be made after receipt of proceeds from the sale of goods produced on the leased equipment. Payment rates can be floating or fixed.

4. The leasing procedure can be executed for a longer period than the loan agreement. As a result, the amount of periodic leasing payments will be less, the user's expenses for paying these payments will decrease, and the reliability of the implementation of the leasing agreement will increase.

5. For the lessee, the risk of physical and moral depreciation and aging of property is reduced, since the property is not property, but an object of temporary use.

6. Leased property may not appear on the lessee's balance sheet, which does not increase his assets and saves him from paying tax on this property.

7. Leasing payments are fully attributed to production and distribution costs (cost) and reduce taxable income.

Thus, all parties to the transaction are interested in leasing: the user gets the opportunity to purchase equipment without initial financial costs, the manufacturer acquires new distribution channels, the leasing company becomes a financial link between the consumer and the manufacturer, receiving income for this. Leasing (financial lease) is a financial instrument in the activities of business structures. For many firms, the problem of entering the world market of competitive products can be solved only through leasing.

23. Forms and types of leasing

When allocating types of leasing, they proceed mainly from the signs of their classification, which characterize the number of participants in the transaction; type of property; market sector; form of leasing payments; the volume of maintenance of the leased property; the period of use of the property and the associated depreciation conditions.

Depending on the composition of the participants (subjects) of the transaction, the following types of leasing are distinguished:

1) leasing with the participation of three parties (it is similar to the classical leasing operation, since the supplier, the lessor and the lessee take part in it);

2) leasing with the participation of many participants, or separate leasing (it is common as a form of financing complex, large objects, such as aircraft, river and sea vessels, drilling platforms, complete equipment of enterprises, etc.).

Depending on the market sector, the following leasing operations are distinguished:

1) internal leasing, where all parties to the transaction represent one country;

2) external leasing, in which the lessor and the lessee are located in different countries.

Also, international leasing can be import and export. For Russia, import leasing is mainly used. Depending on the forms of leasing payments, there are:

leasing with a cash payment, on the basis of which payments are made in cash; back-to-back leasing, in which the lessee pays the lessor with goods, usually made on the leased property, or through counter services rendered; 3) leasing with a mixed payment, in which part of the payment comes in cash, and the other part - in goods or services.

In terms of service volume, leasing is divided into pure and full.

Net leasing - this is a relationship where all the maintenance of the property is undertaken by the lessee, so the lease payments do not include the cost of maintaining the equipment.

Full leasing - mandatory maintenance of equipment, as well as repairs by the lessor. Full leasing is considered one of the most expensive, as the lessor's costs for maintenance, the supply of qualified personnel, etc.

Partial leasing - the lessor is entrusted with only certain functions for servicing the property. Thus, the Rostov Helicopter Plant leases manufactured helicopters accompanied by a crew.

According to the period of use of the property and the conditions of depreciation, there are:

1) leasing with full payback and full depreciation of property, when the term of the contract is equal to the standard service life of the property and the full payment to the lessor of the price of the leased property is made;

2) leasing with incomplete payback and incomplete depreciation of property, when the term of the contract is less than the standard service life of the property and in the course of its operation only a part of the cost of leasing equipment is paid off.

24. Objects and subjects of leasing

Leasing object - any unused things used for business, except for land and other natural objects.

Consequently, objects with free circulation on the market can act as leasing property. They can be movable and immovable property.

Depending on the object, leasing is divided into leasing of movable property (equipment leasing) and leasing of real estate.

Land plots and other natural objects in our country cannot be transferred to a financial lease, but may be the subject of a lease agreement. Such a limitation of the subject of financial lease lies in the fact that such use of land and other natural objects for entrepreneurial purposes is regulated by the Land Code of the Russian Federation.

By analyzing the state of financial leasing in developed countries, it is possible to identify the main groups of equipment leased:

1) transport (transport aircraft, ships, cars, railway cars, etc.);

2) communication equipment (radio stations, satellites, postal equipment, etc.);

3) agricultural equipment;

4) construction (cranes, concrete mixers, etc.).

Subjects of leasing

Lessor - an individual or legal entity that, in the course of the implementation of a leasing agreement, purchases property into ownership and provides it to the lessee for a certain fee as a leased asset, for a specified period and on established conditions, for temporary possession and use with or without transfer of ownership of the leased asset to lessee.

Lessee - an individual or legal entity that, in accordance with the agreement, accepts the subject of leasing for a certain period, for a certain fee and under certain conditions for temporary possession and use in accordance with the leasing agreement.

The seller is a natural or legal person who, in accordance with the sale and purchase agreement with the lessor, sells to the lessor the property that is the subject of leasing at the appointed time. He is obliged to transfer the object of leasing to the lessor or lessee on the basis of the terms of the contract of sale.

Lessors can be leasing companies - financial companies that specialize only in the payment of property or provide not only financial services, but also other services related to the implementation of leasing operations, such as training, maintenance, consulting, etc.

The subjects of leasing can also be enterprises with foreign investments.

Highly specialized leasing companies, as a rule, deal with one type of goods (cars, containers) or standard goods of one group (equipment for technical enterprises, construction equipment).

25. Measures of state support for leasing relations /

In order to create good conditions for the development of leasing as an effective device for overcoming the industrial recession and activating the investment flow in the economy, in order to support and develop small and medium-sized businesses, the future development of private business, increase the efficiency of entrepreneurial activity in the field of production and taking into account the world experience of extensive use of leasing , the state is pursuing a policy of maintaining leasing relations.

All operations for state support of the activities of leasing enterprises (companies, firms), established by the laws of the Russian Federation, decrees of the Government of the Russian Federation, decisions of state authorities of the constituent entities of the Russian Federation within the boundaries of their competence, are divided into two groups: general areas and special, i.e. in separate industries.

In order to support private capital, the state takes a share in organizing the infrastructure of leasing activities in some targeted investment and leasing projects, and also allocates state orders to companies implementing leasing for the supply of goods for state needs. For the implementation of leasing projects, the state provides investment loans. Provides banks and other credit institutions, in the manner prescribed by the legislation of the Russian Federation, exemption from paying tax on profits acquired by them from providing loans to leasing entities for the implementation of a leasing agreement for a period of at least three years.

To create favorable economic conditions for companies with leasing activities, credit and tax incentives are provided by law. Decisions are being prepared to reduce the rates of customs duties on types of technological equipment imported into the Russian Federation, which have no domestic analogues.

Development, improvement, formation of a regulatory framework that ensures the protection of the property and legal interests of the parties to leasing transactions is one of the main tasks of the state in the field of support.

The state is pursuing a policy of supporting leasing activities in the field of economics, education on teaching the basics of leasing activities: student training, advanced training of teachers, training and retraining of civil servants dealing with leasing issues.

As the first measure of state support for leasing organizations, the development and implementation of a federal program for the development of leasing activities in the Russian Federation or in a separate region was created as part of the program for the medium and long-term socio-economic development of the Russian Federation or region.

26. Economic security to the financial sphere of the enterprise

Economic security of the enterprise - it is confidence, protection of economic interests from various sources of danger.

The main types of enterprise economic security strategy

1) elimination of already existing threats to the economic interests of the enterprise;

2) constant monitoring of undesirable impact on a specific security object;

3) foresight. The main methods of copying the necessary information:

1) interception through a communication channel;

2) eat using various technologies;

3) database theft. There are the following risk factors:

1) internal (the sphere of management of production activities and the sphere of circulation);

2) external (political, scientific and technical, economic, socio-economic)

Principles of ensuring economic security:

1) the principle of locality, i.e., the creation of such economic conditions under which the probability of the emergence of economically dangerous trends will be significantly small;

2) the principle of globality - taking measures to combat the consequences

The main thing in the basis of the economic security of the enterprise is the state of the legal framework, the correctness of the enterprise development model, the efficiency in the work of the security service. The priorities of the security service are to protect the property of the enterprise and personnel, non-disclosure of trade secrets, and maintaining economic stability. Based on this, the following diagram can be drawn:

Manager - Economic security specialist - Human resources department - Production department - Financial department - Marketing department - Logistics department - Sales department.

Methods of fraud in the enterprise:

1) use of the prepayment system;

2) creation of a joint venture;

3) transactions through an intermediary;

4) massive conclusion of contracts for the supply of goods with limited demand;

5) transfer of goods for consignment;

6) payment of customs duty at someone else's expense;

7) multiple use of collateral;

8) issuance of obviously incorrect bills of exchange. Enterprise risks

Main risks: securities can change significantly in price, and not only upwards. In the event of a price fall, the investor's maximum possible loss is limited to the amount invested in the acquisition of one or another asset; insufficient liquidity may prevent you from selling securities at the right time, no matter what prices are specified in the order; there is a risk of losing all or part of the funds as a result of insolvency.

27. Financial planning in the enterprise

Financial planning at the enterprise is the planning of all its income and expenditure items for the favorable development of the enterprise. Financial planning is implemented through the preparation of financial plans of various contents and directions, depending on the objects and tasks of planning

In this regard, financial plans can be divided into current, operational and prospective.

A business plan is an example of a generalization of long-term and current planning. It is customary to develop it in developed capitalist countries when organizing a new enterprise or justifying the production of a new range of products. It is compiled for a period of 3 to 5 years, since planned developments for longer periods may be unreliable.

As a rule, a distinction is made between short-term and long-term planning. Long-term plans should be a so-called framework, the constituent components of which are short-term plans.

Predominantly, enterprises use short-term planning, that is, the planning period of which is equal to one year.

This can be explained by the fact that over a period of such a length, all events typical for the existence of an enterprise occur, since during this period seasonal fluctuations in the conjuncture are evened out.

By time, the annual plan can be divided into monthly or quarterly plans.

Planning organization. The organization of planning depends on the size of the enterprise. In very small enterprises, there is no separation of management functions, and managers can get to the bottom of all the problems on their own. In large enterprises, the work of drawing up plans must be developed in a decentralized manner.

Indeed, at the level of divisions, personnel are concentrated who have maximum experience in the field of production, sales, procurement, operational management, etc. As a result of this, it is in the divisions that proposals are made regarding appropriate actions that can be taken in the future.

The planning process. The organization must carry out planning and control in two fundamental economic areas. Firstly, it is the profitability (profitability) of his work, and secondly, the financial situation. Therefore, the budget plan for profit and the financial plan are the main components of intra-company planning.

Planning the need for working capital. The enterprise needs to organize planning for the use of both fixed and working capital. A significant factor in planning the use of working capital is the planning of the time of receipt of income and expenses. The working capital of the enterprise must cover the costs from the start of production until the consumer pays for the product.

28. Forecasting in the field of financial planning

A significant role for financial planning is played by the information that gives an idea of the state of affairs in the future, i.e., prognostic information. The process of obtaining this information is called forecasting.

Financial forecasting - this is, first of all, the substantiation of indicators of financial plans, the prediction of the financial situation for one or another time period. In theory and practice, medium-term (5 - 10 years) and long-term (more than 10 years) financial forecasting are distinguished

The main goal of financial forecasting is to determine the realistically possible amount of financial resources and their needs in the forecast period. Financial forecasts are a necessary element and at the same time a stage in the development of financial policy

In theory and practice, various forecasting methods are used:

1) method of expert assessments (survey using the Delphi method, representative survey, etc.);

2) method of processing spatial and temporal aggregates;

3) the method of situational analysis and forecasting, including simulation methods, growth models;

4) the method of proportional dependencies of indicators, including production functions and cost functions.

The strategic financial forecast is developed based on the goals of doing business, taking into account macroeconomic processes in the economy, the financial policy of the state, including tax and customs policy; the state and development of financial markets, investment, inflationary processes, etc.

Current financial forecasts are developed taking into account forecast trends and ultimately take the form of a balance of income and expenses of enterprises.

Long-term and short-term forecasts differ not only in scale, but also in goals.

If the main goal of the long-term forecast is to determine the pace of expansion of the enterprise that is acceptable from the standpoint of financial stability, then the goal of the short-term forecast is to ensure the constant solvency of the enterprise.

Modern forecasting methods, as one of the approaches, are the development of business plans, which are models for the implementation of a certain idea, program, project, etc. An integral part of a business plan is a financial forecast, in which plans for marketing, operational activities, property rights and other aspects of the functioning of the enterprise are expressed in terms of cost.

The financial forecast, as well as the actual process of its development, should be considered as a system of generalization, creative analysis and interconnection of financial indicators of all facets of the activity and development of the enterprise. It should be borne in mind that in the process of financial forecasting, many informal factors that increase the viability of financial support for the functioning of the organization should be taken into account.

29. Financial resources of the enterprise, their essence and concept t

Financial resources of the enterprise - this is a set of own cash income, receipts from outside, at the disposal of the enterprise and intended mainly for the fulfillment of financial obligations, financing the current costs.

Financial resources can be:

1) own (from internal sources - profit from depreciation, and from external - additional capital investments, additional issue of shares);

2) borrowed funds (loans, funds from the issuance and sale of bonds, budget allocations on a repayable basis).

Financial resources in cash can be expressed only in the form of cash balances on settlement accounts in banks and cash desks of the organization. For some organizations, there is such a rule to raise borrowed funds as long as the income generated by these funds is higher than the cost of servicing the loan.

Enterprise Finance - this is a set of monetary relations that are directly related to the formation of primary income and savings, as well as their distribution and further use.

The main objectives of the enterprise can be

1) raising capital;

2) efficient use of this capital. The main functions of enterprise finance:

1) providing and servicing the life cycle of the enterprise with money;

2) ensuring the solvency of the enterprise;

3) ensuring financial proportions;

4) distributive function (calculation);

5) maintenance of the given capital structure of the enterprise;

6) rationality in the use of funds.

Distribution - it is the link between production and consumption. In market conditions, the production, distribution of the social product and national income is carried out with the help of the finances of the enterprise. This process occurs through the receipt by enterprises of cash proceeds for sold products and using it to reimburse the spent means of production, the formation of gross income. A certain share of this income goes to the centralized social insurance fund, and part remains at the disposal of the economy for the formation of economic incentive funds and financing the costs of expanding and developing production.

In the process of formation and use of the depreciation fund, mobilization of internal resources in capital construction, with the help of finance, the redistribution of national wealth is carried out. Thus, under the distributive function of finance enterprises understand the implementation of their activities in the process of distribution of the social product, national income and national wealth.

The distributive function creates conditions under which an enterprise and an industry that strictly observes planning and financial discipline can uninterruptedly carry out economic activities and fulfill financial obligations. This function is interconnected with the control function of finance.

30. Financial capital

Financial capital - These are financial resources involved in the enterprise in the production turnover and generating income from this turnover.

Capital - it is the economic basis for the creation and development of an enterprise in tangible and intangible forms, invested in the formation of assets.

Classification of capital.

1. By forms:

1) equity is the total value of the organization's funds owned by it;

2) the authorized capital is the main source of financial formation of the organization, with its value the organization is responsible for its financial obligations;

3) additional capital - this is capital, which includes the amount of revaluation of fixed assets, capital construction projects and other tangible objects of the organization with their useful life (more than a year);

4) reserve capital - this is capital that is formed by deducting profits in a certain amount (annually 5% of profits), the size of retained earnings of the organization is of great importance, due to which investments are made to expand the activities of the organization;

5) other reserves of the organization, formed from the uniform inclusion of future expenses of the organization in the costs of production or circulation of the reporting period, to determine the goals that are necessary to stabilize the current activities of the organization;

6) borrowed capital is cash or other property values of the organization,

attracted on a repayable basis directly to finance activities in the future period.

2. By object:

1) fixed capital is a part of the capital that is used by the organization in the process of investing all non-current assets;

2) working capital is a part of the capital of the organization, investing all the working capital of the organization.

3. According to the purposes of use:

1) productive capital is the financial resources of the organization that invest operating assets for the implementation of economic activities;

2) loan capital - these are the financial resources of the organization that participate in the process of investment activities;

3) speculative capital is capital that is used directly in the course of speculative financial transactions.

4. According to the form of being in the process of circulation:

1) enterprise funds;

2) funds for repayment of bank loans;

3) funds for financing scientific research;

4) funds for contributions to higher organizations.

Sources of formation of the financial capital of the enterprise. The basis for organizing the finances of enterprises of all forms of ownership is the availability of financial capital in the amount necessary for the implementation of the organized economic and commercial activities of the owner. The initial formation of this capital is carried out during the period of the establishment of the enterprise through the formation of an authorized fund, consisting of fixed and working capital.

31. Rationing of working capital

working capital - this is a set of funds, which is an investment in working capital and circulation funds in order to ensure the continuity of the production process or the sale of products.

Working capital rationing factors:

1) the duration of the production process;

2) tactics in the course of work of the procurement, processing and manufacturing shops of the enterprise;

3) the level of supply of the production process;

4) distance from suppliers to consumers;

5) the dynamics of the transport service of the enterprise;

6) the duration of the work of the preparatory workshops of the enterprise;

7) the sequence and efficiency of launching materials into production;

8) the process of selling products.

Normalized elements of production means.

1. Manufacturing stock - These are the material resources of the enterprise, which are intended to participate in the production process. The norm of inventories for the planned period is calculated by the following formula:

Inventory rate \uXNUMXd (Amount of consumption of material resources / Number of days in the planning period) × The established stock rate for this type of resource in days.

2. Current stock - it is a reserve that ensures the continuity of the production process. It is calculated by the formula:

Current stock = Delivery interval in days × Average daily requirement for materials ×Resource retention factor.

3. Resource retention factor is calculated using the following formula: Resource delay factor = Frequency of consumption of materials / Number of calendar days in the planning period.

4. Max stock can be defined as follows:

Maximum stock = (Delivery interval in days + Frequency of materials entering the production process + Warranty stock in days) ×Average daily requirement for materials.

5. Average stock is calculated as follows:

Average inventory = (Delivery interval in days + Frequency of materials entering the production process) ×Resource Consumption Simultaneity Factor + (Safety Stock in Days ×Average daily requirement for materials).

6. Unfinished production - this is a production process that, according to its established deadlines, lags behind the plan, is calculated according to the following formula:

Work in progress \uXNUMXd (Plan of the volume of marketable products at production cost / Number of days in the planning period) × The duration of the production cycle × Cost escalation factor.

7. Rationing of future periods is calculated using the following formula:

Rationing of future periods \uXNUMXd (Amount of funds invested in deferred expenses + Calculation according to the estimate for the planning period) - The amount of expenses included in the cost price according to the estimate of production costs.

32. Conducting financial analysis at the enterprise. Stages and methods

Assessment of the financial condition of the enterprise is the main purpose of financial analysis. The subjects of financial analysis are directly interested users (creditors who are interested in the solvency and liquidity of the enterprise) and shareholders (they are interested in the efficiency of resource use, the profit of the enterprise, obtaining a higher level of dividends).

There are three main stages of financial analysis.

1. Clarification of the goals of the analysis and the approach to its implementation (comparison of the enterprise's indicators with industry average indicators, standard values, with indicators of previous periods, with planned indicators, with indicators of competing enterprises).

2. Evaluation of the information provided (accuracy and reliability).

3. Determination of methods for conducting analysis.

In the course of financial analysis, the following methods can be used:

1) analysis of absolute indicators based on reading the balance sheet;

2) horizontal (temporary), i.e. comparison of the values of each reporting position of a given period with the previous period;

3) vertical (structural), i.e., determining the structure of the financial indicators obtained as a result with the influence of each reporting position;

4) trend analysis - drawing up a predictive analysis for the future period based on determining the dynamics of indicators;

5) spatial analysis - calculation of summary indicators of the reporting of an enterprise (subsidiaries, branches, etc.);

6) analysis of relative indicators (coefficients) - determination of the relationship of indicators;

7) factor analysis - determination of individual factors that may affect performance indicators.

In financial analysis, formalized criteria are widely used, i.e. indicators and ratios calculated according to established formulas. The obtained values are analyzed both in absolute value and in dynamics (i.e., the trends of their increase or decrease are calculated). Then they are compared with the normative coefficients (standards) data for previous periods, average statistical indicators for the industry or a group of similar enterprises. The formality of this approach is manifested in the fact that the found value of the indicator or coefficient confirms a very specific state of affairs in the enterprise.

As a result of financial analysis, it is necessary to take into account various factors, such as the reliability of financial statements, the effectiveness of the planning methods used, the use of different accounting methods (accounting policies), the static nature of the coefficients used, the level of diversification of the activities of other enterprises.

The complexity of the situation today lies in the fact that in a large number of organizations, employees of the accounting service do not have the methods of financial analysis, and the specialists who own them, including management, usually do not know how to read synthetic and analytical accounting documents.

33. Liquidity ratios

Liquidity - is the ability of the enterprise to meet its short-term obligations. With a low solvency of an organization, we can talk about its very weak financial position and the inability to solve most of the issues that have arisen in its activities, for example, such as attracting new loans, since the trust of creditors will be broken. In another way, liquidity is defined as the quality of the company's current (current) assets, their ability to cover the organization's debts.

The problem of liquidity must be resolved even before the start of the long-term planning process, if the company has built a sound strategic plan.

Two main types of liquidity indicators:

1) total coverage ratio;

2) absolute liquidity ratio.

Total Coverage Ratio is calculated as the ratio between the company's current (current) assets and its current (short-term) liabilities

Total Coverage Ratio (CCR) = Current Assets / Current Liabilities

The minimum required value of the OKP must be at least 1 - otherwise the organization will be declared insolvent. According to experts, the optimal TCR indicator ranges from 2 to 2,5.

Nevertheless, to a large extent, the acceptable value of the OKP depends on the specifics of the industry, the degree of creditors' confidence in it, and the size of the enterprise.

For industries with a rapid turnover of current assets, for firms with low inventories and a good reputation, the TCR may be lower (about 1,5).

There are a number of practical tips to improve the solvency of the enterprise.

One of them is the growth of short-term debts of the enterprise, and due to them - the size of current assets. If the firm, through efficient operation, can invest financial resources so that they give additional profit, then the profit received will increase working capital, and therefore improve the balance between current assets and liabilities.

Another way is not to increase working capital, but, on the contrary, to use part of it to pay off debts. But in this case, the value of both current liabilities and current assets decreases, and this can lead not only to an increase, but also to a decrease in liquidity indicators.

Absolute liquidity ratio - this is the ratio between the most liquid part of current assets and current liabilities. "Quick-turnover" assets, i.e. the most liquid part of current assets is calculated as the difference between the total value of current assets (working capital) and all inventories:

Absolute liquidity ratio (AL) = = Current assets (stocks) / Current liabilities.

According to experts, a theoretically acceptable value is considered to be AL of at least 0,2. The AL score is less conservative than the overall coverage ratio. This indicator determines the ability of the most liquid current assets (for example, cash on hand in a bank account), securities - to pay the organization's debts.

34. Indicators of economic activity (turnover)

This type of financial ratio represents how well a company is using its resources. One of the most used indicators of activity are

1) turnover of receivables (turnover of accounts payable);

2) inventory turnover;

3) turnover of fixed assets (fixed assets).

The turnover of accounts payable is defined as the ratio of net sales on credit and accounts payable (accounts receivable):

Accounts payable turnover (ACO) = Net credit sales / Accounts payable (accounts receivable).

The higher the RSD, the shorter the period between the sale and the receipt of money.

The turnover of inventories establishes how balanced the value of the enterprise's stocks is. It is found as the ratio between the cost of goods sold (the cost of goods sold by the company) and the amount of inventory:

Inventory Turnover = Cost of Goods Sold / Inventory.

This indicator measures the speed of movement of goods from the purchase of resources to the sale of finished goods. Calculation of OC is used only in situations where sales increase evenly.

A high HP value indicates a very good liquidity of the enterprise or an excellent trading skill. Or, on the contrary, the number of stocks, not sufficient for trading. A low value of OZ means insignificant liquidity, obsolete stocks or their surplus. Sometimes low OH is driven by seasonality in sales (and stockpiling of off-season items), a stock holding policy, or a planned increase in stocks in anticipation of certain other events (particularly coal stockpiling in anticipation of a miners' strike). Another method for determining inventory turnover is the ratio of net sales to inventory:

Inventory Turnover = Net Sales / Inventory.

The turnover of fixed assets (fixed assets) is calculated as the result of dividing the firm's net sales by the amount of fixed assets:

Turnover of Fixed Assets (RP) = Net Sales / Fixed Assets.

Fixed assets in this formula mean the net value of fixed assets of the enterprise minus intangible assets.

The NCF calculation is a good method of truly valuing fixed assets, as opposed to asserting their book value, which cannot take into account the true value of fixed assets to business activities. The next indicator of activity is the turnover of the total assets of the firm, which is a general indicator of the effectiveness of managing the use of the firm's resources:

Total Asset Turnover (TOA) = Net Sales / Total Assets.

If the overall activity score is quite low (usually above 1), this is mainly due to the organization's very sluggish sales activity, low sales, asset-heavy inventories.

35. Comprehensive indicators and indicators of market activity

One of the versions of complex indicators is "Z accounts", the calculation method of which was first proposed by E. Altman. "Z scores" are used to measure the probability of a firm going bankrupt. When calculating "Z scores", the Altman coefficients introduced by the author of this technique are used. Z \u6,51d 1X3,26 + 2X6,76 + 3X1,05 + 4XXNUMX,

where Х1 = (Current assets - current liabilities) / Total assets;

X2 = Sum of the firm's reserves / Total reserves;

X3 = Gross Profit / Total Assets;

X4 = Common Share Value / Total Liabilities;

6,51; 3,26; 6,76; 1,05 - Altman coefficients (they are periodically reviewed and updated depending on the industry situation).

Indicators of market activity characterize the value and profitability of the company's shares.

Earnings per share shows how much of net income comes from one ordinary share outstanding.

The ratio is calculated by dividing net income by the total number of ordinary shares outstanding.

The difference between the total number of issued ordinary shares and treasury shares in the portfolio shows the number of shares outstanding.

Earnings per share = (Net income - Dividends on preferred shares) / Common shares outstanding. The ratio of the market price of a share and earnings per share is the ratio between the company and its shareholders, which is calculated by the formula:

Ratio of the market price of a share and earnings per share = Market value per share / Earnings per share.

It indicates how much shareholders are willing to pay rubles for one ruble of the company's net profit. For example, if company A has this indicator of 10, and company B has 8, this means that investors currently prefer to evaluate the investment qualities of company A. However, the more important characteristic of the given indicator is not its level for a given period of time, but the dynamics of the indicator in comparison with the dynamics of other companies and with the overall dynamics of the market. At present, the analyzed indicator is also calculated in the reviews of the Russian financial market (for example, in the reviews of Kommersant).

The balance (book) value of one share shows the value of the company's net assets, which fall on one ordinary share in accordance with accounting and reporting data:

Book value per share = (Value of Equity - Preferred Shares) / Common Shares Outstanding. The ratio of the market and book value of one share shows the market value of one share in comparison with its book value:

The ratio of the market and book value of one share = Market value of the share / Book value of the share. In order to apply this indicator more objectively, it is necessary to keep in mind the limitations that accounting information introduces into the analysis. For example, this indicator may be higher for a company with physically depreciated assets.

36. Indicators of business activity and profitability of the enterprise

The business activity of the enterprise in the financial aspect is manifested in the rate of turnover of funds, which affects the amount of the annual revenue of the enterprise, the amount of semi-fixed costs, the solvency of the enterprise. The following factors influence the duration of the company's funds in circulation:

1) internal (the effectiveness of the asset management strategy, the pricing policy of the enterprise, methods for assessing inventory and stocks of the enterprise);

2) external (industry affiliation of the organization, scope of activities, inflation rate, nature of economic relations with partners).

Indicators of business activity of the enterprise can be divided into two groups.

1. General indicators of asset turnover:

1) the ratio of the total capital turnover (resource return) - reflects the rate of turnover of the total capital of the enterprise:

Resource productivity \uXNUMXd Sales proceeds / Amount of assets;

2) the turnover ratio of working capital - characterizes the speed of turnover of all working capital of the enterprise:

Working capital turnover ratio = Sales proceeds / Amount of current assets.

2. Asset management indicators:

1) the coefficient of return of intangible assets - reflects the efficiency of the use of intangible assets:

Return on intangible assets = = Sales proceeds / Amount of intangible assets;

2) return on assets - shows the efficiency of the use of fixed assets in the enterprise:

Return on assets \uXNUMXd Sales proceeds / Amount of fixed assets.

In the process of analyzing the business activity of an enterprise, special attention should be paid to the duration of the production cycle and its components.

Profitability is determined by cost and profit. The absolute amount of profit characterizes the economic effect, but not the efficiency of the enterprise. The generalizing indicators of the enterprise's activity are profitability indicators.

1. Profitability of sales:

Return on sales = (Non-current assets / Sales proceeds) × 100% characterizes how much profit falls on the ruble of sold products.

2. Return on equity:

Return on Equity = (Intangible Assets / Equity) × ×100% characterizes the effectiveness of the use of own.

3. Return on assets:

Return on assets = (Non-current assets / Assets) ×100%.

4. ROI:

Return on investment = (Non-current assets / (Equity + Long-term liabilities)) × 100%. The return on assets depends on the return on sales indicator:

Return on assets = Return on sales × Asset turnover.

37. Financial statements of the enterprise. Types and tasks

There are three types of financial statements: operational, statistical, accounting.

Operational financial reporting includes all the necessary information about products (stocks, sales), the state of fixed assets, sources of their occurrence and the results of financial work at the enterprise.

Statistical financial reporting is based on statistical data about the finances of the enterprise.

Accounting financial statements reflect information about the results of production, financial and commercial activities of the enterprise. The key sources of information for such analysis are financial reporting forms.

The composition of the quarterly financial statements includes: the balance sheet of the enterprise (form No. 1) and the report on financial results and their use (form No. 2). The composition of the annual financial statements includes the balance sheet of the enterprise (form No. 1), the report on financial results and their use (form No. 2), the report on the financial and property status of the enterprise (form No. 3) and an explanatory note, which reflects information about the intention to change for the future period (year) the methodology for reflecting individual business transactions, the results of the inventory of property, funds and settlements, as well as the conversion rate of foreign currency into the national currency

Legal entities (other than banks) are required to prepare and submit financial statements on time.

Financial reporting (FR) is considered essentially the "face" of the firm. It is a system of generalized indicators that characterize the results of the financial and economic activities of the enterprise for a certain period of time. The data of such reporting serve as the main sources of information for the analysis of the financial condition (FS) of the company. After all, in order to make a decision, it is necessary to analyze the availability of financial resources, the feasibility and effectiveness of their use and placement, the solvency of the organization, its financial relationships with partners.

The main objectives of the organization's FS analysis are:

1) a general assessment of the financial condition of the enterprise and the factors of its change;

2) study of the conformity of means and sources, the rationality of their placement and the effectiveness of their use;

3) determination of liquidity and financial stability of the enterprise;

4) observance of financial, credit and settlement discipline.

Financial statements are a set of reporting forms compiled on the basis of financial accounting data to provide the user with generalized information about the activities and financial position of the enterprise, as well as changes in its financial position for the reporting period in a certain form for these users to make conditional business decisions.

38. Analysis of the financial condition according to form No. 1 "balance sheet"

The most important document of financial reporting is the organization's balance sheet - form No. 1. Its main quality is that it determines the structure and composition of the company's property, the presence of equity and liabilities, liquidity and turnover of working capital, the state and dynamics of accounts payable and receivables.

Methods of analysis carried out on the balance sheet:

1) analysis directly on the balance sheet without a preliminary change in the composition of balance sheet items;

2) carrying out an additional adjustment of the balance sheet for the inflation index with subsequent aggregation of items in the necessary economic divisions;

3) creation of a compacted comparative economic balance by aggregating individual elements with a homogeneous composition of balance sheet items.

Analytical balance is good because it brings together and systematizes those calculations, which, as a rule, are carried out by an analyst when getting acquainted with the balance sheet. The method of analytical balance usually covers a lot of significant indicators that characterize the dynamics and statics of the financial condition of the company. This balance actually contains indicators of both horizontal and vertical balance. Directly from the analytical balance sheet, you can get a number of the main characteristics of the financial condition of the organization. These characteristics include:

1) the total value of the property of the organization, which is the difference between the balance sheet total and losses (line 399 - line 390);

2) the value of non-current (immobilized) assets or real estate, equal to the total of section I of the balance sheet (line 190);

3) the cost of working (mobile) funds, equal to the total of section II of the balance sheet (line 290);

4) the cost of material circulating assets (line 210);

5) the amount of borrowed funds equal to the sum of the results of sections V and VI of the balance sheet (line 590 + line 690);

6) the amount of own funds of the enterprise, equal to the total of section IV of the balance sheet (line 490);

7) the amount of own funds in circulation, calculated as the difference between the results of sections IV and I of the balance sheet;

8) if the enterprise has losses, then they are also deducted from Section IV (line 490 - line 190 - line 390);

9) working capital, the difference between current assets and current liabilities (total of section II, line 290 - total of section VI, line 690).

In the course of a comparative analysis of the balance sheet, attention should be paid to the change in the share of the value of own working capital in the value of property, the ratio of the growth rates of receivables and payables, as well as the ratio of the growth rates of equity and borrowed capital. With stable financial stability, the enterprise should increase in dynamics a part of its own working capital, the growth rate of equity capital should be greater than the growth rate of borrowed capital, and the growth rates of accounts payable and receivable should balance each other.

39. Futures contracts

The essence of this type of investment lies in the name itself (from the English future - "future"). It is widely believed that investing in futures contracts is a speculative transaction with a high degree of risk. This is right. At the same time, futures contracts are widely used to reduce the risk of exchange transactions. Futures speculators invest in commodity futures while investing in bonds and stocks. Mutual fund managers use futures contracts to hedge their risks.

The main goal of futures markets is to create an effective mechanism for managing financial risks. Futures traders take on risks from producers and consumers, hoping to profit from these high-risk transactions.

A commodity futures contract is an obligation to deliver or purchase a certain quantity of goods in one of the future months at a price determined by the futures market. This mechanism applies to all other types of futures contracts. However, it is important to know that the vast majority of futures contracts do not wait for the day when the delivery obligation should be fulfilled, but are closed by the previously agreed delivery date.

Note: To learn the contents of futures contracts, special training is required. These are just the main properties of investing in futures contracts compared to other investment technologies.

Typically, commodity futures contracts are used in one of two ways: either to hedge price risk or to speculate. The risks associated with futures contracts are mainly related to speculative transactions. Speculative futures transactions are those that do not have as their goal the physical delivery of goods in the future, but are designed to make a profit during the duration of the contract (until its execution). Such operations are characterized by a high degree of risk, since, as a rule, borrowed funds are used in their execution (margin trading), and each futures contract is distinguished by huge volumes of financial assets.

Advantages:

1) futures contracts are extremely useful if you want to reduce unwanted risk;

2) futures markets are very active, so the liquidity of working on them is high.

Disadvantages:

1) futures contracts are considered one of the riskiest types of investments, they are suitable only for professionals;

2) in the volatile market of futures contracts, it is easy to lose the amount of your investment due to strong price fluctuations;

3) an extremely high level of brokerage loans creates opportunities for abnormally high profits and losses; one must also be aware of the consequences of taxation.

40. Concept of option and listing

Option - a derivative instrument that gives the right to buy or sell a certain number of the underlying asset (futures) at a fixed price at each moment during a specified period.

Options, like futures, are used for hedging or speculation. However, hedging with the help of futures deals only protects against price risk, while hedging with options allows you to additionally make a profit if the price of the option's underlying asset changes favorably. The buyer of an option is protected from significant losses, and also has the opportunity to receive an almost unlimited profit.

The difference between an option and a future is that a future is an obligation to fulfill a contract in the future, while an option is the right to fulfill such a contract. The buyer (holder) of the option can exercise it at any time. In this case, a transaction for the purchase and sale of a futures contract is registered at the cost of exercising the option, i.e. the option is exchanged for a futures contract.

In addition to the ability to exercise an option at any time, there is an opportunity to close your option through a reverse transaction.

The buyer of a call option becomes the owner of the right to buy the futures, and the buyer of the put option becomes the owner of the right to sell the futures.

For an option, one should distinguish between the contract exercise price (strike price) and the price of the option itself (premium). When concluding a contract, the price of the option itself is always paid by the buyer of the option to its seller (with a premium for the right to use this option in the future). The price of an option is formed as a result of exchange trading. The exercise price of an option is the price at which the option holder buys or sells the futures underlying the option, exercising his right to such an exchange. The exercise prices are standard and are established by the exchange for each type of option contract.

Thus, the design of the option involves the selection of not one, but two prices at once. The bidder first predetermines the option with a suitable strike price, and then during the bidding the price of the option itself (premium) is determined.

Listing. Stocks and bonds that have passed the listing procedure, i.e. selection, are allowed to trade on the stock exchange. Each exchange has its own listing criteria. Through the listing procedure, the exchange checks and controls important aspects of corporate governance of issuing companies, in particular the information transparency of their activities.

The listing system may include several levels. Different requirements apply to securities included in the quotation lists of different levels, and the requirements for shares and bonds are formulated separately. Securities can be admitted to trading not only after passing the listing procedure, but also under a simplified scheme. They are called off-list.

The Exchange does not conduct an examination of non-listed securities and analyze the financial and economic condition of the issuer and does not impose an obligation to inform its members about events related to the market of non-listed securities and their issuers.

41. Taxation of income

The taxation of personal income is regulated by the norms of Chapter 23 of the second part of the Tax Code of the Russian Federation. The rate of such tax is set at 13% on the income of individuals who are tax residents, and 30% on the income of individuals who are not tax residents. In this regard, tax residents are individuals who actually stay in the territory of the Russian Federation for at least 183 days a year.

All duties for the calculation and withholding of tax lie with the broker, who acts as a tax agent. According to the current legislation, the calculation and payment of the amount of tax is made by the tax agent at the end of the tax period, as well as when paying money to the taxpayer before the expiration of this period.

Features of determining the size of the tax base, calculating and paying tax on income from transactions with securities and transactions with financial instruments of futures transactions, the underlying asset for which are securities, are provided for by Art. 214.1 of the Tax Code of the Russian Federation.

The legislation establishes the specifics of determining the tax base, depending on which of the following categories the securities belong to:

1) securities circulating on the organized securities market;

2) securities not circulating on the organized securities market.

According to paragraph 3 of Art. 214.1 of the Tax Code of the Russian Federation, securities circulating on the organized market include securities that are admitted to circulation with trade organizers licensed by the federal authority.

Income (loss) from each transaction of purchase and sale of securities is determined as the difference between the amount received from the sale of securities and the costs associated with their acquisition, sale and storage. These expenses include:

1) the amounts paid to the seller in accordance with the concluded contract;

2) payment for the services of the depositary;

3) commission deductions to professional participants of the securities market (brokers);

4) payment for registrar services;

5) exchange fee (commission);

6) the amount of interest paid for the use of funds attracted for the transaction of purchase and sale of securities within the limits of the amounts calculated on the basis of the current refinancing rate of the Central Bank of the Russian Federation;

7) other expenses directly related to the purchase, sale and storage of securities, paid for the services of brokers.

The amounts of losses incurred in one category of transactions are not accepted as a reduction in income from transactions in other categories. If the taxpayer's expenses cannot be documented, he has the right to take advantage of the property tax deduction provided for in subpara. 1 p. 1 art. 220 of the Tax Code of the Russian Federation: in the amount received by the taxpayer from the sale of securities owned by the taxpayer for less than three years, but not exceeding 125 thousand rubles. If the securities were owned by him for three years or more, then the property tax deduction is provided in the amount received by the taxpayer upon the sale of these securities.

42. Collectible valuables and real estate

The general list of items, the price of which is growing as a rarity, is very extensive. Most people recognize postage stamps, ancient coins, art objects, sports trophies as collectible values, but there is no clear boundary whether this or that collection is valuable or not.

The goals of investing in collection values depend on the collector himself. It often takes a long time for a collection to rise in price, and this condition does not guarantee that the collection will rise in price at all. In addition, collectible values do not bring income to their owner, like most other types of investments. The most important advantage of collectibles is that their value rises no less than the rate of inflation.

Advantages: most collectibles are an excellent protection against inflation.

Disadvantages:

1) low liquidity - it is often difficult to sell them at the desired price;

2) collection values do not bring any income to the investor;

3) it is sometimes very difficult to determine the true value of a collection;

4) due to the mass of uncertainties, it is not necessary to consider collectible valuables as capable of bringing additional income to the pension.

Real Estate. When buying commercial real estate, the main role is played by its location. Unlike other types of investments, the price of real estate is more dependent on its environment and other local factors.

When evaluating real estate, a number of factors are taken into account, such as the technical condition of the house and age, the need for repairs, prices for neighboring buildings, etc. The calculation takes into account the likely income that real estate can bring, the comparability of these incomes with the level that is provided neighboring buildings.

Owning real estate comes with specific risks, such as the need for repairs, the instability of the cost of utilities, the need to pay property taxes. In addition, real estate investments have a low liquidity ratio, if you need money urgently, it can be difficult to find a buyer in a short period of time.

Commercial real estate is almost always bought and sold through real estate agencies that charge a certain percentage of the property value for their services.

Advantages: if the goal is income from the rental of own property, commercial real estate provides this opportunity to the greatest extent; owning real estate allows you to take loans secured by it.

Disadvantages:

1) there may be problems with the urgent sale of real estate;

2) Owning real estate requires significant operating costs, especially if you do not live in it yourself. These costs include property tax, insurance costs, utilities, etc.

43. Prospects for the development of customs and banking control in Russia

The regulatory framework for customs and banking control in Russia is in a state of continuous development. Optimization of the mechanisms of control over foreign economic activity is their main goal.

The issue of control over the receipt of proceeds from the export of works and services remains unregulated.

Now, most often, banks learn about the existence of such foreign trade contracts only when foreign currency funds are credited to customer accounts.

The unresolved problem of the use of penalties against importers negatively affects the effectiveness of the check on the movement of capital. The Foreign Exchange Control Department of the State Customs Committee of Russia notes the absence of a legal basis for the application by customs authorities of sanctions for groundless payments in foreign currency when importing goods identified as a result of foreign exchange control, which actually interrupts the logic and integrity of building the customs banking control system.

The future development of customs and banking control in Russia can be associated with the idea of liberalizing the currency control mechanism.

Paradoxical as it may seem at first glance, the actual liberalization of currency legislation can stop the outflow of capital from the country. According to the leaders of the Federal Service for Export and Currency Control, the idea of liberalizing currency regulation should be more fully formed in the law on financial amnesty.

The document establishing the principal directions for the development of the customs banking control system for the coming years is the federal target program for the formation of the customs service.

In order to develop the system of currency control, full and unconditional fulfillment of customs and tax obligations by participants in foreign economic activity, it is envisaged:

1) improve the current legislation on currency control, including control over the receipt of foreign exchange earnings from the export of goods, works, services and results of intellectual activity, as well as when moving currency values;

2) prepare legal acts aimed at the implementation of the control functions of customs authorities in the implementation of foreign economic activity, in the course of which violations of currency legislation are possible;

3) develop common principles for the implementation of currency control by the customs services of the member states of the customs union;

4) to strengthen the interaction of customs authorities with other state regulatory authorities and other interested departments in the implementation of currency control and combating money laundering.

The development and improvement of the mechanism of customs and banking control over foreign trade operations should undoubtedly contribute to the creation of the foundations for the future global system of currency control of the Russian Federation.

44. Fiscal federalism

The concept of federalism appeared with the need to organize the state in a form that allows the existence and development of structural units within it.

A federation is the union of two or more states into one new one. Therefore, a federal state is a complex state, which includes other states.

Federation - this is a state-legal association that ensures the state unity of its constituent states, while maintaining their political and legal independence.

The subjects of the new federal state, which have the same legal status, are the states that are part of it.

A division of competence is carried out between the subjects and the federation to ensure the effective implementation by the federation of its tasks and goals. Subjects of the federation on a voluntary basis limit their competence in favor of the federation. They also recognize on their territory the supreme legal force of the normative legal acts of the federation.

The state power of the federation is the only sovereign power on its territory. It is based on the will of all the people of the federation.

Regardless of the varieties, national federations are characterized by the following key features:

1) the subjects are national-state formations and national states that differ from each other in the national composition of the population, religion, traditions and customs, its special culture;

2) the national federation is built on a voluntary association of its subjects. It is one of the important factors in the exercise by nations of the right to self-determination. Regardless of the population, economic potential, size of the territory, all subjects of the national federation have the same rights and the opportunity to influence the solution of the problems of the state and society;

3) the national federation ensures state sovereignty for large and small nations, their independent and free development. Nation states, when united into a federation, introduce their citizenship, the boundaries of the territory of the state, have their own representations in international organizations, independently implement economic and foreign policy activities;

4) the highest state bodies of the national federation are determined from representatives of the subjects of the federation. The central government is called upon to serve national interests and, if necessary, coordinate them;

5) the peculiarity of the national federation is the legal status of its subjects. This feature is connected with the right of any nation to decide on its own statehood.

The difference between the territorial and national federations lies in the varying degree of independence of their subjects. In territorial federations, the central government has supremacy in relation to the highest state bodies of the members of the federation. The nation state is limited by the sovereignty of national state formations.

45. Organizational and methodological aspects of accounting and analysis of financial results

Profit - the most important indicator characterizing the financial result of the enterprise. The growth of profit determines the growth of the potential of the enterprise, increases the degree of its business activity. Profit determines the share of income of founders and owners, the amount of dividends and other income. Profitability is also determined by the profitability of own and borrowed funds, fixed assets, all advanced capital and each share. Characterizing the profitability of investments in the assets of a given enterprise and the degree of skillfulness of its management, profit is the best measure of the financial health of an enterprise.

Only after the sale of products does net income take the form of profit. Quantitatively, it is the difference between revenue (after payment of VAT, excises and other deductions from revenue to budget and extra-budgetary funds) and the full cost of sales.

Accounting profit (loss) is the final financial result (profit or loss) identified for the reporting period based on the accounting of all business operations of the organization and the assessment of balance sheet items.

The totality of profit (loss) from sales, interest receivable, interest payable and income from participation in other organizations and other operating income and expenses constitutes profit (loss) from financial and economic activities. The amount of profit (loss) from financial and economic activities and the result from non-sales operations is the profit (loss) of the reporting period. Profit (loss) after tax represents retained earnings (uncovered loss) of the reporting period.

The indicators that affect the financial result of the enterprise are:

1) proceeds from the sale of goods, products, works, services, net of value added tax, excises, etc., taxes and obligatory payments;

2) the cost of sold goods, products, works, services;

3) gross profit;

4) business expenses;

5) management expenses;

6) profit (loss) from sales;

7) interest receivable;

8) interest payable;

9) income from participation in other organizations;

10) other operating income;

11) other operating expenses;

12) non-operating income;

13) non-operating expenses;

14) profit (loss) before taxation;

15) income tax and other similar obligatory payments;

16) profit (loss) from ordinary activities;

17) extraordinary income;

18) extraordinary expenses;

19) net profit.

Until now, the main activity of the organization was determined by its charter. It is advisable to fix in the accounting policy which of the types of activities indicated in the charter are the main ones, and which ones are secondary. Changes made to the accounting policy are approved by orders of the head of the enterprise.

46. Gold Standard: Fixed Exchange Rates

The gold standard system provides for a fixed exchange rate. A retrospective analysis of its functioning and the subsequent collapse is important for understanding the functions and some of the advantages and disadvantages of fixed-rate currency systems.

It must be emphasized that even today a number of economists support fixed exchange rates, and some even call for a return to the international gold standard.

A country was considered to be on the gold standard if it met three conditions:

1) establishes a certain gold content of its monetary unit;

2) maintains a rigid ratio between its gold reserves and the domestic money supply;

3) does not interfere with the free export and import of gold.

If each country sets the gold content of its currency, then the various national currencies will have a fixed ratio among themselves. For example, the US equates the value of a dollar to 25 grams of gold, while the UK equates the value of a pound sterling to 50 grams of gold.

The gold standard system has the following benefits

1. Stable exchange rates help to reduce uncertainty and risk and thus stimulate the growth of international trade.

2. The gold standard automatically equalizes deficits and balance of payments assets. If there is a deficit in the balance of payments, then the inevitable movement of gold will cause the demand and supply curves to shift until they intersect at a point corresponding to a fixed exchange rate. The rules of the gold standard make these measures automatic; no discretionary action is taken.

Disadvantages gold standard.

The main disadvantage stems from the analysis of the measures of adjustment that it generates. Countries on the gold standard must come to terms with internal economic adjustment processes that take on such unpleasant forms as unemployment and income cuts on the one hand and inflation on the other. By agreeing to the gold standard (fixed exchange rate), countries must be prepared to subject their economies to macroeconomic adjustment processes. Under the gold standard, a country's policy is largely determined by changes in the supply and demand for foreign currency.

And the second disadvantage is that the gold standard can function until one of the participants exhausts its gold reserves. Thus, if a country is not a gold producer and faces a steady outflow of gold, then it will be forced to leave the gold standard at some stage. In other words, gold is the official reserve in this system, and countries can meet the requirements for fixed exchange rates only if they have such reserves.

47. State intervention in the exchange rate system

Under conditions of flexible exchange rates, the state, represented by central banks, also conducts interventions in the foreign exchange markets, as in the case of a system of fixed rates (in fact, this is where the name managed float comes from). The central bank sells or buys a currency to influence its exchange rate, or covers the difference between supply and demand to keep it the same. These are direct methods.

However, when the outflow of capital becomes very large, the foreign exchange reserves of the central bank, if it seeks to maintain a stable national currency, are quickly depleted. Then the Central Bank of the Russian Federation can apply indirect measures to influence the exchange rate, the main of which are changes in the reserve ratio and the discount rate.

Reserve rate - it is part of bank deposits that commercial banks are not allowed to use for their operations. By regulating it, the state increases or decreases the total money supply in the country, which in turn reduces or increases the exchange rate.

Discount rate - is the interest on loans provided by the Central Bank to commercial banks. Its growth reduces the desire of commercial banks to obtain loans and thereby reduces the money supply in the country, and its decrease increases both.

To better understand how the state influences the exchange rate in the context of managed floatation, it is necessary to consider in detail what actions the Central Bank of Russia is taking to strengthen the position of the ruble in the financial market.

The main attention of the participants of the Russian financial market is directed to the most liquid and least subject to inflation assets, first of all - to the currency. In the absence of worthy alternatives for investing funds, as a result, the volume of transactions on the MICEX increased sharply, a pronounced trend towards an accelerated rate of growth in the dollar exchange rate was outlined. The high profitability of foreign exchange transactions attracts part of the financial resources from the GKO market to foreign exchange trading. Which, in turn, further aggravates the position of the ruble.

Control over the timely and complete repatriation of foreign exchange earnings by Russian exporters is being strengthened.

The Bank of Russia, jointly with the State Customs Committee of Russia, decided to create working groups by the State Customs Committee of Russia and territorial offices of the Bank of Russia to conduct inspections of exporters and authorized banks serving them and provide preferential conditions for exporters transferring foreign exchange earnings within a contractual period (instead of 180 days). This should help increase foreign exchange inflows into the country and stabilize the situation in the domestic market.

48. Ensuring stability in the foreign exchange market

The task of stabilizing the exchange rate of the national currency involves reducing the excessive demand for foreign currency, primarily from credit institutions, and ensuring the required volume of its supply. In order to reduce the impact of psychological, speculative factors on the exchange rate, the Bank of Russia organized a special trading session on the MICEX on October 1 to sell export earnings. At the same time, it is allowed to purchase foreign currency only to fulfill the orders of importers, which involve payment for contracts. By actively participating in this session, the Bank of Russia will be able to replenish its gold and foreign exchange reserves.

Thus, the opportunities for using export earnings for the accumulation of reserves and, accordingly, the strengthening of the national currency are expanding.

At present, it is planned to adopt a number of regulations regulating the tightening of control over the performance by business entities of transactions for the purchase of foreign currency on the domestic market and the targeted use of these funds in accordance with the requirements of currency legislation, as well as increasing the effectiveness of control through the introduction of an additional information support scheme for the Bank of Russia on operations related to the receipt of foreign exchange earnings in transit accounts of exporters and its mandatory sale in the domestic foreign exchange market

These measures should help increase the country's foreign exchange earnings from the export of goods, stabilize the situation on the domestic foreign exchange market and create conditions for lowering prices for imported goods.

The Bank of Russia proposes to large banks operating the foreign exchange market to form a pool to support the ruble exchange rate. This means that the participants in the pool will undertake obligations to carry out interventions in the foreign exchange market together with the Bank of Russia, to constantly maintain minimum volumes of currency supply and quotes. On MICEX, pool participants will act as market makers, while the pool will assume a consolidated obligation to ensure the supply of currency. The provision of loans by the Bank of Russia to pool participants is conditional on their joint actions with the Bank of Russia in the foreign exchange market.

The national monetary system is in the process of formation and has not yet been fully formed. However, its contours and main tendencies have become quite definite.

49. The concept of the reduction factor. His role in financial management

Financial management includes the analysis of the ratio of risk to potential profit from trading operations in relation to an individual or portfolio basis.

The reduction ratio simply means the amount of funds that was lost in trading operations, expressed as a percentage of the total investment. If all trading operations become profitable as a result, then, as a rule, there is no decrease in the size of the investment. The decline indicator is not intended to measure the overall results of trading operations, it only applies to losing trades, not profitable ones. The calculation of this indicator starts only when the trading contract starts to become unprofitable and continues as long as the investment brings more and more losses. .

Calculation of the decline rate. If, for example, the initial level of investment was $10 and as a result of unsuccessful trading an amount of $000 was lost, then the reduction ratio will be 2000%. If, with an investment of $20 remaining, thereafter, a profit of $8000 was first made, and then a new loss of $1000 was incurred. In this case, the overall reduction ratio (of the initial investment) will already be 2000% (30 + 8000-1000 = = 2000), a 7000% loss rate.

However, it can be assumed that a profit of $4000 was made, and the total investment rose to $12, before further losses of $000 were incurred. In this case, the reduction factor would be 3000% (25-12 = 000, which means a 3000% drop from the new maximum investment of $9000).

Maximum reduction rate. Characterizes the highest percentage decrease in the trading account between two rises in market prices. In other words, this figure shows how much of the cash will be lost before it returns to the breakeven area. For example, at the beginning, the investment was $10, and $000 was lost, and then they won back the losses and returned to the breakeven area, the maximum decrease will be 4000%.

As a result, the following conclusion can be drawn: no matter how much the size of the investment has increased, by 100%, 200% or 300%, the decline rate only marks the fall of the investment from its maximum level.

This circumstance leads to a new problem: how difficult it is to recover the size of the investment from the level of maximum decline.

Reduction recovery factor. It demonstrates the need for financial management to the greatest extent.

50. Basic rules in the financial management process

The theory of financial management is not a super-complex theory, but is a collection of rules based on the provisions of common sense. Consider the basic principles of this theory, applying them will help achieve sustainable success:

1) in each trade it is necessary to risk only a small part of your capital, preferably no more than 2% of the total investment;

2) limit the maximum risk for the entire investment portfolio to 20%;

3) keep the ratio of potential profit to possible losses at a minimum level of 2: 1. In other words, if there is a risk of losing one point in each trade, then the possible profit should be at least 2 points. This system will increase the chances of recovering the size of the investment after a possible fall;

4) realistically assess the level of risk for each trading exchange contract

5) assess the degree of volatility of securities, i.e., for shares or futures contracts with a large amplitude of price fluctuations, reduce the size of the contract. The same applies to stocks, which constantly change the degree of their fluctuations depending on the state of the market;

6) it is necessary to understand the interdependence of various financial instruments;

7) limit the number of short-term positions. If short-term contracts turned out to be profitable, some of these positions should be closed. This rule is especially important for an intraday trading strategy. Short-term trading is characterized by the alternation of falls and rises of the market in a certain interval, therefore, a strong market movement in one direction is most often replaced by a movement in the opposite direction;

8) the more actively exchange trading is carried out, the lower the degree of risk for each individual operation will be allowed;

9) a sufficient amount of funds is required to conduct exchange operations and comply with the risk proportion;

10) never add cash, while averaging the price of unprofitable positions;

11) to avoid the construction of financial pyramids, both in principle and in individual trading operations. In this case, we mean an increase in the volume of profitable positions;

12) if the trading position turned out to be successful and began to make a profit, it is necessary to tune in to a timely exit from the market;

13) understand the essence of the financial instruments with which the trading process takes place. In particular, this applies to derivatives (including futures contracts, options);

14) the indicator of the maximum possible losses on the investment portfolio at a level not exceeding 20 - 25%. If portfolio losses exceed this level, it will become much more difficult, if not impossible, to recover losses;

15) stop trading and rethink the behavior of the market if a series of losses has been incurred. The main provisions boil down to understanding the level of risk when investing funds, observing the principle of risking only a small part of your funds and fixing the resulting profit at a reasonable level in time.

51. Regional and local budgets. Stages of the budget process

Budget - this is an economic form of formation and use of a centralized fund of state funds. Regional called the budgets of the constituent entities of the Russian Federation.

Incomes form

1) own budgets taxes on property, real estate, roads transport sales taxes gambling and regional license fees;

2) regulatory budgets - this is part of the proceeds from federal taxes and excises.

Decree of the Government of the Russian Federation of July 30.07.1998, 862 No. XNUMX "On the concept of reforming interbudgetary relations in the Russian Federation" finances the following expenses from the budgets of the regions: the maintenance of state power, the budgets of subjects, the holding of elections and the activities of the media, the formation of state property, the maintenance and development of the regional road network , implementation of regional, targeted and economic programs, servicing and repayment of the state debt of the subject, providing financial assistance to local budgets

The Budget Code of the Russian Federation obliges to draw up a program of internal borrowing for the next financial debt. Restrictions on the issuance of securities: the maximum absolute total amount of debt, the volume of annual borrowings (less than 30% of the budget, less than 15% - to service this debt), the volume of the expenditure side of the budget.

Local budgets - These are district, city, rural and settlement. Revenues of local budgets: own revenues, revenues from regulatory revenues, financial assistance in various I forms and means of mutual reports.

Expenses of the budgets of municipalities are mainly connected with the solution of issues of local importance, with the implementation of certain state powers transferred to local governments, with the servicing and repayment of debt on municipal loans and loans.

Municipal order - it is the provision of housing and communal services, social structures. The municipal order must include the subject, terms and quality, it is usually implemented on a competitive basis. Municipal local budgets characterize the level of the minimum necessary provision of the population with the most important housing, social, cultural and other services.

In the relationship between budgets, there are the following principles:

1) exaggeration of own income, the local budget cannot be reduced;

2) the fund for financial support of municipalities is formed at the expense of deductions from federal and regional taxes received by the budget of the constituent entity of the Russian Federation.

Problems:

1) taxes are concentrated in the center;

2) the least collected taxes remain for the regions;

3) the volume of financial support for the regions is reduced.

Stages of the budget process:

1) development of a forecast of socio-economic development;

2) the government of the Russian Federation considers forecasts and prepares a message from the President to the Federal Assembly;

3) adjustment by the president of the budget message;

4) speech of the president in the Federal Assembly and publication in the media;

5) discussion and adoption of budgets in the Federal Assembly.

52. Tax system of the Russian Federation

The tax system of the Russian Federation is a set of taxes and other payments levied in the state in accordance with the set of regulatory laws. Elements of the tax system subject object tax bearer source, tax rate, tax benefit.

Principles of the tax system:

1) the principle of universality - each person is obliged to pay taxes and fees established by law;

2) equality

3) justice;

4) proportionality - balancing the interests of the taxpayer and the treasury by the state;

5) denial of the retroactive effect of the law, i.e. the law does not apply to relations that arose before its adoption;

6) one-time - one object can be taxed by one type of tax only once for a period specified by law

7) preference - granting benefits to certain groups of taxpayers;

8) equality of protection of the rights and interests of the taxpayer and the state;

9) the principle of non-discrimination - the prevention of national political and other differences between taxpayers.

The tax police performs the functions of preventing, detecting, crossing and investigating violations of the legislation on taxes and fees.

Previously, the functions of preventing the detection, suppression and investigation of violations of the legislation on taxes and fees belonged to the tax police.

On July 1, 2003, by Decree of the President of the Russian Federation No. 306 of March 11, 2003, it was abolished, and its functions and powers were transferred to the Ministry of Internal Affairs of Russia.

Tax offense - This is an act that violates the norms of tax legislation and deserves appropriate punishment. A guilty person is a person who committed an offense intentionally and negligently. Responsibility is determined depending on the fault of officials; it starts from the age of sixteen according to the Tax Code of the Russian Federation.

Circumstances Excluding Guilt:

1) the absence of an event of an offense;

2) absence of fault of the given person;

3) committing an act before the age of sixteen;

4) expiration of the limitation period. Responsibilities of tax authorities:

1) inform free of charge about applicable taxes, provide reporting forms, explain the procedure for calculating taxes;

2) be liable for losses incurred by taxpayers as a result of their illegal actions, decisions, inactions.

Duties of taxpayers:

1) register with the tax service within the time period established by law;

2) keep records of income and expenses in accordance with the established procedure;

3) provide tax authorities with a tax declaration, documents necessary for the calculation and payment of taxes;

4) notify the tax authority at the place of its registration of all changes in its entrepreneurial activity;

5) ensure for three years the safety of accounting data, other documents necessary for the calculation and payment of taxes, as well as documents that confirm the facts of payment of taxes.

53. International settlements and control over them

International payments - this is the process of organizing and regulating payments for monetary claims and obligations arising from economic, political, cultural and other relations between legal entities and individuals of different states. International settlements are carried out in a non-cash form by establishing correspondent relations between credit institutions of different countries

There are the following types of opened accounts:

1) nostro accounts - opened by a bank of the Russian Federation abroad;

2) loro accounts - opened by other banks in the bank of the Russian Federation

Payment forms:

1) collection;

2) letter of credit;

3) advance payment;

4) settlements on an open account;

5) settlements in the form of bills of exchange and checks.

Collection - this is an operation in which the bank, on behalf of the client (exporter), receives payment from the importer for the shipped goods or services rendered, crediting these funds to the account of the exporter

Letter of credit - this is an agreement under which the bank undertakes, at the request of the client, to pay for documents to a third party (the beneficiary) or to pay for a bill of exchange issued by the beneficiary.

The choice of the form of payment is determined by a number of factors: a combination of the interests of the exporter and importer, the type of product, the object of the transaction, the level of supply and demand for the product, the presence of credit relations and the possibility of their provision.

Import control was introduced to eliminate the practice of concluding fictitious import contracts that allow "pumping" foreign currency abroad.

Resident importers who have entered into transactions that provide for the transfer of foreign currency from Russia for the purchase of goods are obliged to import goods whose value is equivalent to the amount of foreign exchange transferred as payment, or to ensure a full return of the currency within the terms specified in the contract, but no later than 180 calendar days from the date of transfer, unless otherwise permitted by the Bank of Russia.

Settlements under foreign economic transactions of Russian importers are carried out only through the accounts of residents who have entered into transactions with non-residents. Payment for imported goods can only be made from an account in the importer's bank, i.e., in an authorized bank or its branch, in which a special transit account or current account of the importer is opened and which, on behalf of the latter, makes payments for goods imported under this contract and draws up on it import transaction passport.

If payment for imported goods is made from an account in a foreign bank opened in accordance with a license from the Bank of Russia, the transaction passport is signed by the territorial office of the Bank of Russia at the location of the importer.

One copy of the transaction passport remains in the importer's bank and serves as the basis for opening the currency control dossier, the other is returned to the importer.

54. Foreign trade relations as the most important relations of currency regulation and their principles

Foreign trade relations are the most common relations. The main objectives of state regulation of foreign trade activities are:

1) protection of economic sovereignty;

2) ensuring economic security;

3) stimulation of the development of the national economy in the implementation of foreign trade activities;

4) ensuring the conditions for effective integration of the economy of the Russian Federation into the world economy.

The principles of state regulation of foreign trade activity are the initial normative and guiding foundations of the mechanism of state regulation. They provide the relationship between foreign trade legislation and foreign trade policy. The principles of state regulation of foreign trade activity play a special role in the formation of judicial and administrative practice, contributing to the abolition of outdated and the adoption of new legal norms, in the interpretation of legal acts and the elimination of gaps in legislation.

Foreign trade policy is part of foreign policy - the general course of the state in international affairs. This implies the need to harmonize specific decisions in the field of foreign trade with the general principles of foreign policy. So, for example, Russia's accession to international sanctions against a state entails the immediate cessation or suspension of foreign trade operations with this country, no matter how beneficial they may be. The main principle of the system of state regulation of foreign trade activity is unity and control over its implementation.

Control is an obligatory stage of any management activity, including the preparation of a management decision, its implementation and control over execution. Control over the implementation of foreign trade activities is carried out by the relevant state authorities of the Russian Federation and state authorities of the constituent entities of the Russian Federation within their competence.

Unity of export control policy. The export control system is a set of measures for the implementation by federal authorities of the procedure established by Russian law for the export of weapons and military equipment from the Russian Federation, as well as certain types of raw materials, materials, equipment, technologies and scientific and technical information that can be used to create weapons and military equipment, to prevent the export of weapons of mass destruction and other most dangerous types of weapons and technologies for their creation, to identify, prevent and suppress violations of this order.

55. Forms and types of loans

Credit - this is a form of movement of loan capital (cash) provided for a loan on standard terms.

Loan form - this is its variety.

Lending method - is the procedure for granting and repaying a loan

Loan forms:

1) commercial - this is lending by economic counterparties to each other in a commodity form;

2) banking - this is lending by banks to other institutions or each other in cash;

3) mortgage - a loan secured by the purchase of real estate;

4) consumer - this is a loan to the general population for the purchase of consumer goods;

5) agricultural - this is a bank loan for the development of agriculture;

6) communal - this is a loan for the needs of the city economy secured by city real estate or a city guarantee;

7) state - this is a loan in which the state acts as a creditor;

8) on-call - repayment of the loan is carried out on demand;

9) contract credit - a classic form for clients who have a large number of partners;

10) a loan in the form of an overdraft is the issuance (withdrawal) of funds from an account, the amount of which exceeds the amount of the balance on this account;

11) operations with bills of exchange (discount credit) - this is the repurchase of bills;

12) acceptance - this is a loan in which the bank is the payer on the bill;

13) pawnshop is a loan secured by easily realizable property;

14) a loan repaid in equal installments;

15) oval - this is a form of credit in which the bank acts as a guarantor;

16) consortium operations are loans issued jointly by several banks (parallel loan);

17) a line of credit is the process of opening a loan for a predetermined amount, consumed as needed.

With any form of lending, the main goals are:

1) development of production;

2) meeting the needs for funds;

3) overcoming the limited equity capital.

Type of loan - it is the internal organization of the manifestation of the content of the loan. Types of loans:

1) by main groups of borrowers: loans to firms, individuals, the state;

2) by purpose: consumer, agricultural, industrial, trade, investment, budgetary;

3) by terms: short-term, medium-term and long-term;

4) by area of operation: a loan for the acquisition of working capital, a loan for the acquisition of fixed capital;

5) according to the degree of return security: unsecured and secured loans;

6) according to the method of issuance: compensatory and payment;

7) by the time of repayment: in installments, in installments, simultaneous, one-part repayment;

8) from restrictions on the amount of debt and repayment terms: limited and unlimited.

56. Problems of non-performing loans

The main reasons for non-repayment of loans:

1) impossibility to fulfill the requirements of the bank;

2) reassessment of the prospects for the implementation of investment projects;

3) weak legislative base;

4) change in physical conditions: movement of commodity, financial and labor resources;

5) sudden and unforeseen changes in the environment, forcing the subject to change the terms of the contract with the enterprise.

A secured loan is a loan that is either secured in the form of liquid collateral or insured in accordance with the established procedure. Credit insurance is a means of reducing losses from loan defaults. In the process of credit insurance, it is customary to use insurance premiums (2-4% of the total loan amount + coefficient). When insuring a loan, difficulties may arise: paying the insurance premium in installments; payment of insurance by a third party; ensuring targeted use of borrowed funds.

Ways to reduce risk:

1) the creation by banks of reserve funds to pay off debt in the event of a loan default;

2) claims from the insurance company of the policy with 100% payment of the insurance premium;

3) control over the targeted use of credit resources.

General conditions for obtaining a loan

The internal regulations of the bank stipulate:

1) the procedure for granting and processing a loan;

2) methods of checking creditworthiness, credit histories;

3) the procedure for conducting an export analysis of the project being financed. Stages of the lending process:

1) consideration of the application and interview with the future borrower;

2) analysis of the creditworthiness of the borrower;

3) preparation of a loan agreement;

4) control over the fulfillment of the terms of the agreement and the terms of repayment of the loan.

Lending principles:

1) return;

2) urgency;

3) differentiability - banks provide loans only to those who can repay them on time;

4) security - the loan must be secured by collateral or surety;

5) payment (compensation) - a loan is provided to a person on the terms of payment for its use.

Loan interest - this is a kind of loan price, which guarantees the rational use of the loaned value and the preservation of the mass of credit resources.

Lending functions: distributive; emission; controlling.

Special credit financial institutions:

1) leasing companies;

2) factoring firms;

3) pawnshops;

4) credit partnerships;

5) insurance organizations;

6) investment banks;

7) financial companies;

8) clearing funds, etc.

Author: Daraeva Yu.A.

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